The German Federal Central Tax Office extended the CRS reporting timeline to 31 October 2020
The German Federal Central Tax Office (Bundeszentralamt für Steuern (BZSt)) informed with the below attached Info-letter (german), that the timeline to file the #CRS returns for the reporting year 2019 is extended to 31 October 2020.
The #BZSt stated in the Info-letter, that the only attempt to submission the CRS return is not sufficient to meet the CRS reporting deadline.
The incorrect or late filing of CRS reports is treated as an offence and may be fined up to EUR 50'000.-- (§ 28 Abs.1 FKAustG)
The attached CRS Info letter (in german) will be published promptly on the BZSt Common Reporting Standard website.
The authors observation
The extension of the reporting timeline might not release the burden from financial institutions to file the CRS returns in time.
Financial institutions are encouraged to assess their current operating model and integrate IT solutions like CRS/FATCA OneTM from Trans World Compliance Inc. supporting financial institutions AML/KYC, remediation and reporting obligations under FATCA and CRS to mitigate their legal and reputational risks through in-adequate AML/KYC and fiscal reporting procedures.
About the Author
Marco is a Banker, MBA (finance and accounting) and LLM (international business and tax law) with 30+ years experiences as internal auditor, business consultant, project manager and in-house legal and tax counsel with of leading Private Banking Institutes, Wealth Management Organisations and Central Securities Depository and Clearing houses located in Europe and the APAC Region.
Marco is focused on advisory services and project management in the field of
AEoI, FATCA, EU-DAC6, OECD-CRS;
U.S Qualified intermediary regime (QI);
Withholding Tax on Capital gains and Investment Income
Securities transaction tax (stamp tax); and
Austrian, German, Hong Kong, Swiss and U.S. International Tax Law