Malta Extends CRS Registration Deadline
by Jason Gorringe, Lowtax.net, London
14 June, 2016
Malta's Inland Revenue has extended the due date for Maltese banks and other financial institutions to register for Common Reporting Standard purposes from June 30, 2016, to September 30, 2016.
The Common Reporting Standard (CRS) is the single global standard for the collection, reporting, and exchange of financial account information on foreign tax residents. 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.
The Inland Revenue has published guidelines in relation to the implementation of the CRS. These guidelines require Maltese financial Institutions to register with the Inland Revenue through its website, among other things.
Registrations must be completed by September 30, 2016, or within 30 days of an entity becoming a "Malta Financial Institution".
A Malta Financial Institution which has already registered with the Inland Revenue for the purposes of the US Foreign Account Tax Compliance Act (FATCA) will not be obliged to register again for the purposes of the CRS. However they will be required to inform the Inland Revenue of certain matters including their classification as a Malta Financial Institution and the type of financial accounts held.
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