Duty to collect and report information

(1) A reporting financial institution shall, in respect of the first reporting year and each subsequent calendar year, collect and make an information return setting out the information required to be reported under the Standard pursuant to sub- section (5) in respect of each reportable account maintained by the reporting financial institution at any time during a calendar year. (2) Notwithstanding sub-section (1), if during the calendar year in question, the reporting financial institution maintains no reportable accounts, the reporting financial institution is required to file a nil return in accordance with this Part. (3) The first reporting year for the purposes of the Common Reporting Standard is the calendar year 2017. (4) A reporting financial institution shall make a return under this Part on or before 31st March of the year following the calendar year to which the return relates. (5) For the purposes of the information required to be reported under the CRS – (a) a reference to the balance or value of an account includes a nil balance or value; (b) a reference to paying an amount includes crediting an amount; and (c) any other prescribed information. Mutual Administrative Assistance