Undoubtedly, the current COVID-19 unprecedented circumstances have made it significantly more onerous for Reporting Malta Financial Institutions to subsist operational activity whilst simultaneously ensuring conformity with their reporting obligations under the Cooperation with Other Jurisdictions on Tax Matters Regulations (the “Regulations”).
In response to the above challenges, the Commissioner for Revenue has announced an extension to the FATCA and CRS reporting deadline in relation to the Reporting Year 2019. To this effect, the new deadline for Reporting Malta Financial Institutions to submit their FATCA and CRS reports is the 30th of June 2020. Consequently, the March & April deadlines stipulated within the Implementing Guidelines on Automatic Exchange of Financial Account Information, are no longer in effect, solely, vis-à-vis the Reporting Year 2019.
In order to ensure successful submission, Malta Reporting Financial Institutions are to ensure that the required information is submitted well in advance of the specified deadline. Failure to do so will attract the imposition of a penalty of €2,500 and a per diem fine of €100 for each day the default exists, in terms of the Regulations.