Global Relations Unit
Tax Audit and Compliance Division
The Global Relations is responsible for the following –
- Facilitating the exchange of information on request which includes requests from exchange partner jurisdictions, and, requesting information on behalf of the Authority’s Audit Division;
- Facilitating the exchange of the Foreign Account Tax Compliance Act (“FATCA”) reports containing financial account information on US reportable persons with the Internal Revenue Service on an annual basis;
- Facilitating the exchange of the Common Reporting Standard (“CRS”) reports containing financial account information on reportable persons from over 70 exchange partner jurisdictions on an annual basis. This exchange also includes receiving financial account information on reportable persons from Barbados in over 80 exchange partner jurisdictions;
- Developing compliance strategies and activities aimed at promoting voluntary compliance with both FATCA and CRS while detecting instances of non-compliance with the relevant standards;
- Facilitating the exchange of Country-by-Country (CbC) reports containing accounting information on multinational enterprises (“MNE”) (revenue threshold applicable) with over 60 exchange partner jurisdictions while receiving data from over 65 exchange partner jurisdictions;
- Facilitating the exchange of spontaneous exchange of tax rulings with over 100 exchange partner jurisdictions;
- Facilitating the exchange of economic substance data with over 25 exchange partner jurisdictions;
- Providing assistance in mutual agreement procedures cases to assist in resolving disputes concerning the interpretation and application of Barbados’ double taxation agreements;
- Monitoring the implementation and review of the OECD/G20 BEPS initiatives;
- Advising the Barbados Revenue Authority and the Ministry of Finance on matters of international tax compliance;
- Representing the Barbados Revenue Authority in matters of international tax;
- Processing applications for Tax Residency Certificates.