Common Reporting Standard & Country-by-Country Reporting

NOTICE OF 2020 EXTENDED DEADLINES FOR CRS AND CBCR FILINGS

As a result of the ongoing impacts of COVID-19, the Bermuda Minister of Finance has extended the following deadlines for Bermuda CRS Reporting Financial Institutions and CbCR Reporting Entities:

  • The deadline for submission of Common Reporting Standard (CRS) filings for the period ended 12/31/2019 has been further extended to August 31, 2020. Any new CRS registrations must be submitted by July 31, 2020.
  • The deadline for submission of Country-by-Country (CbC) Reports for periods ending between March 26, 2019 – May 31, 2019 are to be submitted no later than May 31, 2020. The submission deadlines for reporting periods ending after May 31, 2019 have not been changed.

Strict enforcement measures will apply for any filings submitted after the above extended deadlines.

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UK FATCA will be repealed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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