An information session on US tax obligations is being held at the Marriott Grand Cayman Resort today (Tuesday, 19 April) for Caymanians with US passports, US citizens, Green Card holders, long-term non-residents of the US and financial institutions.
The seminar will cover new provisions and directives of the Foreign Account Tax Compliance Act, effective 1 January, 2013.
FATCA aims to detect US taxpayers who have not declared income and offshore assets to the IRS by imposing a 30 per cent tax withholding on payments to foreign financial institutions, such as banks, investment funds and trusts that fail to identify US account holders and their assets and report them to the IRS.
Session 1 for Financial Institutions, runs from 9am-12.30pm. Session 2 for US citizens, Green Card holders and long-term non-residents is from 1.30-5pm.
There is no cost and no registration is required. A networking reception from 5-7pm is also open to the public. The sessions are offered by the Office of the Premier and Ministry of Finance in conjunction with Cayman Finance.
A networking reception from 5-7pm is also open to the public.