AEOI/BEPS News

The Director General wishes to inform all Financial Institutions (FIs) that valid self-certification must be collected when updating pre-existing accounts and upon opening of all new accounts. If a valid TIN cannot be obtained or verified at account opening the FI must make reasonable efforts to obtain the missing information (e.g. contacting the account holder). The TIN must align with the residence address held on record. If there are any inconsistencies between the TIN and other account-holder data, the FI must take reasonable steps to obtain a valid TIN or provide an explanation with supporting documents.

The Director General wishes to inform all persons wiring transfers to the Department that the National Bank of Belize applies a service charge of BZD $50.00 to all incoming wire transfers.

1.
What is CRS and what is the importance of CRS in AEOI?
The Common Reporting Standard (CRS) was developed by the Organization for Economic Co-operation and Development (OECD) in response to requests made by the G20. It is the global standard for the automatic exchange of financial account information for tax purposes. In other words, CRS is the gathering and reporting of financial information by financial institutions in participating countries, to help combat tax evasion and protect the integrity of tax systems in the various jurisdictions.
2.
Who is considered to be an FI?
In CRS, financial institution does not just mean banks. An FI could be a Custodial Institution, a Depository Institution, an Investment Entity, or a Specified Insurance Company.
3.
Who should be registered for CRS?
You are required to be registered for CRS if you are consider to be a Custodial Institution, a Depository Institution, an Investment Entity, or a Specified Insurance Company.

This Guidance Note is issued to assist Reporting Financial Institutions in understanding their
obligations, to increase compliance, educate, enhance efficiency, and reduce errors in reporting.
The OECD has developed extensive and comprehensive materials for the consistent application
and interpretation of the CRS by all jurisdictions. This Guidance Note is specific to Belize and is not
intended to replace the CRS Standards and implementation guidelines as referenced to below.
Financial Institutions may seek additional professional advice as it relates to CRS. Future
amendments to the legislation may be included in this note periodically.