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Turks And Caicos Extends CRS Reporting Deadline

by Mike Godfrey, Lowtax.net, Washington
24 March, 2017

The Turks and Caicos Islands' Government has given financial institutions more time to submit returns required under the Common Reporting Standard (CRS), the OECD's new international standard for the automatic exchange of financial account information in tax matters.

Under the CRS, jurisdictions must obtain specified financial account information from their financial institutions and automatically exchange that information with partner jurisdictions on an annual basis.

Turks and Caicos financial institutions must now submit electronic returns for the 2016 year by May 31, 2017, instead of March 31, 2017.

The extension only applies to the first reporting period under the CRS, and follows approval of an exception to the International Tax Compliance Regulations 2016 by the Turks and Caicos Islands' Government.

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