Peer Review Report Phase 1 Legal and Regulatory Framework - Trinidad and Tobago

GLOBAL FORUM ON TRANSPARENCY AND EXCHANGE
OF INFORMATION FOR TAX PURPOSES
Peer Review Report

Phase 1
Legal and Regulatory Framework
TRINIDAD AND TOBAGO

Global Forum
on Transparency
and Exchange
of Information for Tax
Purposes Peer Reviews:
Trinidad and Tobago
2011
PHASE 1
January 2011
(reflecting the legal and regulatory framework
as at August 2010)
This work is published on the responsibility of the Secretary-General of the OECD.
The opinions expressed and arguments employed herein do not necessarily reflect
the official views of the OECD or of the governments of its member countries or
those of the Global Forum on Transparency and Exchange of Information for Tax
Purposes.
Please cite this publication as:

OECD (2011),Global Forum on Transparency and Exchange of Information for Tax Purposes Peer
Reviews: Trinidad and Tobago 2011: Phase 1: Legal and Regulatory Framework, Global Forum on
Transparency and Exchange of Information for Tax Purposes: Peer Reviews, OECD
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Series: Global Forum on Transparency and Exchange of Information for Tax Purposes: Peer Reviews
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TABLE OF CONTENTS – 3
Table of Contents
About the Global Forum . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
Executive Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Information and methodology used for the peer review of Trinidad and Tobago . 9
Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Recent developments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
Compliance with the Standards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
A. Availability of Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
A.1. Ownership and identity information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .16
A.2. Accounting records . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .31
A.3. Banking information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34
B. Access to Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37
Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37
B.1. Competent Authority’s ability to obtain and provide information . . . . . . . . 38
B.2. Notification requirements and rights and safeguards. . . . . . . . . . . . . . . . . . 44
C. Exchanging Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47
Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47
C.1. Exchange-of-information mechanisms . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48
C.2. Exchange-of-information mechanisms with all relevant partners . . . . . . . . 55
C.3. Confidentiality . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56
C.4. Rights and safeguards of taxpayers and third parties. . . . . . . . . . . . . . . . . . 58
C.5. Timeliness of responses to requests for information . . . . . . . . . . . . . . . . . . 58
PEER REVIEW REPORT – PHASE 1: LEGAL AND REGULATORY FRAMEWORK – TRINIDAD AND TOBAGO – © OECD 2011
4 – TABLE OF CONTENTS
Summary of Determinations and Factors Underlying Recommendations. . . . 61
Annex 1: Jurisdiction’s Response to the Review Report . . . . . . . . . . . . . . . . . . 65

Annex 2: List of All Exchange-of-Information Mechanisms in Force . . . . . . . 67
Annex 3: List of All Laws, Regulations and Other Relevant Material. . . . . . . 68
ABOUT THE GLOBAL FORUM – 5
About the Global Forum
The Global Forum on Transparency and Exchange of Information for Tax

Purposes is the multilateral framework within which work in the area of tax
transparency and exchange of information is carried out by over 90 jurisdic-
tions which participate in the Global Forum on an equal footing.
The Global Forum is charged with in-depth monitoring and peer review
of the implementation of the international standards of transparency and
exchange of information for tax purposes. These standards are primarily
reflected in the 2002 OECD Model Agreement on Exchange of Information
on Tax Matters and its commentary, and in Article 26 of the OECD Model
Tax Convention on Income and on Capital and its commentary as updated in
2004, which has been incorporated in the UN Model Tax Convention.
The standards provide for international exchange on request of foresee-
ably relevant information for the administration or enforcement of the domes-
tic tax laws of a requesting party. Fishing expeditions are not authorised
but all foreseeably relevant information must be provided, including bank
information and information held by fiduciaries, regardless of the existence
of a domestic tax interest or the application of a dual criminality standard.
All members of the Global Forum, as well as jurisdictions identified by
the Global Forum as relevant to its work, are being reviewed. This process is
undertaken in two phases. Phase 1 reviews assess the quality of jurisdictions’
legal and regulatory framework for the exchange of information, while Phase 2
reviews look at the practical implementation of that framework. Some Global
Forum members are undergoing combined – Phase 1 plus Phase 2 – reviews.
The ultimate goal is to help jurisdictions to effectively implement the interna-
tional standards of transparency and exchange of information for tax purposes.
All review reports are published once approved by the Global Forum and
they thus represent agreed Global Forum reports.
For more information on the work of the Global Forum on Transparency
and Exchange of Information for Tax Purposes, and for copies of the pub-
lished review reports, please refer to www.oecd.org/tax/transparency.
EXECUTIVE SUMMARY – 7
Executive Summary
1. This report summarises the legal and regulatory framework for trans-
parency and exchange of information in Trinidad and Tobago.
2. Trinidad and Tobago is not a member of the Global Forum on
Transparency and Exchange of Information for Tax Purposes, but was identi-
fied as a jurisdiction that is relevant to the Global Forum’s work as a result of
its intention to establish the Trinidad and Tobago International Financial Centre
(TTIFC). Even though the TTIFC is not yet established, the Global Forum is
monitoring this development as a factor of Trinidad and Tobago’s compliance
with regard to the standards of transparency and exchange of information.
3. As a non-member of the Global Forum, Trinidad and Tobago was
given the same opportunity to participate in its review as Global Forum
members. Although participation was encouraged, Trinidad and Tobago par-
ticipated only late in the review process. As a result, the review was delayed
by 4 months and the assessment was primarily based on publicly available
laws, regulations, and exchange of information mechanisms in force or effect
as at August 2010.
4. Trinidad and Tobago is party to a number of bilateral treaties and a
multilateral convention (the CARICOM income tax treaty 1) that provide for
exchange of information for tax purposes. However, Trinidad and Tobago
only has one agreement with the United States that meets the standard. This
is due to restrictions to access to information by Trinidad and Tobago’s tax
authorities which is tantamount to a domestic tax interest. The tax authorities’
access powers are limited to the administration and enforcement of Trinidad
and Tobago’s domestic tax laws. Additionally, access to bank information can
only occur when there is an ongoing tax assessment and an objection to the
assessment by the taxpayer.
5. It is recommended that Trinidad and Tobago put an end to its domes-
tic tax interest for all its exchange of information partners. Trinidad and
Tobago must at a minimum have full, effective exchange of information with
1. Caribbean Community double taxation agreement of 1994.
8 – EXECUTIVE SUMMARY
its existing treaty partners and be prepared to enter into new arrangements
that provide for effective exchange of information.
6. That said, information on the legal ownership of relevant legal enti-
ties and arrangements is generally available to Trinidad and Tobago’s govern-
ment authorities, as are accounting records and transaction records held by
financial institutions. Nominee shareholders are obliged to maintain owner-
ship and identity information on their clients.
7. In most cases, Trinidad and Tobago’s legal and regulatory frame-
work ensures that accurate, adequate, and reasonably current information
concerning the ownership and control of legal entities and arrangements is
maintained in Trinidad and Tobago. Trinidad and Tobago’s legal framework
also insures that bank information and accounting records are maintained.
Some improvements are needed, however, to ensure effective exchange of
information, notably with respect to the availability of ownership and identity
information of external companies doing business in Trinidad and Tobago
and the maintenance of identity information concerning trusts.
8. Trinidad and Tobago does not have in place elements which are cru-
cial to it achieving an effective exchange of information and therefore will not
move to a Phase 2 review until it has acted on recommendations contained in
this report to achieve an improved legal and regulatory framework. Trinidad
and Tobago’s position will be reviewed when it provides a detailed written
report to the Peer Review Group within 12 months of the adoption of this
report.
INTRODUCTION – 9
Introduction
Information and methodology used for the peer review of Trinidad and
Tobago
9. The assessment of the legal and regulatory framework of Trinidad

and Tobago was based on the international standards for transparency
and exchange of information as described in the Global Forum’s Terms of
Reference, and was prepared using the Global Forum’s Methodology for Peer
reviews and Non-Member Reviews.
10. Trinidad and Tobago’s review began on 1 March 2010 by the send-
ing of a questionnaire on Trinidad and Tobago’s legal regulatory framework.
Trinidad and Tobago did not respond to the questionnaire by its due date
of 29 March. Trinidad and Tobago did, however, provide a partial response
to the questionnaire on 27 July. In absence of a complete response from
Trinidad and Tobago, the assessment was primarily based on publicly avail-
able laws, regulations, and exchange of information mechanisms in force or
effect as at August 2010.
11. The Terms of Reference breaks down the standards of transparency
and exchange of information into 10 essential elements and 31 enumerated
aspects under three broad categories: (A) availability of information; (B)
access to information; and (C) exchanging information. This review assesses
Trinidad and Tobago’s legal and regulatory framework against these elements
and each of the enumerated aspects. In respect of each essential element a
determination is made that either; (i) the element is in place, (ii) the element
is in place but certain aspects of the legal implementation of the element
need improvement, or (iii) the element is not in place. These determinations
are accompanied by recommendations for improvement where relevant (see
Summary of Determinations and Factors Underlying Recommendations on
page 61).
12. The assessment was conducted by a team which consisted of two
assessors and a representative of the Global Forum Secretariat: Ms. Katja
Gey of the Prime Minister’s Office of Liechtenstein; Ms. Elizabeth Pinheiro
10 – INTRODUCTION
Dias Leite of the Secretariat of Federal Revenue of Brazil; and Mr. Stewart
Brant from the Global Forum Secretariat. The assessment team examined the
legal and regulatory framework for transparency and exchange of information
and relevant exchange of information mechanisms in Trinidad and Tobago.
Overview
13. Trinidad and Tobago is a twin island unitary State located at the
southernmost point of the Lesser Antilles, a few kilometres off the northeast
coast of Venezuela. The island of Trinidad is the larger of the two islands
with area of 5 128 square kilometres; Tobago has an area of 300 square kilo-
metres. Trinidad and Tobago has a population of 1.2 million. Port of Spain is
the capital of Trinidad and Tobago, while San Fernando is the largest city of
the country. The only official language is English but the most widely spoken
language is a Creole dialect. The Trinidad and Tobago dollar (TTD) is the
national currency of the country (TTD 8 = EUR 1 as at 31 August 2010).
14. Trinidad and Tobago’s 2009 estimated Gross Domestic Product
(GDP) was TTD 130 billion (EUR 16.25 billion) with a GDP Per Capita of
TTD 100 thousand (EUR 12.5 thousand).2 Petroleum accounts for 46% of
GDP and Liquefied Natural Gas, methanol, ammonia, and steel also make
up large sectors of the economy. Trinidad and Tobago’s major trading part-
ners are the United States, Brazil, Venezuela, France, Germany, Jamaica,
Barbados, and Spain.
15. An overview of the Trinidad and Tobago financial sector (banks,
trusts and finance houses) at the end of 2004 gives the following indications:
Banks 6
Trust and Merchant Banks 7
Trust Companies 1
Merchant Banks 4
Finance Houses 6
Total Financial Institutions 24
2. IFS – International Financial Statistics, International Monetary Fund, accessed

31 August 2010: www.imf.org/external/pubs/ft/weo/2010/01/weodata/weorept.asp
x?sy=2008&ey=2015&scsm=1&ssd=1&sort=country&ds=.&br=1&c=369&s=N
GDP%2CNGDPPC&grp=0&a=&pr1.x=65&pr1.y=2.
INTRODUCTION – 11
16. Trinidad and Tobago is a member of the Commonwealth of Nations

and it became an independent nation in 1962. Trinidad and Tobago is also a
leading member of the CARICOM 3 single market and economy.
General information on the legal and the taxation systems

17. Trinidad and Tobago gained independence from the United Kingdom
in 1962. While the House of Representatives and the Senate had been sitting
since 1961, it was the 1972 republican Constitution which officially established
a bicameral parliamentary system which replaced the British Monarch with a
President elected by an electoral college. Either of the houses can propose a
law or amendment to a law. Once a bill has passed through both houses with
a majority vote in each it requires the assent, or approval, of the President in
order to be deemed law of the land. The country is divided into 14 municipal
corporations, 5 municipalities and 9 regions, which were established under the
Municipal Corporations Act and are semi-autonomous bodies.
18. Trinidad and Tobago has a traditional common law legal system simi-
lar to that of the United Kingdom based on statutes enacted by the Trinidad
and Tobago Parliament and the application of English common law principles.
The judicial system of Trinidad and Tobago is based on English common law
and modelled after the United Kingdom. It is headed by the Supreme Court,
divided into the High Court and the Court of Appeals. Proceedings are heard
by one High Court judge and between 9 and 12 jurors. Below the Supreme
Court are district courts and magistrate courts. One such lower court is the
Tax Appeals Board.
Tax system
19. Trinidad and Tobago taxes its residents (companies and individu-
als) on their world-wide income and wealth. All companies established in
conformity with Trinidad and Tobago law are regarded as being resident in
Trinidad and Tobago. In addition, companies that have the place of central
“mind or management” in Trinidad and Tobago are regarded as being resi-
dent in Trinidad and Tobago. Non-resident companies carrying out activity
in Trinidad and Tobago and non-resident individuals working in Trinidad and
Tobago are subject to tax on profits or compensation attributable to Trinidad
and Tobago source income.
20. The Board of Inland Revenue is a division of Trinidad and Tobago’s
Ministry of Finance. By statute, The Board of Inland Revenue has the respon-
sibility for administering and collection of taxes under Trinidad and Tobago’s
tax Acts (e.g. Income Tax Act, Corporate Tax Act, Value Added Tax Act).
3. www.foreign.gov.tt/about_us/caricom/.
12 – INTRODUCTION
21. Trinidad and Tobago has moderate taxes which are collected on a
federal level. The top income tax rate and the standard corporate tax rate are
25%. Petroleum company profits are taxed up to 50%. Other taxes include a
value-added tax (VAT) and a property tax. Dividend and interest payments
are taxed at 15% and royalties at 20%. In 2009, tax revenue (as a percentage
of total GDP) was 25.9%.4 Trinidad and Tobago allows various tax incentives
to qualifying foreign and local investors.
22. There are six free trade zones (FTZs) in Trinidad and Tobago where
exporting of services and manufactured products, and re-exportation of
manufactured products take place. The Trinidad and Tobago Free Zones Act
provides complete exemption from most taxes. Companies operating in the
FTZs are required to register with the Companies Registrar, submit tax returns
quarterly and audited financial statements yearly. The following projects can
qualify for free zone status: manufacturing, including assembly; provision of
services; and international trading of products, including regional distribution.
Primary petroleum, natural gas and petrochemical projects are not eligible for
free zone status. Companies must present proof of legitimacy and are subject
to background checks prior to being allowed to operate in the FTZs.
Exchange of information for tax purposes

23. Trinidad and Tobago is not a member of the Global Forum on
Transparency and Exchange of Information for Tax Purposes.
24. Trinidad and Tobago’s legal and regulatory framework relevant to
exchange of information for tax purposes is presided over by Trinidad and
Tobago’s Ministry of Finance. Trinidad and Tobago’s competent authority in
all matters concerning Tax Information Exchange Agreements is the Board of
Inland Revenue. The Minister of Finance, or his authorised representative, acts as
competent authority under Trinidad and Tobago’s Double Taxation Conventions.
25. Trinidad and Tobago signed its first agreements providing for exchange
of information in tax matters in 1964, establishing ties with Denmark in October
and with Sweden in December. At present, Trinidad and Tobago has bilateral
tax treaties with 14 jurisdictions and is also party to the CARICOM income
tax treaty, which is signed by 11 of the 15 CARICOM members.5 Trinidad and
Tobago has also signed one Tax Information Exchange Agreement with the
United States (signed 11 January 1989, entered into force 9 February 1990).
4. 2010 Index of Economic Freedom: Trinidad and Tobago, Wall Street Journal,
Accessed 4 June 2010. www.heritage.org/index/country/trinidadtobago.
5. 15 members of CARICOM are: Antigua and Barbuda, Bahamas, Barbados, Belize,
Dominica, Grenada, Guyana, Haiti, Jamaica, Montserrat, Suriname, St. Kitts and
Nevis, Saint Lucia, St. Vincent and the Grenadines, and Trinidad and Tobago.
INTRODUCTION – 13
Recent developments
26. The government of Trinidad and Tobago issued a press release

on 22 July 2008 regarding the establishment of the Trinidad and Tobago
International Finance Centre (TTIFC). The TTIFC is not yet established.
More recently, Trinidad and Tobago’s budget statement for 2011, released 8
September 2010, states that the Ministry of Finance is working on establish-
ing an International Business Centre (IBC) which will replace its plans for
establishing the TTIFC. Trinidad and Tobago has not provided the assess-
ment team with any information regarding the TTIFC or IBC. The Global
Forum on Transparency and Exchange of Information for Tax Purposes is
monitoring this development; particularly the compliance with regard to the
standards of transparency and exchange of information.
27. The Government of Trinidad and Tobago has made significant
improvement to its anti-money laundering regime since 2005, when a mutual
evaluation conducted by the Caribbean Financial Action Task Force (CFATF),
a Financial Action Task Force (FATF)-style regional body, found Trinidad
and Tobago non-compliant with most FATF Recommendations and in full
compliance with only one. In 2009, new anti-money laundering legislation
came into force. The Proceeds of Crime Act was amended in 2009 with a
view of improving compliance with the FATF Recommendations. Notably,
the amended Act includes company and trust service providers, attorneys,
and accountants in the category of businesses obliged to perform customer
due diligence.
COMPLIANCE WITH THE STANDARDS: AVAILABILITY OF INFORMATION – 15
Compliance with the Standards
A. Availability of Information
Overview
28. Effective exchange of information requires the availability of reliable

information. In particular, it requires information on the identity of owners
and other stakeholders as well as information on the transactions carried out
by entities and other organisational structures. Such information may be kept
for tax, regulatory, commercial or other reasons. If the information is not
kept or it is not maintained for a reasonable period of time, a jurisdiction’s
competent authority may not be able to obtain and provide it when requested.
This section of the report describes and assesses Trinidad and Tobago’s legal
and regulatory framework for availability of information.
29. In most cases, ownership and identity information is available for
relevant entities and arrangements. All companies formed under Trinidad
and Tobago law are obliged to maintain a register of shareholders that iden-
tifies the legal owners of the company. Any transfers in ownership must
be recorded in the register. All companies doing business in Trinidad and
Tobago must also register with the Companies Registrar. Company service
providers are obliged to maintain ownership and identify information. Bearer
shares are prohibited under Trinidad and Tobago law.
30. External companies (companies incorporated outside of Trinidad and
Tobago) that are operating in Trinidad and Tobago are required to register
with the Companies Registrar. They are not, however, obliged under Trinidad
and Tobago’s laws to maintain ownership and identity information.
16 – COMPLIANCE WITH THE STANDARDS: AVAILABILITY OF INFORMATION
31. Partnerships conducting business in Trinidad and Tobago are obliged

to register with the Register of Business Names and to maintain an up-to-date
register identifying all partners in the partnership. Partnership’s are obliged
to provide their register of partners to Trinidad and Tobago’s Board of Inland
Revenue on a yearly basis. Under Trinidad and Tobago’s Proceeds of Crime
Act, partnership service providers are obliged to maintain ownership and
identity information of their clients.
32. In the case of trusts, Trinidad and Tobago’s tax laws require that
income of the trust is taxed in the hands of the trustee. Trustees are obliged
to register for a file number with the Board of Inland Revenue and file annual
tax returns. Neither the registration nor the tax return requires the identity of
the settlor or beneficiary of the trust.
33. Accounting records are required to be maintained for all relevant
entities and arrangements.
34. Banks and other financial institutions in Trinidad and Tobago are
obliged to maintain information for all account holders.
35. Overall, many of the elements are in place to ensure the availability
of ownership, identity, accounting and bank information. However, some
improvements are needed to ensure effective exchange of information, nota-
bly with respect to the availability of ownership and identity information of
external companies doing business in Trinidad and Tobago and the mainte-
nance of identity information concerning trusts.
A.1. Ownership and identity information
Jurisdictions should ensure that ownership and identity information for all relevant
entities and arrangements is available to their competent authorities.
Companies (ToR 6 A.1.1)

36. The Companies Act (1995) s.4 defines “company” as a body corpo-
rate that is incorporated under the Companies Act. The Companies Act s.8
provides that one or more persons may incorporate a company, with or with-
out limited liability, by signing and delivering articles of incorporation to the
Registrar of Companies. The Registrar of Companies is responsible for the
administration of the Companies Act (s.470).
6. Terms of Reference to Monitor and Review Progress Towards Transparency and

Exchange of Information.
Types of companies
37. The Companies Act s.8 provides for the incorporation of the follow-
ing types of companies:
Company limited by shares: company having the liability of its mem-
bers limited by the articles to the amount, if any, unpaid on the shares
respectively held by them;
Company limited by guarantee: company having the liability of its
members limited by the articles to such amount as the members may
respectively undertake to contribute to the assets of the company
in the event of it being wound up. A company limited by guarantee
might be incorporated with or without share capital;
Company limited by shares and guarantee: company having the
liability of its members limited by the articles to the amount, if any,
unpaid on the shares respectively held by them, and to such amount
as the members may undertake to contribute to the assets of the com-
pany in the event of it being wound up; and
Unlimited company: a company not having any limit on the liability
of its members.
38. A company may also be classified as a private company or public com-
pany. The Companies Act s.4 defines a public company as a company any of
whose issued shares or debentures are or were part of a distribution to the public.
Ownership information on domestic companies
Registration of companies
39. All companies conducting business in Trinidad and Tobago are
obliged to register with the Registrar of Companies (Companies Act, s.8).
Information required to be registered includes: the articles of incorporation
(s.8); names of the directors (s.71); and address of the registered office of
the company (s.176). Articles of incorporation submitted to the Registrar of
Companies must be accompanied by a statutory declaration by an attorney-
at-law engaged in the formation of the company or by a person named in the
articles that certify inter alia all requirements precedent to formation of a
company have been complied with (s.8(3)). The articles of incorporation are
required to set out: the company’s proposed name; whether the liability of the
members is limited or unlimited; its classes of shares; whether the right to
transfer shares is restricted; the number of directors; any restrictions on the
business that the company may carry on; and whether it is a non-profit com-
pany (s.9). Upon receipt of this information, the Registrar issues a certificate
of incorporation to the company (s.12). All companies are obliged to notify
the Registrar within 30 days of any changes to information registered with

the Registrar under s.8 of the Companies Act (ss. 71, 79, 176(l), 217).
40. The Companies Act s.194 (1) obliges all companies to register with
the Registrar of Companies an annual return no later than thirty days after
each anniversary date of its incorporation. The annual return must set forth:
a list of all past and present shareholders, including their names,
addresses, occupations, number of shares held by them and change
in their shareholdings since the date of the last annual return; and
a list of all directors and secretaries/assistants of the company as of
the date of the annual return, including their names, addresses and
occupations.
41. Directors or officers of the company are obliged to certify the cor-
rectness of the contents of every annual return registered (s.194(2)). If a
default is made in complying with s.194, the company and every director and
officer who are in default are guilty of an offence (s.194(3)).
42. The Companies Act s.484 provides the Registrar of Companies the
authority to verify the contents of registered information. The Registrar can
refuse to register a document submitted if the document contains inter alia a
matter contrary to law, by reason of any omission or error in description, or
does not comply with the requirements of the Companies Act (s.487).
43. All information in the Register of Companies is available to the gen-
eral public, on payment of a fee (s.473).
44. Any person who makes or assists in making a return or other document
that is required by the Companies Act to be sent to the Registrar of Companies
and that contains an untrue statement of a material fact or omits to state a
material fact required in the return or other document is guilty of an offense
and liable on summary conviction to a fine of TTD 10 000 (EUR 1 250) and to
imprisonment for a term of six years (s.510). A late filing penalty of TTD 100
(EUR 12.5) per month may also be imposed on a person or company that fails
to deliver or file a required notice with the Registrar (s.516).
Company’s shareholder lists

45. The Companies Act s.177(2) obliges all domestic companies to pre-
pare and maintain a register of members reflecting:
the name and last known address of the person who is a member;
a statement of the shares held by each member; and
the date on which each person was entered on the register as a

member, and the date on which any person ceased to be a member.
46. The register or members must be prepared and maintained by the
company and kept at the registered office of the company or at some other
place in Trinidad and Tobago designated by the directors of the company
(s.177). The register of members is available for members as well as the public
for inspection and copying, on payment of a fee (free to shareholders) (s.191).
47. Failure to keep accurate records required to be kept under the
Companies Act is an offence and punishable by a fine of TTD 10 000
(EUR 1 250) and six months imprisonment (s.511(1)(a)).
48. The Companies Act s.184 obliges all public companies in Trinidad
and Tobago to maintain a register with the names of all substantial sharehold-
ers in the company. For this purpose, the term “substantial shareholders” is
defined as any person who holds, by himself or by his nominee, shares in
the company entitling him to cast on his own behalf at least 10% of the total
votes entitled to be cast at any general meeting of the company (s.181). The
register must contain the name and address and particulars of the shares held
by him or his nominee (naming the nominee) for each substantial shareholder
(s.182). Public companies are obliged to give, unsolicited, their register of
substantial shareholders to Trinidad and Tobago’s Securities and Exchange
Commission (s.184(1)). The Registrar of Companies may at any time in writ-
ing require the company to furnish it with a copy of the company’s register
of substantial shareholders (s.184(2)). Non-compliance with a request from
the Registrar is an offense subject to general penalty scheme discussed in
paragraph 45 (s.185).
Tax filing
49. All companies are obliged to register for a Board of Inland Revenue
(BIR) file number to be used in payment of taxes and filing returns. This
number must be quoted on all correspondence to the Board of Inland Revenue
(Income Tax Act s.76A). Documents are required to be filed with the applica-
tion; however, no information about the company’s owners is required to be
filed.
50. All companies liable to pay tax are required to file annual tax returns
(s.76). Corporate tax returns do not contain any ownership information.
Ownership information on foreign companies

51. The Companies Act s.4 defines “external company” as any incorpo-
rated body of persons that is formed under the laws of a country other than
Trinidad and Tobago. The Companies Act ss. 317 – 337 provide special rules
for external companies. External companies are obliged to file a statement

with the Registrar of Companies within fourteen days of establishing a place
of business within Trinidad and Tobago (s.318). The statement must set forth
inter alia (s.318(1)):
the name of the company;
the full names, addresses and occupations of the directors of the
company;
the full address of the principal office of the company in Trinidad
and Tobago;
the full address of the registered or head office of the company out-
side Trinidad and Tobago;
the jurisdiction within which the company was incorporated;
the date of incorporation and the manner in which it was incorporated;
a list of its corporate instruments and the period, if any, fixed by
them for the duration of the company;
the extent, if any, to which the liability of the shareholders or mem-
bers of the company is limited;
any restrictions on the business that the company may carry on;
the date on which the company commenced or intends to commence
any of its business in Trinidad and Tobago; and
the authorised, subscribed and paid-up or stated capital of the com-
pany, and the shares that the company is authorised to issue and their
nominal or par value, if any.
52. The statement submitted to the Registrar of Companies must be
accompanied by: an affidavit or solemn declaration sworn or made before a
notary public by an officer of the external company that verifies the particulars
set out in the statement constitute the corporate instruments of the company at
the date of the application; a copy of the corporate instruments of the company;
a statutory declaration by an attorney-at-law that s.118 has been complied with;
and a power of attorney (s.318(2)). The attorney named in the power of attorney
must be a resident of Trinidad and Tobago (s.324). Upon receipt of this infor-
mation, the Registrar issues a certificate showing that the company has been
registered as an external company (s.326). External companies are obliged to
notify the Registrar within 30 days of any changes to information registered
with the Registrar under s.118 of the Companies Act (s.332).
53. The Companies Act s.333 obliges all external companies to register
with the Registrar of Companies an annual return no later than thirty days
after each anniversary date of its initial registration. The annual return must
set forth the names, addresses and occupations of the company’s directors
and whether there have been any changes in the corporate instruments of the
company during the year.
54. The Corporate Tax Act s.2(1) defines non-resident company (exter-
nal company) as a company not controlled in Trinidad and Tobago, whether
or not the company is incorporated in Trinidad and Tobago or engaged in a
trade or business or in the pursuit of professional or vocational activities in
Trinidad and Tobago (Corporate Tax Act s.2). The Corporate Tax Act s.2(8)
defines “control”, for the purpose of the definition of non-resident company,
as the place where the mind or management of the company is ordinarily
situated.
55. Non-resident companies are obliged to register for a Board of Inland
Revenue (BIR) file number to be used in payment of taxes and filing returns.
A non-resident company is liable to corporation tax on income arising or
derived from any trade or business carried on by it in Trinidad and Tobago
(s.4(2)). All companies liable to pay tax are required to file annual tax returns
(s.76). Corporate tax returns for non-resident companies do not contain any
ownership information.
56. Companies incorporated outside of Trinidad and Tobago but having
their central management and control in Trinidad and Tobago are not required
to provide information identifying their owners as a part of registration
requirements and foreign companies are not required to compulsorily keep a
share register in Trinidad and Tobago. In addition, there are no requirements
under Trinidad and Tobago’s tax law that require external companies to
maintain or provide ownership information as part of their tax filing obliga-
tions. Therefore, the availability of information that identifies the owners of
such companies will generally depend on the law of the jurisdiction in which
the company is incorporated and so may not be available in all cases. While
such companies are resident for tax purposes in Trinidad and Tobago, the
tax authorities may not have the power to inquire on the ownership of such
companies as described in section B.1. of this report.
Ownership information held by service providers

57. Service providers in Trinidad and Tobago are governed by the Proceeds
of Crime Act. The Proceeds of Crime Act was amended in 2009 with a view of
improving compliance with the FATF 40+9 Recommendations. New regulations
(Financial Obligation Regulations) under s.56 of the amended Act were adopted
by the Minister of Finance on 18 January 2010.
58. Trinidad and Tobago’s Proceeds of Crime Act is applicable to, inter
alia, financial institutions and to persons engaged in a prescribed category of
business (listed businesses) contained in the first schedule to the Act. Listed
businesses include lawyers, accountants, real estate agents and trust and
company service providers (s.2). In its customer due diligence procedures,
the Financial Obligation Regulations requires financial institutions and listed
businesses to have procedures in place to collect information sufficient for
identification and verification of each customer, take reasonable measures to
identify and verify the beneficial owner, and to obtain additional informa-
tion to understand the customer’s circumstances and business (ownership
and control structure), including the level and nature of transactions (ss.11
through 17). There is also a requirement to monitor the level and nature of the
transactions on an ongoing basis (s.12(3)).
59. The term “beneficial owner” is defined in the Financial Obligation
Regulations s.12(5) as the person who ultimately owns and controls an
account or who exercises ultimate control over a legal person or legal
arrangement (including express trusts).
60. Financial institutions and listed businesses are obliged to apply
customer due diligence measures in connection with a financial transaction:
pursuant to an agreement to form a business relationship; as a one-off or
occasional transaction of TTD 90 000 (EUR 11 250) or more; as two or more
one-off transactions, each of which is less than TTD 90 000 but together the
total value is TTD 90 000 or more and it appears, whether at the outset of
each transaction or subsequently that the transactions are linked; or as a one-
off or occasional wire transfer of TTD 6 000 (EUR 750) or more or two or
more one-off transactions, each of which is less than TTD 6 000, but together
the total value is TTD 6 000 or more and it appears, whether at the outset of
each transaction or subsequently that the transactions are linked (Financial
Obligation Regulations s.11(1)). In the case where a potential client acts or
appears to act for a customer, who or which is based in another jurisdiction,
the financial institution or listed business may process a transaction only
where there are reasonable grounds for believing that the potential client
is regulated by an overseas supervisory authority or based or incorporated
in a jurisdiction where there are laws that give effect to the FATF 40+9
Recommendations (s.13(4)).
61. Financial institutions and listed businesses that are obliged to conduct
customer due diligence are also obliged to retain records concerning their
customers that reflect details of all domestic and international transactions
and identification data obtained through the customer due diligence process
(i.e. name, address, nationality, nature and place of business, purpose of
proposed transaction, source of funds) (Financial Obligation Regulations
s.31(1)). Records must be maintained in electronic or written form for a period
of six years after the customer relationship has ended or following the carry-
ing out of the transaction (s.32(2)).
62. Non-compliance with the Financial Obligation Regulations is an offence

and subject on summary conviction to a fine of TTD 500 000 (EUR 62 500) and
to imprisonment for a term of two years, and on conviction and indictment to a
fine of TTD 3 000 000 (EUR 375 000) and to imprisonment for a term of seven
years (Proceeds of Crime Act s.57).
Ownership information held by Nominees

63. The Terms of Reference requires that jurisdictions ensure that infor-
mation is available to their competent authorities that identify the owners of
companies and any bodies corporate. Owners include legal owners, and, in
any case where a legal owner acts on behalf of another person as a nominee
or under a similar arrangement, that other person, as well as persons in an
ownership chain, to the extent that it is held by the jurisdiction’s authorities
or is within the possession or control of persons within the jurisdiction’s ter-
ritorial jurisdiction.
64. The Companies Act s.184 obliges all public companies in Trinidad
and Tobago to maintain a register of substantial shareholders (shareholders
with 10% or more voting power) which contains ownership information of
shares held by nominees. No such requirement exists for private companies.
65. In the case of public companies, the Securities Industry Act s.122
empowers public companies to investigate the ultimate owner of its shares.
Any person who commits a breach in complying with s.122 by making
an intentional or reckless false statement or fails to supply information in
response to the company’s investigation is guilty of an offence and liable on
summary conviction to a fine of TTD 10 000 (EUR 1 250) and to imprison-
ment for three months, or on conviction and indictment to a fine of TTD
20 000 (EUR 2 500) and to imprisonment for six months (s.123).
66. In the case of all companies, the Corporate Tax Act s.21 empowers
the Board of Inland Revenue to investigate the ultimate owner of a company.
Section 21 provides that any person in whose name any shares of a company
are registered shall if required by notice in writing by the Board, state in
writing whether or not he is the beneficial owner of those shares, and, if not
the beneficial owner of those shares or any of them, shall furnish the name
and address of the person or persons on whose behalf the shares are regis-
tered in his name. Non-compliance with s.121 is punishable by a penalty of
twice the amount of tax that would be chargeable at the highest rate in respect
of the amount of the income apportioned to such shares (s.121).
67. Nominee shareholders are subject to Trinidad and Tobago’s Proceeds
of Crime Act. Trust and company service providers (a “listed business”) are
defined in the first schedule to the Act as including all persons who carry
out transactions for a client in relation to acting as (or arranging for another
person to act as) a nominee shareholder for another person. Under the
Proceeds of Crime Act, nominee shareholders are obliged to maintain owner-
ship and identify information regarding their client (see paragraphs 58-63).
68. While the Proceeds of Crime Act obliges nominee shareholders to
maintain ownership and identity information on their clients, there are no
explicit requirements (beyond those for substantial-shareholder registries
maintained by public companies) that company share registries indicate
whether the shareholder holds the share(s) for the benefit of a third party
(i.e. only the nominal shareholder is required to be listed in the share
registry).
Bearer shares (ToR A.1.2)

69. Section 33(1) of Trinidad and Tobago’s Companies Act provides that
no company may issue bearer shares or bearer share certificates.
Partnerships (ToR A.1.3)

70. The Partnership Act (1914) is the statutory law governing the forma-
tion and governance of partnerships in Trinidad and Tobago. The Partnership
Act s.3 defines “partnership” as the relationship between persons carrying on
a business in common with a view to making a profit, without incorporation.
The Partnership Act s.10 provides that every partner in a partnership is liable
jointly with the other partners for all debts and obligations of the partnership.
Partnerships are not considered separate legal entities. Limited partnerships
are not recognised in Trinidad and Tobago.
Registration of partnerships
71. The Registration of Business Names Act s.3 requires every firm
having a place of business in Trinidad and Tobago to register with the
Registrar of Companies. The Act defines “firm” as an unincorporated body
of two or more individuals, one or more individuals and one or more com-
panies, or two or more corporations, who have entered into partnership with
one another with a view of carrying on business for profit (s.2). Information
required to be registered includes (s.5):
the business name; general nature of the business; principal place of
the business;
the names, addresses, nationalities, other business occupations (if
any) of each of the individuals who are partners; and
the corporate name and registered or principal office of every corpo-
ration which is a partner.
72. Upon receipt of this information, the Registrar issues a certificate

of registration to the partnership (s.13). The Registration of Business Names
Act s.8 requires partnerships to notify the Registrar of Companies of any
changes to information previously registered within 14 days of after the
change. Failure to notify the Registrar of any changes subjects every partner
in the firm to a fine of TTD 200 (EUR 25) for every day during which the
default continues (s.9). The Registrar has the authority to inspect documents
and request additional information to verify the correctness of any informa-
tion registered (s.12). All information registered under the Registration of
Business Names Act is available to the general public, on payment of a fee
(s.18).
73. Where a statement required to be furnished under the Registration
of Business Names Act contains any matter which is false in any material
particular to the knowledge of any person signing it, that person is liable to a
fine of TTD 1 000 (EUR 125) and to imprisonment for three months (s.11).
Tax filing
74. All partnerships are obliged to register for a Board of Inland
Revenue (BIR) file number to be used in payment of taxes and filing returns.
This number must be quoted on all correspondence to the Board of Inland
Revenue (Income Tax Act s.76A). To obtain a BIR file number, partnerships
are required to file with the Board of Inland Revenue an application form and
supplemental documentation reflecting the name and address of each partner,
evidence of BIR numbers for each partner (each partner is required to have a
BIR file number), and any outstanding partnership tax returns.
75. Partnerships are not considered to be separate taxable entities, instead
they are treated as transparent entities through which partnership income
flows to the partners and such share of income is included in the tax return of
the partner. The Income Tax Act s.78 obliges all partnerships to file a yearly
partnership return with the Board of Inland Revenue. The partnership return
must state the partnerships income for the year and the names and addresses
of the partners in the partnership together with each partners allocable share
of partnership income for that year (s.78(2)). The duty to provide the partner-
ship statement rests with the partnership’s precedent partner.7 There is no
7. The Income Tax Act s.78(2)(a) defines “precedent partner” as the partner resident
in Trinidad and Tobago that is: first named in the partnership agreement; if there
be no agreement, is named singly or with precedence to the other partners in the
usual name of the firm; or is the precedent acting partner, if the partner named
with precedence is not an acting partner. Where no partner is resident in Trinidad
and Tobago, the return shall be made and delivered by the attorney, agent, man-
ager or factor of the firm resident in Trinidad and Tobago.
requirement in the Income Tax Act to disclose the ultimate owners of compa-
nies who are partners in the partnership.
76. Partnerships in Trinidad and Tobago are not liable for tax. The tax is
levied on each partner according to their share of ownership. Each partner is
required to submit an individual income tax return reflecting their allocable
share of partnership income (s.78(1)). An individual is taxable in respect of
income accruing in or derived from Trinidad and Tobago. Resident indi-
viduals are subject to tax on their world-wide income (s.5(1)). In the case of
income arising outside of Trinidad and Tobago to persons who are not ordi-
narily resident or not domiciled in Trinidad and Tobago, tax is payable on the
amount received in Trinidad and Tobago; but where the employment or office
of such person is exercised in Trinidad and Tobago, gains or profits from such
employment are taxed in Trinidad and Tobago whether received in Trinidad
and Tobago or not (s.5(2)).
77. Any person who refuses, fails or neglects to deliver any return
required under the Income Tax Act s.78 is guilty of an offence and liable on
summary conviction to a fine of TTD 30 000 (EUR 3 750) or to imprison-
ment for two years or both (s.121(1)).
Information held by service providers

78. Partnership service providers are subject to Trinidad and Tobago’s
Proceeds of Crime Act. The first schedule to the Act defines “trust and com-
pany service providers” as any such person when they prepare for and when
they carry out a transaction for a client in relation to: acting as a formation
agent of partnerships; acting as (or arranging for another person to act as) a
partner of a partnership; providing a registered office, business address or
accommodation, correspondence or administrative address for a partnership;
or acting as (or arranging for another person to act as) a nominee shareholder
for another person. In addition lawyers and accountants that provide services
to partnerships are listed businesses under the Proceeds of Crime Act. Under
the Proceeds of Crime Act, partnership service providers (including lawyers
and accountants) are obliged to maintain ownership and identity information
regarding their client (see paragraphs 58-63).
Trusts (ToR A.1.4)

79. Trusts are recognised in Trinidad and Tobago under both common
and statutory law. The law of trusts in Trinidad and Tobago is closely pat-
terned after that of the United Kingdom. The Trustees Ordinance (1950) is
the only statutory provision governing trusts. It does not contain specific
provisions for the creation of trusts. Generally, the criteria for the creation
of a trust are similar to the English common law, namely a trust is created
where assets are transferred by a person (the settlor) to a trustee for the
benefit of another person. The Trustee Act (1981) sought to update Trinidad
and Tobago’s trust law regime. However, this Act has not been brought into
operation.
80. The following types of trusts are recognised in Trinidad and Tobago:
express trusts, discretionary trusts, resulting trusts, constructive trusts, and
testamentary and inter vivos trusts. There are no specific provisions governing
the formation of trusts for non-residents (settlors or beneficiaries) or where the
assets settled in the trust are located outside of Trinidad and Tobago.
81. Any legal or natural person capable of holding property in their own
right is able to be a trustee. Thus, a person or duly incorporated body may be
a trustee, but a minor (a person under the age of 18) cannot be appointed a
trustee. The Trustees Ordinance governs all trust arrangements unless there
is specific legislation as in the case of private pension plans. Private pension
funds are administered by trusts. Statutory provisions governing private pen-
sion funds fall under the Insurance Act. This Act provides rules regarding the
form, structure, authorised investments and operational control of these trusts.
82. There are no prohibitions for a resident of Trinidad and Tobago to
act as a trustee or otherwise in a fiduciary capacity in relation to a trust
formed under foreign law. Likewise, there are no prohibitions for a resident
of Trinidad and Tobago from administering a trust or acting as a trustee or
trust protector of a trust governed under foreign law.
Registration of trusts
83. The Registration of Business Names Act s.4 obliges all individu-
als, firms, and corporations having a place of business within Trinidad and
Tobago that carry on the business wholly or mainly as a trustee of or for
another person(s) or corporation to register with the Registrar of Companies.
Information required to be registered includes: the present given name and
surname, nationality, residence, or as the case may be, the corporate name,
of every person or corporation on whose behalf the business is carried on. If
the business is carried on under any trust and any of the beneficiaries are a
class of children or other persons, a description of the class is sufficient (s.4,
schedule of particulars). Information regarding the identity of settlors is not
required to be registered.
84. Upon receipt of this information, the Registrar issues a certificate of
registration to the business (s.13). The Registration of Business Names Act
s.8 requires the business to notify the Registrar of Companies of any changes
to information previously registered within 14 days of after the change.
Failure to notify the Registrar of any changes subjects the business to a fine
of TTD 200 (EUR 25) for every day during which the default continues (s.9).
The Registrar has the authority to inspect documents and request additional
information to verify the correctness of any information registered (s.12). All
information registered under the Registration of Business Names Act is avail-
able to the general public, on payment of a fee (s.18).
85. Where a statement required to be furnished under the Registration
of Business Names Act contains any matter which is false in any material
particular to the knowledge of any person signing it, that person is liable to a
fine of TTD 1 000 (EUR 125) and to imprisonment for three months (s.11).
86. Registration under the Registration of Business Names Act applies
to businesses operating wholly or mainly as trustee under a trust. Trinidad
and Tobago officials have not provided any information concerning whether
resident trustees not operating a business as a trustee are required to register
identity information on the settlors and beneficiaries of the trust.
87. Trust deeds may voluntarily be registered with the Registrar General
under the Registration of Deeds Act (s.4).
Tax filing
88. Trusts are not taxable entities in Trinidad and Tobago. As such, trusts
are not required to register with the Board of Inland Revenue for a B.I.R. file
number. The Income Tax Act s.59 provides that trustees are charged to tax on
the income derived from trusts. Trustees are obliged to include trust income
on their personal income tax returns, which do not require disclosure of iden-
tity information of the settlors and beneficiaries of the trust.
Trust ownership and identity information required to be held by the trust

89. There are no statutory obligations imposed in respect of trusts for any
person such as the trustee to maintain any particular identity or ownership
information relating to the trust including its settlors or beneficiaries. Although
all trustees are subject to the common law requirements to have knowledge of
all documents pertaining to the formation and management of a trust, the extent
of such requirements could not be ascertained during the Phase 1 Review. An
in-depth assessment of the effectiveness of this common law regime will be
considered as part of the Phase 2 Review of Trinidad and Tobago.
Information held by service providers

90. Trust service providers are subject to Trinidad and Tobago’s Proceeds
of Crime Act. The first schedule to the Act defines “trust and company ser-
vice providers” as any such person when they prepare for and when they
carry out a transaction for a client in relation providing a registered office,
business address or accommodation, correspondence or administrative

address for a trust. In addition lawyers and accountants that provide ser-
vices to trusts are listed businesses under the Proceeds of Crime Act. Under
the Proceeds of Crime Act, trust service providers (including lawyers and
accountants) are obliged to maintain ownership and identity information
regarding their client (see paragraphs 58-63).
Foundations (ToR A.1.5)

91. Trinidad and Tobago does not have specific provisions for the creation
of foundations. Similarly, there are no laws pursuant to which any person or
entity in Trinidad and Tobago who is a founder, member or beneficiary of a
foundation formed under the laws of another jurisdiction, is required, on the
basis of that relationship, to retain any ownership or identity information relat-
ing to that foundation. Where the foundation is a client of a financial institu-
tion or listed business, Trinidad and Tobago’s Proceeds of Crime Act would
apply to the financial institution or listed business (see paragraphs 58-63).
Enforcement provisions to ensure availability of information

(ToR A.1.6)
92. The existence of appropriate penalties for non-compliance with key
obligations is an important tool for jurisdictions to effectively enforce the
obligations to retain identity and ownership information.
93. Any person who makes or assists in making a return or other document
that is required by the Companies Act to be sent to the Registrar of Companies
and that contains an untrue statement of a material fact or omits to state a
material fact required in the return or other document is guilty of an offense
and liable on summary convection to a fine of TTD 10 000 (EUR 1 250) and to
imprisonment for a term of six years (s.510). A late filing penalty of TTD 100
(EUR 12.5) per month may also be imposed on a person or company that fails
to deliver or file a required notice with the Registrar (s.516).
94. A company’s failure to keep accurate records required to be kept
pursuant to the Companies Act (e.g. shareholder registry) is an offence and
punishable by a fine of TTD 10 000 and six months imprisonment (s.511(1)(a)).
95. Non-compliance with the Proceeds of Crime Act is viewed seri-
ously. A service provider who contravenes provisions of the Act is liable on
summary conviction to a fine of TTD 500 000 (EUR 62 500) and to impris-
onment for a term of two years, and on conviction and indictment to a fine
of TTD 3 000 000 (EUR 375 000) and to imprisonment for a term of seven
years (Proceeds of Crime Act s.57).
96. Where a statement required to be furnished to the Registrar under the

Registration of Business Names Act contains any matter which is false in any
material particular to the knowledge of any person signing it, that person is liable
to a fine of TTD 1 000 (EUR 125) and to imprisonment for three months (s.11).
97. Any person who refuses, fails or neglects to deliver any return
required under the Income Tax Act s.78 is guilty of an offence and liable on
summary conviction to a fine of TTD 30 000 (EUR 3 750) or to imprison-
ment for two years or both (s.121(1)).
98. The Income Tax Act s.121A provides that an offence may be prose-
cuted and any penalty or forfeiture may be sued for, prosecuted and recovered
summarily, and all sums whatsoever payable may be recovered and enforced
in the manner prescribed by the Summary Courts Act.
99. The effectiveness of the enforcement provisions which are in place in
Trinidad and Tobago will be considered as part of the Phase 2 Peer Review.
Determination and factors underlying recommendations
Phase 1 Determination
The element is in place, but certain aspects of the legal implementation
of the element need improvement.
Factors underlying recommendations Recommendations
Companies incorporated outside of In such cases, Trinidad and Tobago
Trinidad and Tobago but having their should ensure that ownership
central management and control in and identity information should be
Trinidad and Tobago are not required available.
to provide information identifying
their owners as a part of registration
requirements and foreign companies
are not required to compulsorily
keep a share register in Trinidad and
Tobago. Therefore, the availability of
information that identifies the owners of
such companies will generally depend
on the law of the jurisdiction in which
the company is incorporated and so
may not be available in all cases.
There is no specific requirement that An obligation should be established
information concerning the settlor, in Trinidad and Tobago to maintain
trustees and beneficiaries of trusts be information on the settlors, trustees
maintained. and beneficiaries of their trusts.
A.2. Accounting records
Jurisdictions should ensure that reliable accounting records are kept for all relevant
entities and arrangements.
100. The Terms of Reference sets out the standards for the maintenance
of reliable accounting records and the necessary accounting record retention
period. It provides that reliable accounting records should be kept for all
relevant entities and arrangements. To be reliable, accounting records should
(i) correctly explain all transactions, (ii) enable the financial position of the
entity or arrangement to be determined with reasonable accuracy at any time
and (iii) allow financial statements to be prepared. Accounting records should
further include underlying documentation, such as invoices, contracts, etc.
Accounting records need to be kept for a minimum of five years.
General requirements (ToR A.2.1)

101. In Trinidad and Tobago, the Income Tax Act, Companies Act, and the
Proceeds of Crime Act collectively contain provisions requiring the mainte-
nance of accounting records that correctly explain all transactions, enable the
financial position of entities and arrangements to be determined with reason-
able accuracy at any time, and allow financial statements to be prepared.
102. In 1987 the Institute of Chartered Accountants of Trinidad and Tobago
(ICATT) formally adopted the International Accounting Standards (IAS)
issued by the International Accounting Standards Board (IASB) as the National
Accounting Standards for companies registered in Trinidad and Tobago.
103. The Income Tax Act s.116(1) obliges every person engaged in any
trade, business or profession in Trinidad and Tobago and every person who is
required to deduct or withhold and to pay taxes or other amounts, to maintain
proper records and books of account (including an annual inventory), and
every account or voucher necessary to verify the information in any such
record or book of account. Such records must be kept at their place of busi-
ness or residence in Trinidad and Tobago or at such other place that the Board
of Inland Revenue approves. The records must contain information that will
enable the Board of Inland Revenue to determine the proper amount of taxes
payable, deducted, or withheld.
104. The Companies Act s.187(1) obliges all companies to prepare and
maintain adequate accounting records. Adequate accounting records include
records sufficiently detailed to enable the directors to ascertain the financial
position of the company with reasonable accuracy on a quarterly basis. These
must be kept by the company at its registered office or at a place in Trinidad
and Tobago designated by the directors (s.187(3)).
105. The Companies Act s.156(1) obliges all public companies to register
a copy of their financial statements with the Registrar of Companies within
31 days of each annual shareholder meeting. Non-compliance subjects the
company to a daily fine of TTD 100 (EUR 12.5) until the financial statements
are registered (156(5)).
106. The Partnership Act s.26(i) provides that partnership books are to be
kept at the place of business of the partnership (or the principal place, if the
there is more than one) and every partner may have access to and inspect and
copy them.
107. Under Trinidad and Tobago law, there are no specific statutory
requirements for trusts in respect of accounting records including underly-
ing documentation. However, trustees are obliged to maintain accounting
records when the trust derives taxable income (Income Tax Act ss.116, 59).
Under common law, trustees are also obliged to maintain an accurate account
of the trust property. Subject to any contrary intention expressed in the trust
instrument and to the terms of the instrument, the trustee has a fiduciary
duty to have the trust property be examined and audited by an independent
accountant. For that purpose the trustee generally must produce the necessary
vouchers, invoices etc.
108. Financial institutions and listed businesses that are obliged to con-
duct customer due diligence under Trinidad and Tobago’s Proceeds of Crime
Act are also obliged to retain records concerning their customers that reflect
details of all domestic and international transactions and identification data
obtained through the customer due diligence process (i.e. name, address,
nationality, nature and place of business, purpose of proposed transaction,
source of funds) (Financial Obligation Regulations s.31(1)). Transaction
records must contain sufficient detail to permit reconstruction of individual
transactions (s.31(2)).
Underlying documentation (ToR A.2.2)

109. The Companies Act s.446 provides that if, where a company is
wound up, it is shown that the proper books of account were not kept by the
company throughout the period of two years immediately preceding the com-
mencement of the winding up, or the period between the incorporation of the
company and the commencement of the winding up (whichever is shorter),
every officer of the company is guilty of an offence and liable on summary
conviction to a fine of TTD 10 000 (EUR 1 250) (Companies Act ss. 446(1),
513). The Companies Act s.446(2) defines “proper books of account” as
such books or accounts as are necessary to exhibit and explain the transac-
tions and financial position of the trade or business of the company. This
includes books containing entries from day to day in sufficient detail of all
cash received and cash paid, and, where the trade or business has involved
the dealing in goods, statements of the annual stock taking and (except in
the case of goods sold by way of ordinary retail trade) of all goods sold and
purchased, showing the goods and the buyers and sellers thereof in sufficient
detail to enable those goods and those buyers and sellers to be identified.
110. For income tax purposes, every person engaged in any trade, busi-
ness or profession, and every person who is required by or pursuant to the
Income Tax Act to deduct or withhold and to pay taxes or other amounts are
obliged to keep in the English language and in the currency of Trinidad and
Tobago proper records and books of account (including an annual inventory)
at their place of business or residence in Trinidad and Tobago or at such other
place as may be approved by the Board of Inland Revenue (Income Tax Act
s.116(1)). Natural and legal persons required to maintain accounting records
(including each individual partner in a partnership) pursuant to the Income
Tax Act are also required to maintain every account or voucher necessary to
verify the information in any such record or book of account (s.116(3)). The
Board of Inland Revenue has developed non-binding statements of guidance
and principles to assist taxpayers meet their tax and record keeping obliga-
tions. The Guidelines for Small Business Persons provides guidance on the
types of records required to be maintained (i.e. purchase book, sales book,
record of expenses, stock sheets, wage and salaries book, debtors and credi-
tors ledgers, asset register), which includes underlying documentation. While
contracts are not explicitly mentioned in the guidelines, all contracts which
relate to accounting entries must also be maintained.
Document retention (ToR A.2.3)

111. The Income Tax Act s.116(3) requires the maintenance of account-
ing records, including underlying documentation, for a period of at least six
years from the year of income or three years from the date the tax return is
filed, whichever is later, to which the accounting records relate. The Board of
Inland Revenue may also, by notice in writing, require such information to
be maintained until written permission for its disposal is obtained. Failure to
keep such records, books of account and every account or voucher as may be
required to be so kept by s.116 is an offence and subject on summary convic-
tion to a fine of TTD 30 000 (EUR 3 750) or to imprisonment for two years
or both.
112. The Companies Act s.446, which provides detailed accounting record
maintenance requirements for companies, only requires companies to main-
tain such information (“proper books of account”) for a period of 2 years.
Regardless of this short statutory retention period, it would appear that the
same types of accounting records are required to be maintained for 6 years
pursuant to the Income Tax Act.
113. Financial institutions and listed businesses that are obliged to conduct
customer due diligence under Trinidad and Tobago’s Proceeds of Crime Act
are obliged to maintain records in electronic or written form for a period of
six years after the customer relationship has ended or following the carrying
out of the transaction (Proceeds of Crime Act s.32(2)).
114. Although, there are no specific statutory accounting record retention
requirements for trusts, trustees are obliged to maintain accounting records
for a period of 6 years (Income Tax Act s.116(3)). At common law, all trustees
are also subject to a fiduciary duty to the trust’s beneficiaries to keep proper
records and accounts of their trusteeship.
The element is in place.
A.3. Banking information
Banking information should be available for all account-holders.
Record-keeping requirements (ToR A.3.1)

115. Persons carrying on banking businesses are subject to both licensing
requirements under Trinidad and Tobago’s Financial Institutions Act (2008)
and customer due diligence and record retention requirements under Trinidad
and Tobago’s Proceeds of Crime Act.
116. The Financial Institutions Act requires all persons carrying on a
banking business in Trinidad and Tobago to obtain a license from the Central
Bank of Trinidad and Tobago (s.16). The term “banking business” is defined
as the business of soliciting and receiving sums of money from the public on
current or deposit account which may be withdrawn on demand, by cheque,
draft, order or notice, and the solicitation and granting of credit exposures,
by a person whether as principal or agent and includes payment card business
and, generally, the undertaking of any business appertaining to the business
of commercial banking (Financial Institutions Act s.16(2)). The Financial
Institutions Act does not contain record retention requirements concerning
account-holders.
117. Customer due diligence and record retention requirements under
Trinidad and Tobago’s Proceeds of Crime Act apply to all financial institu-
tions in Trinidad and Tobago. The term “financial institutions” is defined as
including all banks and financial institutions licensed under the Financial
Institutions Act (Proceeds of Crime Act s.2). Financial institutions are obliged
to retain records concerning their customers that reflect details of all domes-
tic and international transactions and identification data obtained through
the customer due diligence process (i.e. name, address, nationality, nature
and place of business, purpose of proposed transaction, source of funds)
(Financial Obligation Regulations s.31(1)). Transaction records must contain
sufficient detail to permit reconstruction of individual transactions (s.31(2)).
COMPLIANCE WITH THE STANDARDS: ACCESS TO INFORMATION – 37
B. Access to Information
Overview
118. A variety of information may be needed in a tax enquiry and jurisdic-

tions should have the authority to obtain all such information. This includes
information held by banks and other financial institutions as well as infor-
mation concerning the ownership of companies or the identity of interest
holders in other persons or entities, such as partnerships and trusts, as well
as accounting information in respect of all such entities. This section of the
report examines whether Trinidad and Tobago’s legal and regulatory frame-
work gives the authorities access powers that cover all relevant persons and
information and whether rights and safeguards would be compatible with
effective exchange of information.
119. This report identifies potentially significant deficiencies in the Board
of Inland Revenue’s powers to obtain information for exchange of informa-
tion purposes. While Trinidad and Tobago’s Board of Inland Revenue has
broad powers to obtain bank, ownership, identity, and accounting information
and has measures to compel the production of such information, these powers
are limited to the administration and enforcement of Trinidad and Tobago’s
domestic tax laws and to providing exchange of information assistance under
a “declared agreement”. Presently, only one of Trinidad and Tobago’s 24
exchange of information agreements is a “declared agreement.”
120. The limitation on the Board of Inland Revenue’s ability to obtain
information in response to a request not made under a declared agreement
is tantamount to a domestic tax interest. In such cases, the Board of Inland
Revenue’s access powers are limited to the administration and enforcement
of Trinidad and Tobago’s tax laws. Access to bank information is also limited
to determining any objection to an assessment of tax and can only occur
after notification to the taxpayer. In response to a request not made under a
declared agreement, the Board of Inland Revenue may only be able to pro-
vide information which it already possesses or publicly available information
maintained in one of Trinidad and Tobago’s public registries.
38 – COMPLIANCE WITH THE STANDARDS: ACCESS TO INFORMATION
121. Trinidad and Tobago’s Board of Inland Revenue is obliged to give

prior notification to taxpayers of their intention to access their bank account
information. There are no exceptions to prior notification. It is recommended
that certain exceptions from prior notification be permitted (e.g. in cases in
which the information requested is of a very urgent nature or the notification
is likely to undermine the chance of the success of the investigation con-
ducted by the requesting jurisdiction).
B.1. Competent Authority’s ability to obtain and provide information
Competent authorities should have the power to obtain and provide information
that is the subject of a request under an exchange of information arrangement from
any person within their territorial jurisdiction who is in possession or control of such
information (irrespective of any legal obligation on such person to maintain the secrecy
of the information).
Bank, ownership and identity information (ToR B.1.1) and

accounting records (ToR B.1.2)
Information gathering powers for domestic tax purposes

122. Trinidad and Tobago’s Board of Inland Revenue has broad powers to
obtain information for any purpose related to the administration or enforce-
ment of its tax laws from any person with respect to their income, assessment,
or assets and from any third party with respect to the income, assessment,
or assets of a Trinidad and Tobago taxpayer (Income Tax Act, s.117(1)). For
this purpose, the Board of Inland Revenue can require any person to furnish
it within a specified time with such particulars as may be required for the
administration of Trinidad and Tobago’s tax laws with respect to their income
(s.97(1)). The Board of Inland Revenue may also, by not less than fourteen
days’ notice in writing, require any person to attend before it and give evi-
dence with respect to their income, and to produce all books or other docu-
ments in there custody or under their control relating to such income (s.97(3)).
123. Any person who fails or neglects to furnish information to the Board
of Inland Revenue is guilty of an offense and liable on summary conviction
to a fine of TTD 30 000 (EUR 3 750) or to imprisonment for two years or
both (ss.97(2); 121(1)). Any person who, without lawful excuse, refuses or
neglects to attend or give evidence pursuant to a notice from the Board of
Inland Revenue or to produce such books or other documents, or who refuses
to answer any lawful question regarding the matters under consideration
or knowingly or wilfully gives any false evidence to the Board of Inland
Revenue, is guilty of an offence and liable to a fine of TTD 30 000 or to
imprisonment for two years or both (ss.97(4); 121(1)).
124. The Board of Inland Revenue does not have the general right to
access bank account information from banks for domestic tax purposes. The
Income Tax Act s.117(2) provides that the Board of Inland Revenue may only
access bank account information if they have made a tax assessment and the
taxpayer for whom the assessment is made objects to the assessment. Only
for the purpose of determining any objection to an assessment of tax may the
Board of Inland Revenue require by writing any bank or any officer thereof
to furnish bank account information or summon any such officer to appear
before it to give evidence respecting the assessment. Prior to exercising such
powers, the Board of Inland Revenue must give notice to the taxpayer disput-
ing the assessment of their intention to access the taxpayer’s bank account
information (s.117(3)). The objecting taxpayer may, with seven days of receipt
of such notice, seek judicial review for a declaration of their rights in the
matter (s.117(4)).
125. The Income Tax Act s.118 grants the Board of Inland Revenue search
and seizure powers for any purpose related to the administration or enforce-
ment of Trinidad and Tobago’s tax laws. Prior to exercising these powers,
the Board of Inland Revenue must provide twenty-four hours’ notice of its
intended entry to the occupier. The occupier may, with seven days of receipt
of such notice, seek judicial review for a declaration of their rights in the
matter (s.118(2)).
Applicability of information gathering powers for exchange of tax

information purposes
126. While Trinidad and Tobago’s Income Tax Act grants broad infor-
mation gathering powers to the Board of Inland Revenue, these powers are
restricted to the administration and enforcement of Trinidad and Tobago’s tax
laws. Access to bank information is also limited to determining any objection
to an assessment of tax.
127. In 1989 (the same year Trinidad and Tobago signed its first TIEA
with the United States), the government of Trinidad and Tobago amended
the Income Tax Act to explicitly confer information gathering powers with
respect to bank account information to the Board of Inland Revenue for pur-
poses of providing exchange of information assistance pursuant to a declared
agreement. The Income Tax (Amendment) (No.2) Act (1989) added section
117(6), which provides:
“For the purposes of giving effect to a declared agreement within
the meaning of the Tax Information Exchange Agreements Act
the Board is deemed to have the powers set out in subsection (2)
notwithstanding the absence of an assessment or objection, and
subsections (3), (4) and (5) shall apply mutatis mutandis.”
128. The Tax Information Exchange Agreements Act (1989) s.2 defines
“declared agreement” as a tax information exchange agreement that has
been declared by the President to be a declared agreement for the purposes
of this Act. A “tax information exchange agreement” is defined as an agree-
ment whereby the government of Trinidad and Tobago and the government
of another State undertake that those States will, through their competent
authorities, provide each other, upon request, with any financial and other
information and supporting documentation accessible to the competent
authority of the requesting State to which the request was made that is
required by the competent authority of the requesting State for the purpose of
administering or enforcing a law relating to taxation of a kind specific in the
agreement (s.3). For such agreement to be considered a “declared agreement”
for purposes of the Tax Information Exchange Agreements Act, the President
must by Order declare such agreement specified in the Order to be a declared
agreement (s.4).
129. For the purpose of giving effect to a declared agreement, the Tax
Information Exchange Agreements Act s.6(1) provides that the Board of Inland
Revenue has all the powers that it would have if it were acting generally for
the purpose of, or any particular purpose specified in, any Act that confers
powers to the Board of Inland Revenue. Section 6(1) further provides that
such powers are exercisable notwithstanding that the circumstances, if any,
necessary under that Act for the exercise of the power may not have arisen
(e.g. enforcement or administration of domestic tax laws; ongoing tax assess-
ment). Section 6(2) provides that the Board of Inland Revenue may, in accord-
ance with a declared agreement, provide any information obtained by it under
the Tax Information Exchange Agreement Act or any other Act and request and
receive any information required by it for the purposes of any Act.
130. Commentary in Senate debates 8 reflect that section 117(6) was added
to the Income Tax Act as a result of sentiment from the Opposition party that
the Tax Information Exchange Agreements Act was “an abrogation of the
constitutional right to privacy” which stems from the limitation in section
117(2) to the Board of Inland Revenue’s limited power to access bank account
information for purposes of determining any objection to an assessment of tax.
131. Section 117(6) harmonises the language in section 6 of the Tax
Information Exchange Agreements Act with section 117(2) through (5) (access
to bank information). The Tax Information Exchange Agreements Act also
overrides the domestic “administration and enforcement” limitations in sec-
tions 117(1) (compulsory powers), 118 (search and seizure), and 97(1) through
(3) (general powers).
8. www.ttparliament.org/hansards/hs20030408.pdf.
132. As section C of this report details, Trinidad and Tobago has only
one tax information exchange agreement that is a declared agreement. The
declared agreement is Trinidad and Tobago’s TIEA with the United States
(signed 11 January 1989, entered into force 9 February 1990). As such,
Trinidad and Tobago’s competent authority is only able to use information
gathering powers provided for in the Income Tax Act in connection with
providing exchange of information assistance pursuant to a request from the
United States made under the TIEA.
133. Trinidad and Tobago’s DTCs are incorporated into domestic law by
the Income Tax Act s.93(1). However, Trinidad and Tobago’s DTCs have not
been declared, by Order of the President, to be declared agreements for pur-
poses of the Tax Information Exchange Agreements Act. Exchange of infor-
mation assistance under these agreements is, therefore, limited to publicly
available information contained in Trinidad and Tobago’s public registries
(e.g. company registry; business name registry).
Use of information gathering measures absent domestic tax interest

(ToR B.1.3)
134. The concept of “domestic tax interest” describes a situation where a
contracting party can only provide information to another contracting party
if it has an interest in the requested information for its own tax purposes.
135. Trinidad and Tobago’s competent authority has broad information
gathering powers for use in responding to a request made a under a declared
agreement. In all other cases, the Board of Inland Revenue’s information
gathering powers are limited to the administration and enforcement of
Trinidad and Tobago’s tax laws. Likewise, access to bank information is
limited to determining any objection to an assessment of tax. On the face of
it, these limitations prevent the Board of Inland Revenue’s ability to access
information unless it has an interest in the information for its own tax pur-
poses. While this is a significant deficiency, Trinidad and Tobago has already
implemented legislation to address this situation in respect of declared
agreements.
136. Trinidad and Tobago has agreements providing for exchange of infor-
mation with 24 jurisdictions. It has power to access information for purposes
of exchange of information in 1 of these agreements. While the legislative
framework to access information for exchange purposes is in place, these
powers have not been activated in the other 23 agreements. In order to insure
Trinidad and Tobago can access information even in cases where it has no
interest in the information for its own tax purposes, an Order of the President
is required. To date, no such Order has been made.
137. It is recommend that Trinidad and Tobago declare, by Order by the

President, that all of its international agreements which contain provisions for
exchange of tax information be considered declared agreements for purposes
of the Tax Information Exchange Agreements Act, or enact legislation simi-
lar to section 117(6) of the Income Tax Act that confers the Board of Inland
Revenue the power to access information (including bank, ownership, and
identity information and accounting records) in response to a request for
information made under an international agreement which contains provi-
sions for exchange of tax information to the same extent as for domestic tax
purposes.
Compulsory powers (ToR B.1.4)

138. As previously described, Trinidad and Tobago’s competent authority
has broad powers to compel the production of information from natural and
legal persons in response to an exchange of information request made under a
declared agreement. Under the Income Tax Act, tax authorities have powers of
discovery and inspection, and are able to compel the production of any docu-
ments from taxpayers and third party record keepers. Compulsory powers
are not available, however, for providing exchange of information assistance
pursuant to an agreement that is not a “declared agreement” for the purpose
of the Tax Exchange Information Agreements Act.
Secrecy provisions (ToR B.1.5)

139. The Financial Institutions Act s.8 contains provisions for protect-
ing the confidentiality of information held by financial institutions. Section
8 prohibits the disclosure of any information regarding the business of a
financial institution licensed under the Financial Institutions Act or any of
its affiliates or any information regarding a depositor or customer dealing
with the licensee. A person who contravenes this section commits an offence
and is liable on summary conviction to a fine of TTD 600 000 (EUR 75 000)
and to imprisonment for two years (s.8(10)). Provision is made for disclosure
of bank information where such disclosure is required by any written law
(e.g. Income Tax Act; Tax Information Exchange Agreements Act) or ordered
by the Court (s.8(7)).
140. There are no provisions under Trinidad and Tobago’s laws relating
to the secrecy of ownership, identity or accounting information. The Income
Tax Act s.117 and the Tax Information Exchange Agreements Act s.6 override
the confidentiality provisions in the Financial Institutions Act applicable to
banks and other financial institutions. However, and as previously discussed,
the Board of Inland Revenue may only access bank information to determine
any objection to an assessment of tax or when section 117(6) of the Income

Tax Act applies (requests made under declared agreements).
141. All of Trinidad and Tobago’s exchange of information agreements
permit Trinidad and Tobago to decline a request if responding to the request
would disclose any trade, business, industrial, commercial or professional
secret or trade process, or information, the disclosure of which would be
contrary to public policy. This follows the standards set forth in Article 26 of
the OECD Model Tax Convention and the OECD Model TIEA.
142. Among the situations in which Trinidad and Tobago is not obliged to
supply information in response to a request is when the requested informa-
tion would disclose confidential communications protected by attorney-client
privilege. The scope of attorney client privilege is not defined in statutory
law. At common law, the privilege attaches to confidential written or oral
communications between a professional legal adviser and his client, or any
person representing the client, in connection with and in contemplation of,
and for the purposes of legal proceedings or in connection with the giving
of legal advice (Archbold 2006 ed. para 12-7). Thus, where an attorney acts
in any other capacity other than as an attorney (e.g. as a real estate broker),
the attorney-client privilege should not apply. In this case, exchange of infor-
mation resulting from and relating to any such communications cannot be
declined because of the attorney-client privilege.
The element is not in place.
There is provision in Trinidad and Trinidad and Tobago should ensure
Tobago law to grant tax authorities that such an Order is made with
the power to obtain information for respect to the remaining exchange
its exchange of information partners of information agreements that are in
in cases where it is not required for force.
its own tax purposes. However, this
requires the issuance of a Presidential
Order in order to have effect. Such
an Order has only been made in the
case of 1 of Trinidad and Tobago’s 24
exchange of information agreements
that are in force.
B.2. Notification requirements and rights and safeguards
The rights and safeguards (e.g. notification, appeal rights) that apply to persons in the
requested jurisdiction should be compatible with effective exchange of information.
Not unduly prevent or delay exchange of information (ToR B.2.1)

143. The Terms of Reference provides that rights and safeguards should
not unduly prevent or delay effective exchange of information. For instance,
notification rules should permit exceptions from prior notification (e.g. in
cases in which the information request is of a very urgent nature or the
notification is likely to undermine the chance of success of the investigation
conducted by the requesting jurisdiction).
144. Trinidad and Tobago’s laws do not require the Inland Board of
Revenue to inform the person concerned of the existence of an exchange of
information request.
145. Sections 117(4) and 118(2) of the Income Tax Act provide taxpayers
and third parties with legal safeguards in the event that a notice is issued by
the Board of Inland Revenue under section 117 (access to bank information)
or 118 (search and seizure).
146. The Board of Inland Revenue is obliged to give 7 days’ notice to tax-
payers of their intention to access their bank account information (s.117(3)).
Taxpayers have 7 days from receipt of such notice to seek judicial review for
a declaration of their rights (s.117(4)). The Income Tax Act does not provide
any exceptions to the 7-day notice requirement.
147. The Board of Inland Revenue is also obliged to give 24 hours’ notice
to the occupier of any premises for which they intend to enter (s.118(2)).
Occupiers have 24 hours from receipt of such notice to inform the Board of
Inland Revenue of any objection. Thereafter, occupiers have 7 days to seek
judicial review for a declaration of their rights (s.117(4)). The Income Tax Act
does not provide any exceptions to the 24-hour notice requirement.
148. The Income Tax Act ss.117(3) and 118(2) do not permit any exceptions
from prior notification (e.g. in cases in which the information request is of
a very urgent nature or the notification is likely to undermine the chance of
success of the investigation conducted by the requesting jurisdiction).
149. It is recognised in the Terms of Reference that a Phase 2 review is
necessary before any definitive judgment could be made as to whether the
jurisdiction satisfies the standard or not.9 In particular, it is acknowledged
9. See paragraph 18 of the Terms of Reference to Monitor and Review Progress

Towards Transparency and Exchange of Information for Tax Purposes.
that whether a jurisdiction delivers information in a timely manner, and

whether the rights and safeguards afforded persons in a jurisdiction unduly
prevent or delay effective exchange of information would generally require
an assessment of the practical application of a jurisdiction’s legal framework
for exchange. Thus, the Phase 1 determination that this essential element
is in place but certain aspects of the legal implementation of the element
need improvement will need to be reviewed in due course in the Phase 2
assessment.
The element is in place, but certain aspects of the legal implementation
of the element need improvement.
There are no exceptions to prior It is recommended that certain
notification procedures for accessing exceptions from prior notification
bank account information. To require be permitted (e.g. in cases in which
in all cases that the taxpayer be first the information requested is of a
approached, and thus notified, may very urgent nature or the notification
unduly prevent or delay the effective is likely to undermine the chance
exchange of information in urgent of the success of the investigation
cases. conducted by the requesting
jurisdiction).
COMPLIANCE WITH THE STANDARDS: EXCHANGING INFORMATION – 47
C. Exchanging Information
Overview
150. Jurisdictions generally cannot exchange information for tax pur-

poses unless they have a legal basis or mechanism for doing so. The legal
authority to exchange information may be derived from bilateral or multi-
lateral mechanisms (e.g. double tax conventions, tax information exchange
agreements, the Joint Council of Europe/OECD Convention on Mutual
Administrative Assistance in Tax Matters) or arise from domestic law. Within
particular regional groupings information exchange may take place pursuant
to exchange instruments applicable to that grouping (e.g. within the EU, the
directives and regulations on mutual assistance).
151. Trinidad and Tobago has a treaty network with 24 jurisdictions, con-
sisting of 14 bilateral agreements that provide for the exchange of tax infor-
mation 10 and a multilateral CARICOM Income Tax Treaty. This multilateral
treaty has been signed by Trinidad and Tobago and 10 other jurisdictions. All
these agreements are in force and provide for the exchange of information.
152. Only one of Trinidad and Tobago’s agreements – TIEA with the
United States – can be seen as meeting the standard. The TIEA with the
United States is modelled after the OECD Model Tax Information Exchange
Agreement. It is also a declared agreement for purposes of the Tax Information
Exchange Agreements Act. Trinidad and Tobago’s other agreements do not
meet the standard due to the Board of Inland Revenue’s inability to access
information with respect to exchange of information agreements that are not
considered “declared agreements” (see section B.1).
153. Only one of Trinidad and Tobago’s agreements – with Spain – includes
the current version of article 26 of the OECD Model Taxation Convention,
including the requirement that a party cannot refuse to provide information
10. Trinidad and Tobago also has a tax treaty with Switzerland. However, this treaty
does not have an exchange of information article and is thus not considered in
this analysis.
48 – COMPLIANCE WITH THE STANDARDS: EXCHANGING INFORMATION
solely because it is held by a bank. The agreement with Spain is not a declared
agreement. It is unclear whether Trinidad and Tobago could fulfil its obliga-
tions under this agreement due to the Board of Inland Revenue’s limitation
regarding access to bank information.
154. As Trinidad and Tobago has only one agreement that appears to meet
the internationally agreed tax standard, it does not meet the requirement that
its agreements provide for effective exchange of information. Trinidad and
Tobago must at a minimum have full, effective exchange of information with
its existing treaty partners. Moreover, given Trinidad and Tobago’s aim of
establishing an international finance centre, effective exchange of informa-
tion should be available for all jurisdictions from which investment flows
originate and to which the capital is destined to be invested.
155. There are no specific legal or regulatory requirements in place which
would prevent Trinidad and Tobago from responding to a request for infor-
mation by providing the information requested or providing a status update
within 90 days of receipt of the request.
C.1. Exchange-of-information mechanisms
Exchange of information mechanisms should allow for effective exchange of information.
Foreseeably relevant standard (ToR C.1.1)

156. The international standard for exchange of information envis-
ages information exchange upon request to the widest possible extent.
Nevertheless it does not allow “fishing expeditions,” i.e. speculative requests
for information that have no apparent nexus to an open inquiry or investiga-
tion. The balance between these two competing considerations is captured in
the standard of “foreseeable relevance” which is included in paragraph 1 of
Article 26 of the OECD Model Taxation Convention set out below:
“The competent authorities of the contracting states shall
exchange such information as is foreseeably relevant to the car-
rying out of the provisions this Convention or to the administra-
tion or enforcement of the domestic laws concerning taxes of
every kind and description imposed on behalf of the contracting
states or their political subdivisions or local authorities in so far
as the taxation thereunder is not contrary to the Convention. The
exchange of information is not restricted by Articles 1 and 2.”
157. Trinidad and Tobago has bilateral tax treaties with 14 jurisdictions,
namely: Canada, Peoples Republic of China, Denmark, France, Germany, India,
Italy, Luxembourg, Norway, Spain, Sweden, the United Kingdom, the United
States and Venezuela. Trinidad and Tobago is also a member of the CARICOM
Multilateral Tax Treaty, which is signed by 11 jurisdictions, the other 10 are:
Antigua and Barbuda, Barbados, Belize, Dominica, Grenada, Guyana, Jamaica,
St. Kitts and Nevis, Saint Lucia, and St. Vincent and the Grenadines. Trinidad
and Tobago has also signed a Tax Information Exchange Agreement (TIEA)
with the United States. All of Trinidad and Tobago’s treaties are in force.
158. The agreements with China, France, India, Italy, Luxembourg, Sweden,
the United Kingdom, Venezuela, and the CARICOM agreement provide for the
exchange of information as is “necessary” for carrying out the provisions of the
convention or of the domestic laws of the Contracting states concerning the taxes
covered by the agreements. The agreement with Spain uses the term “foreseeably
relevant” in place of “necessary”. The term “relevant” is used in the treaty with
Canada. The terms “as is necessary” and “as is relevant” are recognised in the
commentary to Article 26 of the OECD Model Taxation Convention to allow for
the same scope of exchange as does the term “foreseeably relevant”.11 As such,
all of these agreements meet the foreseeably relevant standard.
159. The TIEA with the United States provides for exchange of such infor-
mation as is pertinent to the carrying out of the provisions of the convention
or to the prevention of fraud or fiscal evasion in relation to the taxes which
are the subject of the convention.
160. Three of Trinidad and Tobago’s DTCs – with Norway, Denmark, and
Germany – provide for the exchange of information that is “necessary” for car-
rying out the provisions of the agreement, but do not specifically provide for the
exchange of information in aid of the administration and enforcement of domestic
laws. The agreements with Norway and Denmark also incorporate additional
language, noting that it applies to “… such information (being information which
is at their disposal under their respective taxation laws in the normal course of
administration) as is necessary …”. The bracketed text is not in line with the
standard as it limits the exchange of information article to information at the par-
ties’ disposal under taxation laws, not information at their disposal under other
laws, and it limits the exchange of information to information which is at their
disposal in the normal course of administration. Thus, if it is not “normal” for
one of the parties to obtain certain information, the information might not be pro-
vided to the other Contracting State. The practical scope of information exchange
under these agreements will be considered as part of the Phase 2 Peer Review.
11. The word “necessary” in paragraph 1 of Article 26 of the 2003 OECD Model
Taxation Convention was replaced by the phrase “foreseeably relevant” in the
2005 version. The commentary to Article 26 recognises that the term “neces-
sary” allows for the same scope of exchange as does the term “foreseeably
relevant”.
In respect of all persons (ToR C.1.2)

161. For exchange of information to be effective it is necessary that a
jurisdiction’s obligation to provide information is not restricted by the resi-
dence or nationality of the person to whom the information relates or by the
residence or nationality of the person in possession or control of the informa-
tion requested. For this reason, the international standard for exchange of
information envisages that exchange of information mechanisms will provide
for exchange of information in respect of all persons.
162. Trinidad and Tobago’s agreements with Canada, France, India, the
United States, and Venezuela specifically mention that the exchange of
information is not restricted by Article 1 (Personal scope). The other agree-
ments do not have this language but also do not contain a prohibition. In all
these agreements, except in the case of Germany, Norway, and Denmark,
information is to be exchanged for carrying out the provisions of domestic
laws. Trinidad and Tobago’s domestic laws are applicable to non-residents.
The agreements with Germany, Norway, and Denmark, which provide for
the exchange of information for carrying out the provisions of the agreement,
are only applicable provided one of the persons concerned is resident in one
of the Contracting States. Therefore, all but three of Trinidad and Tobago’s
agreements allow for exchange information with respect to all persons.
Obligation to exchange all types of information (ToR C.1.3)

163. Jurisdictions cannot engage in effective exchange of information if
they cannot exchange information held by financial institutions, nominees
or persons acting in an agency or a fiduciary capacity. The OECD Model
Taxation Convention, which is an authoritative source of the standards, stipu-
lates that bank secrecy cannot form the basis for declining a request to pro-
vide information and that a request for information cannot be declined solely
because the information is held by nominees or persons acting in an agency or
fiduciary capacity or because the information relates to an ownership interest.
164. Only Trinidad and Tobago’s recent DTC with Spain includes the pro-
vision contained in paragraph 26(5) of the OECD Model Taxation Convention,
which states that a contracting state may not decline to supply information
solely because the information is held by a bank, other financial institution,
nominee or person acting in an agency or a fiduciary capacity or because it
relates to ownership interests in a person. Trinidad and Tobago’s other bilateral
agreements do not contain such a provision. The treaty with Luxembourg does
not meet this standard as Luxembourg is only able to access bank information
in cases of tax fraud as defined under Luxembourg law. Trinidad and Tobago’s
other DTC’s may also not meet this standard if its partners are unable to
access bank information in response to an exchange of information request.
165. The CARICOM agreement also does not contain provisions similar
to paragraph 26(5) of OECD Model Taxation Convention. The obligation to
exchange all types of information is only available with respect to three of its
signatories, Antigua and Barbuda, Barbados and Saint Kitts and Nevis for the
following reasons:
the competent authorities of Belize, St. Lucia and St. Vincent and the
Grenadines have access to bank information in criminal tax matters only;
Grenada is only able to access information for the purpose of its
TIEA with the United States, therefore, it will not be able to exchange
information under the CARICOM agreement;
Dominica has not provided any information regarding powers of
competent authority to access bank information;12
information about competent authorities’ powers to access bank
information to obtain ownership, identity and accounting informa-
tion for the purpose of exchange of information is not available
with respect to Guyana, so it is not possible to confirm that the
CARICOM treaty with this jurisdiction meets the OECD standard;
Saint Kitts and Nevis has enacted the Saint Christopher and Nevis
(Mutual Exchange of Information on Tax Matters) Act 2009 which
provides that all types of information may be obtained and shared
with treaty partners (civil as well as criminal);
the competent authorities of Antigua and Barbuda and Barbados have
powers to obtain bank information and access to ownership, identity
and accounting information. Therefore, all types of information can
be exchanged if all other conditions are also satisfied.
166. As detailed in section B.1 of this report, there are limitations in
Trinidad and Tobago’s laws with respect to access to bank information.
Trinidad and Tobago is only able to access bank information for purposes of
responding to requests from the United States made under the declared agree-
ment (TIEA). As result of this limitation, Trinidad and Tobago’s DTCs (includ-
ing its DTC with Spain) and CARICOM agreements do not meet the standard.
Absence of domestic tax interest (ToR C.1.4)

167. The concept of “domestic tax interest” describes a situation where a
contracting party can only provide information to another contracting party
if it has an interest in the requested information for its own tax purposes. An
inability to provide information based on a domestic tax interest requirement
12. See Tax Co-operation 2009 – Towards a Level Playing Field.
is not consistent with the international standard. Contracting parties must use
their information gathering measures even though invoked solely to obtain
and provide information to the other contracting party.
168. Trinidad and Tobago’s tax treaty with Spain includes a paragraph
in the exchange of information article similar to paragraph 26(4) of the
OECD Model Tax Convention. It states: “If information is requested by a
Contracting State in accordance with this Article, the other Contracting State
shall use its information gathering measures to obtain the requested informa-
tion, even though the other State may not need such information for its own
tax purposes.” Trinidad and Tobago’s other bilateral DTCs and CARICOM
agreements do not contain such language.
169. A domestic tax interest requirement may however exist for some of
Trinidad and Tobago’s treaty partners. In such cases, the absence of a spe-
cific provision requiring exchange of information unlimited by domestic tax
interest will serve as a limitation on the exchange of information which can
occur under the relevant DTC. It is recommended that Trinidad and Tobago
renegotiate its older DTAs to include paragraph 26 (4) of the OECD Model
Taxation Convention.
170. As detailed in section B.1. of this report, Trinidad and Tobago has
a domestic tax interest with respect to its ability to access bank informa-
tion for purposes of responding to an exchange of information request made
under an agreement that is not a declared agreement for purposes of the Tax
Information Exchange Agreements Act. As a result, Trinidad and Tobago may
not be able to respond to a request in all cases with regard to its DTC with
Spain, or with any other of its exchange of information partners as concerns
bank information. Due to this limitation, Trinidad and Tobago’s TIEA with
the United States is the only agreement that meets the standard.
Absence of dual criminality principles (ToR C.1.5)

171. The principle of dual criminality provides that assistance can only be
provided if the conduct being investigated (and giving rise to an information
request) would constitute a crime under the laws of the requested country if
it had occurred in the requested country. In order to be effective, exchange of
information should not be constrained by the application of the dual criminal-
ity principle.
172. There are no dual criminality requirements in Trinidad and Tobago’s
agreements for the exchange of information in tax matters.
Exchange of information in both civil and criminal tax matters

(ToR C.1.6)
173. Information exchange may be requested both for tax administration
purposes and for tax prosecution purposes. The international standard is not
limited to information exchange in criminal tax matters but extends to infor-
mation requested for tax administration purposes (also referred to as “civil
tax matters”).
174. All of Trinidad and Tobago’s agreements for the exchange of infor-
mation provide for exchange of information in both civil and criminal tax
matters.
Provide information in specific form requested (ToR C.1.7)

175. There are no restrictions in the exchange of information provisions
in Trinidad and Tobago’s exchange of information agreements that would
prevent Trinidad and Tobago from providing information in a specific form,
as long as this is consistent with its own administrative practices.
In force (ToR C.1.8)

176. Exchange of information cannot take place unless a jurisdiction
has exchange of information arrangements in force. Where exchange of
information agreements have been signed the international standard requires
that jurisdictions must take all steps necessary to bring them into force
expeditiously.
177. All of Trinidad and Tobago’s agreements are in force. Trinidad and
Tobago’s most recent exchange of information agreement is with Spain,
signed 17 February 2009 and entered into force on 28 December 2009.
Be given effect through domestic law (ToR C.1.9)

178. For exchange of information to be effective, the contracting par-
ties must enact any legislation necessary to comply with the terms of the
agreement.
179. Trinidad and Tobago’s DTCs and CARICOM agreement are incorpo-
rated into domestic law by Order by the President pursuant to the Income Tax
Act s.93(1). The President of Trinidad and Tobago has, by Order, declared all
of Trinidad and Tobago’s DTCs and CARICOM agreement to be in effect.
180. One of Trinidad and Tobago’s agreements – with the Spain – specifi-
cally requires the exchange of information regardless of whether Trinidad and
Tobago’s tax authorities require the information for their own tax purposes.
However, as detailed in section B.1 of this report, Trinidad and Tobago’s

Board of Inland Revenue can only access bank information to determine any
objection to an assessment of tax or for purposes of responding to a request
for information made under a declared agreement. As a result, Trinidad and
Tobago may not be able to respond to a request in all cases with regard to its
DTC with Spain, or with any other of its exchange of information partners as
concerns bank information.
181. The Tax Information Exchange Agreements Act s.7 provides a spe-
cific carve-out to the confidentiality rules contained in the Income Tax Act
s.4 applicable to the Inland Board of Revenue. This applies only to providing
exchange of information assistance pursuant to declared agreements. Trinidad
and Tobago’s TIEA with the United States is the only agreement which has
been designated as a declared agreement under the Tax Information Exchange
Agreements Act. As a result, it does not appear that Trinidad and Tobago’s
domestic laws would allow exchange information to the standard under its
DTCs and CARICOM agreement.
Determination
There is provision in Trinidad and Trinidad and Tobago should ensure
Tobago law to grant tax authorities that such an Order is made with
the power to obtain information for its respect to the remaining exchange
exchange of information partners in of information agreements that are in
cases where it is not required for its own force.
tax purposes. However, this requires
the issuance of a Presidential Order
in order to have effect. Such an Order
has only been made in the case of 1 of
Trinidad and Tobago’s 24 exchange of
information agreements that are in force.
Some DTCs limit exchange of Trinidad and Tobago should revise
information (i) to information for carrying its existing treaties which do not
out the provisions of the Convention, or currently meet the standard.
(ii) to information concerning a resident
of one of the Contracting States, or
(iii) by failing to provide for exchange of
bank information.
C.2. Exchange-of-information mechanisms with all relevant partners
The jurisdictions’ network of information exchange mechanisms should cover all relevant
partners.
182. Ultimately, the international standard requires that jurisdictions

exchange information with all relevant partners, meaning those partners
who are interested in entering into an information exchange arrangement.
Agreements cannot be concluded only with counterparties without economic
significance. If it appears that a jurisdiction is refusing to enter into agree-
ments or negotiations with partners, in particular ones that have a reasonable
expectation of requiring information from that jurisdiction in order to prop-
erly administer and enforce its tax laws it may indicate a lack of commitment
to implement the standards.
183. Trinidad and Tobago’s agreements are shared with a variety of juris-
dictions, including:
7 of its 8 primary main trading partners (United States, Jamaica,
Venezuela, France, Germany, Barbados, and Spain; but not Brazil)
23 of the 92 Global Forum member jurisdictions;
9 of the 31 OECD member economies;
3 of the 19 non-EU G20 members (United States, Canada, and China);
11 counterparties in North America and the Caribbean, 9 in Europe,
1 in Asia and 2 in South America.
184. Trinidad and Tobago has a fairly good tax treaty network covering
its major trading partners, but not with all the significant economies in its
region with whom it has sizeable business, such as Brazil. However, only
one of Trinidad and Tobago’s agreements (TIEA with the US) appears to
provide for effective exchange of information in tax matters. Given Trinidad
and Tobago’s aim of establishing an international finance centre, effective
exchange of information should be available for all jurisdictions from which
investment flows originate and to which capital is destined to be invested.
Determination
Trinidad and Tobago has only one Trinidad and Tobago should bring
agreement that appears to provide for its existing agreements that do not
effective exchange of information. meet the standard up to the standard
and enter into agreements with all
relevant exchange of information
partners. Trinidad and Tobago
should also be prepared to enter into
new arrangements that provide for
effective exchange of information.
C.3. Confidentiality
The jurisdictions’ mechanisms for exchange of information should have adequate

provisions to ensure the confidentiality of information received.
Information received: disclosure, use, and safeguards (ToR C.3.1)

185. Governments would not engage in information exchange without the
assurance that the information provided would only be used for the purposes
permitted under the exchange mechanism and that its confidentiality would
be preserved. Information exchange instruments must therefore contain
confidentiality provisions that spell out specifically to whom the information
can be disclosed and the purposes for which the information can be used. In
addition to the protections afforded by the confidentiality provisions of infor-
mation exchange instruments countries with tax systems generally impose
strict confidentiality requirements on information collected for tax purposes.
186. All exchange of information articles in Trinidad and Tobago’s trea-
ties and its TIEA with the United States contain confidentiality provisions
modeled on Article 26(2) of the OECD Model Tax Convention. Trinidad
and Tobago’s exchange of information agreements are part of Trinidad and
Tobago’s domestic law.
187. Trinidad and Tobago’s domestic legislation also contains relevant
confidentiality provisions. The Tax Assessment Act s.4 provides that:
Every person having any official duty or being employed in the adminis-
tration of this Act shall regard and deal with all documents, information,
returns, assessment lists, and copies of such lists relating to the income
or items of the income of any person, as secret and confidential, and

shall make and subscribe a declaration in the form prescribed to that
effect before a Magistrate.
188. The Tax Information Exchange Agreements Act also contains con-
fidentiality provisions applicable to exchange of information pursuant to a
declared agreement. Section 7(2) of the Act provides that:
Where information has been obtained or received by the Board under
this Act or a declared agreement, a person who uses or discloses the
information other than for purposes for which it was obtained or received
is liable to the same penalty as that to which he would be liable if he had
committed an offence under section 4(2) of the Income Tax Act.
189. A breach of confidentiality is an offence and subject on summary
conviction to a fine of TTD 30 000 (EUR 3 750) or to imprisonment for two
years or both (Income Tax Act ss.4(2), 121(1)).
All other information exchanged (ToR C.3.2)

190. The confidentiality provisions in Trinidad and Tobago’s exchange of
information agreements and domestic law do not draw a distinction between
information received in response to requests or information forming part
of the requests themselves. As such, these provisions apply equally to all
requests for such information, background documents to such requests, and
any other document reflecting such information, including communications
between the requesting and requested jurisdictions and communications
within the tax authorities of either jurisdiction.
Determination
C.4. Rights and safeguards of taxpayers and third parties
The exchange of information mechanisms should respect the rights and safeguards
of taxpayers and third parties.
Exceptions to requirement to provide information (ToR C.4.1)

191. Each of Trinidad and Tobago’s DTCs and TIEAs ensures that the par-
ties are not obliged to provide information which would disclose any trade,
business, industrial, commercial or professional secret or information which
is the subject of professional privilege or information the disclosure of which
would be contrary to public policy. The reservation in the CARICOM treaty
appears to apply when the disclosure of the information would cumulatively
be contrary to public policy and disclose certain secrets such as trade secrets.
As such the grounds for declining to provide information in response to a
request appear to be narrower than those contemplated in the OECD Model
Taxation Convention.
Determination
C.5. Timeliness of responses to requests for information
The jurisdiction should provide information under its network of agreements in a timely
manner.
Responses within 90 days (ToR C.5.1)

192. In order for exchange of information to be effective it needs to be pro-
vided in a timeframe which allows tax authorities to apply the information to
the relevant cases. If a response is provided but only after a significant lapse
of time the information may no longer be of use to the requesting authorities.
This is particularly important in the context of international co-operation
as cases in this area must be of sufficient importance to warrant making a
request.
193. There are no specific legal or regulatory requirements in place which
would prevent Trinidad and Tobago responding to a request for information
by providing the information requested or providing a status update within
90 days of receipt of the request.
194. As regards the timeliness of responses to requests for information,

the assessment team is not in a position to evaluate whether this element is
in place, as it involves issues of practice that are dealt with in the Phase 2
review.
Organisational process and resources (ToR C.5.2)

195. Trinidad and Tobago’s legal and regulatory framework relevant to
exchange of information for tax purposes is presided over by Trinidad and
Tobago’s Ministry of Finance. Trinidad and Tobago’s competent authority in
all matters concerning Tax Information Exchange Agreements is the Board
of Inland Revenue. The Minister of Finance, or his authorised representative,
acts as competent authority under Trinidad and Tobago’s Double Taxation
Conventions.
196. A review of Trinidad and Tobago’s organisational process and resources
will be conducted in the context of its Phase 2 review.
Absence of restrictive conditions on exchange of information

(ToR C.5.3)
197. There were no aspects of Trinidad and Tobago’s exchange of informa-
tion agreements that appear to impose restrictive conditions on exchange of
information.
Determination
The assessment team is not in a position to evaluate whether this
element is in place, as it involves issues of practice that are dealt with
in the Phase 2 review.
SUMMARY OF DETERMINATIONS AND FACTORS UNDERLYING RECOMMENDATIONS – 61
Summary of Determinations and Factors

Underlying Recommendations
Factors underlying
Determination recommendations Recommendations
Jurisdictions should ensure that ownership and identity information for all relevant entities
and arrangements is available to their competent authorities. (ToR A.1)
Companies incorporated In such cases, Trinidad
outside of Trinidad and and Tobago should ensure
Tobago but having their that ownership and identity
central management and information should be
control in Trinidad and available.
Tobago are not required to
provide information identifying
their owners as a part of
registration requirements and
foreign companies are not
The element is in required to compulsorily keep
place, but certain a share register in Trinidad
aspects of the legal and Tobago. Therefore, the
implementation of availability of information
the element need that identifies the owners
improvement. of such companies will
generally depend on the law
of the jurisdiction in which the
company is incorporated and
so may not be available in all
cases.
There is no specific An obligation should be
requirement that information established in Trinidad and
concerning the settlor, trustees Tobago to maintain information
and beneficiaries of trusts be on the settlors, trustees and
maintained. beneficiaries of their trusts.
62 – SUMMARY OF DETERMINATIONS AND FACTORS UNDERLYING RECOMMENDATIONS
Factors underlying
Jurisdictions should ensure that reliable accounting records are kept for all relevant entities
and arrangements. (ToR A.2)
Banking information should be available for all account-holders. (ToR A.3)
Competent authorities should have the power to obtain and provide information that is the
subject of a request under an exchange of information arrangement from any person within
their territorial jurisdiction who is in possession or control of such information (irrespective
of any legal obligation on such person to maintain the secrecy of the information). (Tor B.1)
The element is not in There is provision in Trinidad Trinidad and Tobago should
place. and Tobago law to grant tax ensure that such an Order
authorities the power to obtain is made with respect to
information for its exchange of the remaining exchange of
information partners in cases information agreements that
where it is not required for its are in force.
own tax purposes. However,
this requires the issuance
of a Presidential Order in
order to have effect. Such an
Order has only been made
in the case of 1 of Trinidad
and Tobago’s 24 exchange of
information agreements that
are in force.
The rights and safeguards (e.g. notification, appeal rights) that apply to persons in the
requested jurisdiction should be compatible with effective exchange of information. (ToR B.2)
The element is in There are no exceptions to It is recommended that
place, but certain prior notification procedures certain exceptions from prior
aspects of the legal for accessing bank account notification be permitted
implementation of information. To require in all (e.g. in cases in which the
the element need cases that the taxpayer be first information requested is
improvement. approached, and thus notified, of a very urgent nature or
may unduly prevent or delay the notification is likely to
the effective exchange of undermine the chance of the
information in urgent cases. success of the investigation
conducted by the requesting
jurisdiction).
SUMMARY OF DETERMINATIONS AND FACTORS UNDERLYING RECOMMENDATIONS – 63
Factors underlying
Exchange of information mechanisms should allow for effective exchange of information.
(ToR C.1)
There is provision in Trinidad Trinidad and Tobago should
and Tobago law to grant tax ensure that such an Order
authorities the power to obtain is made with respect to
information for its exchange of the remaining exchange of
information partners in cases information agreements that
where it is not required for its are in force.
own tax purposes. However,
this requires the issuance
of a Presidential Order in
order to have effect. Such an
Order has only been made
The element is not in in the case of 1 of Trinidad
place. and Tobago’s 24 exchange of
information agreements that
are in force.
Some DTCs limit exchange of Trinidad and Tobago should
information (i) to information revise its existing treaties
for carrying out the provisions which do not currently meet
of the Convention, or (ii) to the standard.
information concerning
a resident of one of the
Contracting States, or (iii) by
failing to provide for exchange
of bank information.
The jurisdictions’ network of information exchange mechanisms should cover all relevant
partners. (ToR C.2)
The element is not in Trinidad and Tobago has only Trinidad and Tobago should
place. one agreement that appears to bring its existing agreements
provide for effective exchange that do not meet the standard
of information. up to the standard and
enter into agreements with
all relevant exchange of
information partners. Trinidad
and Tobago should also be
prepared to enter into new
arrangements that provide
for effective exchange of
information.
64 – SUMMARY OF DETERMINATIONS AND FACTORS UNDERLYING RECOMMENDATIONS
Factors underlying
The jurisdictions’ mechanisms for exchange of information should have adequate provisions
to ensure the confidentiality of information received. (ToR C.3)
The element is in
place.
The exchange of information mechanisms should respect the rights and safeguards of
taxpayers and third parties. (ToR C.4.)
The element is in
place.
The jurisdiction should provide information under its network of agreements in a timely
manner. (ToR C.5)
The assessment team
is not in a position to
evaluate whether this
element is in place, as
it involves issues of
practice that are dealt
with in the Phase 2
review.
ANNEXES – 65
Annex 1: Jurisdiction’s Response to the Review Report*
Trinidad and Tobago is committed to the review process and addressing the
deficiencies raised in the reports. Some of the issues are already receiving the
attention of the authorities and the comments are as follows:
(a) Minor corrections:
1. Rates of withholding tax – effective January 2008 (Para 21 of report)

- Distributions/Dividends – 10% (Parent Co. – 5%)
- Any other payments – 15%
2. Number of bilateral treaties currently enforced is sixteen (16). Refer
to list para 157 (Switzerland and Brazil was omitted).
(b) Jurisdictions should ensure that the ownership and identity information
for all relevant entities and arrangements is available to their competent
authorities.
Discussions have already been initiated with the Registrar of Companies
to determine whether the registration of external companies in accordance
with Sec. 318 of the Company Act could include information concerning the
identity of the companies’ shareholders or members. If it is so allowed legally,
the Registrar of companies would be advised to enforce such requirements.
Whilst this is the preferred option, the Board of Inland Revenue could require
such information for the purpose of issuing a Tax file number. For either
option it is not anticipated that correcting this deficiency would encounter
any major hurdles.
(c) Jurisdictions should ensure that reliable accounting records are kept for all
relevant entities and arrangements.
* This Annex presents the Jurisdiction’s response to the review report and shall
not be deemed to represent the Global Forum’s views.
66 – ANNEXES
The focus appears to be on the maintenance of records regarding trusts.

Trustees are obligated under the Income Tax Act to maintain records for a
period of six years etc. and it is expected that reporting of their income would
be accompanied by a statement/record of the trust. Further, legal issues
regarding the responsibility for filing of Tax returns on whether it is trust or
trustee did impact on the maintenance of records by the entity. However to
ensure effective enforcement, discussions have started with respect to recom-
mending changes to the Income Tax Act (Sec. 76) to require the furnishing of
a return of income of the trust. Also, it is being examined whether an admin-
istrative request for maintenance of records by the trust could be enforced.
(d) Exchange of information mechanism should allow for effective exchange
of information.
The report highlighted a limitation in the existing treaties and domestic leg-
islation with respect to exchange of information. Reference was also made to
the Tax Information Exchange Agreement with the US as the only agreement
that satisfy an effective information exchange.
The approaches being explored to address the deficiency raised are as follows:
1. Domestic legislative amendments to the Income Tax Act to remove
bank secrecy provisions in well defined circumstances so as to
respond to a request for information;
2. To pursue negotiations with treaty partners for expansion of the
number of Tax Information Exchange Agreements;
3. Renegotiate existing double tax treaties with objective to meet the
required standard for effective exchange of information; and
4. Examine the Tax Information Exchange Agreement Act to determine
whether the double tax treaties could be considered as “declared
agreements” and therefore facilitate the effective exchange of
information.
All of the above are currently in the discussion stage and it is expected that
the determination on the best approach would be made shortly.
The provision of information on a timely manner has improved significantly
primarily through the capacity of a recently implemented Integrated Tax
Processing System. The system has the capacity to facilitate the transmission
of information electronically in the prescribed standardized OECD format
and progress has been good.
ANNEXES – 67
Annex 2: List of All Exchange-of-Information Mechanisms

in Force
No. Jurisdiction Type of EOI agreement Date signed Date in force

1 Antigua and Barbuda CARICOM 06 Jul 1994 30 Nov 1994
2 Barbados CARICOM 06 Jul 1994 30 Nov 1994
3 Belize CARICOM 06 Jul 1994 30 Nov 1994
Double Tax Convention
4 Canada 11 Sep 1995 08 Feb 1996
(DTC)
5 China DTC 18 Sep 2003 22 Sep 2005
6 Denmark DTC 20 Jun 1969 17 May 1971
7 Dominica CARICOM 06 Jul 1994 30 Nov 1994
8 France DTC 05 Apr 1987 01 Apr 1989
9 Germany DTC 04 Apr 1973 28 Jan 1977
10 Grenada CARICOM 06 Jul 1994 30 Nov 1994
11 Guyana CARICOM 06 Jul 1994 30 Nov 1994
12 India DTC 08 Feb 1999 13 Oct 1999
13 Italy DTC 26 Mar 1971 19 Apr 1974
14 Jamaica CARICOM 06 Jul 1994 30 Nov 1994
15 Luxembourg DTC 07 May 2001 20 Nov 2003
16 Norway DTC 29 Oct 1969 07 Aug 1970
17 St. Kitts and Nevis CARICOM 06 Jul 1994 30 Nov 1994
18 St. Lucia CARICOM 06 Jul 1994 30 Nov 1994
St. Vincent and the
19 CARICOM 06 Jul 1994 30 Nov 1994
Grenadines
20 Spain DTC 17 Feb 2009 28 Dec 2009
21 Sweden DTC 17 Feb 1984 12 Dec 1984
22 United Kingdom DTC 31 Dec 1982 22 Dec 1983
23 United States DTC 09 Jan 1970 30 Dec 1970
Tax Information Exchange
24 United States 11 Jan 89 09 Feb 1990
Agreement (TIEA)
25 Venezuela DTC 31 Jul 1996 31 Dec 1997
68 – ANNEXES
Annex 3: List of All Laws, Regulations

and Other Relevant Material
Commercial Laws
Companies Act
Insurance Act
Fiscal Incentives Act
Foreign Investment Act
Registrar General Act
Registration of Business Names Act
Registration of Deeds
Partnership Act
Trinidad and Tobago Free Zones Act
Taxation Laws
Income Tax Act
Income Tax (In Aid of Industry) Act
Corporate Tax Act
Tax Information Exchange Agreements Act
Value Added Tax Act
Banking Laws
Financial Institutions Act
Anti-Money Laundering
Financial Obligation Regulations
Proceeds of Crime Act
ORGANISATION FOR ECONOMIC CO-OPERATION
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(23 2011 05 1 P) ISBN 978-92-64-09694-3 – No. 57901 2011
Global Forum on Transparency and Exchange of Information
for Tax Purposes
PEER REVIEWS, PHASE 1: TRINIDAD AND TOBAGO

The Global Forum on Transparency and Exchange of Information for Tax Purposes is
the multilateral framework within which work in the area of tax transparency and exchange
of information is carried out by over 90 jurisdictions which participate in the work of the
Global Forum on an equal footing.
The Global Forum is charged with in-depth monitoring and peer review of the
implementation of the standards of transparency and exchange of information for tax
purposes. These standards are primarily reflected in the 2002 OECD Model Agreement
on Exchange of Information on Tax Matters and its commentary, and in Article 26 of the
OECD Model Tax Convention on Income and on Capital and its commentary as updated
in 2004, which has been incorporated in the UN Model Tax Convention.
The standards provide for international exchange on request of foreseeably relevant
information for the administration or enforcement of the domestic tax laws of a requesting
party. “Fishing expeditions” are not authorised, but all foreseeably relevant information
must be provided, including bank information and information held by fiduciaries,
regardless of the existence of a domestic tax interest or the application of a dual
criminality standard.
All members of the Global Forum, as well as jurisdictions identified by the Global Forum
as relevant to its work, are being reviewed. This process is undertaken in two phases.
Phase 1 reviews assess the quality of a jurisdiction’s legal and regulatory framework for
the exchange of information, while Phase 2 reviews look at the practical implementation
of that framework. Some Global Forum members are undergoing combined – Phase 1
plus Phase 2 – reviews. The ultimate goal is to help jurisdictions to effectively implement
the international standards of transparency and exchange of information for tax purposes.
All review reports are published once approved by the Global Forum and they thus
represent agreed Global Forum reports.
For more information on the work of the Global Forum on Transparency and Exchange of
Information for Tax Purposes, and for copies of the published review reports, please visit
www.oecd.org/tax/transparency.
Please cite this publication as:

OECD (2011), Global Forum on Transparency and Exchange of Information for Tax Purposes
Peer Reviews: Trinidad and Tobago 2011: Phase 1: Legal and Regulatory Framework, Global
Forum on Transparency and Exchange of Information for Tax Purposes: Peer Reviews,
OECD Publishing.
http://dx.doi.org/10.1787/XX
This work is published on the OECD iLibrary, which gathers all OECD books, periodicals and statistical
databases. Visit www.oecd-ilibrary.org, and do not hesitate to contact us for more information.
ISBN 978-92-64-09694-3
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GLOBAL FORUM ON TRANSPARENCY AND EXCHANGE

OF INFORMATION FOR TAX PURPOSES

Peer Review Report

TRINIDAD AND TOBAGO

Please cite this publication as:

ISBN 978-92-64-09694-3 (print)

Corrigenda to OECD publications may be found on line at: www.oecd.org/publishing/corrigenda.

About the Global Forum . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

Compliance with the Standards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15

Summary of Determinations and Factors Underlying Recommendations. . . . 61

Annex 1: Jurisdiction’s Response to the Review Report . . . . . . . . . . . . . . . . . . 65

About the Global Forum

The Global Forum on Transparency and Exchange of Information for Tax

1. Caribbean Community double taxation agreement of 1994.

9. The assessment of the legal and regulatory framework of Trinidad

2. IFS – International Financial Statistics, International Monetary Fund, accessed

16. Trinidad and Tobago is a member of the Commonwealth of Nations

General information on the legal and the taxation systems

Exchange of information for tax purposes

26. The government of Trinidad and Tobago issued a press release

Compliance with the Standards

28. Effective exchange of information requires the availability of reliable

31. Partnerships conducting business in Trinidad and Tobago are obliged

A.1. Ownership and identity information

Companies (ToR 6 A.1.1)

6. Terms of Reference to Monitor and Review Progress Towards Transparency and

Ownership information on domestic companies

the Registrar within 30 days of any changes to information registered with

Company’s shareholder lists

 the date on which each person was entered on the register as a

Ownership information on foreign companies

for external companies. External companies are obliged to file a statement

Ownership information held by service providers

62. Non-compliance with the Financial Obligation Regulations is an offence

Ownership information held by Nominees

Bearer shares (ToR A.1.2)

Partnerships (ToR A.1.3)

72. Upon receipt of this information, the Registrar issues a certificate

Information held by service providers

Trusts (ToR A.1.4)

Trust ownership and identity information required to be held by the trust

Information held by service providers

business address or accommodation, correspondence or administrative

Foundations (ToR A.1.5)

Enforcement provisions to ensure availability of information

96. Where a statement required to be furnished to the Registrar under the

Determination and factors underlying recommendations

A.2. Accounting records

General requirements (ToR A.2.1)

Underlying documentation (ToR A.2.2)

Document retention (ToR A.2.3)

Determination and factors underlying recommendations

A.3. Banking information

Banking information should be available for all account-holders.

Record-keeping requirements (ToR A.3.1)

Determination and factors underlying recommendations

118. A variety of information may be needed in a tax enquiry and jurisdic-

121. Trinidad and Tobago’s Board of Inland Revenue is obliged to give

B.1. Competent Authority’s ability to obtain and provide information

Bank, ownership and identity information (ToR B.1.1) and

Information gathering powers for domestic tax purposes

Applicability of information gathering powers for exchange of tax

Use of information gathering measures absent domestic tax interest

137. It is recommend that Trinidad and Tobago declare, by Order by the

the date on which each person was entered on the register as a