The Barbados Revenue Authority (the Authority) advises all reporting Barbados Financial Institutions that the Automatic Exchange of Information (AEOI) web portal will open for 2021 submissions from Wednesday, June 1, 2022.
The portal will be available until Wednesday, August 31, 2022, to facilitate the filing of the 2021 Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) reports.
Financial institutions with obligations should note that submissions made after the deadline will incur a penalty. Additional details can be found in the Guidance Note on the BRA website.
Reporting Barbados financial institutions are reminded that if they operated for the full reporting year or part thereof, a report must be submitted for that particular period.
Additionally, these financial institutions should note that any request to have an institution deregistered from the AEOI web portal, should be submitted in writing to the Authority on the company’s letterhead together with the necessary documentation via email at firstname.lastname@example.org.
All outstanding reports must be submitted before an entity can be deregistered. The AEOI is a standard for Barbados’ international reporting requirements for FATCA and CRS. The Authority’s web portal assists financial institutions with complying with the standard.