BRA Updates Financial Institutions

bgis Ministry News

Representatives from financial institutions listen attentively to the discussion. (BRA)

The International Taxation Unit of the Barbados Revenue Authority (BRA) recently convened a session with compliance officers of financial institutions to provide an update on the new regulations governing exchange of information.

The presentations, which came ahead of the July 31 Foreign Account Tax Compliance Act (FATCA) filing deadline, reviewed the FATCA regulations, Common Reporting Standard (CRS) regulations and the filing process.

Manager Communications and PR at the BRA, Carolyn Williams-Gayle, explained that the session was part of the Authority’s continuing efforts to facilitate compliance through engagement of its stakeholders.

“Our role as a tax administrator is to promote and facilitate compliance among taxpayers. Key to this is fostering and maintaining direct relationships with interest groups, as compliance cannot be achieved in isolation.

“This workshop activity, in addition to other quarterly activities, is part of the Authority’s continued commitment to engage with its stakeholders towards fostering voluntary compliance,” she stated.

Barbados signed on to FATCA and the Convention on Mutual Administrative Assistance in Tax Matters in 2015. This was done to ensure that the island meets international requirements and minimises the incidence of the country being labelled as an uncooperative jurisdiction and tax haven.

The Automatic Exchange of Information submission process is facilitated through the Authority’s web portal. Persons may call the International Taxation Unit at 430-3112, 430-3124, or 430-3268, or email their questions to compauth@bra.gov.bb.

Barbados Revenue Authority

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