Barbados: FATCA update; reporting deadline is 15 September

Barbados: FATCA update; reporting deadline 15 September

Barbados signed an intergovernmental agreement (IGA) with the United States, and that agreement follows the Model 1 IGA for implementing the FATCA regime. Currently pending is legislation that would implement the FATCA measures in Barbados domestic law and that would give effect to the IGA. This legislation is expected to be considered soon by the House of Parliament.

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Because 2015 will be the first year for submitting FATCA-related information to the Barbados Revenue Authority, the deadline will be 15 September 2015. Certain information is required to be reported, including “nil” reporting.

In future years, the reporting deadline would be 31 July for the previous year that ended 31 December.

 

Read an August 2015 report [PDF 100 KB] prepared by the KPMG member firm in Barbados: FATCA Implementation

 

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