By: Eugenie Meijer, Director of Support and Training for CRS/FATCA One.
The long waited DITC Portal was finally opened on Sunday November the 8th. The deadline for CRS and FATCA Reporting is now December 16th 2020.
Other deadlines given, were:
- New Entity Registration 16 December 2020
- CRS Filing Declaration 16 December 2020
- CRS Compliance Form 31 March 2021
On Monday, the 9th a client experience showed that it is highly recommended to check your entities and make sure that data transfer between the old portal and the new portal was complete. A few clients have reported missing or incomplete data.
They have also introduced an Excel Macro to help report CRS and FATCA. Keep in mind you may have issues downloading and running Excel Macros in controlled environments (since it can be a security hazard). The Excel Macro will still require a separate spreadsheet for each Financial Institution being reported and for CRS each country requires a separate spreadsheet. Also keeping track of making up your own reference numbers will be a nightmare.
In contrast to last year where you could report FATCA and CRS with your GIIN, now for CRS you must have the FI number for each reporting entity.
At Trans World Compliance, Inc we have been working very hard to adjust the changes, so all our clients can update their reporting entity information smoothly and create all XMLs for both CRS and FATCA seamlessly in our CRS/FATCA One.
CRS/FATCA One is here to help you report simplified and smarter.
Contact us at firstname.lastname@example.org