Thursday, 5 January 2017

Originally posted in Wikipedia - Foreign Account Tax Compliance (FATCA) - Jan 5, 2017

Here is an extract from a post which I did in Wikipedia Encyclopedia:

Foreign Account Tax Compliance (FATCA)

In 2016 Trinidad and Tobago entered into a Model 1A agreement with the United States of America in relation to FATCA.  This agreement is intended to work with the Avoidance of Double Taxation Treaty (or Double Taxation Relief) which was signed in 1971 and with the Tax Information (Declared Agreement) which was signed in 1990, with the United States of America. The Model 1A agreement as it relates to FATCA was signed on August 19, 2016 by the "Honourable Minister of Finance" Colm Imbert in the Government of the Republic of Trinidad and Tobago, and "His Excellency, Ambassador of the United States of America" John Estrada on behalf of the Government of the United States of America.See the following link for information on the signing of the Model 1A agreement as it relates to Trinidad and Tobago
Several of the countries which have signed the CARICOM Avoidance or Double taxation or Relief against Double Taxation Treaty, such as Guyana and Grenada have signed Model 1 agreements in relation to FATCA with the United States of America.  See the following link to the US Treasury site showing the status of several countries
Several countries which have signed Avoidance of Double Taxation agreements with Trinidad and Tobago in the late 1990's to 2009, such as India, Canada, Germany, Brazil, Spain, Luxembourg have also signed Model 1 agreements in relation to FATCA with the Government of the United States of America. 
In late 2016 I attended a Breakfast Seminar which was hosted by ACCA Caribbean where the topic was FATCA where the panelists represented a Miami University and the accounting world, (BDO and Deloitte & Touche). The information was well presented and aside from providing some Continuing Professional Education was very informative.

Update on posts which have been made to Wikipedia Jan 16, 2017
At this time, the post which I did on Treaties between T&T and the other countries, the update on FATCA was removed from the main page as being too voluminous and thus it does not appear. I will consider the suggestions which have been made by the editors wrt the information which was provided in due course. In the interim, I will continue to update information on other countries where there is less patrolling by the editors :) and provide a link on this blog.

No comments:

Post a Comment