Operational Tax News


Operational tax news

News on tax topics impacting the financial industry

Operational tax news is the tax issues guide for financial sector companies.

In the current environment, the financial sector faces a multitude of different challenges: ongoing volatility in the markets, cost cutting programmes, increasingly complex regulations, and constantly changing tax and operational rules. The complexity of managing these challenges is further increased by the tendency for globalisation and increasing cross-border competition. One of the areas which needs to be managed carefully is the operational tax environment.

5 January 2023 - Adapted version of the Austrian fund reporting scheme from 1 April 2023

The Austrian Ministry of Finance (BMF) released an adapted version of the Austrian fund reporting scheme which must be used for all reporting to the Austrian Kontrollbank (OeKB) from 1 April 2023 onward.

10 November 2022 - CSSF outcomes on controls applied in terms of preventing tax offences

On 8 November 2022, the Commission de Surveillance du Secteur Financier (CSSF) published on its website the outcome of onsite inspections performed in November and December 2021 for Luxembourg-based management companies.

6 October 2022 - Statute of Limitation for Swiss Withholding Tax Reclaims – Clarifications from Swiss Tax Authorities

On 13 September, in accordance with the Swiss legal provisions, the Swiss Tax Authorities issued an explicative note regarding the statute of limitation applicable in Switzerland when an informal decision (in absence of a formal decision) is taken by the Tax Authorities on withholding tax refunds.

28 September 2022 - The Danish fund tax regime – 2023 election by 31 October 2022

The latest Danish fund tax regime has now been in place for three years.

14 October 2021 - The Danish fund tax regime—2022 election by 31 October 2021

The new Danish fund tax regime is now in place for the second year.

12 July 2021 - Publication of a new Belgian circular regarding the application of article 19bis BITC on funds-of-funds

On 10 June 2021, the Belgian tax authorities published Circular 2021/C/56 (in French and Dutch—the “Circular”) on the Belgian tax on savings income under article 19bis of the Belgian Income Tax Code (BITC).

6 May 2021 - Get familiar with FATCA & CRS latest changes before June 30th

The regulatory framework around the Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS) is constantly evolving, brought about by the political pressure exerted by the different Member States that are enhancing their controls on financial institutions’ reporting framework. Based on the increasing number of requests received by the tax authorities, we observe that being compliant remains a real concern.

14 April 2021 - QI update: QI periodic certifications ending 31 December 2020: Deadline extension

On 8 April 2021, the Internal Revenue Service (IRS) announced the extension of the Qualified Intermediary (QI) certification deadline through an update of its QI Frequently Asked Questions (FAQs), specifically to the answer to Question 10 of the “Certifications and Periodic Reviews” section.

2 April 2021 - FATCA reporting: new codes in case of unknown US TINs

In its publication dated 1 April 2021 (only available in French), the Luxembourg tax authorities (LTA) recommend that Luxembourg financial institutions (FI) use specific codes to complete the tax identification number (TIN) field if the TIN is not available.

12 March 2021 - German fund tax regime—Change to WHT reclaim procedure for non-German investment funds is expected as from 1 July 2021

Due to an upcoming change to the German Investment Tax Act (GITA), the WHT refund procedure according to sec. 7 para. 5 GITA may no longer be accessible for non-German investment funds as from 1 July 2021.

19 February 2021 - German fund tax regime—Retroactive corrections of equity gain figures published under the investment fund tax regime applicable until 31 December 2017

The German Ministry of Finance (BMF) recently issued an official communication regarding retroactive corrections to equity gain figures (Aktiengewinn) published under the investment fund tax regime applicable until 31 December 2017.

3 February 2021 - CRS update: Lists of reportable and participating jurisdictions amended

On 26 January 2021, a Grand-Ducal Decree dated 22 January 2021 amending the list of reportable jurisdictions and the list of reportable jurisdictions for the purpose of the Common Reporting Standard (CRS) was published in the Official Journal of the Grand Duchy of Luxembourg.

19 January 2021 - CbC reporting—updated XSD scheme for submitting CbC reports

We would like to inform you of the Luxembourg tax authorities’ new XSD scheme for the preparation and submission of Country-by-Country (CbC) reports via XML format, which applies as from 1 February 2021.

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