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Results for: FATCA

Pinder explains FATCA Model 1 IGA

Thursday, August 15th, 2013 | Filed Under: News & Press

...has also agreed to the establishment of an inter-Ministerial committee on FATCA under the leadership of the Ministry of Financial Services be established with the following mandate: to prepare an implementation strategy for FATCA, inclusive of the draft FATCA Agreement; to prepare and issue a Request for Proposals (RFP) for the development and implementation of a FATCA reporting system; to oversee all aspects of the implementation of The......


Know your FATCA

Friday, January 20th, 2012 | Filed Under: Features

...lding itself out as being engaged) primarily in the business of investing, reinvesting, or trading in securities, partnership interests, commodities, or any interest in such securities, partnership interests, or commodities. FATCA requirements FATCA requires a withholding agent and participating FFIs to deduct and withhold 30 per cent on any withholdable or “passthru” payment made to FFIs that do not comply with FATCA and NFFEs who do not report......


AG addresses Senate on FATCA bill

Monday, August 10th, 2015 | Filed Under: News & Press

...ernal Revenue Service (IRS) to comply with FATCA or for Governments to enter into agreements with the United States government through an intergovernmental agreement (IGA) to allow their financial institutions to comply with FATCA. The intergovernmental approach to implementing FATCA reduces the cost and simplifies the compliance burden for financial institutions. The intergovernmental approach has two models, Model 1 and Model 2. Pursuant to......


Bahamas “led charge” on FATCA negotiations

Monday, November 11th, 2013 | Filed Under: News & Press

...held at the downtown Hilton November 7. It was a move The Bahamas could not endorse, said Pinder. “The Bahamas took a stand with the IRS. We said this was not what we would support. This is outside the scope of the intent of FATCA. FATCA is an information gathering exercise. It is not a trust registry and The Bahamas would not support such a position,” Pinder recalled. “We proposed that there be a sponsored exemption for trusts in the FATCA......


Remarks by the Minister of Financial Services

Tuesday, November 6th, 2012 | Filed Under: News & Press

...Foreign Account Tax Compliance Act (FATCA) symposium held in Nassau Monday, November 5, 2012: Introduction Welcome today to this informational seminar on the United States legislation, the Foreign Account Tax Compliance Act (FATCA). The Internal Revenue Services describes the FATCA as “an important development in US efforts to improve tax compliance involving foreign financial assets and offshore accounts.” Generally, FATCA will require foreign......


FATCA event announced

Tuesday, October 9th, 2012 | Filed Under: News & Press

...ich US taxpayers hold a substantial ownership interest. The agenda for the October 29 programme includes an introductory session that will cover cross sectoral issues such as “How and When to Communicate with Customers About FATCA”; “Which Company Executives or Stakeholders Should be Involved in the FATCA Programme”; and “The Model Intergovernmental Agreements (IGAs).” This will be followed by case studies on practical implications,......


US provides clarity on FATCA

Monday, April 7th, 2014 | Filed Under: News & Press

...stant secretary for international tax affairs Robert B Stack. “This announcement both adds to our global effort against tax evasion and provides crucial clarity for financial institutions as they prepare to comply with FATCA starting on July 1.” Congress enacted FATCA in 2010 to target non-compliance by US taxpayers using foreign accounts, and the provision has since become the global standard for promoting tax transparency. It......


BFSB hosts FATCA symposium

Monday, November 5th, 2012 | Filed Under: News & Press

...utive officer and executive director of the BFSB Aliya Allen called the regulation “a broad and sweeping sea change in the financial world” and said it was making headlines around the globe. “The reality is FATCA is here and FATCA is not going away,” she told attendees. Minister for Financial Services Ryan Pinder said FATCA was an indication of the growing importance of compliance. “We as an industry must be......


Finance experts attend FATCA compliance seminar

Friday, February 17th, 2012 | Filed Under: News & Press

...(NFFIs) are also compelled to report client information on “substantial” US persons under this law. Non-compliance by financial entities can result in a 30 per cent withholding tax on all US source income. “FATCA is not going away,” cautioned Lawrence Lewis, Deloitte ’s lead partner for the FATCA initiative for The Bahamas, and one of the seminar’s speakers. “Most institutions will need to comply because they......


Other jurisdictions likely to follow US FATCA lead

Thursday, September 20th, 2012 | Filed Under: News & Press

...n the others are not already looking at it themselves. Behind the scenes they are looking at the implementation aspects of these agreements.” Bethel, a former legal advisor to the Ministry of Finance, participated in a FATCA panel discussion at the recent Bahamas Association of Compliance Officers’ Money Laundering Reporting Officers (MLRO) Day. Her fellow panelist Geovannie Rodgers, manager in Assurance and Advisory Services at......


More clarity on FATCA ruling

Tuesday, July 24th, 2012 | Filed Under: Features

...Treasury Department and the IRS released proposed regulations that provide financial institutions with a clearer road map,―though not a final one,―to compliance. While the 388-page document leaves many unanswered questions, FATCA’s central purpose remains simple: to identify US taxpayers who hold financial assets in non-US financial institutions and other offshore accounts, so that they cannot avoid US tax obligations. Even with the......


US seeks to reassure Bahamas on FATCA

Wednesday, April 10th, 2013 | Filed Under: News & Press

...burden where possible. “We are keenly aware that FATCA imposes new requirements on financial institutions [and] we have had ongoing dialogue with the financial community,” she said. “We think we have gotten FATCA to a place where it can be implemented without being overly burdensome. Wherever possible, we have tried to build on existing practices.” Under FATCA, foreign financial institutions (FFIs) are forced to disclose......


Nassau hosts “groundbreaking” regional FATCA conference

Wednesday, April 10th, 2013 | Filed Under: News & Press

...nce being held in Nassau April 9-10. Representatives from both the US Treasury Department and the Internal Revenue Service (IRS) are attending the event being held at the British Colonial Hilton in Nassau. The Complying With FATCA conference is organized by the Ministry in collaboration with the Bahamas Assocation of Compliance Officers (BACO) and has attracted financial professionals from across the Caribbean. Opening the event yesterday,......


Government explains FATCA reporting regime

Thursday, September 19th, 2013 | Filed Under: News & Press

...ney Laundering Reporting Officers (MLRO) Day held at the British Colonial Hilton, Nassau. “We have been very transparent and clear about what we do.” The government is currrently drafting legislation to implement FATCA and is drawing up industry guidelines. It hopes to release the former by the end of the year and the latter in February 2014. An electronic reporting system is expected to be in place by summer 2014. “We feel......


Financial sector readies for FATCA

Thursday, April 26th, 2012 | Filed Under: News & Press

...hamas “has made significant strides” in preparing for the US Foreign Account Tax Compliance Act (FATCA), which comes into force in January 2013, according to accounting firm Deloitte ‘s lead partner for the FATCA initiative, Lawrence Lewis. “Financial institutions [in The Bahamas] have been pressing forward, identifying what they need to do. Vis-a-vis the world stage, we have not been that far behind,” he says.......

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