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Hon Fraser demands FATCA answers from Premier Smith

Third District Representative Honourable Julian Fraser RA is demanding answers from Premier and Minister of Finance Dr the Honourable D. Orlando Smith on the recently signed intergovernmental agreement between the United States and the Virgin Islands on the United States Foreign Accounts Tax Compliance Act (FATCA). Photo: VINO/File
ROAD TOWN, Tortola, VI – Third District Representative Honourable Julian Fraser RA is demanding answers from Premier and Minister of Finance Dr the Honourable D. Orlando Smith on the recently signed intergovernmental agreement between the United States and the Virgin Islands on the United States foreign Accounts Tax Compliance Act (FATCA).

The questions are down on the Order Paper for the Eight Session of the Third Sitting of the Second House of Assembly to take place tomorrow July 22, 2014.

“Madam Speaker, could the Honourable Premier and Minister of Finance tell this Honourable House what are the areas of concern for BVI tax payers regarding the Foreign Accounts Tax Compliance Act (FATCA) agreement he recently signed with the United States Government?”

“How much will the same agreement cost the Government of the Virgin Islands for its management and explain how the management is to be executed, and could he please present us with a copy?” asked Hon Fraser, Chairman of the Virgin Islands Party (VIP).

Further, Hon Fraser asked the Premier whether he has signed an agreement with the United Kingdom Government which is their equivalent of the United States Foreign Accounts Tax Compliance Act FATCA.

“If the answer is yes, what are the areas of concerns for BVI tax payers regarding the FATCA agreement?” asked Hon Fraser. He also asked about the management of the UK agreement and its cost to Government. He asked that a copy of it be provided to him.

FATCA is a USA federal law that is universal and requires persons residing outside of the USA that are US citizens to report among other things their income to the USA government.

Delivering at a lecture at the H. Lavity Stoutt Community College in February 27, 2014, Managing Director and Chief Executive Officer (CEO) of the BVI Financial Services Commission Mr Robert Mathavious said that while the Territory will not be sheltering any Virgin Islander who might also have US citizenship from their tax obligations in the US, the FATCA will be a compliance burden on the Territory’s institutions.

23 Responses to “Hon Fraser demands FATCA answers from Premier Smith”

  • qc (21/07/2014, 08:16) Like (2) Dislike (6) Reply
    NDP sell us out again for 40 pieces of silver
  • ooooo (21/07/2014, 08:25) Like (8) Dislike (5) Reply
    the 2 pitbulls will keep the pressure on those set ah sellouts
  • .... (21/07/2014, 09:33) Like (0) Dislike (3) Reply
    Fraser fraser fraser fraser fraser all the way!
  • please (21/07/2014, 09:44) Like (9) Dislike (1) Reply
    If VIP were in power they to would have signed the FATCA, there is no choice. It makes not a blind bit of difference to a BVI citizen, it only affects US citizens.
    • lolololol (21/07/2014, 17:37) Like (2) Dislike (0) Reply
      u see the issue is a lot of the born here's have been running to the usvi to born the kids so it will affect them kids that's what the concern. dem want it easy for dem child when dem get older to go college so let dem tek wa uncle sam have to shear. I aint from here and mines born here lol and still cant get rep till 10years lol
      • dude (21/07/2014, 21:39) Like (2) Dislike (0) Reply
        We know u ain from here bout born here's. We own land we don't got to bawl bout born here. you're mad at your own
  • VIlander (21/07/2014, 09:55) Like (0) Dislike (2) Reply
    HR BLock & the other tax companies need to open an operation here for those ppl to file. FATCA is not needed. But if you are one who believes that everything white is right and local is wrong then you foolishly rush in. Personally I don't believe that NDP could recover from this just as the VIP couldn't recover from BiWater.
    • please (21/07/2014, 11:02) Like (2) Dislike (2) Reply
      when are you going to understand this affects all countries and not just the BVI. It also only affects US citizens . There are far bigger countries where more US citizens live than the BVI if HR Block want to expand.
      • tell the truth (21/07/2014, 12:03) Like (2) Dislike (3) Reply
        Fool all countries did not sign this
        • facts (21/07/2014, 12:49) Like (8) Dislike (1) Reply
          Name the countries that didn't sign and provide a link to the source. If Doc didn't sign it we would hear Fraser asking what kind of leader do we have who will put or financial services at risk, look the Cayman Islands did it, why aren't we doing it. I remember not long ago Dancia was lauded for all the Tax Information Exchange Agreements that she signed for the Government, while they chided NDP for not doing as many. Now all of a sudden it's a problem? Why only Fraser seem to have this big obsession with FATCA? I hope NDP have the balls to get direct with him and ask him. He think him alone can get dirty.
        • please (21/07/2014, 12:53) Like (3) Dislike (0) Reply
          Who is the fool? China and Russia are 2 countries unlikely to implement. Other countries are, most Caribbean countries have already implemented it. With the USD as our currency how could we possibly not implement it. It's all politics, any party in power would have implemented this if they value our financial services industry.
          • Sense alone (21/07/2014, 15:05) Like (3) Dislike (0) Reply
            China and Russia can stand on their own two feet hence, they can probably tell the USA to cart their asses. BVI and other smaller Territories are not in that position. People keep forgetting that UK is also in the process of rolling out their version of FATCA. It's a new way of the world, get on board or get left behind. It's simply about tax responsibility, what's the big fuss anyway? If you don't want to do it just renounce your US Citizenship. It's funny so many people want the goodies that come with being a US Citizen no matter where they live, but as soon as their responsibility is brought to the forefront all of a sudden it's about rights? Some US Citizens living here, never live a day in the US, never pay a tax, but get school and other benefits. Ah boy!
      • VIlander (21/07/2014, 13:24) Like (1) Dislike (0) Reply
        LOL When are you going to understand?
  • cay (21/07/2014, 10:33) Like (1) Dislike (1) Reply
    i douth dr. smith read whathe signed??/i guess balhead with say he had the usa eating out of his hands
  • Yes (21/07/2014, 10:53) Like (3) Dislike (1) Reply
    What are Fraser's plans as Premier. We want to know.
    • tretretrete (21/07/2014, 15:30) Like (2) Dislike (0) Reply
      Doubt he has any, equally unlikely is him becoming Premier but in that unlikely event he will wake up the morning after the election in such a panic as he will not know what to do.
  • Kingfish (21/07/2014, 15:40) Like (1) Dislike (0) Reply
    He has NO Plans.
  • LOL! (21/07/2014, 16:14) Like (2) Dislike (0) Reply
    It's a good thing not all BVI Islanders are dumb and brainless or VIP would be in power today!

    We the smart ones know what FATCA is all about so VIP could twist and turn it around all they want to try and fool people with sense but it won't work.

    When you don't know how to educate yourself on matters, the people perish!
  • wize up (21/07/2014, 18:26) Like (0) Dislike (1) Reply
    pay attention to the Hon. Speaker of the House during the sitting tomorrow....Lord send Help !!!!!!
  • hog city (21/07/2014, 22:32) Like (0) Dislike (1) Reply
    Hon fraser representing all ah we with green cards.
  • teacher john (22/07/2014, 12:03) Like (0) Dislike (0) Reply
    the fact of the matter is that everything points to the BVI being sold back into slavery clandestinely


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