Business notes extension

However, in a statement, all six business organisations said, “We are disappointed that we were unable to meet the initial deadlines agreed.” They reiterated their strong recommendation to Government and the Opposition to begin the debate as soon as possible and have the Tax Information Exchange Bill (2016) passed.” This will allow financial institutions to begin the process of working with the Board of Inland Revenue (BIR) to bring the reporting regime into effect,” the organisations said.

They said FATCA and its enabling legislation is but one of the many legislative items the country needs to pass over the next few months.