CRS Latest News
Notice: Submission of Country-by-Country (CbC) Notifications
The Inland Revenue Division (IRD) wishes to advise all Constituent Entities of Multinational Enterprise (MNE) Groups resident in Trinidad and Tobago for tax purposes of the requirements regarding Country-by-Country (CbC) Reporting notifications.
Any Constituent Entity of an MNE Group that is resident for tax purposes in Trinidad and Tobago shall notify the IRD whether it is the Ultimate Parent entity (UPE) or the Surrogate Parent Entity (SPE), no later than the last day of the Reporting Fiscal Year of such MNE Group (Section 5 of the Act).
Submission Guidelines
To streamline the reporting process, the IRD is now accepting these notifications electronically and/or by mail.
Please follow to the following instructions:
- Submission Method: Notification can be sent by email to the IRD at birchair@ird.gov.tt and/or at ttcrs@ird.gov.tt or in writing to Chairman, Inland Revenue Division, #2-4 Ajax Street, Port of Spain.
- Subject Line: Should clearly state "CbC Notification - [Name of MNE Group] - [Fiscal Year]".
- Required Information: The notification should include:
- the name of the constituent entity,
- its BIR number, and
- Name and address of Ultimate Parent Entity (UPE) or Surrogate Parent Entity (SPE) filing the CbC Report and its tax residence.
Deadlines
Notifications must be submitted no later than the last day of the reporting fiscal year of the MNE Group. No penalties will be applied for late notifications.
For further inquiries or clarification, please contact the International Tax Unit at (868) 800-8299 Ext 12018/ 11866 or ttcrs@ird.gov.tt
CRS XML Schema & User Guide
May 11, 2026
In line with the updated OECD requirements, IRD will adopt the CRS XML Schema Version 3.0, effective 1 January 2027. This transition is a critical step for Financial Institutions to ensure full compliance with the new international standards. As the CRS XML Schema 3.0 introduces significant changes, it is imperative that Financial Institutions begin their preparations now to update their systems and processes in advance of the 2027 deadline.
The adoption of this new schema is crucial for maintaining seamless data exchanges and avoiding any disruptions. Early action will help ensure that all systems are fully aligned and ready for the transition.
To support a smooth transition, the expected date for the testing environment with Financial Institutions will be 25 August 2026. Early engagement in the testing phase will be essential to ensure systems are fully operational and ready for the schema's implementation.
For further guidance, please refer to the following documents: