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BRA Updates Financial Institutions on Exchange of Information Regulations

08/08/2017 12:15 PM
Barbados Revenue Authority Press Releases

BRA Updates Financial Institutions on Exchange of Information Regulations

(Bridgetown, July 27, 2017) Ahead of the July 31, 2017 Foreign Account Tax Compliance Act (FATCA) filing deadline, the International Taxation Unit of the Barbados Revenue Authority recently convened a session with compliance officers of financial institutions to provide an update on the new regulations governing exchange of information. The presentations reviewed the FATCA regulations, Common Reporting Standard (CRS) regulations and the filing process.

 Carolyn Williams-Gayle, manager Communications and PR, explained that the session was part of the Authority’s continuing efforts to facilitate compliance through engagement of its stakeholders.

 “Our role as a tax administrator is to promote and facilitate compliance among taxpayers. Key to this is fostering and maintaining direct relationships with interest groups, as compliance cannot be achieved in isolation,” she said.

 “This workshop activity in addition to other quarterly activities is part of the Authority’s continued commitment to engage with its stakeholders towards fostering voluntary compliance.”

 Barbados signed on to FATCA and the Convention on Mutual Administrative Assistance in Tax Matters in 2015. This was done to ensure that the island meets international requirements and minimises the incidence of the country being labelled as an uncooperative jurisdiction and tax haven.

 The Automatic Exchange of Information submission process is facilitated through the Authority’s web portal at https://aeoiportal.bra.gov.bb:8443. Persons may call the International Taxation Unit at 430-3112/3124/3268 or email their questions to compauth@bra.gov.bb.