Guyana and U.S implement Foreign Accounts Tax Compliance


Guyana has signed an agreement with the United States to implement the Foreign Accounts Tax Compliance Act (FATCA) – providing a “significant step” in the fight against offshore tax evasion.

The agreement was signed by US Ambassador to Guyana, Perry Holloway and Finance Minister, Winston Jordan .

Under the US FATCA legislation, Washington demands that foreign banks provide information to America’s Internal Revenue Service (IRS) on any customer deemed a “US person” if they have more than US$50,000.

Washington says the legislation aims to crack down on tax dodgers who hide hundreds of millions of US dollars in offshore accounts annually in an effort to avoid paying taxes.




Please enter your comment!
Please enter your name here