FATCA reporting out of scope of gov’t – Wheatley
![Commentator Douglas Wheatley has taken issue with the government’s intention to facilitate reporting related to the Foreign Accounts Tax Compliance Act [FATCA] for citizens of the United States (US), positing that it is outside the scope of the Virgin Islands (VI) government. Photo: VINO/File](https://www.virginislandsnewsonline.com/cache/images/800x_d_Douglas_Wheatley_2_09.JPG)
“I find it very, very difficult to understand why our government feels that they ought to be involved in this [FATCA reporting] process at all,” Wheatley said on the Speak Out BVI programme aired on September 24, 2013.
While noting that he may need to take a second look at the information at hand, the commentator said he had some difficulty with the VI seeking to facilitate financial institutions in supplying information to the United States (US) concerning the holdings of American citizens and green card holders.
He added that there was obviously an obligation on the part of financial institutions and on the part of US passport holders and green card holders to provide the information required to the IRS. Some persons, Mr Wheatley said, because of their earnings are not required to submit any taxes but they are all required to file with the IRS.
“It seems to me, our government, I think it has its hands full with the issues for which it should be concerned, dealing with the people of this territory and I just don’t think it is a wise thing for them to go outside of that realm and to get into something that does not really concern them,” Mr Wheatley said.
It was made absolutely clear that with the implementation of FATCA, the Virgin Islands Financial Services will have added financial burdens on its hands with having to employ additional human and other resources.
This was revealed at a press conference on September 20, 2013 which was called to give a feed back on the two-day “Talk About” FATCA, which featured presentations by FATCA specialist at KPMG Mr Doug Harrell and Financial Secretary, Mr Neil M. Smith.
“We are thinking of course that the process is going to be a straightforward one, there aren’t. going to be any hiccups, there aren’t going to be any queries… but there might well be,” he said.
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18 Responses to “FATCA reporting out of scope of gov’t – Wheatley”
Why Doug and others don't ask questions and do research before asking bull...t?? I guess when FSC was being set up to take Financial Services from under Ministry of Finance this is how he felt? Doug, the business world, yes I SAID WORLD, is moving and we need to keep up. Everything doesn't evolve around BVI. FATCA is a worldwide issue and we cannot escape it. The Government is doing the right thing with the IGA and if you had a clue what it was all about then you would know that too. All you and your son do is up and down causing a set of confusion and poisoning the minds of a few, all in the name of politics. SCHUPS.
@ Sell out, I totally agree with you. Well said. How I see it, the NDP making sure they get unseat next election. They doing every blasted thing backwards and without due consideration. The .......... premier don't even know how we get black listed with France. We going get black listed with U.S too. He don't have a clue what he up against. Not a clue. Keep out of what don't concern you boss.
It will require enormous risk assumption on the BVI governments part. It is bad enough the BVI could not fulfill its responsibility with France now he's added the USA and the risk has gone up. What about banking client privacy. Who will protect their data and privacy? It s an all around bad decision to accept the reporting role. No other sensible government would do this.
Today in another article he stated that he will not report landholding, but if US taxpayers request voluntary disclosure they will have to report their assets. He needs to stop talking until they know what they are doing.