IRD to host Stakeholder’s seminar next week

The Inland Revenue Department, as the Competent Authority for the Foreign Account Tax Compliance Act (FATCA) will be hosting a Stakeholders’ Seminar on Wednesday, September 23, 2015 at the Ministry of Foreign Affairs Conference Room from 9 a.m. to 12 noon.{{more}}

The targeted Stakeholders for this particular Seminar are the Commercial Banks, the Credit Unions and the Life Insurance companies.

The Competent Authority shall contact the additional Stakeholders at a later date.

The overall objectives of the Seminar are:

(1) inform and update stakeholders on the Competent Authority’s readiness in relation to FATCA areas such as –

o Legal infrastructure

o Monitoring and enforcement mechanisms

o Information and security management system (FATCA software). This will include a presentation from Newgen Software Inc.

(2) ascertain the Stakeholders’ level of FATCA readiness; and

(3) foster a good working relationship between the relevant Stakeholders and the Competent Authority in an effort to make St. Vincent and the Grenadines FACTA compliant.

The Competent Authority is therefore cordially inviting representatives from the Commercial Banks, the Credit Unions and the Life Insurance companies to attend this Stakeholders’ Seminar.

The relevant Stakeholders are asked to contact Ms Pollet Lavia, FATCA Compliance Officer at 457-1493 to confirm their attendance on or before Monday, September 21, 2015 at noon.