Common Reporting Standard (CRS) Compliance Reminder

BEGINS

 

MINISTRY OF FINANCE, TRADE & INVESTMENT - COMPETENT AUTHORITY

 

Common Reporting Standard (CRS) Compliance Reminder

 

The Exchange of Information Unit would like to remind Financial Institutions’ (FI’s) of their obligations, the deadlines, the penalties for failure to file reports through the TCIG- AEOI portal and other relevant updates regarding the Common Reporting Standard (CRS).

 

Filings

There was an extension granted in 2018 for those Reporting FI’s that did not file 2016 CRS data permitting them to submit that information by 31st May, 2018. However, the reporting deadline pursuant to regulation 10 of the International Tax Compliance Regulations 2016 is 31st March 2019.

 

FI’s are required to file a return with the Exchange of Information Unit (EOIU) on an annual basis. This must be done in respect of the first reporting year and each subsequent calendar year in accordance with regulation 10(2)(b) and regulation 10(4).

 

A jurisdiction may require the filing of a nil return by a Reporting Financial Institution to indicate that it did not maintain any Reportable Accounts during the calendar year or other reporting period. 

 

NOTE: Under regulation 4 the filing of nil returns is not mandatory. However, an FI with no reportable accounts will still need to complete the notification requirement via the Portal for CRS.

 

Inspection

The International Tax Compliance Regulations 2016 which came into force on 1 April 2016, gives the Competent Authority the power to require a Reporting Financial Institution—

  1. to provide to the Competent Authority, within a time specified by the Competent Authority, the information, including copies of any relevant books, documents or other records, or any electronically stored information, that the Competent Authority may reasonably require; or
  2. to make available to the Competent Authority for inspection, at the time specified by the Competent Authority, all copies of books, documents or other records, or any electronically stored information, in the Reporting Financial Institution’s possession or under its control.

 

Note that FI’s are required under regulation 16 to retain for a period of five (5) years all books, documents and other records, including those stored by electronic means, which relate to the information required to be reported to the Competent Authority.

 

Offences

It should also be noted that where an FI fails to make a report under regulation 10 or to implement arrangements or procedures in order to comply with CRS, then they will have committed an offence under regulation 17 of the Regulations and will be liable on summary conviction to a fine of $10,000, or to imprisonment for a term of two years, or both.

 

Participating Jurisdictions

Pursuant to the notification under Section 7(1)(f) of the CRS MCAA, find detailed below the current list of exchange partners under the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information.

Albania

Brazil

Andorra

British Virgin Islands

Anguilla

Bulgaria

Antigua and Barbuda

Canada

Argentina

Cayman Islands

Aruba

Chile

Australia

China

Austria

Colombia

Azerbaijan

Costa Rica

The Bahamas

Cook Islands

Bahrain

Croatia

Barbados

Curacao

Belize

Cyprus[1]

Bermuda

Cyprus[2]

Belgium

Czech Republic

Cyprus[3]

Denmark

Czech Republic

Estonia

Denmark

Faroe Islands

Estonia

Finland

Faroe Islands

Finland

Finland

Greenland

France

Grenada

Germany

Guernsey

Ghana

Hong Kong (China)

Gibraltar

Hungary

Greece

Iceland

India

Montserrat

Indonesia

Nauru

Ireland

Netherlands

Israel

New Zealand

Isle of Man

Nigeria

Italy

Niue

Japan

Norway

Jersey

Pakistan

Korea

Panama

Kuwait

Poland

Latvia

Portugal

Lebanon

Qatar

Liechtenstein

Romania

Lithuania

Russian Federation

Luxembourg

Saint Kitts and Nevis

Macau (China)

Saint Lucia

Malaysia

Saint Vincent and the Grenadines

Malta

Samoa

Marshall Islands

San Marino

Mauritius

Saudi Arabia

Mexico

Seychelles

Monaco

Singapore

Sint Maarten

 

Slovak Republic

 

Slovenia

 

South Africa

 

Spain

 

Sweden

 

Switzerland

 

Turkey

 

United Arab Emirates

 

United Kingdom

 

Uruguay

 

 

Should you have any queries, kindly contact the Exchange of Information Unit at the following:

Website: https://www.gov.tc/eoi/

Tele: 649 338 2065 / 5222

Fax:  649 946 2686

 

NJS Francis Building

Grand Turk, Turks and Caicos Islands

Telephone: (649) 338-3702, Fax (649) 946-1498, Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

 

ENDS