Opening of the Barbados Revenue Authority’s Automatic Exchange of Information web portal

Opening of the Barbados Revenue Authority’s Automatic Exchange of Information web
portal for the submission of Common Reporting Standard and Foreign Account Tax
Compliance Act reports.

 

The Barbados Revenue Authority (“the Authority”) advises Reporting Barbados Financial
Institutions (“RBFIs”) that the Automatic Exchange of Information (“AEOI”) web portal will
be open from Wednesday, June 1, 2022, to Wednesday, August 31, 2022, to facilitate the filing
of Common Reporting Standard (“CRS”) and Foreign Account Tax Compliance Act
(“FATCA”) reports for the reporting period of 2021.

RBFIs are reminded that per Regulation 20 of the Income Tax (Automatic Exchange of
Information) Regulations, 2017 of the Laws of Barbados (“AEOI Regulations”):
“failure to submit the required report is an offence and a Reporting Barbados Financial
Institution found guilty of the offence is liable on indictment to a fine of $50,000 or to imprisonment
for a term of 10 years or to both.”

Further, per Regulation 21(1) (a) of the AEOI Regulations, the Revenue Commissioner may
also impose a pecuniary penalty of $10,000 on an RBFI that fails to deliver the required report.

Click on the link below for more details.

Opening_AEOI_portal_for_CRS__FATCA_filing_period_2021