Guyana inks pact for reporting to IRS on holdings of US citizens

Guyana and the United States yesterday signed an agreement for greater cooperation in tackling offshore tax evasion by allowing for reporting on the local holdings of US citizens to the US Internal Revenue Service (IRS). The implementation of the Foreign Account Tax Compliance Act (FATCA) introduces reporting requirements with respect to certain accounts held by US persons and certain foreign entities in which US persons hold substantial ownership interest, US Ambassador to Guyana Perry Holloway said, following a simple signing ceremony held yesterday at the Ministry of Finance