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Saint Kitts and Nevis Tax Authority Issues Update on Compliance Programs for Small Financial Institutions

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Industry Advisory Issued for Reporting Financial Institutions

Basseterre, Saint Kitts and Nevis - The tax authority of Saint Kitts and Nevis has recently issued an industry advisory informing reporting financial institutions in the country about important updates on compliance programs for small financial institutions.

Key Updates on Compliance Programs

• All reporting financial institutions with obligations under the Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) regimes are required to complete and submit the updated Automatic Exchange of Information (AEOI) compliance form with 2022 and 2023 reporting data by an extended deadline of March 15, 2024.
• Separate forms must be submitted for each reporting period, either directly to the tax authority or via email.

Submission Details

• The submission details, access to the updated form and guide, are available on the tax authority’s official website.

Updated AEOI Compliance Form Guidelines

• An updated version of the AEOI compliance form guidelines has been issued containing instructions for completing the form.
• Although the updated guidelines do not contain any substantive changes from the prior version, it is essential that reporting financial institutions review them carefully to ensure full compliance with the regulations.

Contacting the Tax Authority’s AEOI Team

• For any queries or concerns regarding the submission process, reporting financial institutions are advised to contact the tax authority’s AEOI team directly.

Commitment to Regulatory Framework

This move demonstrates the country’s commitment to maintaining a robust regulatory framework for small financial institutions and ensuring their compliance with international standards.