Basseterre, St. Kitts, September 18, 2015 (SKNIS): The Government of St. Kitts and Nevis has assured citizens that the recently passed Foreign Account Tax Compliance Act (FATCA) Bill will not affect most persons.
Addressing the Federal Parliament on Tuesday, September 15, Honourable Mark Brantley, Minister of Foreign Affairs said that this does not apply to the ordinary Kittitians and Nevisians, but to the United States (US) tax payers, people who are deemed to be subject to US taxation.
“FATCA is designed to achieve American purposes,” said Minister Brantley. “The US through its Congress is seeking to achieve its ends in terms of tax payers. It is something that we have to grapple with, not just here in St. Kitts and Nevis but globally.”
Minister Brantley stated that the passing of the FATCA Bill is a clear demonstration by the Government of St. Kitts and Nevis of its partnership with the US in relation to tax matters. He further added that this is no different to the level of cooperation in the context of the global forum established with the Organisation for Economic Cooperation and Development (OECD), an international organisation that helps governments tackle the economic, social and governance challenges of a globalised economy.
“It is no different to the 37 Tax Information Exchange Agreements (TIEA) that we have already signed,” he said, adding that these are all indications of the government’s willingness to cooperate regionally and internationally with the current framework of international engagement.
The Foreign Minister said that the world is now changing and domestic issues in the major countries become issues for all of us. Therefore, as small as the Federation is, we must shoulder our share of responsibility in the context of a new global environment in which we now operate.
FATCA was signed into law by US President Barack Obama in March 2010 and thus far nine Caribbean countries and territories have already acceded to the FATCA.