Compliance Officer Responsibilities Take Center Stage in Saint Kitts and Nevis as Tax Authority Issues Industry Advisory

The tax authority of Saint Kitts and Nevis has issued an industry advisory informing reporting financial institutions of updated automatic exchange of information (AEOI) compliance forms under the Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) regimes. This move aims to ensure compliance with international tax regulations.

Extended Deadline for Submission of AEOI Compliance Form

Reporting financial institutions with FATCA and CRS obligations must complete and submit the updated AEOI compliance form containing 2022 and 2023 reporting data by March 15, 2024, which is an extended deadline from the original date. The advisory was issued on February 21, 2024.

Submission Requirements

To comply with the regulations, reporting financial institutions must submit separate forms for each reporting period to the tax authority or via email. For more information on submission requirements and access to the form and guide, stakeholders can visit the tax authority’s website. The AEOI team is also available to answer any queries from reporting financial institutions.

Updated Guidelines for Completing the Form

On January 15, 2024, the tax authority issued an updated version of the AEOI compliance form guidelines. Although the updated guidelines do not contain any substantive changes from the prior version, they provide instructions for completing the form.

Importance of Compliance

Compliance officers in particular must be proactive in ensuring that their institutions meet the extended deadline. Failure to comply with the regulations may result in serious consequences, including penalties. Stakeholders are advised to take note of these developments and ensure timely submission of their compliance forms to avoid any issues.

By following these guidelines and meeting the extended deadline, reporting financial institutions can demonstrate their commitment to transparency and compliance with international tax regulations.