Malta Extends Automatic Tax Information Exchange Deadline
by Jason Gorringe, Lowtax.net, London
25 April, 2017
Malta has extended the deadline for submitting 2016 reports under the Common Reporting Standard (CRS) and the related EU directive on exchange of tax information from April 30, 2017, to June 30, 2017.
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.
Under the CRS, Maltese banks and other financial institutions are required to collect financial account information on non-residents and report this to Malta's Inland Revenue.
EU Council Directive 2014/107/EU effectively incorporates the CRS within existing European law by mandating that member states must automatically exchange information on certain categories of income and capital.
Malta's Inland Revenue has published guidelines in relation to the implementation of the CRS and Council Directive 2014/107/EU. These guidelines require Maltese financial Institutions to register with the Inland Revenue through its website, among other things.
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