Common Reporting Standard (CRS) Update
The Exchange of Information Unit would like to remind Financial Institutions’ (FI’s) of their obligations, the deadlines, the penalties for failure to file reports through the TCIG- AEOI portaland other relevant updates regarding the Common Reporting Standard (CRS).
Filings
There was an extension granted in 2018 for those Reporting FI’s that did not file 2016 CRS data permitting them to submit that information by 31st May, 2018. However, the reporting deadline pursuant to regulation 10 of the International Tax Compliance Regulations 2016 is 31st March 2019.
FI’s are required to file a return with the Exchange of Information Unit (EOIU) on an annual basis. This must be done in respect of the first reporting year and each subsequent calendar year in accordance with regulation 10(2)(b) and regulation 10(4).
A jurisdiction may require the filing of a nil return by a Reporting Financial Institution to indicate that it did not maintain any Reportable Accounts during the calendar year or other reporting period.
NOTE: Under regulation 4 the filing of nil returns is not mandatory. However, an FI with no
reportable accounts will still need to complete the notification requirement via the Portal for CRS.
Inspection
The International Tax Compliance Regulations 2016 which came into force on 1 April 2016, gives the Competent Authority the power to require a Reporting Financial Institution—
- to provide to the Competent Authority, within a time specified by the Competent Authority, the information, including copies of any relevant books, documents or other records, or any electronically stored information, that the Competent Authority may reasonably require; or
- to make available to the Competent Authority for inspection, at the time specified by the Competent Authority, all copies of books, documents or other records, or any electronically stored information, in the Reporting Financial Institution’s possession or under its control.
Note that FI’s are required under regulation 16 to retain for a period of five (5) years all books, documents and other records, including those stored by electronic means, which relate to the information required to be reported to the Competent Authority.
Offences
It should also be noted that where an FI fails to make a report under regulation 10 or to implement arrangements or procedures in order to comply with CRS, then they will have committed an offence under regulation 17 of the Regulations and will be liable on summary conviction to a fine of $10,000, or to imprisonment for a term of two years, or both.
Participating Jurisdictions
Pursuant to the notification under Section 7(1)(f) of the CRS MCAA, find detailed below the current list of exchange partners under the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information.
| Albania | Brazil |
| Andorra | British Virgin Islands |
| Anguilla | Bulgaria |
| Antigua and Barbuda | Canada |
| Argentina | Cayman Islands |
| Aruba | Chile |
| Australia | China |
| Austria | Colombia |
| Azerbaijan | Costa Rica |
| The Bahamas | Cook Islands |
| Bahrain | Croatia |
| Barbados | Curacao |
| Belize | Cyprus1 |
| Bermuda | Cyprus2 |
| Belgium | Czech Republic |
| Cyprus3 | Denmark |
| Czech Republic | Estonia |
| Denmark | Faroe Islands |
| Estonia | Finland |
| Faroe Islands | Finland |
| Finland | Greenland |
| France | Grenada |
| Germany | Guernsey |
| Ghana | Hong Kong (China) |
| Gibraltar | Hungary |
| Greece | Iceland |
| India | Montserrat |
| Indonesia | Nauru |
| Ireland | Netherlands |
| Israel | New Zealand |
| Isle of Man | Nigeria |
| Italy | Niue |
| Japan | Norway |
| Jersey | Pakistan |
| Korea | Panama |
| Kuwait | Poland |
| Latvia | Portugal |
| Lebanon | Qatar |
| Liechtenstein | Romania |
| Lithuania | Russian Federation |
| Luxembourg | Saint Kitts and Nevis |
| Macau (China) | Saint Lucia |
| Malaysia | Saint Vincent and the Grenadines |
| Malta | Samoa |
| Marshall Islands | San Marino |
| Mauritius | Saudi Arabia |
| Mexico | Seychelles |
| Monaco | Singapore |
| Saint Maarte | |
| Slovak Republic | |
| Slovenia | |
| South Africa | |
| Spain | |
| Sweden | |
| Switzerland | |
| Turkey | |
| United Arab Emirates | |
| United Kingdom | |
| Uruguay |
1 Note by Turkey: The information in this document with reference to « Cyprus » relates to the southern part of the Island. There is no single authority representing both Turkish and Greek Cypriot people on the Island. Turkey recognises the Turkish Republic of Northern Cyprus (TRNC). Until a lasting and equitable solution is found within the context of the United Nations, Turkey shall preserve its position concerning the “Cyprus issue”. Note by all the European Union Member States of the OECD and the European Union: The Republic of Cyprus is recognised by all members of the United Nations with the exception of Turkey. The information in this document relates to the area under the effective control of the Government of the Republic of Cyprus.
2 Note by Turkey: The information in this document with reference to « Cyprus » relates to the southern part of the Island. There is no single authority representing both Turkish and Greek Cypriot people on the Island. Turkey recognises the Turkish Republic of Northern Cyprus (TRNC). Until a lasting and equitable solution is found within the context of the United Nations, Turkey shall preserve its position concerning the “Cyprus issue”.Note by all the European Union Member States of the OECD and the European Union: The Republic of Cyprus is recognised by all members of the United Nations with the exception of Turkey. The information in this document relates to the area under the effective control of the Government of the Republic of Cyprus.
3 Note by Turkey: The information in this document with reference to « Cyprus » relates to the southern part of the Island. There is no single authority representing both Turkish and Greek Cypriot people on the Island. Turkey recognises the Turkish Republic of Northern Cyprus (TRNC). Until a lasting and equitable solution is found within the context of the United Nations, Turkey shall preserve its position concerning the “Cyprus issue”.Note by all the European Union Member States of the OECD and the European Union: The Republic of Cyprus is recognised by all members of the United Nations with the exception of Turkey. The information in this document relates to the area under the effective control of the Government of the Republic of Cyprus.
Should you have any queries, kindly contact the Exchange of Information Unit at the following:
Website: https://www.gov.tc/eoi/
Tel: 649 338 2065 / 5222
Fax: 649 946 2686