FATCA (Foreign Account Tax Compliance Act)

A FATCA model 1 A agreement was signed between Barbados and the United States of America (US) at Bridgetown on November 17, 2014. Under this agreement, Both Barbados and the US will collect Bank account and other prescribed information on each other's citizens and transmit it to the Revenue Authority of each country. Prior to September 30, 2015, Barbados will pass FATCA regulations and negotiate a Competent Authority Agreement between the Barbados Revenue Authority and the US Internal Revenue Service to operationalise FATCA

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