A reminder that the deadline for FIs to register and report to the Tax Information Authority is two weeks away. All FIs (not just those with reporting obligations) are required to register with the TIA for CRS purposes. As a result, the TIA expects at a minimum all FIs that registered for FATCA to register for CRS. The registration portal is experiencing heavy traffic so FIs are encouraged not to leave registrations to the last minute. For FIs with reporting obligations, registration needs to be completed before reports can be submitted. The TIA has power to levy fines for non-compliance.
The notification deadline for US FATCA and CRS with respect to the calendar year 2016 has been extended to 31 July 2017. This is the same date as the current reporting deadline which has not been further extended.