Guyana, U.S sign agreement to share banking information of citizens

Guyana and the United States today formalized an agreement that will allow the sharing of banking information of US citizens in an effort to combat and deter offshore tax evasion.

During the signing of the Foreign Account Tax Compliance Act (FATCA) Accord at the Ministry of Finance, US Ambassador Perry Holloway pointed out that the agreement which has been in the making for over two years will mutually benefit both countries, as they collaboratively work to deterring tax evasion.

The FATCA accord will allow local financial institutions, through the Guyana Revenue Authority (GRA), to share banking information of US citizens with its American tax enforcement body.

Meantime, Finance Minister, Winston Jordan said transparency and accountability among financial institutions would be increased through the automatic exchange of bank account information. He said this will also encourage taxpayers to voluntarily disclose all relevant information to tax authorities.

In addition, GRA Commissioner General, Godfrey Statia disclosed that Guyana has been receiving information from the US relating to Guyanese- American bank account holders for some time now; however, he said the process was not being correctly followed previously.