A few Automatic Exchange of Information (AEoI) Reminders! The deadlines for reporting 2021 information under the Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS) are approaching and there are some important items to note. Here is a quick list of references and details for some of the more common, but certainly not all, reporting jurisdictions:
United States (FATCA):
Form 8966 is required to be filed for the 2021 calendar year on or before March 31, 2022. A Reporting Model 2 FFI must file Form 8966 on the same filing dates that apply to a Participating Foreign Financial Institution (PFFI), unless a different reporting date is specified in an applicable Model 2 Intergovernmental Agreement.
Important note: Responsible officer certifications are due by July 1, 2022, for the FATCA certification period ending December 31, 2021.
Bermuda FIs must report the details of their 2021 FATCA and CRS accounts to the Ministry by May 31, 2022.
Important note: In 2022, the Ministry will begin issuing notices to certain Bermuda FIs. These notices will require an Independent CRS Compliance Review (“CRS Review”). Registered Primary Users for Bermuda FIs should be on the lookout for these e-mailed notices.
Helpful Bermuda AEoI site:
Bermuda CRS Reportable Jurisdictions:
British Virgin Islands (BVI):
BVI FIs must report the details of their 2021 FATCA and CRS accounts to the International Tax Authority by May 31, 2022.
Helpful BVI AEoI site:
https://bviita.vg/bvifars/ and https://bviita.vg/automatic-exchange-of-information-aeoi/
BVI CRS Reportable Jurisdictions:
Canadian FIs must report the details of their 2021 FATCA and CRS accounts to the Canadian Revenue Authority by May 1, 2022.
Helpful Canada AEoI site: https://www.canada.ca/en/revenue-agency/services/tax/international-non-residents/enhanced-financial-account-information-reporting/reporting-sharing-financial-account-information-other-jurisdictions.html
Canada CRS Reportable Jurisdictions:
Cayman FIs must report the details of their 2021 FATCA and CRS accounts to the Department of International Taxation and Cooperation by July 31, 2022.
Cayman CRS Reportable Jurisdictions:
Irish Financial Institutions must report the details of their 2021 FATCA and CRS accounts to Revenue by June 30, 2022.
Helpful Ireland AEoI site:
Ireland CRS Reportable Jurisdictions:
UK FIs must report the details of their 2021 FATCA and CRS accounts to HMRC by May 31, 2022.
Helpful UK AEoI site:
UK Reportable Jurisdictions: https://www.gov.uk/hmrc-internal-manuals/international-exchange-of-information/ieim402340
Make sure to follow Comply Exchange for more industry updates and subscribe to the Comply Catch-up for a full industry round-up at the end of each month!