Barbados FM Updates Territory On FATCA Progress
The Barbados Government has taken key steps to meet the requirements of the Foreign Account Tax Compliance Act Intergovernmental Agreement (FATCA IGA) with the United States, Minister of Finance Christopher Sinckler said during a public consultation.
Sinckler said: “With respect to legislative requirements, I am pleased to inform you that the necessary amendments to the Income Tax Act have been approved by Cabinet and will shortly be brought to Parliament. Regarding the IT infrastructure, Barbados is well placed, as we have had the technology in place and in use for a number of years, though some enhancements will be necessary. The Revenue Commissioner has, however, assured us that she and her staff have been working assiduously to ensure that all requirements are met within the required timelines.”
Sinckler acknowledged that tax practitioners and financial institutions will be required to make a number of substantial changes. He said, however, “we will adequately prepare ourselves as a tax jurisdiction for facing the many challenges which confront us. More important, however, is that it will certainly enhance our reputation and our image as a clean and competent jurisdiction, full of integrity, transparency, and openness as it relates to the administration of taxes.”
He noted that tax administrations across the world have had to respond to globalization and the fight against tax evasion with enhanced enforcement, including increased and intensified exchanges of information; intensified examination of transfer pricing cases; and increased cooperation, coupled with the use of joint and simultaneous audits.
