St. Kitts and Nevis has signed an agreement with the US for the implementation of the Foreign Account Tax Compliance Act (FATCA), which aims to curb offshore tax evasion.
The deal requires foreign financial organizations to provide details of US account-holders to their central authority, which will be passed on to the US Internal Revenue Service (IRS).
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The US enacted the FATCA in 2010 to combat offshore tax evasion by encouraging transparency and obtaining information on accounts held by US citizens in other countries.
Us Ambassador to Barbados the Eastern Caribbean and the Organization of Eastern Caribbean States Larry Palmer said: "The United States welcomes St. Kitts and Nevis’ commitment to enhancing global financial transparency by improving international tax compliance.
"Today’s signing marks a significant development in our nations’ collaborative efforts to combat offshore tax evasion- an objective that mutually benefits our two countries. FATCA is yet one more example of the deep and substantial ways in which the economies of St. Kitts and Nevis and the United States are linked."
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