Barbados: CRS guidance on entities self-certifying as financial institutions
Clarification to reporting financial institutions regarding entities self-certifying as financial institutions during account opening
CRS guidance on entities self-certifying as financial institutions
The Barbados Revenue Authority issued guidance note OGC No.12/2023 providing clarification to reporting financial institutions regarding entities self-certifying as financial institutions during account opening.
According to the guidance, the common reporting standard (CRS) mandates that reporting financial institutions acquire self-certifications for new entity accounts in order to make a determination of the account holders’ tax residence/s. Reporting financial institutions must confirm of the reasonableness of the self-certification based information obtained during the account opening.
The guidance notes that reporting financial institutions must not rely solely on the global intermediary identification number (GIIN) for an entity’s self-certification as a financial institution. In addition to the GIIN, reporting financial institutions are required to examine other documentary evidence during the validation process. Supplementary evidence may include documentation confirming the entity’s registration with a tax authority for the purpose of the automatic exchange of information.
Read a December 2023 report [PDF 310 KB] prepared by a KPMG member firm in Barbados
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