The CRS Regulations became effective on 1 July 2019 and requires Reportable Financial Institutions (RFIs) to submit electronic information returns (i.e. reports on specified financial information of certain persons) to the FIRS on an annual basis. The compliance deadline is 31 May of the year following the calendar year to which the returns relate.
The 2020 information returns for RFIs, are due on or before 31 May 2021. The administrative penalties for non-compliance are:
- Failure to comply with the CRS obligations, attracts a penalty of ?10 million and ?1 million every month the failure continues;
- Failure to file information return: ?10 million in the first month and ?1 million every month the failure continues;
- Filing false or incorrect information returns: ?5 million and any other penalty prescribed in the Act.
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