Saint Vincent Misses FATCA, CRS Reporting Deadlines

The caribbean territory Saint Vincent and the Grenadines has requested a 60-day extension from the reporting deadlines under the US Foreign Account Tax Compliance Act and the Common Reporting Standard.

Under FATCA and the CRS financial institutions are required to report on the assets held by their foreign account holders to their home tax jurisdictions. The deadline was September 30, 2018, but the territory's reporting platform opened to financial institutions on October 1, 2018.

The territory's Financial Services Authority said the extension is being sought because of logistical delays. The Authority says the online reporting system is now fully operational. It is seeking an extended deadline of November 30, 2018.