Regulatory Alerts2024-03-04
Miscellaneous Provisions (Trustees, Financial, Tax and Corporate Matters) Act, 2024
The Parliament of Trinidad and Tobago enacted this legislation to amend multiple financial, tax, and corporate statutes by mandating comprehensive beneficial ownership registration and disclosure. Trustees of express trusts, statutory bodies, and the Corporation Sole must now identify natural persons exercising ultimate control or holding ten percent or more of membership interests, maintain updated registers, and submit detailed returns to the Registrar General or Treasury within thirty days of any changes. Non-compliance, failure to verify information, or submission of false data triggers strict penalties, including fines up to ten thousand dollars, imprisonment for three years, and daily continuing fines, while ensuring data availability for international tax information sharing agreements.