Dear Valued Members,
The Convention on Mutual Administrative Assistance in Tax Matters (MAAC) is a convention to facilitate the entering into bilateral tax information exchange agreements between state parties. The Convention was developed by the Organization for Economic Cooperation and Development (OECD) and the Council of Europe, and was open for signature to members of both organizations on 25 January 1988, and entered into force in 1995. Jamaica is now a signatory along with over 100 jurisdictions having committed to exchanging information under the Common Reporting Standard (CRS). The CRS has been incorporated in domestic law; this is the Revenue Administration (Amendment) Act, which was passed in the Senate on November 20, 2020.
As a result of the amendment to the Act, all Reporting Financial Institutions (RFIs) are required to identify reportable accounts through due diligence procedures outlined in the Common Reporting Standard. In keeping with the amendments, the Community & Workers of Jamaica Co-operative Credit Union Limited is in the process of updating our members’ tax residence information to ensure that we continue to adhere to the regulatory standards and requirements. To this end, we are requesting your assistance in updating your information.
Please download and complete the Credit Union’s Self-Certification of Residency Form, and submit it to the nearest branch or send a copy of the form to firstname.lastname@example.org with a copy of your valid identification.
Please note that the C&WJCCUL may be legally required to report information provided on this form and other financial information about the financial account(s) to which this form relates to the Tax Administration of Jamaica (“TAJ”). In turn, TAJ may exchange the reported information with the tax authorities in the country or countries in which you are a tax resident.
You may also visit any of our twenty-one (21) branches nearest to you to complete the form or contact our Customer Service Centre for further information.