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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