Taxation & FATCA

Our stand on taxes

Tax Alert – April 2018

As the new tax year approaches and we await the release of the tax manual to be used together with the new Inland Revenue Act No 24 of 2017, we want to share with our investors the information we do have from the Unit Trust Association, based on its discussions with the Ministry of Finance.

What is FATCA?

FATCA is a United States Federal Law to prevent US persons/entities from avoiding taxes by holding assets through foreign accounts. It stands for Foreign Account Tax Compliance Act (FATCA).

While JB Financial is not a participating FFI* under FATCA, we have given our consent to our Trustee, Deutsche Bank AG, to disclose relevant transaction information to United States Internal Revenue Service or any FATCA related legal body as required.