Barbados Joins Global Leaders in Crypto-Asset Transparency And Reporting
(Bridgetown, December 10, 2024) Barbados has taken a major step in advancing international tax transparency by signing key agreements to implement the Crypto-Asset Reporting Framework (CARF) and the updated Common Reporting Standard (CRS 2.0).
At the 17th Global Forum on Transparency and Exchange of Information for Tax Purposes Plenary Meeting, held on November 26, 2024, in Asunción, Paraguay, Barbados joined 62 jurisdictions in committing to these frameworks.
Louisa Lewis-Ward, Revenue Commissioner, Barbados Revenue Authority formalized the nation’s commitment at the signing ceremony. At this session, Lewis-Ward signed the Multilateral Competent Authority Agreement on Automatic Exchange of Information under CARF (CARF MCAA) and the Addendum to the CRS MCAA.
The CARF MCAA establishes clear protocols for the automatic exchange of information on crypto-asset transactions. This ensures that entities and individuals conducting crypto-asset exchanges are reported annually, preventing crypto-assets from becoming a loophole for tax evasion. The updated CRS Addendum strengthens reporting and due diligence requirements, further bolstering global financial transparency.
Barbados aims to implement this framework in 2027, with first exchange in 2028. This commitment builds on the nation’s endorsement of the CARF Joint Statement in November 2023, where Barbados pledged to swiftly implement these reforms in alignment with international partners.
During the upcoming financial year, the Authority will engage stakeholders, including crypto-asset service providers, to prepare them for the legislative changes and to support them in complying with new obligations.
As a jurisdiction, Barbados remains steadfast in its dedication to maintaining the highest standards of financial transparency, contributing to a more equitable global tax system.
