Turks and Caicos Islands
Overview of CbC reporting requirements
First reporting fiscal year: Commencing on or after 1 January 2020
Consolidated group revenue threshold: USD 850 million
Filing deadline: 12 months following the end of the reporting fiscal year
The domestic legal and administrative framework
Turks and Caicos Islands confirms that its rules have not changed and continue to be applied effectively. Turks and Caicos Islands continues to meet all terms of reference.
The exchange of information framework
It is recommended that Turks and Caicos Islands take steps to implement processes or written procedures to ensure that the exchange of information is conducted in a manner consistent with the terms of reference relating to the exchange of information framework ahead of the first exchanges of information. This recommendation remain in place from the 2018/2019 review.
Appropriate use of CbC reports
Turks and Caicos Islands is a non-reciprocal jurisdiction and, as such, will not receive CbC reports submitted to tax authorities in other jurisdictions, and will not apply local filing. It is therefore not necessary for this peer review evaluation to reach any conclusions with respect to compliance with the terms of reference on appropriate use.