Grenada FATCA Implementation
On November 29th 2016 the Government of Grenada represented by Prime Minister Hon. Dr. Keith Mitchell signed the Inter-Governmental Agreement to implement the U. S. FATCA between the two countries.
Grenada FATCA Legislation
The United States of America–Grenada Foreign Account Tax Compliance Act, 2017 was published in the Gazette on 19th May, 2017 and brought into force on 29th September, 2017.
The Competent Authority for Grenada for FATCA purposes is the Inland Revenue Division. Specific duties to be performed by the FATCA Competent Authority will be delegated to the Comptroller of Inland Revenue Division. The Grenada Inland Revenue Division is currently in the process of formalizing a unit that will be responsible for FATCA matters. Staff from the Division will be trained in the use of the FATCA software and all FATCA related matters.
Competent Authority Arrangement Between the United States of America & Grenada
The CA is currently at an advanced stage of acquiring a software package that will facilitate the receipt and transmission of data for FATCA purposes. The live implementation of the software will commence shortly.
Prior to going live, the software will be tested and employees from the CA will be trained and will in turn train the Financial Institution responsible personnel’s.