Investment Rating - The report rates Antigua and Barbuda as overall Largely Compliant with the standard on transparency and exchange of information on request [36] Core Insights - The report concludes that Antigua and Barbuda has made significant progress since its previous assessments in 2014 and 2023, where it was rated as Partially Compliant [36][41] - The assessment covers the legal and regulatory framework as of November 12, 2025, and its practical implementation from January 1, 2022, to December 31, 2024 [36] Summary by Sections Executive Summary - The report presents an analysis of Antigua and Barbuda's compliance with the EOIR standard, concluding an overall rating of Largely Compliant [36] - A comparison of the latest in-depth review (2025) and the second-round review (2023) shows improvements in various elements of compliance [37] Overview of Antigua and Barbuda - The jurisdiction has taken steps to strengthen the availability of ownership, accounting, and banking information, improving its ability to exchange information upon request [41] Availability of Information - Legal shortcomings in ownership information have been addressed through legislative amendments, although material deficiencies remain in practical implementation [42] - The legal framework for accounting records has been strengthened, requiring availability for international business companies (IBCs) [44] - Most legal deficiencies regarding banking information have been remedied through updates to guidelines for financial institutions [45] Access to Information - Access powers of the competent authority have been clarified and tested in practice, including in the offshore sector [46] Exchange of Information - The volume of exchange of information requests remains low but shows signs of improvement, with three out of five requests answered within 90 days [53] - The overall rating for specific elements includes Compliant for Elements B.2, C.1, C.2, and C.4, Largely Compliant for Elements A.3, B.1, C.3, and C.5, and Partially Compliant for Elements A.1 and A.2 [54]

Core Viewpoint - Since July 1, 2017, financial institutions in China have been implementing due diligence for non-resident financial accounts under the Common Reporting Standard (CRS), with the first reporting completed the following year. Recently, tax authorities have intensified scrutiny of these institutions to ensure compliance with CRS procedures [2][3]. Group 1: CRS Due Diligence Overview - The CRS due diligence process requires financial institutions to identify the tax residency status of account holders and collect relevant tax information for non-resident accounts [3]. - All financial institutions established within the People's Republic of China, including banks, investment firms, and insurance companies, are required to conduct CRS due diligence [4][6]. Group 2: Information Collection Requirements - Financial institutions must collect and report various information, including account holder names, addresses, tax residency countries, taxpayer identification numbers, and account balances [4]. - For accounts controlled by non-residents, additional information about the controlling persons must also be reported [4]. Group 3: Compliance Reporting - Financial institutions must register for CRS and submit data through designated platforms, with banks using a centralized system and non-banks utilizing a multi-lateral tax data service platform [7]. - Even if no non-resident information is identified, institutions are still required to submit a zero report [7]. Group 4: Key Focus Areas for Tax Authority Scrutiny - Tax authorities will examine whether financial institutions have established comprehensive CRS management systems and whether these systems are effectively implemented and regularly updated [8]. - The execution of due diligence processes, including the verification of account holder declarations and ongoing monitoring of accounts, will be critical areas of focus [9][10]. Group 5: Information Reporting Compliance - Institutions must maintain accurate records for non-resident account holders and ensure timely and complete submission of annual CRS reports [11]. - Compliance with data accuracy and retention requirements is essential, including the proper handling of zero reports and the safeguarding of collected information [11][12]. Group 6: Recommendations for Financial Institutions - Financial institutions are advised to transition their CRS compliance efforts from merely meeting requirements to enhancing the quality of their processes [12]. - Regular self-assessments against CRS due diligence execution are recommended to ensure readiness for potential tax authority audits [12].

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