Economy July 22, 2019 | 8:30 am

US, Dominican Rep. start sharing account information

Santo Domingo.- Internal Taxes (DGII) on Fri. announced the formal entry into force of the Intergovernmental Agreement, United States-Dominican Republic, to Improve International Tax Compliance (IGLA), and to enforce the Law on Fiscal Compliance of Accounts Abroad (FATCA), ratified by Congress.

The entry into force of the agreement takes place from the diplomatic note issued last Wednesday and notified by Dominican Republic’s Foreign Ministry to the US Government.

The agreement regulates the exchange of information, through an automated system, of reportable censuses between the United States and the Dominican Republic.

“In this regard, Dominican financial entities must identify the accounts of individuals, legal entities or other specialized entities such as US trusts, to send relevant information to the Internal Revenue Service of the United States (IRS), including their movements, accounts, receipts and other operations.”

Meanwhile, the United States must send the Dominican Government information on the accounts of the residents of the Dominican Republic, held in US financial institutions.