Author: Christian Farrugia, Senior Corporate Administrator
6th April 2020
The Office of the Commissioner for Revenue has, through the issuance of a new notice, announced an extension of Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) reporting deadlines by two months from the 30th of April, 2020 to the 30th of June, 2020. The purpose of this extension is to provide reporting institutions with additional flexibility considering the current global situation with respect to COVID-19.
This extension is only valid for 2020 filings related to the 2019 reporting year. Failure to submit the required information by the specified deadline will result in imposition of penalties in terms of Regulation 44(1)(d) of the Cooperation with Other Jurisdictions on Tax Matters Regulations.
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