Top 10 Caribbean business stories in 2012 - Business - JamaicaObserver.com:
Read more: http://www.jamaicaobserver.com/business/Top-10-Caribbean-business-stories-in-2012_13282069#ixzz2GLRQ0NFb
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NO doubt, 2012 will be remembered as a tough year for business in the Caribbean. Regional economies grew by a meagre 1.1 per cent as a whole, exports remained anaemic, and disposable income continued to be severely squeezed in the harsh economic climate.
But amidst the gloom, there were several positives. Dominican Republic is now home to what is expected to be among the world's most productive gold mines, as that nation continues to improve its global competitiveness. Haiti, three years after suffering a massive earthquake, received several major foreign investments. And GraceKennedy and the Hendrickson Group were winners of the Jamaica Observer Business Leader Corporate Award, which recognised firms that have made major contributions to the Jamaican economy over the last 50 years.
  REDjet, the Caribbean's first discount airline, in March suspended all its services because of financial trouble. 1/5  |
They are among a list of top stories that, despite the challenges, made 2012 another eventful year in business. Caribbean Business Report lists our top stories, in no specific order.
Foreign Account Tax Compliance Act (Fatca)
We were introduced to Fatca in 2012. Indeed, many 'ordinary' persons might not know what the acronym stands for, but they know what it could mean for them. Financial institutions face a cost-crunching dilemma in the form of the new US tax compliance rule requiring them to release personal financial information of clients to American authorities. It could cost banks tens of millions of dollars whether they choose to comply or not with the Act, which becomes effective January. The Act requires financial institutions around the world to report the names and tax identification numbers of "US persons", a definition used by the Act that is so broad it could catch people who have a green card or even just a mailing address in America — with balances above US$50,000 ($4.6 million) to the Internal Revenue Service.
Read more: http://www.jamaicaobserver.com/business/Top-10-Caribbean-business-stories-in-2012_13282069#ixzz2GLRQ0NFb
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