On 4 July 2017, the Italian Revenue Agency (“IRA”) issued Regulation that implement the CRS Ministerial Decree dated 28 December 2015 (“CRS Regulation”) (Link-Italian). The CRS Regulation provides, among others, certain significant information:
- The CRS reporting deadline has been extended to 21 August 2017, as published on our CITT Blog on 7 July 2017;
- Financial institutions have the possibility to submit reports within the period of 15 days after the reporting deadline, i.e. until 5 September 2017 (Link-Italian); and,
- Financial institutions must register on the “FATCA/CRS” section of the Electronic Registry of addresses (“REI: registro elettronico degli indirizzi”) in the Tax Register (“Anagrafe tributaria”) by 18 September 2017.
Additional technical information can be found in the attachment no. 2 of the CRS Regulation (Link-Italian).