The Common Reporting Standard (CRS) is implemented in Anguilla through the Tax Information Exchange (International Cooperation) Act 2016, which serves as the overarching legislation for all forms of exchange of information for tax purposes. Provisions for the CRS are made by way of regulations, namely The International Tax Compliance (CRS) Regulations, 2016.
The CRS sets out the financial account information to be exchanged, the financial institutions required to report, the different types of accounts and taxpayers covered, as well as common due diligence procedures to be followed by financial institutions.
Financial institutions will be required to report information required under CRS to the Competent Authority via the Anguilla AEOI Portal. The Competent Authority will then exchange information with jurisdictions that have satisfied the requisite confidentiality and data safeguards standards, and have the appropriate legal instruments and legislative frameworks in place.