Extension of the submission deadline for reporting FATCA and CRS returns for the 2023 reporting period
The Inland Revenue Department (IRD) on July 15, 2024, announced the extension of the submission deadline for reporting FATCA and common reporting standard (CRS) returns for the 2023 reporting period. The automatic exchange of information (AEOI) portal will be available for submission of FATCA and CRS financial account data from July 17, 2024, through August 30, 2024.
The notice includes reminders for financial institutions regarding the reporting of U.S. tax identification number (TIN) codes for FATCA purposes, as permitted under the U.S. tax authority (IRS) Notice 2023-11, which provides temporary relief to financial institutions unable to report a valid U.S. TIN for certain accounts.
Read a July 2024 report prepared by a KPMG member firm in the Caribbean