Tuesday, May 23, 2017

May 31st Is Deadline For CRS Reporting

Two weeks before the first OECD Common Reporting Standard (CRS) reporting deadline of  May 31, Barbados, Curacao, and Niue and Trinidad and Tobago have been withdrawn from the OECD list of reportable jurisdictions for 2017, and have been moved to the list of reportable jurisdictions for 2018.

The following are now the Reportable Jurisdictions for the 2017 reporting year, in respect of 2016 reportable accounts:
  1. Austria,
  2. Argentina,
  3. Belgium,
  4. Bulgaria,
  5. Colombia,
  6. Croatia,
  7. Cyprus,
  8. Czech Republic,
  9. Denmark,
  10. Estonia,
  11. Faroe Islands,
  12. Finland,
  13. France,
  14. Germany,
  15. Gibraltar,
  16. Greece,
  17. Greenland,
  18. Guernsey,
  19. Hungary,
  20. Iceland,
  21. India,
  22. Ireland,
  23. Isle of Man,
  24. Italy,
  25. Jersey,
  26. Korea,
  27. Latvia,
  28. Liechtenstein,
  29. Lithuania,
  30. Luxembourg,
  31. Malta,
  32. Mexico,
  33. Montserrat,
  34. Netherlands,
  35. Norway,
  36. Poland,
  37. Portugal,
  38. Romania,
  39. San Marino,
  40. Seychelles,
  41. Slovakia,
  42. Slovenia,
  43. South Africa,
  44. Spain,
  45. Sweden, and
  46. the UK.
The UK tax authority is advising financial institutions that have already compiled their files to submit them anyway if they are unable to remove data on financial accounts for the four jurisdictions that have been withdrawn from the 2017 OECD list, until 2018.

Do You Still Have Undeclared Income from Banks
 or Companies Located in One of These Countries?
Want to Know if the OVDP Program is Right for You?
Contact the Tax Lawyers at 
Marini& Associates, P.A.  
for a FREE Tax Consultation
Toll Free at 888-8TaxAid (888) 882-9243





  1. Automatic exchange of information reporting deadline is imminent

    HMRC has reminded financial institutions that the deadline for reporting their clients' accounts under the Automatic Exchange of Information rules falls in less than a week's time.

    Returns must be submitted by May 31, 2017, including reportable accounts for the US Foreign Account Tax Compliance Act (FATCA), Crown Dependencies and Overseas Territories agreement, and the first year for the OECD's Common Reporting Standards.


    Automatic Exchange of Information agreements are made between the UK and other countries. These agreements allow the exchange of information between tax authorities of different countries about financial accounts and investments to help stop tax evasion.

    List of countries who have agreed to share information.

    Financial institutions, for example, banks, building societies, insurance companies, investment companies, will provide information on non-UK residents with financial accounts and investments in the UK to HM Revenue & Customs (HMRC).

    HMRC will share this information with the relevant countries.

    Information for financial institutions.

    HMRC will receive information from other countries about UK residents with financial accounts and investments overseas.

    The UK has Automatic Exchange of Information agreements under 4 regimes.

    United States Foreign Account Tax Compliance Act (FATCA)

    The agreement between the UK and USA requires UK financial institutions to report to HMRC on US customers that hold accounts with them.

    Crown Dependencies and Overseas Territories

    The agreement between the UK and its Crown Dependencies and UK Overseas Territories to report on those who are tax residents in one territory and hold accounts in the other.

    Common Reporting Standard

    The standard for all automatic exchange of financial information.

    Directive on Administrative Co-operation

    The Directive which applies the Common Reporting Standards throughout the European Union.

    Further information and guidance

    All references to Automatic Exchange of Information include United States Foreign Account Tax Compliance (FATCA), Crown Dependencies and Overseas Territories and the Common Reporting Standard.

    Details about all Automatic Exchange of Information agreements.

    Information for account holders.


    Anguilla, Argentina, Belgium, Bermuda, British Virgin Islands, Bulgaria, Cayman Islands, Colombia, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Faroe Islands, Finland, France, Germany, Gibraltar, Greece, Greenland, Guernsey, Hungary, Iceland, India, Ireland, Isle of Man, Italy, Jersey, Korea, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Mexico, Montserrat, Netherlands, Norway, Poland, Portugal, Romania, San Marino, Seychelles, Slovak Republic, Slovenia, South Africa, Spain, Sweden, Turks and Caicos Islands, United Kingdom

  3. With an additional 50 countries totaling 100 countries by 2018

    Andorra, Antigua and Barbuda, Aruba, Australia, Austria, The Bahamas, Bahrain, Barbados, Belize, Brazil, Brunei Darussalam, Canada, Chile, China, Cook Islands, Costa Rica, Curaçao, Dominica, Ghana, Grenada, Hong Kong (China), Indonesia, Israel, Japan, Kuwait, Lebanon, Marshall Islands, Macao (China), Malaysia, Mauritius, Monaco, Nauru, New Zealand, Niue, Panama, Qatar, Russia, Saint Kitts and Nevis, Samoa, Saint Lucia, Saint Vincent and the Grenadines, Saudi Arabia, Singapore, Sint Maarten, Switzerland, Trinidad and Tobago, Turkey, United Arab Emirates, Uruguay, Vanuatu

  4. The United States has indicated that it is undertaking automatic information exchanges pursuant to FATCA from 2015 and has entered into intergovernmental agreements (IGAs) with other jurisdictions to do so. The Model 1A IGAs entered into by the United States acknowledge the need for the United States to achieve equivalent levels of reciprocal automatic information exchange with partner jurisdictions. They also include a political commitment to pursue the adoption of regulations and to advocate and support relevant legislation to achieve such equivalent levels of reciprocal automatic exchange.