The Foreign Account Tax Compliance Act (FATCA) Competent Authority for the Federation of Saint Kitts and Nevis begins online enrolment of Financial Institutions for FATCA reporting

 

Saint Kitts and Nevis, BASSETERRE – The FATCA Competent Authority for the Federation of Saint Kitts and Nevis announces the start of online enrolment and data submissions for ALL Financial Institutions registered with the United States Internal Revenue Service (IRS) as Foreign Financial Institutions (FFIs).

Financial Institutions in the Federation will be required to report on US persons’ income, from financial assets that are held within the Federation, to the Government of Saint Kitts and Nevis’ Competent Authority.  The Saint Kitts and Nevis’ Competent Authority will then submit the required information to the IRS.  The first exchange of information to the IRS for 2014 data will be made by April 1, 2016.

The FATCA Competent Authority invites ALL FFIs to a brief demonstration of the St. Christopher (St. Kitts) and Nevis FATCA Portal which will be used for enrolment and filing, on February 19, at the John Gumbs Building, Bay Road, St. Kitts and at the Ministry of Finance Conference Room, Charlestown, Nevis at 10:00 a.m.  Both sessions will run concurrently.

 

FFIs that are interested in attending the presentations must contact the Inland Revenue Department at (869) 465-8485 ext. 3511 in St. Kitts and (869) 469-5856 ext. 6025 in Nevis, to confirm your attendance on or before Wednesday February 17. Email confirmations can also be sent to fatca@sknird.com.  

 

The online Portal opens for enrolment on Monday February 22, 2016 and all filings are due no later than Friday March 11, 2016.

Your contact information is important to us so that FATCA related updates can also be provided to you as quickly as possible.

For further St. Kitts and Nevis FATCA updates and information, visit the St. Kitts and Nevis FATCA Competent Authority information page at www.sknird.com.