The Mauritius Revenue Authority (MRA) announced today the due date to submit CRS reporting to the MRA has been extended from July 31, 2020 to September 30, 2020 . This extension now allows Financial Institutions to be more efficient in their CRS and FATCA preparation by having the same extended deadline. To contact the MRA FATCA/CRS unit directly: +230 207 6000 or via email at fatcacrsunit@mra.mu . For assistance, please contact me via my contact page or at elizabeth@elizab

The United Kingdom’s tax authority (HMRC) issued an update today regarding the deadline for CRS and FATCA Y2019 reporting. The normal annual deadline for both FATCA and CRS is May 31. HMRC did not change this deadline but expressed its understanding that financial institutions may not be able to file timely because of the pandemic. Accordingly, HMRC stated: “any financial institution that files a return late because of Covid 19 difficulties will have a reasonable excuse (and

The Bahamas tax authority announced that its AEOI portal will open for registration and reporting on Monday, August 17, 2020 at 9 AM EDT. The deadline for registration and reporting is Wednesday, September 30, 2020 at 5 PM EDT. Earlier this week, the Bahamas provided an updated list of CRS Exchange Partners . For assistance, please contact me via my contact page or at elizabeth@elizabethmcmorrowlaw.com .

Many tax authorities around the world have slowed down due to the pandemic but the British Virgin Islands International Tax Authority (ITA) is keeping busy. The ITA has started sending out notices to BVI Financial Institutions (FIs) requesting a copy of the BVI FI’s CRS policies and procedures. The penalty for failing to produce the document could be as much as US$100,000. Legal P&P Requirement BVI law requires that a BVI FI “establish, implement and maintain written policies

Imagine for a moment that it was possible to save time, money, aggravation and business reputation without spending a nickel (that’s 4 pence at today’s rates). Surprise! It is possible. As a result of the pandemic, businesses have been confronted with unprecedented issues to resolve. However, some issues are not so unprecedented. They are caused by employees letting their guard down within the presumed safety of their homes. Smile! Your Network Password Is on Facebook A proud

The Cayman Islands previously extended the deadline for Y2019 FATCA reporting to November 16, 2020. Cayman Islands Department for International Tax Cooperation (DITC) has now also extended the deadline for Y2019 CRS reporting to November 16, 2020 . Global Forum The Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum) recognized tax authorities and Financial Institutions (FIs) will have difficulty meeting their respective 2020 CRS deadlines

The IRS announced today that it is granting an automatic extension of time to submit FATCA Responsible Officer (RO) certifications for an entity with a certification due date of July 1, 2020. The new deadline is December 15, 2020 . It is not necessary to file a request for an extension of time with the IRS. If you have an entity with a July 1, 2020 RO certification deadline, your individual Financial Institution account in the IRS FATCA portal will now indicate the new Decemb

The Mauritius Revenue Authority (MRA) announced today the due date to submit FATCA reporting to the MRA has been extended from July 31, 2020 to September 30, 2020 . However, the MRA did not mention CRS. Accordingly, you should plan on completing your CRS reporting to the MRA by July 31, 2020. To contact the MRA FATCA/CRS unit directly: +230 207 6000 or via email at fatcacrsunit@mra.mu . For assistance, please contact me via my contact page or at elizabeth@elizabethmcmorrow

The Cayman Islands announced the deadline for Y2019 FATCA reporting has been extended to November 16, 2020. However, the deadline for CRS remains September 18, 2020. IRS Government to Government Extension Earlier this week, the IRS announced that it was granting an extension for the government to government exchange of Model 1 IGA FATCA Y2019 data from September 30, 2020 to December 31, 2020. In light of this extension, the Cayman Islands Department for International Tax Coop

The IRS announced that it is providing an automatic extension from March 31, 2020 to July 15, 2020 for Reporting Model 2 FFIs and Participating FFIs (PFFIs) to file the FATCA Report (IRS Form 8966) to the IRS. It is not necessary to file IRS Form 8809-I, Application for Extension of Time to File FATCA Form 8966. For assistance, please contact me via my contact page or at elizabeth@elizabethmcmorrowlaw.com .

Luxembourg’s Parliament is currently considering proposed amendments to its existing FATCA and CRS laws. The proposed changes would take effect in 2021. Nil Reporting Nil reporting will be required for both FATCA and CRS whereas currently nil reporting is only mandated for FATCA. Record Keeping Luxembourg Financial Institutions (FIs) must maintain a record of the specific compliance steps taken and any evidence relied upon in undertaking their reporting and due diligence obli

The Cayman Islands announced today that the deadline for Y2019 FATCA/CRS reporting has been extended to September 18, 2020 and the annual FATCA/CRS reporting deadline for future years has been changed to July 31. The Cayman Islands Department for International Tax Cooperation (DITC) expects to launch its new portal on June 1, 2020. Until then, it will not be possible to register entities (notification), undertake reporting, amend returns or update any current data. While th

As a result of the European Union (EU) General Data Protection Regulation’s (GDPR’s) extraterritorial reach, a U.S. business that controls or processes personal data of EU citizens may be subject to the GDPR. Over 5000 companies have opted to self-certify to the U.S. Privacy Shield Framework to become deemed GDPR compliant. What Is the GDPR? The GDPR came into effect on May 25, 2018 and is an EU regulation that requires businesses to protect EU citizens’ privacy and personal

Previously, the Cayman Islands stated that its FATCA/CRS AEOI portal was offline for maintenance. [See my August 31, 2019 blog post: FATCA & CRS: Cayman Portal Closed ]. However, the Cayman Islands Department for International Tax Cooperation (DITC) announced this week that it is developing a new AEOI Portal for notification and reporting purposes. The new portal is scheduled to launch in two phases over the first and second quarters of 2020. The portal will include additi

Are you getting 2020 off to a constructive start by getting your FATCA files in order? It can be quite a sticking point if you discover that the employee who registered your entity has left the company and your FATCA access code is nowhere to be found. Sure there are challenge questions meant to assist you in resetting the access code, but do you know the name of the hospital where your former employee was born or the name of his first pet? FATCA Login Basics To login to an

This week the British Virgin Islands (BVI) International Tax Authority (ITA) demonstrated its commitment to FATCA and CRS examinations by posting open positions with significant compliance responsibilities. Head of Compliance Unit The position includes a number of duties including developing and directing “an annual strategy and plan for compliance examinations/inspections in consultation with the Director to ensure adequate coverage of relevant Financial Institutions and t