In its role as the competent authority in a Common Reporting Standards (CRS) participating jurisdiction, CITA has an obligation to ensure that the CRS requirements have been implemented effectively in Bermuda and to monitor Bermuda Reporting Financial Institutions (BRFIs) for ongoing compliance with CRS obligations.
In its new role, CITA has already commenced issuing notices to selected BRFIs under the International Cooperation (Tax Information Exchange Agreements) Common Reporting Standard Regulations 2017 (as amended). Such notices require the BRFIs to undertake CRS compliance reviews. Selected entities must either appoint an independent reviewer to conduct the review or elect for CITA to conduct it. The notifications must be acknowledged within 10 days of the notice and the independent report must be submitted within 90 days. Independent reviewers must be approved by CITA.
