Regulatory Alerts2024-10-16
Added · Updated
Miscellaneous Provisions (Global Forum) Act 2024
The Parliament of Trinidad and Tobago enacted the Miscellaneous Provisions (Global Forum) Act 2024 to amend several existing laws, primarily enhancing tax information exchange and corporate transparency in line with international standards. It modifies the Prevention of Corruption, Proceeds of Crime, Anti-Terrorism, National Insurance, Financial Intelligence Unit, Income Tax, Corporation Tax, and Petroleum Taxes Acts to ensure that the provision of tax information by the Board of Inland Revenue is consistent with the terms of Tax Information Exchange Agreements. Additionally, the Act amends the Companies Act by cancelling bearer shares, requiring disclosure of nominee shareholder details, and extending record retention for member registers, while also updating the Registration of Business Names Act to mandate registration for all firms and individuals operating under non-personal business names and introducing penalties for non-compliance.