CRS guidelines coming this month
Guidance on new financial reporting standards are to be published on the Ministry of Finance website later this month, the Alternative Investment Management Association said yesterday.
The news came in an update on Aima Bermuda’s knowledge networking session on common reporting standards held last month.
A spokesman for Aima said that the portal was expected to be launched and common reporting standard submissions to begin from Tuesday, June 20.
Financial institutions are required to register by the deadline of Friday, July 14 and the returns for each reportable account will be on or before Wednesday, August 30 for the 2016 calendar year.
An Aima spokesman said the Ministry would accept UK Foreign Account Tax Compliance Act and Crown Dependencies and Overseas Territories reporting in the common reporting standard model through its electronic portal this year.
He added that the UK-Bermuda common reporting standard agreement negotiations are “progressing” and it was expected that reporting of CRS to the UK will be through the Ministry portal, to be advised by the Ministry of Finance.
The portal is not expected to be available for country by country reporting submissions until September.
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