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Saint Kitts and Nevis Tax Authority Issues Advisory on Updated AEOI Compliance Form for Reporting Financial Institutions

On February 21, 2024, the tax authority of Saint Kitts and Nevis issued an industry advisory informing reporting financial institutions of the updated automatic exchange of information (AEOI) compliance form under the Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) regimes.

Key Takeaways

• All reporting financial institutions with FATCA and CRS obligations must complete and submit the updated AEOI compliance form with 2022 and 2023 reporting data by March 15, 2024.
• Separate forms are required for each reporting period to be submitted either to the tax authority or via email.

Submission Details

• The submission details and access to the form and guide are available on the tax authority’s website.
• Reporting financial institutions can contact the AEOI team for any queries.

Additional Guidance

• On January 15, 2024, the tax authority issued an updated version of the AEOI compliance form guidelines, which contain instructions for completing the form. The updated guidelines do not contain any substantive changes from the prior version.
• A recent report by a KPMG member firm in the Caribbean region (available in March 2024 [PDF 462 KB]) provides further insights on this matter.

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