As mentioned in our previous advisory, the DITC has provided the industry with the advance release of its new CRS Compliance Form in an industry advisory. This form must be completed annually by all Reporting Financial Institutions ("RFIs") and Trustee Documented Trusts for the same period as their CRS returns.
Deadline
The deadline for the submission of the CRS Compliance Form to the DITC is expected to be 15 September each year. However, for the 2019 reporting period the deadline will be 31 December 2020, to give sufficient time to collect the information required once the DITC Portal opens, which is expected to be during the fourth quarter of 2020. The DITC will apply automatic penalties where this deadline is not met.
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