‘Local banks working with US to beat tax evasion’

PORT OF SPAIN, Trinidad and Tobago, Express -Local banks are on track to being compliant with US tax legislation, the Foreign Account Tax Compliance Act (FATCA), by next year’s deadline, Bankers’ Association president David Dulal-Whiteway said yesterday. FATCA was enacted in the US Congress in 2010 and is part of that country’s effort to combat tax evasion by US citizens holding overseas investments. “US taxation rules require US citizens pay taxes on worldwide income regardless of where they are. Our taxation system depends on residency, so if you are a citizen but do not reside here you don’t have to pay taxes,” he told the Express in a brief telephone interview.