Dominican Tax Agency (DGII) director Guarocuya Felix says the government has reached agreements in substance regarding the application of FATCA (Model 1GA). FATCA requires foreign financial institutions (FFIs) to report to the IRS information about financial accounts held by US taxpayers, or by foreign entities in which US taxpayers hold a substantial ownership interest.
Furthermore, he said that the country is a new member and is being observed by the Organization for Economic Cooperation and Development’s Global Transparency Forum and needs to work to eliminate all obstacles to transparency in information. OECD groups 122 countries. He explained that this establishes duties and obligations for the DR to improve legislation to facilitate exchange of tax information among jurisdictions. He announced that the Ministry of Hacienda and the United States would sign the FATCA intergovernmental agreement for sharing of information on US citizens resident in the Dominican Republic.
http://www.listin.com.do/economia-and-negocios/2014/7/27/331360/Guarocuya-pide-mayor-acceso-a-las-informaciones
http://www.treasury.gov/resource-center/tax-policy/treaties/Pages/FATCA.aspx