Regulatory Alerts2020-03-04 | 23987Added · Updated
Revised Guideline on the Implementation of the Tax Information Exchange Agreements (United States of America) Act, 2017
Reporting Financial Institutions in Trinidad and Tobago must implement a documented compliance framework approved by their Board of Directors to identify US Reportable Accounts and report sensitive personal information to the Board of Inland Revenue within nine months of the calendar year end. Institutions are required to designate a Responsible Officer and a Point of Contact, maintain internal audit reviews at least annually, and notify regulators of any changes in IRS registration status or the use of third-party service providers within 30 days. The guideline mandates the submission of nil reports if no reportable accounts are identified and requires customer notification by January 31st regarding reported information.
Topics
Share