The Barbados Revenue Authority advises all reporting Barbados financial institutions that the Automatic Exchange of Information (AEOI) web portal is open and available for 2020 submissions.
The portal opened on Saturday, May 1, 2021, and will be available until Saturday, July 31, 2021, to facilitate the filing of the 2020 Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) reports. Submissions made after the deadline will incur a penalty.
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, it should be noted 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.
Please note that all outstanding reports must be submitted before an entity can be deregistered.