Liechtenstein: FATCA, CRS reporting deadline extended to 31 July 2021 (COVID-19)

The reporting deadline for submission of FATCA and CRS reports for the 2020 reporting period has been extended to 31 July 2021

The reporting deadline for submission of FATCA and CRS reports has been extended

The tax authority of Liechtenstein announced that the reporting deadline for the submission of FATCA and common reporting standard (CRS) reports for the 2020 reporting period has been extended to 31 July 2021. The extended deadline has been provided as a relief measure in response to the coronavirus (COVID-19) pandemic.

Additionally, the tax authority issued the following updates:

  • Information exchange with Gibraltar: Following “Brexit,” Gibraltar is no longer part of the territorial scope of the Liechtenstein-EU Agreement. Similar to treatment regarding the UK tax residents, information of CRS reportable accounts held by tax residents of Gibraltar will continue to be reported under the Multilateral Convention on Mutual Administrative Assistance (MAC) and the Multilateral Competent Authority Agreement (MCAA).
  • Recordkeeping and storage of deleted entities from tax register: The FATCA and CRS classification and due diligence documentation of deleted entities must be stored for at least 10 years at a location in Liechtenstein. The retention party must notify the tax administration before an entity is deleted.

Read a May 2021 report [PDF 79 KB] prepared by the KPMG member firm in Liechtenstein

 

 

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