CRS Update - Updated version of the Circular ECHA 4 published
28 June 2017
Operational Tax News
Updated version of the Circular ECHA 4 published
On 19 June 2017, the Luxembourg Tax Authorities (LTA) have published an updated version of the Circular ECHA 4, initially issued on 6 February 2017.
The updated version replaces the former circular and amends some of its chapters, such as Chapter 11 outlining the treatment of Passive NFEs with reportable Controlling Persons and Chapter 15 to include more clarifications on tax identification numbers (TIN).
The circular also provides additional clarifications on the status message (feedback) as well as on the context in which these messages are sent.
Moreover, the XSD schema of the status message has been published. For illustration purposes, the LTA have also included some examples of XML files with regards to the new instructions.
List of the countries with which Belgium will automatically exchange bank account information
On 19 June 2017, the Royal Decree of 14 June 2017 has been announced
The Royal Decree includes the list of “other” countries (i.e., countries other than the EU member states and the United States of America) with which Belgium will automatically exchange bank account information relating to the year 2016 for the first time. Those other countries are: Argentina, BES Islands, Colombia, Faroe Islands, Gibraltar, Greenland, Guernsey, Iceland, India, Isle of Man, Jersey, South Korea, Liechtenstein, Mexico, Norway, San Marino, Seychelles, and South Africa. The list of countries will increase with regards to the year 2018 with 26 more countries, as also listed in the Royal Decree.
Finally, the Royal Decree includes the list of countries considered as participating jurisdictions with regards to the Common Reporting Standard for the year 2018 (100 countries as of now).
The text of the Royal Decree can be found here.
If you have any questions regarding the above, please do not hesitate to contact us.