Hon Fraser demands FATCA answers from Premier Smith
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”
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!