Barbados: AEOI portal re-open for prior year submissions beginning August 1, 2024
The AEOI web portal will re-open for prior year submissions beginning August 1, 2024, and will remain open until August 30, 2024.
AEOI portal re-open for prior year submissions beginning August 1, 2024
The Barbados Revenue Authority in June 2024 issued guidance note OGC No. 04/2024 advising all reporting financial institutions that the automatic exchange of information (AEOI) web portal will re-open for prior year submissions beginning August 1, 2024, and will remain open until August 30, 2024, to facilitate prior year FATCA and common reporting standard (CRS) filings and any corrections to reports submitted for the reporting years 2018 to 2022.
The guidance further notes that FATCA and CRS reports for the 2023 reporting period cannot be submitted during this time. Additionally, reporting financial institutions with outstanding reports are instructed to inform the Reporting Authority of their intention to submit prior year FATCA and CRS reports or make any corrections to any previously submitted reports. Submissions need to be done using the CRS 2.0 schema and include the specified table template from the guidance when seeking approval to submit a report.
Read a June 2024 report prepared by a KPMG member firm in Barbados
The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 3712, 1801 K Street NW, Washington, DC 20006.