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Turks And Caicos Approves CRS Guidance Notes

by Mike Godfrey, Lowtax.net, Washington
10 April, 2017

The Turks and Caicos Government has approved guidance notes for the administration of the Common Reporting Standard (CRS), the OECD's new international standard for the automatic exchange of financial account information in tax matters.

Under the CRS, jurisdictions must obtain specified financial account information from their financial institutions and automatically exchange that information with partner jurisdictions on an annual basis.

The due date for Turks and Caicos financial institutions to submit electronic returns under the CRS for the 2016 year is May 31, 2017.

At the cabinet meeting approving the guidance notes it was also agreed that a policy should be drawn up, as a matter of priority, on the issue of duty concessions for imported agricultural equipment.

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