Bermuda: CRS reporting deadline extended to 30 June 2021 (COVID-19)

A notice extending reporting deadline to 30 June 2021 for CRS reporting period for 2020

A notice extending reporting deadline to 30 June 2021 for CRS reporting period for 2020

Bermuda Ministry of Finance issued a notice extending the reporting deadline to 30 June 2021 for the common reporting standard (CRS) reporting period for 2020—relief offered in response to the coronavirus (COVID-19) pandemic.

New financial institutions must register by 15 June 2021.

The Bermuda Ministry of Finance also issued reminders regarding CRS reporting concerning:

  • Schemas: XML schema version 2.0, issued by the OECD, must be used to submit information to the Bermuda tax information reporting portal.
  • Primary users: An active and contactable primary user must always be appointed for each reporting financial institution. Reporting financial institutions must promptly submit a primary-user change notice in the event the current primary user is not active.
  • De-activation requests: Reporting financial institutions that do not have reporting obligations must promptly request to be de-activated from the portal.
  • Undocumented accounts: Reporting financial institutions must classify accounts as undocumented only if they meet certain criteria.
  • Taxpayer identification numbers (TINs): Reporting financial institutions must demonstrate that TINs are in line with the CRS due diligence requirements and that reasonable efforts are taken to obtain TINs of pre-existing accounts. The TIN is an optional field only in situations when it may not be available due to a reasonable explanation, such as the tax residence jurisdiction does not issue TINs. If TINs are not included, the reporting financial institution may receive an error notification from partner jurisdictions that would require correction, and the reporting financial institution may be subject to compliance reviews.

Read a May 2021 report [PDF 81 KB] prepared by the KPMG member firm in Bermuda

 

 

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