Operational Tax News

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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.

20 October 2017 - QI update

Application deadline for QI (including QDD), WP, and WT approaching

11 October 2017 - Notice 2017-46 on TIN and DOB requirements published

On 25 September 2017, the IRS issued Notice 2017-46 that provides transitory relief for financial institutions (“FIs”) in respect of their obligation to obtain and report taxpayer identification numbers (“TINs”) and dates of birth (“DOB”) under chapters 3 and 4 of the Internal Revenue Code. With this notice, the IRS extends several deadlines imposed on FIs under Model 1 Intergovernmental Agreements (“IGAs”) and the recent chapter 3 and 4 final and temporary regulations released on January 6, 2017.

6 October 2017 - Belgian tax reforms and implications for Luxembourg banks - What we know so far

On 26 July 2017, the Belgian federal government issued an agreement on different tax measures, the so-called “Summer Agreement”.

13 September 2017 - Taiwan – MOF proposes tax reform that includes abolition of imputation system

Taiwan’s Ministry of Finance (MOF) announced a proposed tax reform package on 1 September 2017 that would overhaul the income tax system.

12 September 2017 - Indonesia – Tax Treaties Regulations

The Indonesian Directorate General of Taxation (DGT) has issued two sets of regulations related to tax treaty benefits: No. PER-10/PJ/2017 (“PER-10”) for a non-resident to obtain benefits under Indonesia’s tax treaties and PER-08/PJ/2017 (“PER-08”)

11 August 2017 - QDD / 871(m) update

The Internal Revenue Service (“IRS”) issued Notice 2017-42 (“Notice”) which provides additional guidelines on certain aspects of the final and temporary regulations under Section 871(m), 1441, 1461, and 1473 of the IRS Code.

31 July 2017 - Denmark – New model allowing tax reclaim on investment funds

On 12 June 2017, the Danish Government announced its intention to introduce a new model for withholding tax on dividend distributions.

28 June 2017 - CRS Update - 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.

26 June 2017 - Belgian stock exchange tax update

The first tax return, covering transactions executed between 1 January 2017 and 30 April 2017, must be filed by 30 June 2017.

12 June 2017 - FATCA update

On 24 May 2017, the IRS has issued an update of the form W-8BEN-E, Certificate of Status of Beneficial Owner for United States Tax Withholding and Reporting (Rev. April 2016), that supplements the form and provides additional information for foreign persons submitting the form.

2 June 2017 - CRS update

The CRS reporting is fast approaching, being due by June 30, 2017 (on financial year 2016). Financial Institutions should be ready to comply with the related requirements in this respect, more specifically, their data protection obligations.

10 April - France – Procedure simplified for WHT exemption on dividends paid to qualifying EU / EEA funds

On 1 March 2017, revised guidelines with immediate effect have been published by the French tax authorities in order to simplify the procedure of applying for the French withholding tax exemption on dividends, applicable to qualifying EU / EEA investment funds.

10 April - CRS and FATCA updates

In this newsletter: New FAQ on CRS and second edition of the Standard for Automatic Exchange of Financial Account Information in Tax Matters - New FAQ on FATCA

4 April - QI and CRS updates

In this newsletter: Extension for QI/WP/WT Agreement renewals - New ABBL guidelines on the OECD’s Common Reporting Standard - Grand Ducal Decree on Reportable Jurisdictions published - New FAQ on QI and QDD published

20 March 2017 - CRS Update - AEU agreement signed between Singapore and Luxembourg

The first exchange of information between the tax authorities will take place in 2018.

14 March 2017 - Netherlands - Supreme Court requests preliminary ruling from CJEU on WHT cases for non-resident investment funds

Over the last decade, thousands of claims for refunding of Dutch withholding tax have been filed by foreign investment funds on the grounds that the tax was levied contrary to EU law.

1 March 2017 - QI update

On 15 February 2017, the IRS has added a new FAQ to provide guidance for QIs that would like to apply for QDD status.

28 February 2017 - Finland – Refund restriction to non-listed SICAVs

The Finnish Tax Authorities have acknowledge that their legislation was contrary to EU Law and agree to reimburse unduly levied withholding tax to foreign investment funds.

13 February 2017 - FATCA/QI update

On 8 January 2017, the IRS has released the instructions for the Form 1042-S, published on 21 December 2016.

8 February 2017 - CRS Update

Technical Circular ECHA n°4 released.

24 January 2017 - FATCA Update

Updated FATCA Circular ECHA n°3 released.

6 January 2017 - QI/FATCA Update

On 13 December 2016, the IRS released a new version of the form W-8BEN, Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting (Individuals).

2 January 2017 - QI Update

On 30 December 2016, the IRS released the final Qualified Intermediary Agreement (Final QIA) as part of the Revenue Procedure 2017-15.

2 January 2017 - Belgian stock exchange tax update

The 2017 state budget was adopted by the Belgian parliament on 22 December 2016.

30 December 2016 - The Grand Ducal Decree of 23 December 2016 - Amendment of CRS Participating Jurisdictions list

On 23 December 2016, the Luxembourg government has issued an updated version of the Grand Ducal Decree, published on 27 December 2016.

21 December 2016 - CRS and QI Update

13 December 2016 - Sweden Tax update

Last month, the Swedish government issued a proposal on a new financial activity tax for consultation purposes. This new financial tax will apply to companies supplying VAT-exempt banking, financial, and insurance services.

8 December 2016 - 871(m) regulations Update

The IRS issued Notice 2016-76 on 2 December 2016, aiming to provide taxpayers with guidance and additional clarifications with regards to the administration of, and compliance with, section 871(m) regulations.

5 December 2016 - Netherlands - AG Opinion

Over the last few years, many foreign investment vehicles have filed refund requests in the Netherlands on the grounds that the dividend withholding tax levied was contrary to EU law.

15 November 2016 - The Netherlands Update

The Dutch Tax Plan 2017 – Presentation to the House of Representatives

11 October 2016 - FATCA Update - October 2016

As reminded by the IRS Notice 2015-66, sponsoring entities may be required to register their sponsored entities on or before 31 December 2016 in order to obtain a separate GIIN for each such sponsored entity.

8 September 2016 - Finland – Changes in deadline to file WHT claims

The current applicable statute of limitations in Finland is five years following the end of the calendar year in which the tax was withheld.

5 September 2016 - Netherlands - Lower court requests clarity on case law relating to dividend WHT refunds

A Dutch first instance court has referred two cases involving requests for refunds of Dutch dividend withholding tax to the Dutch Supreme Court for a preliminary ruling. 

11 August 2016 - Luxembourg Law of 23 July 2016 – Repeal of the Law transposing the EU Savings Directive and amendment of the RELIBI Law

The Luxembourg Law of 23 July 2016 repeals, as from 1 January 2016, the Luxembourg Law of 21 June 2005 transposing the EU Savings Directive and modifies the Law of 23 December 2005 (as amended) relating to the final withholding tax regime on certain interest income (the “RELIBI Law”).

9 August 2016 - New IRS Announcement – Status of substantially agreed IGA jurisdictions may be reconsidered

In late July 2016, the IRS released Announcement 2016-27 stating that on 1 January 2017, the US Treasury will update its IGA list, and will remove certain jurisdictions from the list of foreign jurisdictions that are treated as having intergovernmental agreements (IGAs) in effect.

28 July 2016 - Operational Tax News - Grand Ducal Decree of 23 July 2016 – Amendment of CRS Participating Jurisdictions list - July 2016

The Luxembourg government recently decided to update the list of Participating Jurisdictions attached to the Grand Ducal Decree of 15 March 2016, executing article 2 (4) of the law of 18 December 2016 transposing EU Directive 2014/107/EU. 

26 July 2016 - Operational Tax News - FATCA Update - July 2016

On July 20, 2016, the IRS released a FATCA news mentioning that the FATCA Online Registration System needs to contain any updates as to contact information of the Responsible Officer and Point(s) of Contact.

19 July 2016 - Operational Tax News - Denmark - Tax reclaims statute of limitation 

On the 13th June 2016, the Danish Tax Authorities (hereinafter “SKAT”) have issued Guidance Note SKM2016.263.SKAT stating that the statute of limitation for withholding tax claims will be reduced to three years, as from the dividend distribution date.

12 July 2016 - Operational Tax News - QI Update 2016

On July 1, 2016, the IRS released Notice 2016-42 (“Notice”), providing the proposed Qualified Intermediary (“QI”) Agreement that certain foreign persons may enter into with the IRS to simplify their withholding agent and payor obligations under chapters 3, 4, 61, and section 3406

30 May 2016 - Operational Tax News - Belgium Update

On 8 April 2016, the Belgian Tax Administration issued an addendum to the 25 October 2013 Circular Letter Ci.RH.231/629.328 regarding the application of the Belgian Tax on Savings Income.

18 March 2016 - Operational Tax News - Common Reporting Standard

Luxembourg Grand Ducal Decree containing the list of participating jurisdictions and exempt accounts published

28 January 2016 - Operational Tax News - FATCA Update - January 2016

Notice 2016-08 issued by the IRS | New draft Form W-8BEN-E and instructions released by the IRS

27 January 2016 - Operational Tax News - Postponement of new tax reporting scheme for funds in Austria

The Tax Reporting Ruling for Funds 2015 will be postponed by 2 additional months from April 4th, 2016 to June 6th, 2016.

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