Chamber’s ICT sub-group, chaired by Marc Lainé, has welcomed the pan-island announcement on FATCA (the Foreign Account Tax Compliance Act) and indeed the collaboration between the islands’ governments on this issue. However the group believes more should be done to minimise the cost implications for businesses.
Mr Lainé said this can be done in a number of ways: “Firstly, costs can be reduced by procuring one supplier to develop the reporting portal/gateway or extranet for all three islands. Each island can customise these gateways, but shared procurement will significantly cut the cost for the States.
“Secondly the States needs to carefully consider what technologies businesses will need to invest in to be able to meet the reporting requirements. In addition, technology choices should be made in line with other local regulatory and reporting requirements in the islands to avoid forcing businesses to invest in multiple technologies.
“The Chamber of Commerce ICT subgroup also feels it is important that the reporting format is identical across the islands so businesses that have a footprint in both islands avoid the added overheads and complexity of reporting in different formats.
“Chamber believes that the above approach will test the resolve and ability of the islands’ governments to work together at a deeper level.”
Category: Finance & Business