Bermuda amends CRS Guidance

On 17 April 2019, the Ministry of Finance in Bermuda released an updated version 2.0 of “the Common Reporting Standard for Automatic Exchange of Financial Account Information in Tax Matters Guidance” (“Guidance”) to reflect the recent changes regarding the Common Reporting Standard (“CRS”) (Link). This Guidance is intended to aid businesses that may have responsibilities to review, collect and report information under the Bermuda CRS Legislation.

The Guidance was also updated in accordance to the recent changes in the Bermuda CRS List of Reportable Jurisdictions (Link-Blog), which was updated on 4 April 2019. With the newly added countries of Antigua and Barbuda, Azerbaijan, Barbados, Monaco, Pakistan, Panama and Switzerland, a total of 62 countries are on the list of jurisdictions that are to be treated as Reportable Jurisdictions for purposes of the CRS for the 2018 reporting period, who will receive 2018 calendar year CRS information from Bermuda in 2019 (Link).

Leave a reply

Your email address will not be published. Required fields are marked *

/* */