Financial Transactions Information Exchange Unit - Turks and Caicos Islands

Financial Transactions Information Exchange

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Turks & Caicos Islands Economic Substance Return Form

The Financial Transactions Information Exchange Unit will operate under the direction of the Permanent Secretary for Ministry of Finance with day to day management and administration supervised by the Director of the Financial Transactions Information Exchange Unit.

ECONOMIC SUBSTANCE QUESTIONNAIRE

The Turks and Caicos Islands Competent Authority wishes to advise the business community and all entities registered in the Turks and Caicos Islands, that the deadline for submission for the questionnaire on the Companies and Limited Partnerships (Economic Substance) Ordinance 2018 and Companies and Limited Partnerships (Economic Substance)...

The Exchange of Information Unit would like to remind Financial Institutions’(FI’s) of their obligations as we approach the deadline for filing information on Reportable Accounts held by FI’s in the Islands. Detailed below are the deadlines, the penalties for failure to file reports on reportable accounts through the TCIG- AEOI and IDES portals...

ECONOMIC SUBSTANCE GUIDANCE NOTES – UPDATE

The Turks and Caicos Islands Competent Authority wishes to advise the business community and all entities registered in the Turks and Caicos Islands, that the Economic Substance Guidance Notes is scheduled to be published in the 3rd Quarter of the 2019 calendar year, following the adaption of legislative and regulatory amendments. Businesses...

Summary of FATCA Timelines

Withholding (by withholding agents) 2014 July 1 30% U.S. withholding tax will apply to payments of certain U.S. source income (e.g., dividends, interest, insurance premiums) made to non-U.S. financial institutions (FFIs) … Unless FFI establishes by registration it is: A participating FFI, including FFIs in Model 2 IGA, An FFI in a jurisdiction...

Common Reporting Standard (CRS) Update

The Exchange of Information Unit would like to remind Financial Institutions’ (FI’s) of their obligations, the deadlines, the penalties for failure to file reports through the TCIG- AEOI portaland other relevant updates regarding the Common Reporting Standard (CRS). Filings There was an extension granted in 2018 for those Reporting FI’s that did...

Summary of FATCA Reporting for US Taxpayers

IRS NOTICE 2017-46

On September 25, 2017, the IRS issued Notice 2017-46 which provided for the following: Addressed Financial Institutions’ (“FIs”) obligations to obtain and report taxpayer identification numbers (“TINs”) and dates of birth (“DOB”) under chapters 3 and 4 of the Internal Revenue Code; Extension of the deadlines imposed on FIs under Model 1...