In view of the hardships financial institutions, inter alia, are faced with in view of the COVID-19 pandemic, the Office of the Commissioner for Revenue has granted an extension for the submission of the report containing Financial Account information relating to Reporting Year 2019. The guidelines instruct Reporting Malta Financial Institutions to report the information specified in the FATCA Agreement by not later than 30th June 2020 in relation to Reporting Year 2019. Failure to submit the relevant information by the said deadline will result in the imposition by the Office of the Commissioner for Revenue on the Reporting Malta Financial Institution of penalties in terms of Regulation 44(1)(d) of the FATCA Regulations.
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