KINGSTON, Jamaica - Jamaica plans to set up a central authority led by the central bank to report on the financial activities of US taxpayers to their government, which has been on a three-year campaign to track down tax cheats.
Its the latest move by the Jamaican Government to assist local institutions to comply with a new US hegemonic tax act called the Foreign Account Tax Compliance Act (FATCA). It requires local financial institutions to disclose information to the US government or face a 30 per cent penalty on income.
The creation of the central authority means Jamaican institutions affected by FATCA will not have to deal individually with the US Internal Revenue Service.