DITC Portal update

Entities with US Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) reporting obligations should note that the FATCA and CRS reporting deadline and the CRS filing declaration deadline have been extended from 16 November 2020 until 16 December 2020.

The deadline for filing the new CRS compliance form has been extended from 31 December 2020 until 31 March 2021 (for further details on the new compliance form please see "Funds update: Q3 2020").

The new Department for International Tax Cooperation (DITC) Portal launched in early November 2020. The DITC has also issued an advisory setting out details of a phased opening of the DITC Portal, confirming that it will initially be available for CRS and FATCA purposes, with functionality for economic substance and country-by-country reporting being launched in subsequent phases.

The DITC has issued a new DITC Portal User Guide. Entities which have previously registered with the DITC should receive an account activation email with instructions regarding accessing the DITC Portal in order to comply with their FATCA and CRS reporting obligations. Entities should ensure that the email address donotreply@ditc.ky is not blocked by any email spam filters to facilitate receipt of communications from the DITC.

For further information on this topic please contact James Bergstrom, Angus Davison, Joanne Huckle or Bradley Kruger at Ogier by telephone (+1 345 949 9876) or email (james.bergstrom@ogier.com, angus.davison@ogier.com, joanne.huckle@ogier.com or bradley.kruger@ogier.com). The Ogier website can be accessed at www.ogier.com.