Exchange Of Information Unit

The EOI Unit will operate under the direction of the Permanent Secretary for Finance - MOF with day to day management and administration supervised by the Director of the EOI unit. The Permanent Secretary for Finance is the Competent Authority and is located at the N. J .S. Francis Building, Pond Street, Grand Turk, Turks and Caicos Islands.

The EOI Unit will facilitate the exchange of information with Treaty Partners internationally and domestically, also improving co-operation with internal stakeholders. Presently, TCIG has to-date signed several TIEA’s with negotiations ongoing with a few more jurisdictions. TCI has also signed onto the Multilateral Convention on Mutual Administrative Assistance in Tax Matters adding to the list of some 60 plus jurisdictions that have already signed on to date.

The globalization of tax transparency and information exchange means Turks and Caicos Islands must ensure its equal participation in the fight against illicit financial transactions and the prevention of terrorist financing by implementing and complying with the agreed international standards.

Turks and Caicos Islands have joined several international bodies and associations including the Global Forum to effectively exchange tax information in line with the transparency rules and measures required of the OECD, FATF, CFATF, EU Directives, etc. 

By signing these agreements and directives, TCI have agreed and committed to exchange tax information under the various regimes and treaty agreements listed below;

  • OECD Automatic Exchange of Information – AEOI Platform
  • AEOI – CRS Common Reporting Standard
  • TIEA’s – Tax Information Exchange Agreements
  • FATCA – United States of America & United Kingdom IGA’s

G20 Leaders at their meeting in September 2013 fully endorsed the OECD proposal for a truly global model for automatic exchange of information and invited the OECD, working with G20 countries, to develop such a new single standard for automatic exchange of information, including the technical modalities, to better fight tax evasion and ensure tax compliance.

The Standard, developed in response to the G20 request and approved by the OECD Council on 15 July 2014, calls on jurisdictions to obtain information from their financial institutions and automatically exchange that information with other jurisdictions on an annual basis. It sets out the financial account information to be exchanged, the financial institutions required to report, the different types of accounts and taxpayers covered, as well as common due diligence procedures to be followed by financial institutions.

http://www.oecd.org/ctp/exchange-of-tax-information/standard-for-automatic-exchange-of-financial-information-in-tax-matters.htm

The link also provides literature on the CRS handbook, Multilateral Competent Authority Agreement, the convention on Mutual Administrative Assistance in Tax Matters, and several useful sub-links on the methodology of the automatic exchange of Information process.

Turks and Caicos Islands signed two Foreign Account Tax Compliance Acts (FATCA’s); one with the United Kingdom on November 26th, 2013 and another with the United States of America on December 1st, 2014.