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OECD Commentary to the Common Reporting Standard: A Guide for Reporting Financial Institutions in Vanuatu

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The Organisation for Economic Co-operation and Development (OECD) has developed a comprehensive commentary on the Common Reporting Standard (CRS), which provides essential information for reporting financial institutions in Vanuatu to comply with the CRS.

Key Features of the Guide

  • The OECD commentary provides guidance on the consistent application and interpretation of the CRS by all jurisdictions.
  • The guide notes specifically focus on aspects of the CRS that are relevant to Vanuatu, providing additional clarity on local implementation requirements.
  • Reporting financial institutions must apply the Vanuatu Tax Administration Act (TAA) Regulations in force at the time, with reference to any OECD explanatory materials for the Common Reporting Standard.

Key Timelines

  • The first reporting due date for the Applied CRS in Vanuatu is 31 May 2018 or such further time as allowed.
  • Annual reporting is required, with reports due on or before 31 May of each year.
  • Nil returns must be filed annually where necessary, informing that no reportable accounts are identified.

Key Obligations

  • Reporting financial institutions must give notice to the Vanuatu Competent Authority on or before 30 March in the first year they become subject to reporting obligations.
  • Financial Institutions file Reports on or before 31 May of each year or such further time as authorized by the VCA.
  • The Vanuatu Competent Authority will send information to reportable jurisdictions by 30 September of each year.

Key Exemptions

  • Residents of the United States will not be reported on under the Applied CRS until further notice. This allows for further review and evaluation without imposing excessive costs on financial institutions.

Reporting Requirements

Due Diligence Procedures

  • Reporting financial institutions must use due diligence procedures set out in the Applied CRS to establish whether information about account holders needs to be reported.
  • For in-scope accounts existing at the date of commencement of the Applied CRS, financial institutions must use information they have on file to establish whether information about the account holder needs to be reported.

Reporting Details

  • If an account holder is resident in another jurisdiction (excluding the United States), the details of the account need to be reported to the Vanuatu Competent Authority.

Contact Information

For more information on the Vanuatu Competent Authority, please visit their website at [insert website URL].