Regulatory Alerts2025-01-01
Draft Guideline on the Implementation of Declared Tax Agreements January 2025
The Central Bank of Trinidad and Tobago issued this draft guideline to establish compliance frameworks for financial institutions implementing the Tax Information Exchange Agreements Act 2017 and the Mutual Administrative Assistance in Tax Matters Act 2020. The document mandates rigorous due diligence, classification, and reporting procedures for both FATCA and the Common Reporting Standard to identify reportable accounts and exchange information with the Board of Inland Revenue. It further outlines specific obligations regarding record keeping, confidentiality, independent review, and enforcement measures for non-compliance by regulated entities.
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