The government of Saint Vincent & the Grenadines is requesting further extension of reporting deadline, related to the Foreign Account Tax Compliance Act (FATCA) and common reporting standard (CRS).

Under the FATCA and the CRS financial organizations are obliged to report on the assets held by their foreign account owners to their home tax jurisdictions. Like other respective subjects, Saint Vincent & the Grenadines is obligated to exchange and report FATCA and CRS data on behalf of the financial institutions by 30 September 2018. However, the designated reporting platform became operational on 1 October 2018 and, as a result, Saint Vincent applied for a 60-day extension from the reporting deadlines.

Local Financial Services Authority stated that the reporting delay is due to logistical issues. Nevertheless, the Authority says the online reporting system is now absolutely functional and it is requesting a prolonged deadline till 30 November 2018 – a deadline the Authority is confident it will be possible to meet, despite the experienced technical challenges.

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