Liechtenstein releases Newsletter on FATCA and CRS

On 25 March 2020, the Liechtenstein Tax Authority released “Newsletter 02/2020” (“Newsletter”). This newsletter provides information on the recent changes in the Liechtenstein Automatic Exchange of Information (“AEOI”) legislation regarding the Foreign Account Tax Compliance Act (“FATCA”) and the Common Reporting Standard (“CRS”) (Link-German).

The deadline for submission of FATCA reporting and CRS reporting to the tax administration for the 2019 reporting period is extended from 30 June 2020 to 31 July 2020 due to current circumstances relating to the Coronavirus.

Before information under FATCA or CRS is reported abroad, the persons and legal entities from whom the data originates must be informed by the Liechtenstein Tax Authority about the data transfer.

Liechtenstein passive NFE must then immediately forward this information to the persons subject to reporting requirements. This deadline is 31 March of the year in which FATCA/AIA data are exchanged for the first time and cannot be extended to the detriment of the persons and legal entities concerned. Due to the Coronavirus spread, delays in delivery have not been sanctioned by the tax administration, yet. Reporting Liechtenstein financial institutions and Liechtenstein legal entities are, however, required to comply with the duty to inform immediately. It is suggested that alternative delivery options (e.g. electronic delivery) shall be taken in consideration.

More information on the AEOI in Liechtenstein can be found on the FATCA (Link-German) and the CRS (Link-German) website of the Liechtenstein Tax Authority.

Leave a reply

Your email address will not be published.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

/* */