Barbados: Deadline to file 2020 FATCA, CRS returns extended to 16 August

The deadline to file 2020 FATCA and CRS returns has been extended to 16 August 2021.

The deadline to file 2020 FATCA and CRS returns has been extended to 16 August 2021.

The Barbados tax authority issued guidance to Barbados financial institutions announcing an extended deadline of 16 August 2021 by which to file 2020 returns with regard to FATCA and the common reporting standard (CRS).

The deadline extension was provided to allow financial institutions to standardize their FATCA / CRS taxpayer identification number (TIN) submissions though the tax authority’s automatic exchange of information (AEOI) web portal.

Additionally, the use of codes “AAAAAAAAA” or “999999999” will be allowed when the U.S. TIN is not available at the time of filing of the 2020 FATCA report. However, the U.S. tax authority (IRS) system will continue to generate an error notification to indicate that the entry is invalid. Financial institutions will have 120 days to correct this error. According to the Barbados tax authority, financial institutions that use any of these codes, in the absence of a TIN, will be expected to provide the tax authority with the correct information to address the error. Alternatively, financial institutions can use the codes developed by the IRS when collecting U.S. TINs.

For CRS reporting, a “genuine” TIN is required for the successful submission of the report.

Read an August 2021 report [PDF 360 KB] prepared by the KPMG member firm in Barbados

 

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