The governments of US and Saint Lucia have signed a Model IA intergovernmental agreement (IGA) to implement the Foreign Account Tax Compliance Act (FATCA).
The agreement was signed between Saint Lucia, prime minister and minister for Finance, economic affairs, planning and social security, Kenny Anthony and Linda Swartz Taglialatela, ambassador designate of the United States of America to Saint Lucia.
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The IGA, which is reciprocal, is aimed at enhancing global financial transparency by improving international tax compliance.
Under the accord, financial institutions operating in Saint Lucia will provide with details of US account-holders to their central authority the Inland Revenue Department, which will be passed on to the US Internal Revenue Service (IRS).
The pact will combat offshore tax dodging by the US citizens as well as avoid a direct reporting arrangement between the US Internal Revenue Service and financial institutions in Saint Lucia.
Government of Saint Lucia intends to introduce shortly in Parliament a Bill, which gives legal force to the provisions of the deal and the first exchange of information by the foreign financial institutions in respect of 2014 and 2015 will be submitted by 30 September 2016.
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