Upcoming FATCA-CRS deadlines

Reporting Malta Financial Institutions (‘RMFIs’) are reminded of their obligation to report the information specified in Section I of Annex I to the Cooperation with other Jurisdictions on Tax Matters Regulations in relation to CRS, and the information specified in Article 2(2)(a) and Article 3(2) of the FATCA Agreement on U.S. Reportable Accounts, in relation to FATCA, by not later than:

• 30 March 2023 in relation to reporting year 2022, for the submission of nil returns and excel spreadsheet submission; and
• 30 April 2023 in relation to reporting year 2022, for the submission of XML reporting.

Should a RMFI fail to submit the required information by the specified deadline, an immediate penalty of €2,500; and a further daily penalty of €100 over and above the €2,500, for each day in which the default exists, up to a maximum, aggregate penalty of €20,000, may find application.