Common Reporting Standard
The Common Reporting Standard (CRS), developed by the Organization for Economic Co-operation and Development (OECD), is an international standard for the automatic exchange of financial account information for tax purposes. Under the CRS, Reporting Barbados Financial Institutions are required to obtain specific financial account information for residents of jurisdictions with which Barbados has agreed to exchange such information. This information is to be reported to the Barbados Revenue Authority for exchange on an annual basis with the relevant reportable jurisdictions.
To give effect to CRS, Barbados enacted the Income Tax (Automatic Exchange of Information) Regulations, 2017. The Regulations set 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.
The first reporting year for purposes of CRS was the calendar year 2017.
All Reporting Barbados Financial Institutions are required to register with the Barbados Revenue Authority (“the Authority”) via the Automatic Exchange of Information (“AEOI”) Web Portal.
Click here to view the AEOI Web Portal User Manual
Click here to view the standard for Automatic Exchange of Financial Account Information.
Legislation
- Income Tax (Automatic Exchange of Information) Regulations, 2017
- Income Tax (Automatic Exhange of Information) (Amendment) Regulations 2024
Guidance
- Frequently Asked Questions - Web Portal Queries
- FAQs - Common Reporting Standard - September 2023
- OECD CRS Related FAQs
- Common Reporting Standard XML Schema User Guide - June 2019
- Electronic Form – De-registration of Entities from the AEOI Web Portal
- CRS Undocumented Accounts
- Common Reporting Standard -Tax Identification Number - New and Pre-existing Accounts
- Common Reporting Standard –Residence/Citizenship by Investment Schemes
- Reopening AEOI web portal-corrections
- CRS Due Diligence -Entity Accounts - FATCA GIIN
- Summary of the Common Reporting Standard Due Diligence and Reporting obligations
- List of Reportable Jurisdictions under the Common Reporting Standard
- List of Jurisdictions Participating under the Common Reporting Standard
- Retirement Funds and Common Reporting Standard