Turks and Caicos Publishes CRS Guidance Notes – Includes Due Date Change

Tom Hospod

May 23, 2017

This blog was last updated on June 27, 2021

The Turks and Caicos Islands Exchange of Information Unit has published a set of guidance notes for the implementation of the Common Reporting Standard and related domestic legislation. The guidance addresses a wide range of AEOI topics, including the following:

Operation of CRS in Turks and Caicos
Treatment of investment manager/adviser financial accounts
CRS self-certification of tax residency
Determination of CRS status for entity accounts
Non-reporting Financial Institutions
Retirement and pension funds
Excluded Accounts

The guidance also contains some changes to reporting requirements and protocols that were not previously announced by the Exchange of Information Unit:

The reporting deadline for tax year 2016 information has been delayed from March 31 to May 31, 2017. However, the deadline will return to March 31 for all subsequent years.
The filing of Nil Returns is not mandatory; however, Financial Institutions with no reportable accounts are obligated to complete the notification requirement on the CRS portal.

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Author

Tom Hospod

Tom Hospod is a Regulatory Counsel at Sovos Compliance. Within Sovos’ Regulatory Analysis function, Tom focuses om Affordable Care Act (ACA) reporting, Tax Withholding, and Automatic Exchange of Information (AEOI). Prior to Sovos, Tom worked as a legislative aide in the Massachusetts House of Representatives. Tom is a member of the Massachusetts Bar, earned his B.A. from Boston College and his J.D. from the University of Miami.

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