Common Reporting Standard and Foreign Account Tax Compliance Act reporting for 2019
Common Reporting Standard and Foreign Account Tax Compliance Act
The Barbados Revenue Authority (the Authority) has observed that a number of Reporting Barbados Financial Institutions registered via the Authority’s Automatic Exchange of Information (AEOI) portal have failed to submit reports for 2019 for the Common Reporting Standard (CRS) and/or Foreign Account Tax Compliance Act (FATCA). As a result, the Authority believes that guidance must be issued so as to clarify the obligations of Reporting Barbados Financial Institutions who have not submitted their report(s) for 2019.