Antigua and Barbuda: Guidance on legislative amendments to AEOI framework
The Inland Revenue Department issued amendments to AEOI regulations.
The Inland Revenue Department (IRD) in early March 2025 issued guidance notes to inform reporting financial institutions about the legislative amendments made to the Automatic Exchange of Financial Account Information Act, 2016 through the 2025 Amendment Act (No. 5 of 2025) under the common reporting standard (CRS) regime.
The updates to the regulations include:
- Expanded and clarified definitions (amendment to Section 2 of the Principal Act)
- Expanded regulatory powers (amendment to Section 7)
- Clarified penalties for non-compliance (amendment to Section 10)
- Clarified personal liability for responsible individuals (amendment to Section 11)
Read a June 2025 report prepared by the KPMG member firm in the Eastern Caribbean