TAJ has FATCA oversight
THE EDITOR, Sir:
We have perused the contents of The Gleaner's editorial published on Thursday, July 16, 2015, titled 'Europe's blacklist and FATCA'. Same speaks to Europe's blacklisting of the Caribbean, as well as Jamaica's readiness for FATCA.
The article identifies Bank of Jamaica as the responsible party for preparing rules to govern compliance of financial institutions with the FATCA requirements.
This statement is incorrect. The Bank of Jamaica has no such responsibility.
In May 2014, Jamaica signed a reciprocal intergovernmental agreement with the United States covering arrangements for cooperation on tax matters. Tax Administration Jamaica (TAJ) was designated the competent authority for the implementation and oversight of Jamaica's compliance with this (FATCA) agreement.
That implementation process is well under way. All financial institutions are aware of the requirements and most have already registered on the TAJ portal and completed testing the uploading of reports. The supporting legislation was laid on the table of the House of Representatives on June 23 and should be in place by September, in accordance with the agreed timeline.
JOHN W.A. ROBINSON
Senior Deputy Governor
Bank of Jamaica