ST KITTS AND NEVIS EXTENDS FILING DEADLINE FOR FINANCIAL INSTITUTIONS’ CRS REPORTING

Important Update on CRS Reporting Deadline

The Common Reporting Standard (CRS) Competent Authority for the Federation of Saint Kitts and Nevis has announced an extension of the filing deadline for CRS reporting by financial institutions in the country.

Background on CRS Reporting

• The Organization for Economic Co-operation and Development (OECD) developed the CRS as a standard for automatic exchange of financial information for tax purposes.
• Financial institutions in Saint Kitts and Nevis are required to obtain specific account information from residents of jurisdictions with which the country has agreed to exchange such information.

Revised Filing Deadline

The filing deadline for CRS reporting, initially set at May 31st, has been extended to September 12th. The deadline for FATCA (Foreign Account Tax Compliance Act) remains August 29th.

Next Steps for Financial Institutions

• Take note of the revised deadline and ensure compliance.
• Visit the country’s CRS Competent Authority information page at www.sknird.com for more information on CRS updates and requirements in Saint Kitts and Nevis.

Contact Information

For any questions or concerns, please contact:

Inland Revenue Department www.sknird.com