Common Reporting Standard & Country-by-Country Reporting

IMPORTANT NOTICE OF UPCOMING PORTAL SHUT-DOWN PERIODS

In preparation for the transition to version 2.0 of the OECD’s Common Reporting Standard (CRS) and Country-by-Country Reporting (CbCR) XML Schemas, the Bermuda Ministry of Finance, Treaty Unit, wishes to notify Bermuda CRS Reporting Financial Institutions and CbCR Reporting Entities of the following:

  1. The Bermuda Tax Information Reporting Portal will be inaccessible from October 1, 2020 – November 7, 2020.
  1. The Bermuda Tax Information Reporting Portal will re-open on November 8, 2020 for submission of the following filings (using schema version 1.0), which must be submitted no later than December 31, 2020:
  • All CbCR New Data filings for reporting periods ending between October 1, 2019 and December 31, 2019.
  • Any outstanding CbCR Corrected Data filings; and,
  • Any outstanding CRS Corrected Data filings;
  1. The Bermuda Tax Information Reporting Portal will be inaccessible from January 1, 2021 – February 27, 2021.
  1. The Bermuda Tax Information Reporting Portal will re-open on February 28, 2021. Any CRS or CbCR filings submitted after this date MUST comply with version 2.0 of the applicable schema.

Additional information regarding the version 2.0 schemas can be found at the following OECD websites:

Please contact bermudataxinformationreporting@gov.bm with any questions.

UK FATCA

Under UK FATCA IGA Model 2, those companies designated Foreign Financial Institutions (FFIs) under UK FATCA in Bermuda, will need to report information directly to Her Majesty’s Revenue & Customs (HMRC) in London in order to comply with Section 4A of the Bermuda International Cooperation (Tax Information Exchange Agreements) Act 2005. 

Agreement between the Government of the United Kingdom of Great Britain and Northern Ireland and the Government of Bermuda to Improve International Tax Compliance. 

Ministry of Finance provides implementation details for UK FATCA

Statement from Ministry of Finance Treaty Unit

Renewal of FFI Agreement

FFI agreement renewal FAQs

UK FATCA will be repealed

Ministry of Finance provides confirmation of the phasing out of UK FATCA

It is anticipated that the UK FATCA IGA Model 2, and any applicable regulations and guidance notes relating to same, will be phased out such that from 2018 onwards reporting will be required only under the CRS. This means that from 2018 there will no longer be an option to report directly to HMRC and the reporting of UK reportable persons should only be made pursuant to the CRS via the Bermuda Electronic Portal.

Additional reading

International framework for the CRS 
Signatories Of The Multilateral Competent Authority Agreement 
Standard For Automatic Exchange Of Financial Account Information For Tax Matters 

Tax Information Reporting Project - Registration of Interest, June 2016

Tax Information Reporting Project - Request for Proposals (RFP)

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