Interest and Dividend Tax Compliance Act of 1983

The public law 98-67 is an act that promotes economic revitalization and facilitates expansion of economic opportunities in the Caribbean Basin region. It also provides for backup withholding of tax from interest and dividends, and for other purposes. The act repeals the withholding on interest and dividends, but requires backup withholding if certain conditions are met, such as failure to furnish a taxpayer identification number or underreporting by the payee. The act also establishes duty-free treatment for eligible articles from beneficiary countries in the Caribbean Basin region, subject to certain conditions and exceptions. Additionally, it provides for the payment of excise taxes collected on rum to Puerto Rico and the United States Virgin Islands.