PHILIPSBURG, St. Maarten - The lecture series of the University of St. Maarten came to an end Thursday evening.
During the final lecture on Thursday the Foreign Account Tax Compliance Act (FATCA) took center stage.
That subject was addressed by the key note speaker of the evening Minister with the responsibility for Finance, Roland Tuitt.
Whilst addressing the subject, the Minister gave attendees an overview as to what FACTA entails, the reasons for the United States to implement it and how and what it affects.
The potential implication for St. Maarten was also brought to light. In making his presentation during the lecture on Thursday night, the Finance Minister told the audience that FACTA was enacted in 2010 as part another piece of legislation.
The principle objective, according to the Finance Minister is to prevent and combat tax evasion by US citizens holding investments in offshore accounts.
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