(1) A Reporting Financial Institution shall, in respect of the calendar year 2017 and every subsequent calendar year, make a return setting out the information required to be reported under Section I of the Standard in relation to a Reportable Account that is maintained by the Reporting Financial Institution.
(2) A Reporting Financial Institution shall submit the return under subsection (1) to the Competent Authority on or before the 31st day of July of the year following the calendar year to which the return relates. (Amended by Act 10 of 2017)
(3) A Reporting Financial Institution shall treat an account balance with a negative value as having a nil value.
(4) If, when a Reporting Financial Institution is applying the Standard, the balance or value of an account is denominated in a currency other than United States dollars, a Reporting Financial Institution shall convert to United States dollar amount, the other currency, by reference to the spot rate of exchange on the date for which the Reporting Financial Institution is determining that amount.
(5) Where a Reporting Financial Institution does not have a Reportable Account in a calendar year, the Reporting Financial Institution shall prepare and submit to the competent authority a nil return for that calendar year that includes —
(a) the name of the Reporting Financial Institution;
(b) the address of the registered office of the Reporting Financial Institution;
(c) the company registration number;
(d) other prescribed information. (Inserted by Act 10 of 2017)