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Global Forum - Common Reporting Standard (CRS)

Common Reporting Standard

The Common Reporting Standard (CRS), developed by the Organization for Economic Co-operation and Development (OECD), is an international standard for the automatic exchange of financial account information for tax purposes. Under the CRS, Reporting Barbados Financial Institutions are required to obtain specific financial account information for residents of jurisdictions with which Barbados has agreed to exchange such information. This information is to be reported to the Barbados Revenue Authority for exchange on an annual basis with the relevant reportable jurisdictions.  

To give effect to CRS, Barbados enacted the Income Tax (Automatic Exchange of Information) Regulations, 2017. The Regulations set out the financial account information to be exchanged, the financial institutions required to report, the different types of accounts and taxpayers covered, as well as common due diligence procedures to be followed by financial institutions.  

The first reporting year for purposes of CRS was the calendar year 2017. 

All Reporting Barbados Financial Institutions are required to register with the Barbados Revenue Authority (“the Authority”) via the Automatic Exchange of Information (“AEOI”) Web Portal.  

Click here to view the AEOI Web Portal User Manual  

Click here to view the standard for Automatic Exchange of Financial Account Information.