Minister of Finance and Economic Affairs, Christopher Sinckler (left), shares a light moment with Minister of Industry, International Business, Commerce and Small Business Development, Donville Inniss, during the BRA’s public consultation on FATCA.
Key steps such as amending legislation, specifically the Income Tax Act, and putting in place the necessary administrative and IT infrastructure, are necessary if the country is to meet the requirements of the Intergovernmental Agreement (IGA) signed by the Barbados Government and the United States (US) Internal Revenue Service (IRS) in 2014.
Minister of Finance and Economic Affairs Christopher Sinckler noted the above while acknowledging that the Government of Barbados has already committed to the Foreign Account Tax Compliance Act (FATCA), through the signing of the IGA. As a result, Barbados will automatically exchange information with the US concerning accounts held by Barbadian financial institutions on US persons. In turn, the US will exchange information with Barbados in relation to accounts held by Barbadian citizens in US financial institutions.