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BRA: AEOI Portal Open for 2019 Submissions

06/10/2020 04:19 PM
Barbados Revenue Authority Press Releases

BRA: AEOI Portal Open for 2019 Submissions

The Barbados Revenue Authority advises all financial institutions based in Barbados, that the Automatic Exchange of Information (AEOI) web portal is open and available for 2019 submissions.

These entities with Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) reporting obligations should note that the deadline for reporting the relevant 2019 AEOI information, is Monday, August 31, 2020. This year, the deadline has been extended for an additional month to allow for any challenges which may have been encountered in relation to the COVID-19 pandemic.

Financial institutions are reminded that if they operated for the full reporting year or part thereof, a submission must be made for that particular period.

These institutions should also note that any request to have AEOI accounts deleted should be submitted in writing to the Authority on the company’s letterhead. Additionally, all outstanding submissions must be completed before the deletion of an account.

The AEOI is a standard in Barbados’ international reporting requirements for FATCA and CRS. The portal facilitates reporting compliance.