FATCA scam

The United States Internal Revenue Service is warning financial institutions complying with the Foreign Accounts Tax Compliance Act that scam artists are posing as IRS agents in attempts to solicit information about account holders.

The “phishing” scams have targeted financial institutions in foreign jurisdictions that have signed inter-governmental agreements with the US to provide accountholders’ information to the IRS, the agency reported. The Virgin Islands signed such an agreement in July. The IRS explained that it “does not require financial institutions to provide specific account holder identity information or financial account information over the phone or by fax or e-mail. Further, the IRS does not solicit FATCA registration passwords or similar confidential account access information.” Institutions that think they have been the target of a phishing scam should contact the US Treasury’s Inspector General for Tax Administration at 800-366-4484 or through TIGTA’s secure website. The US Congress passed FATCA in 2010 as a way to crack down on perceived tax losses. The bill requires foreign financial firms to provide information about their US clients or face the threat of a heavy withholding tax.

Labour changes

The Labour Department has changed the days of the week during which its Tortola office processes work permits. Permit renewals now can be collected on Mondays, Tuesdays and Wednesdays, while Thursdays will be devoted to dealing with new permits. Change-of-employer permits can be collected on Fridays.

{fcomment}