Caribbean News Now!

About Us Contact Us

Countries/Territories

Jump to your country or territory of interest

Advertise with us

Reach our daily visitors from around the Caribbean and throughout the world. Click here for rates and placements.

Contribute

Submit news and opinion for publication

Subscribe

Click here to receive our daily regional news headlines by email.

Archives

Click here to browse our extensive archives going back to 2004

Also, for the convenience of our readers and the online community generally, we have reproduced the complete Caribbean Net News archives from 2004 to 2010 here.

Climate Change Watch

The Caribbean is especially vulnerable to rising sea levels brought about by global warming. Read the latest news and information here...

Follow Caribbean News Now on Twitter
Connect with Caribbean News Now on Linkedin
Instagram



News from the Caribbean:




Back To Today's News

Antigua-Barbuda strongly objects to being listed as a tax haven by Illinois
Published on April 7, 2017 Email To Friend    Print Version

sanders_oas3.jpg
Ambassador Sir Ronald Sanders

ST JOHN’S, Antigua -- Antigua and Barbuda on Wednesday registered strong objections with the US state of Illinois, which has introduced legislation listing Antigua and Barbuda and ten Caribbean Community (CARICOM) countries along with six other Caribbean jurisdictions as tax havens.

In letters to Speaker of the House of Representatives of the Illinois General Assembly, Michael Madigan and House Representative Leader, Jim Durkin, Antigua and Barbuda’s ambassador to the United States Sir Ronald Sanders said that the listing is a matter that needs immediate corrective attention as it poses severe threats to Antigua and Barbuda’s economy and the well-being of its people.

In his letters of objection, Sanders provided evidence substantiating that Antigua and Barbuda is not a tax haven. Among them is the fact that, in February 2014, the Financial Action Task Force (FATF), on whose decision-making councils the government of the United States sits, declared Antigua and Barbuda to be fully compliant and cooperative with the international standards that it has established.

Sanders further pointed out that, on the international level, Antigua and Barbuda last year (2016) became a signatory to the OECD’s common reporting standard under which Antigua and Barbuda is legally bound to report bank accounts and other assets held in Antigua and Barbuda, to the tax authorities of the originating country.

With regards to Antigua and Barbuda’s relations with the United States, Sanders outlined that the country has a tax information exchange agreement (TIEA) with the US, which has been in force since February 10, 2003. This agreement, he said, has worked to the satisfaction of the government of the United States and its agencies, and no request to Antigua and Barbuda for information has been denied.

The country’s US Ambassador also highlighted the fact that Antigua and Barbuda and the United States have concluded an inter-governmental agreement, facilitating implementation of the provisions of the US Foreign Account Tax Compliance Act (FATCA). This agreement, he noted came into effect in February of this year.

“Under this agreement, my government and the financial institutions in Antigua and Barbuda have already incurred great cost to provide information on financial information to the US Internal Revenue Service on US companies and persons,” Sanders pointed out.

Having highlighted a number of facts in his letters, Sanders noted that naming Antigua and Barbuda as a tax haven by the state legislature of Illinois would have devastating effects on the correspondent banking relations between the US and Antigua and Barbuda banks.

“The consequence on my country’s economy would be disastrous, and relations between our two countries would be severely and unnecessarily harmed. I am confident that such consequences were not intended by the state of Illinois,” Sanders wrote.

In concluding, Sanders was very forceful in pointing out that the action of the state of Illinois is unjust and warrants urgent rectification.

“I respectfully request that you use the authority vested in you as Speaker of the House and House Representative Leader, to draw attention to the wrongful listing of Antigua and Barbuda in HB 3419 and in any other legislation that might be under consideration, and that you urge its correction,” Sanders’ letter concluded.
 
Reads: 3387





Click here to receive daily news headlines from Caribbean News Now!




Back...

Comments:

No comments on this topic yet. Be the first one to submit a comment.

Back...

Send us your comments!  

Send us your comments on this article. All fields are required.

For your contribution to reach us, you must (a) provide a valid e-mail address and (b) click on the validation link that will be sent to the e-mail address you provide.  If the address is not valid or you don't click on the validation link, we will never see it!

Your Name:

Your Email:

(Validation required)

Comments:
Enter Code



Please note that, if you are using an AT&T domain email address, e.g. att.net, bellsouth.net, sbcglobal.net, the verification email will likely not be delivered. This is outside of our control and the only remedy seems to be for readers to complain to AT&T





Disclaimer
User comments posted on this website are the sole views and opinions of the comment author and are not representative of Caribbean News Now or its staff. Caribbean News Now accepts no liability and will not be held accountable for user comments.
Caribbean News Now reserves the right to remove, edit or censor any comments. Any content that is considered unsuitable, unlawful or offensive, includes personal details, advertises or promotes products, services or websites or repeats previous comments will not be approved.
Before posting, please refer to our Terms of Use and Privacy Policy.




Other Headlines:



Regional Sports: