Bahrain: FATCA and CRS reports for 2020 due 31 May 2021
Guidance regarding the automatic exchange of financial account information (AEOI) under the FATCA and common reporting standard (CRS) regimes
Guidance regarding AEOI under FATCA and CRS regimes
The Central Bank of Bahrain in April 2021 released guidance (Directive No. OG/124/2021) regarding the automatic exchange of financial account information (AEOI) under the FATCA and common reporting standard (CRS) regimes.
FATCA and CRS reporting for the year ending 31 December 2020 begins 26 April 2021, and all reporting financial institutions are directed to submit their final FATCA and CRS reports by 31 May 2021 via a new website portal.
- For FATCA reporting, reporting financial institutions must comply with the requirements under the intergovernmental agreement (IGA) between Bahrain and the United States.
- For CRS reporting, reporting financial institutions must comply with the requirements set out in the standards for automatic exchange of information in tax matters. According to an updated list, there are currently 65 reportable jurisdictions for purposes of CRS reporting for the year ending 31 December 2020.
Read an April 2021 report [PDF 152 KB] prepared by the KPMG member firm in Bahrain
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