Due to the challenging circumstances as a result of the Covid-19 pandemic, an extension for the submission of the report containing Financial Account information relating to the reporting year 2019 has been granted. This extension has been issued in terms of Article 96 (2) of the Income Tax Act. This extension was deemed necessary in order to ensure that Reporting Malta Financial Institutions will be provided with sufficient flexibility in the current circumstances, while at the same time it will not lead to a negative impact on Malta’s international commitments on the automatic exchange of Financial Account information.
The new deadline for Financial Institutions to report the information as per Section I of Annex I to the Cooperation with other Jurisdictions on Tax Matters Regulations and Article 2(2)(a) and Article 3(2) of the FATCA Agreement on U.S. Reportable Accounts is the 30th of June 2020. Nonetheless, it is still being encouraged that submission of information will be done prior to this deadline in order to ensure successful submission and avoidance of penalties.
