DR and US work towards applying FATCA
The Ministry of Hacienda, the Tax Agency (DGII) and the IRS of the United States have announced the start of joint work on drawing up an inter-governmental agreement for the application of the Foreign Account Tax Compliance Act (FATCA) in the Dominican Republic. FATCA is the United States’ global tax enforcement law.
The foreign earned income exclusion allows US citizens living and working overseas to essentially skip US taxes on their first US$100,800 of income. However, the exclusion must be claimed by filing a US tax return.
Tax Treaty Office International Cooperation Program senior manager Aziz Benbrahim, information technology supervisor MaryAnn Wu and taxation law specialist John Sutherland represented the US at the meeting with the DGII officials.
Source: DR1, DiarioLibre
February 23, 2015
Category: DR News |