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Anguilla Extends FATCA And CRS Reporting Deadlines

by Mike Godfrey, Lowtax.net, Washington
14 June, 2017

Anguilla has given financial institutions further time to meet their 2014, 2015, and 2016 financial account reporting obligations under the Common Reporting Standard (CRS), and the US Financial Account Tax Compliance Act (FATCA).

The CRS is the single global standard for the collection, reporting, and exchange of financial account information on foreign tax residents on an automatic basis, while FATCA requires financial institutions to report on the foreign assets held by their US account holders or be subject to withholding tax of 30 percent on their US source income.

Electronic returns that were due on May 31, 2017, under the CRS, must now be filed by August 31, 2017. Electronic returns due under FATCA on May 31, 2017, must now be filed by July 31, 2017.

In addition to extending the reporting deadline, Anguilla says it expects to issue CRS guidance notes in June 2017, with the CRS online reporting gateway allowing submission of electronic returns to go live in July 2017.

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