Opening of DITC Portal | Updates on AEOI and Economic Substance

The Department for International Tax Cooperation (“DITC”) Portal is now open. The DITC’s industry advisories dated 30 October 2020 and 12 November 2020 advise industry of updates in relation to the automatic exchange of information for CRS and FATCA and economic substance respectively. This advisory provides a summary of the key points.

Opening of DITC Portal for AEOI
The DITC Portal is now open for CRS and FATCA purposes, as anticipated in our previous advisory and the DITC’s industry advisory dated 30 October 2020. Users at clients who held a User Account on the former AEOI Portal will receive an account activation email from This email address is being protected from spambots. You need JavaScript enabled to view it. with steps on how to access the new DITC Portal. For new CRS and FATCA notifications, the DITC portal is accessed by clicking “CRS & FATCA Registration” on the DITC Portal. Reporting Financial Institutions must register on the DITC Portal if not already registered previously on the AEOI Portal.

Action point: Users in relation to entities which are classified as financial institutions for CRS and FATCA purposes are encouraged to access the DITC Portal and commence registration and reporting, as applicable, in line with the revised deadlines discussed below.

AEOI 2020 Deadlines
The 2020 deadlines are extended as follows:

  • the new entity registration deadline for CRS and FATCA is extended to 16 December 2020 (instead of 30 April);
  • the reporting deadlines for CRS and FATCA are extended to 16 December 2020 (instead of 31 July); and
  • the CRS Compliance Form filing deadline is 31 March 2021 (instead of 15 September).
 

BRITISH VIRGIN ISLANDS
Lucy FrewPartnerT +1 345 814 4676lucy.frew@walkersglobal.com

CAYMAN ISLANDS
Lucy FrewPartnerT +1 345 814 4676lucy.frew@walkersglobal.com
Steven ManningDirectorT +1 345 814 7612steven.manning@walkersglobal.com
Nicholas QuinManaging DirectorT +1 345 914 4295nicholas.quin@walkersglobal.com
Este RabeyManager, Corporate GovernanceT +1 345 814 7652este.rabey@walkersglobal.com

DUBAI
Daniel WoodManaging PartnerT +971 4 363 7912daniel.wood@walkersglobal.com

HONG KONG
Alice MolanPartnerT +852 2596 3425alice.molan@walkersglobal.com

LONDON
Sara HallPartnerT +44 (0)20 7220 4975sara.hall@walkersglobal.com

SINGAPORE
Thomas GrangerPartnerT +65 6603 1694thomas.granger@walkersglobal.com