The Barbados Revenue Authority has advised all financial institutions based in Barbados that a further extension has been given for submissions of the Automatic Exchange of Information (AEOI).
Entities with Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) reporting obligations now have until Saturday, October 31, 2020, to submit the relevant 2019 information via the AEOI web portal at https://aeoiportal.bra.gov.bb:8443.
This additional extension was granted to allow for any challenges, which may have arisen during or as a result of the novel coronavirus (COVID-19) pandemic.
Financial institutions are reminded that if they operated for the full reporting year, or part thereof, a submission must be made for that particular period.
These institutions should also note that any request to have AEOI accounts deleted should be submitted in writing to the BRA on the company’s letterhead. Additionally, all outstanding submissions must be completed before the deletion of accounts.
Subject to the AEOI 2017 Regulations, a reporting financial institution that knowingly fails to submit a report; fails to comply with the obligation imposed by the Barbados Competent Authority or fraudulently or negligently makes a false report, whether entirely or in any particular part, is guilty of an offence and is liable on indictment to a $50 000 fine or ten years imprisonment or both.
The AEOI is a standard in Barbados’ international reporting requirements for FATCA and CRS. The portal facilitates reporting compliance. (BRA)
