The Government of the Virgin Islands is advising all British Virgin Islands Reporting Financial Institutions that the FATCA deadlines for the United Kingdom and United States of America have been extended.

In providing more information to the Territory’s residents on the United States (U.S.) Foreign Accounts Tax Compliance Act (FATCA, the Government of the Virgin Islands has invited a FATCA specialist to deliver special presentations to individuals affected by the United States law.

Madam Speaker, a few sessions ago I came before this house and give a statement on the Foreign Account Tax Compliance Act (FATCA) and the effects that it would have on the Government and the people of the Virgin Islands. In this statement I described briefly the rationale behind FATCA and how it would be expected to affect the industry and private citizens here in the Virgin Islands.

The Government of the Virgin Islands has taken another step towards improving its profile of cooperation in the global landscape.

Madam Speaker, after fully analyzing the nature, scope and contents of the US Foreign Account Tax Compliance Act (FATCA) and the United Kingdom’s version of the same (referred to as “the UK FATCA”), I am pleased to announce that the Government of the Virgin Islands has decided that in concert with concluding negotiations leading to an Agreement with respect to the UK FATCA as a matter of prior

The Government of the Virgin Islands and the Government of the United States concluded its negotiations On March 6, 2014, and initialled the final text of an Inter-governmental Agreement (IGA) in respect of the US Foreign Accounts Tax Compliance Act (FATCA), paving the way for its imminent signing and implementation in Territory.

Earlier this week, Member of the House Assembly of the Virgin Islands, Hon. Julian Fraser, issued a statement on matters largely concerning the US Foreign Accounts Tax Compliance Act (commonly known as “FATCA”).

Madame Speaker, in previous meetings of this honourable house I indicated that I would give regular updates on the status of our negotiations with the United States on the Foreign Account Tax Compliance Act or FATCA as it is commonly referred to.

In discussions on the future of off-shore financial centres, Premier and Minister of Finance, Dr. the Honourable D. Orlando Smith, OBE, presented his insights today at the Foreign Correspondents’ Club during a luncheon meeting hosted by the Hong Kong General Chamber of Commerce.