HMRC removes country from CRS reportable jurisdiction list

On 17 May 2019, Her Majesty’s Revenue & Customs (“HMRC”) updated the list of jurisdictions whose tax residents must be reported by Financial Institutions on by 31 May 2019 under the Common Reporting Standard (Link). The change removes Brunei Darussalam from the list for reporting to HMRC in May 2019, which means that reports sent by Financial Institutions should not include financial accounts held by tax residents of Brunei Darussalam.

HMRC states that, as this change is so near to the reporting date, it recognizes that Financial Institutions may already have compiled their files and may be unable to remove such accounts in time to allow reporting by 31 May 2019. If one is unable to remove data on Brunei Darussalam financial accounts, they should not delay reporting to HMRC. HMRC will remove any data in respect of such financial accounts prior to exchange with reportable jurisdictions.

HMRC also notes that of the jurisdictions that have been added to the list of Reportable Jurisdictions for the 2019 reporting year, those that completed both ratification of the Convention on Mutual Administrative Assistance in Tax Matters and signing of the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information between 10 May 2018 and 16 May 2019 are as follows: Antigua and Barbuda, Grenada, Macao (China) and Vanuatu.

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