Global Information Reporting Services

IRS May 2, 2025

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool with the FIs that are in approved status as of April 24, 2025.

Malaysia May 1, 2025

The Inland Revenue Board of Malaysia (IRBM) publishes an updated IRBM single Public Key (for the production environment) for CRS, CbCR, and FATCA submissions that is effective April 29, 2025.

Qatar May 1, 2025

The Qatar Financial Centre (QFC) announces that the deadline to submit FATCA and CRS reports for TY2024 is May 31, 2025. It also includes a list of reportable jurisdictions that has no additions when compared to the prior list, it is however informed that the list is not final, and a notice will be issued with the updated list of reportable jurisdictions for TY24.

Barbados May 1, 2025

The Barbados Revenue Authority (BRA) publishes a guidance note informing RFIs of the availability of the AEOI Portal for TY2024 FATCA and CRS submissions from May 1, 2025, until July 31, 2025. It also reminds RFIs of applicable penalties in the case of failure to submit the reports.

Australia Apr 30, 2025

The Australian Taxation Office (ATO) has published CRS Stakeholder Update #37 to provide Reporting Financial Institutions (RFIs) with best practices for the 2024 reporting period. Specific reminders include: (1) Report Deadlines: 2024 CRS and FATCA reports are due by July 31, 2025; (2) Extensions: Applications for extension of time will only be granted in exceptional circumstances; and (3) Validation Checklist: The update includes a checklist with the latest ATO validation rules for CRS and FATCA to help minimize inquiries and ensure reports do not fail validation. Key points include: (a) Contact Information: Inclusion of contact name, email address, and phone number for the responsible person in the contact field of the report; (b) RFI Identification: Usage of ABN for the Reporting Financial Institution (RFI) ID; (c) Self-Certifications: Ensure valid and reasonable self-certifications are obtained for all new accounts; (d) Nil Reports: Lodge a nil report if there is no data to report; (e) Data Accuracy: Ensure inclusion of dates of birth (DOBs) and relevant Tax Identification Numbers (TINs), and review foreign country codes and total balance/payment amounts prior to report submission; and (f) Data Testing: Conduct data tests to identify any missing or incorrect information.

Malta Apr 25, 2025

The Office of the Commissioner for Revenue in Malta has published updated guidelines on the Automatic Exchange of Financial Account Information (v4.7). Specific updates include: (1) Investment Entities: Section 2.2.3 has been updated to provide information on Investment Entities; (2) Due Diligence Procedures: Section 14.1 has been updated to offer guidance on due diligence procedures related to recalcitrant/undocumented accounts; (3) Reportable Jurisdictions: Appendix 1 has been updated to include Armenia, Belize, Georgia, Kenya, Moldova, Uganda, and Ukraine as reportable jurisdictions; and (4) Participating Jurisdictions: Appendix 2 has been updated to include Armenia, Georgia, Kenya, Moldova, Uganda, and Ukraine as participating jurisdictions.

Anguilla Apr 22, 2025

The Government of Anguilla makes publicly available a notice reminding RFIs that the FATCA and CRS reporting deadlines for the reporting year 2024 is May 31, 2025.

Oman Apr 22, 2025

The Tax Authority of Oman releases an updated list of CRS participating jurisdictions with the addition of Canada, Hong Kong, Kenya, and Moldova.

Bahrain Apr 21, 2025

The National Bureau for Revenue of Bahrain publishes an updated list of CRS reportable and participating jurisdictions with the addition of Armenia and Hong Kong for 2025 reporting year.

United Arab Emirates Apr 18, 2025

The Ministry of Finance of the United Arab Emirates (UAE) publishes an announcement informing Reporting Financial Institutions (RFIs) of the approval of the following: (1) Signing the Multilateral Competent Authority Agreement (MCAA): The UAE has signed the MCAA on the Automatic Exchange of Information (AEOI) under the Crypto-Asset Reporting Framework (CARF) and (2) Ratification of International Agreement with Russia: The UAE has ratified an international agreement with Russia on the elimination of double taxation with respect to taxes on income and capital, and the prevention of tax evasion and avoidance.

Finland Apr 18, 2025

'The Finnish Tax Administration publishes a newsletter informing Reporting Financial Institutions (RFIs) of the changes to the revision of the CRS/DAC2 annual information return made by Ilmoitin.fi, which is expected to be available in June 2025. The newsletter further provides information that the CRS/DAC2 Technical Application Guide will be updated according to the new revisions. Specific checks that are informed to be added in the Ilmoitin.fi service include: (1) Mandatory Account Holder's Date of Birth: The account holder's individual date of birth is mandated under circumstances where a self-issued certificate has been received (Self-Certification = CRS972); (2) Mandatory Information on Self-Issued Certificate: Information about the self-issued certificate (Self-Certification = CRS971 or CRS972) is made mandatory under circumstances where the account is reported as a new account; and (3) Restriction on Reporting Self-Issued Certificate: The self-issued certificate cannot be reported as received (Self-Certification = CRS972) if the account is reported as an undocumented account. Lastly, the changes are informed to affect CRS/DAC2 annual returns filed during and after June 2025.

IRS Apr 17, 2025

The Barbados Revenue Authority publishes a notice informing RFIs of the opening of the AEOI Portal for TY2024 reporting from May 1, 2025, to July 31, 2025. It further informs RFIs that reports submitted after July 31, 2025, will incur a late filing penalty.

IRS Apr 10, 2025

The IRS publishes an alert confirming that the extended deadline to file Form 1042-S for the Withholding agents who filed for an extension is April 17, 2025.

British Virgin Islands Apr 8, 2025

The International Tax Authority (ITA) of the British Virgin Islands (BVI) publishes a notice informing Reporting Financial Institutions that the BVIFARS payments portal is now live and ready for use. Key reminders include: (1) all entities with reporting obligations under FATCA, CRS, and CbCr are required to enroll in the BVIFARS portal to fulfill their reporting obligations; (2) Each enrolled entity is required to pay an annual fee of $185; and (3) Payment must be made by June 1 every year to maintain access to the portal. Additionally, a new CRS compliance form is now available on the portal, along with a publicly available guide to completing it.

IRS Apr 8, 2025

The IRS publishes a reminder that the extended deadline to file Form 1042-S for the Withholding agents who filed for an extension is April 14, 2025. Also, the Form 1042-S Data Integrity Tool is no longer available to identify potential errors before filing Forms 1042-S.

Romania Apr 7, 2025

The National Agency for Fiscal Administration (ANAF) of Romania publishes a notice reminding RFIs that the deadline to report FATCA and CRS data via the F3000 Form is May 15, 2025.

Germany Apr 7, 2025

The Federal Tax Office of Germany (BZSt) releases CRS Newsletter 02/2025. The newsletter includes the following updates: (1) Provisional State Exchange List for 2025: The provisional state exchange list has been updated to include Armenia, Cameroon, Liberia, Moldova, Mongolia, Montenegro, Papua New Guinea, Rwanda, Senegal, Trinidad and Tobago, Ukraine, and Uganda. The exchange relationship between Germany and Belize has changed, and RFIs are expected to report account holders from Belize for tax year 2024 to the BZSt; (2) Rearrangement of Documents: Documents stored in the “Manuals” section have been rearranged to the “Electronic Data Transmission (BOP / ELMA)” section for better clarity; (3) Conversion of CRS Data Transmission: CRS data transmission is now converted to the BZSt online portal with the introduction of the DIP mass data interface; (4) Exempt Accounts: Accounts exempt within the meaning of Section 19 Number 34 are not subject to reporting as they are not considered financial accounts; and (5) Data Record Reporting: Requests on data records should not be reported multiple times unless there are changes. In case of rejection of the initial delivery of all data records, the errors recorded in the relevant processing log must be corrected, and the delivery must be resubmitted to the Federal Central Tax Office as an initial delivery. If an individual data record of an initial delivery is rejected, only the rejected data records need to be corrected and submitted to the Federal Central Tax Office in a new initial delivery.

Singapore Apr 7, 2025

The Inland Revenue Authority of Singapore (IRAS) releases an updated list of IRAS CRS File and Record Level Validations with the addition of error code 98014 for AEOI Returns that does not match the registered Reporting Type and an updated description for the error code 60005. Further, it has also released an updated list of IRAS FATCA File and Record Level Validations with the addition of error code 9814 for AEOI Returns that does not match the registered Reporting Type.

Uruguay Apr 4, 2025

The General Taxation Directorate of Uruguay publishes a notice informing RFIs of the availability of the production environment for sending CRS reports as well as corrections for previously submitted reports from April 1, 2025, until June 30, 2025. It also reminds that the FIs obligated to report will have an additional 30 days beginning July 1, 2025, to exclusively send any correction reports. Further, it informs that the simulation environment will remain available simultaneously with the production environment.

IRS Apr 2, 2025

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool with the FIs that are in approved status as of March 25, 2025.

Cayman Islands Apr 2, 2025

The Cayman Islands’ Department for International Tax Cooperation (DITC) publishes an updated list of CRS participating and reportable jurisdictions. Armenia, Senegal, Uganda, Rwanda, and Morocco have been confirmed as reportable jurisdictions for reports due in 2025 and Saint Kitts and Nevis has been re-added to the list of reportable jurisdictions for reports due in 2025. Also, Cameroon and Mongolia have been added to the list of for reports due in 2026 while Tunisia has been moved to reports due in 2026 instead of 2025 previously. Lastly, Armenia, Georgia, Kazakhstan, Moldova, and Ukraine have been added to the list of participating jurisdictions.

British Virgin Islands Apr 1, 2025

The International Tax Authority (ITA) of the BVI publishes its BVIFARS Payment User Guide (v1.0). It also makes available a bulk payment template to facilitate bulk payments.

Curaçao Mar 29, 2025

The Ministry of Finance in Curaçao publishes an announcement informing RFIs of the extension of the FATCA and CRS submissions deadline from March 31, 2025, to April 11, 2025.

Sweden Mar 26, 2025

The Ministry of Finance in Sweden updates its list of CRS participating jurisdictions. Jamaica, Kenya and Thailand have been added to the list.

New Zealand Mar 25, 2025

The Inland Revenue Authority of New Zealand publishes the amended Tax Administration (Reportable Jurisdictions for Application of CRS Standard) Amendment Regulations 2025, along with the updated participating list. Armenia, Jordan, Rwanda, Senegal, and Tunisia have been added to the amended list indicating retro-active reporting is required beginning TY2024 though these jurisdictions have been added in March 2025. The aforementioned jurisdictions have also been added to the participating list.

Mauritius Mar 24, 2025

The Mauritius Revenue Authority (MRA) publishes a revised list of CRS reportable jurisdictions. South Korea has been re-added to the list.

Lithuania Mar 24, 2025

The Ministry of Finance in Lithuania publishes an updated list of CRS reportable and participating jurisdictions for TY2024. Armenia, Jamaica, Moldova, Peru, and Ukraine have been added to the list of reportable jurisdictions while Armenia, Jamaica, Moldova, and Ukraine have been added to the list of participating jurisdictions.

British Virgin Islands Mar 17, 2025

The International Tax Authority (ITA) of the BVI publishes updated lists of CRS reportable and participating jurisdictions. Belize has been added to both the lists for TY2024.

Saint Kitts and Nevis Mar 11, 2025

The Inland Revenue Department (IRD) of Saint Kitts and Nevis makes publicly available, its industry advisory notes. While one of the advisory notes clarifies the CRS and FATCA TIN reporting requirements, the other advisory note provides guidance on the new process for deregistration from the CRS and FATCA AEOI portal.

Barbados Mar 11, 2025

The Barbados Revenue Authority publishes a guidance note for all relevant stakeholders on the collection of US TINs for Foreign Account Tax Compliance Act (FATCA) compliance purposes describing the relief TIN codes that can be used along with its conditions.

Switzerland Mar 10, 2025

The Federal Tax Administration (FTA) of Switzerland publishes an update on the initiation of a consultation on the new FATCA Agreement. As per the consultation, Switzerland should no longer be required to provide financial account information to the United States unilaterally but also receive information from the United States as part of Automatic Exchange of Information. As per current schedule, the change of model should come into force on January 1, 2027. This consultation ends on June 14, 2025.

Liechtenstein Mar 7, 2025

The Liechtenstein State Administration publishes updated AEOI documents along with Newsletter 03/2025. The Newsletter describes the updates made to the revised version of the AEOI guidance to remind RFIs: (1) to provide information that subsequent payments on a terminated cash-value insurance contract require a Financial Institution (FI) to treat the individual with a prior independent right to the insurance claim before the termination as the account holder. The insurance company is required to meet the CRS due diligence and reporting obligations in respect of the individual, even if a report with the attribute "Closed Account" was previously made during the termination. Further the insurance company is required to verify any changes in circumstances that have occurred since termination of the contract and, if necessary, obtain a new self-certification before the insurance claim is paid out again under Chapter 3.2.6.5; and (2) of the registration of non-reporting Liechtenstein financial institutions and reporting financial institutions, specifically trustee-documented trusts (TDTs), with the tax administration under Chapter 9, effective January 1, 2025. The Newsletter also describes updates to the FATCA reporting guide to remind RFIs of the extension of the transitional period for the use of dummy TIN values for US persons with a missing US TIN until the 2027 reporting period under Chapter 4.1 and an updated example of the use of “NA” in the absence of a national TIN under Chapter 4.2.2. Lastly, the tax administration also publishes revised AEOI FAQs.

Bermuda Mar 5, 2025

The Ministry of Finance in Bermuda publishes updated lists of CRS reportable and participating jurisdictions. Armenia, Georgia, Moldova, and Ukraine have been added to the reportable list. The aforementioned jurisdictions have also been added to the participating list along with New Caledonia.

Curaçao Mar 5, 2025

The Ministry of Finance in Curaçao publishes an updated list of CRS reportable jurisdictions for the tax year 2024. The updated list includes the addition of Armenia, Belize, Georgia, Kazakhstan, Moldova, Thailand, and Ukraine, as well as the re-addition of Bulgaria. Additionally, the Ministry publishes an AEOI activity calendar for 2025, reminding Relevant Financial Institutions (RFIs) that the deadline for TY2024 FATCA and CRS reporting is March 31, 2025.

Hong Kong Mar 5, 2025

The Inland Revenue Department of Hong Kong releases the Inland Revenue Ordinance (Amendment of Schedule 17E) Notice 2024, updating the lists of CRS reportable and participating jurisdictions. Ecuador, Oman, and Thailand have been added as reportable jurisdictions for tax year 2025 reporting. Additionally, the participating list has been updated with eleven new additions and nine removals.

IRS Mar 3, 2025

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool with the FIs that are in approved status as of February 24, 2025.

Ireland Feb 26, 2025

The Office of the Revenue Commissioners in Ireland publishes the updated Tax and Duty Manual Part 35-01-01a, a comprehensive guide on the exchange of information (EOI) under various international tax agreements. Key measures provided in the guidance include: (1) Role of the International Tax Division: Details the procedures for information requests and provides an overview of automatic exchange of financial account information (AEOI) agreements; (2) Importance of EOI Agreements: Highlights the role of EOI agreements in preventing tax evasion and outlines the legal basis for EOI under international agreements; (3) Bilateral Exchange of Financial Account Information: Covers the exchange of information under the Foreign Account Tax Compliance Act (FATCA), the Common Reporting Standard (CRS), and the implications of various EU Council directives; (4) Provisions Governing the Exchange of Tax Rulings and Digital Platforms: Includes guidelines on the exchange of tax rulings and information on digital platforms; and (5) Confidentiality Measures and Restrictions: Describes the procedures for maintaining confidentiality and restrictions on the use of exchanged information, including the procedures for disclosing information to third parties.

Singapore Feb 26, 2025

The Inland Revenue Authority of Singapore (IRAS) publishes an announcement reminding RFIs that the CRS registration deadline is March 31, 2025, for entities that became reporting SGFIs between January 1, 2024, and December 31, 2024.

Israel Feb 25, 2025

The Tax Authority of Israel releases an updated list of CRS participating jurisdictions which will also be considered reportable jurisdictions for TY2024 reporting. A total of 25 jurisdictions have been added to the list.

Mauritius Feb 17, 2025

The Mauritius Revenue Authority (MRA) publishes an updated list of CRS participating and reportable jurisdictions. Ecuador, Georgia, Jamaica, Kazakhstan, Moldova, and Ukraine have been added to the participating list. South Korea has been removed from the list of reportable jurisdictions while, 28 Jurisdictions have been added to the list for TY2024 reporting.

Macau Feb 15, 2025

The Financial Services Bureau of Macau publishes an updated list of CRS reportable and participating jurisdictions. Armenia, Cameroon, Papua New Guinea, Senegal, and Trinidad and Tobago have been added to the list of reportable jurisdictions, while 25 jurisdictions have been removed from the list of participating jurisdictions.

Indonesia Feb 12, 2025

Indonesia Tax Agency publishes an updated list of CRS reportable and participating jurisdictions. Armenia, Aruba, Belize, Bulgaria, Costa Rica, Moldova, and Qatar have been added to list of reportable jurisdictions, while Antigua and Barbuda has been removed from the list. Further, Armenia, Moldova, Trinidad and Tobago, and Uganda have been added to the list of participating jurisdictions, while New Caledonia has been removed from the list.

Barbados Feb 11, 2025

The Barbados Revenue Authority (BRA) shares a communication with the RFIs informing them that the URL for accessing the Barbados Revenue Authority ("the Authority") Automatic Exchange of Information Web Portal has been updated to https://aeoiportal.bra.gov.bb. It also reminds RFIs that the AEOI Web Portal is utilized for the submission of reports related to the Foreign Account Tax Compliance Act (FATCA), Common Reporting Standards (CRS), and Country by Country (CbC) Reporting.

France Feb 11, 2025

The French Tax Authority (DGFiP) makes available an updated administrative procedure on FATCA agreement on the automatic exchange of information with the US. The agreement provides updated information on the presentation of the agreement and related annexes.

Liechtenstein Feb 10, 2025

The Liechtenstein State Administration publishes the consultation report on the CARF Act along with the amendment of the AEOI Act and other laws including the FATCA Act. It aims to commence the first automatic exchanges with relevant jurisdictions under CARF from 2027 for reporting periods from January 1, 2026, which is also in accordance with the EU’s timeline. Additionally, the adoption of individual procedural provisions of the AEOI Act and the FATCA has been imposed post the creation on new Administrative Criminal Act (VStG). Lastly, the consultation is informed to end on April 17, 2025.

Singapore Feb 4, 2025

The Inland Revenue Authority of Singapore (IRAS) publishes an updated list of TY2024 CRS reportable and participating jurisdictions. Armenia, Belize, Moldova, and Ukraine have been added to the list of reportable jurisdictions. Further, Armenia, Moldova and Ukraine have been added to the list of participating jurisdictions. Additionally, it also reminds RFIs that the deadline for TY2024 FATCA and CRS filings is May 31, 2025.

IRS Feb 4, 2025

The IRS publishes Issue Number 2025-04 informing FATCA Responsible Officers or Point of Contacts on the points to be ensured under circumstance of receiving any technical error message while trying to access the FATCA registration system. Specific measures to be noted include: (1) Logging in from the system’s webpage; (2) Not beginning the System login process at the Login.gov or ID.me webpages; (3) Using the same email for the System and Login.gov or ID.me; (4) Requirement of a compatible internet browser and required browser configurations; (5) Correct system webpage address; (6) Reviewing of system security setting that may prevent secure System access; and (7) Lastly, the steps to login to the FATCA registration system has also been listed.

IRS Feb 3, 2025

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool with the FIs that are in approved status as of January 27, 2025.

Germany Feb 3, 2025

The Federal Tax Office of Germany (BZSt) publishes CRS Newsletter 01/2025. The Newsletter provides more clarity on the following topics: (1) validity of self-certifications for minors – bank accounts can be opened for minors only with joint custody with the consent of both parents or guardians. However, both parents or guardians do not need to sign the self-certification(s); (2) submission of the reasons for missing/implausible self-certifications in writing, by email, or by fax is no longer permitted and should only be completed electronically via a form on the BZSt portal; (3) addition of an expanded catalogue of fines following the publication of the Annual Tax Act 2024; (4) addition of presentations on the topics of undocumented accounts and refuting evidence and self-certifications; and (5) a reminder to not import test data into the production environment to avoid forwarding of this data to CRS participating states.

IRS Feb 3, 2025

The IRS releases 2025 Draft version for Form 1099-SB (Seller’s Investment in Life Insurance Contract).

Rwanda Feb 3, 2025

The Rwanda Revenue Authority makes publicly available Ministerial Order 007/24/10/TC, establishing detailed guidelines for the implementation of the Common Reporting Standard (CRS). Key guidelines include: (1) High Value Individual Accounts (Article 2(y)): Accounts with a value exceeding USD 1 million as of September 2024 or December 31 of any subsequent year; (2) Low Value Individual Accounts (Article 2(cc)): Accounts with a value that does not exceed USD 1 million as of September 2024; (3) New Accounts (Article 2(ee)): Accounts opened on or after October 1, 2024; (4) Pre-existing Accounts (Article 2(nn)): Accounts maintained by a financial institution as of September 30, 2024; (5) Reportable Jurisdictions (Article 2(vv)): Jurisdictions with which an agreement is in place and is published in a list specified by the Commissioner General; (6) Reporting Period for TY2024 (Article 2(xx)): From October 1, 2024, to December 31, 2024, with reporting due in 2025; (7) CRS Report Submission Deadline (Article 3(3)): April 30 of every year; (8) Nil Reports Requirement (Article 3(4)): RFIs must file Nil reports if no reportable accounts are identified; (9) Use of Service Providers (Article 14): RFIs may use service providers to fulfill reporting obligations, but the responsibility remains with the RFI; (10) Review of Pre-existing Accounts (Article 22): Review of high value and low value individual accounts must be completed by December 31, 2025; (11) Self-certifications (Article 24(3)): Must be validated within 90 days of account opening and obtained at account opening; (12) Action on Invalid Self-certifications (Article 24(4)): RFIs must freeze or close the account if valid self-certifications are not received within 90 days; and (13) Review of Pre-existing Entity Accounts (Articles 28 and 31): Accounts exceeding USD 250,000 as of September 30, 2024, must be reviewed by December 31, 2025. Accounts with a value less than USD 250,000 as of September 30, 2024, but exceeding the threshold as of December 31 of a subsequent year must be reviewed within the subsequent year. The Order comes into force on the day of its publication.

IRS Feb 3, 2025

The IRS releases Issue Number 2025-03, detailing electronic filing requirements for 1042-S forms. Treasury Decision 9972 amends Treasury Regulation § 301.6011-2, modifying the requirements for withholding agents that are not financial institutions. These agents must now aggregate all their information returns and Forms W-2 to determine the 1042-S filing requirements. If the total number of returns is 10 or more, all information returns, including Form 1042-S, must be filed electronically. Additionally, partnerships with more than 100 partners are required to file all their information returns, including Forms 1042-S, electronically, regardless of whether they are required to file 10 or more information returns during the calendar year. The new threshold is effective beginning with tax year 2023 and applies to Forms 1042-S due in March of each subsequent year.

Brunei Darussalam Feb 3, 2025

The Ministry of Finance and Economy in Brunei Darussalam releases an updated list of CRS reportable jurisdictions for TY24 reporting. Ghana, Latvia, Lithuania, Panama, and Russia have been added to the list.

Netherlands Feb 1, 2025

TThe Tax and Customs Administration of the Netherlands (TCA) publishes an update informing RFIs of an error in the CRS country list for the tax year 2023. The letter states that the tax year for Georgia, Kenya, Moldova, and Ukraine was mistakenly mentioned as TY2024 on the CRS Country List 2024 v0.3 instead of TY2023. Consequently, no data was received for these countries for TY2023, resulting in the Netherlands being deemed non-compliant with its CRS obligations. In light of this information, the TCA instructs RFIs to also provide the TY2023 data for these jurisdictions before August 1, 2025, following the instructions provided in the manual on the TCA website. For any queries regarding this letter, RFIs can email - gegevensuitwisseling@belastingdienst.nl

Switzerland Feb 1, 2025

The Federal Tax Administration (FTA) of Switzerland updates its list of CRS participating jurisdictions. The updated list includes Georgia, Moldova, and Ukraine which are informed to come into effect beginning January 1, 2025.

Romania Jan 31, 2025

The National Agency for Fiscal Administration (ANAF) of Romania makes publicly available updated lists of CRS participating and reportable jurisdictions. Armenia, Georgia, Moldova, Saint Kitts and Nevis, and Ukraine have been added for TY2024 reporting while it also classifies the list of temporarily non-reciprocal and permanently non-reciprocal jurisdictions specifically in the updated CRS reportable jurisdictions list.

Sweden Jan 31, 2025

The Swedish Tax Agency releases its first newsletter of 2025, informing RFIs of the availability of updated versions of the FATCA and CRS technical descriptions to facilitate TY2024 reporting. It also reminds RFIs of the TY2024 reporting deadline of May 15, 2025. It further informs that the e-services for FATCA and CRS have been updated with several adjustments, additions and removals of business controls, the changes are also included in the updated technical descriptions. Lastly, the newsletter also includes the treatment of the value of distributed shares in the event of Lex ASEA dividends while submitting TY2024 FATCA and CRS reporting information.

France Jan 29, 2025

The French Tax Authority releases an updated version of the FATCA technical guide (v5.0) that includes technical specifications on declaring the FTIN on a FATCA return.

IRS Jan 27, 2025

The IRS publishes draft instructions for Form 1099-SB - Seller's Investment in Life Insurance Contract (Rev. April 2025) and Form 1099-LS - Reportable Life Insurance Sale (Rev. April 2025).

United Kingdom Jan 27, 2025

The United Kingdom’s HMRC publishes updated guidance on TINs informing RFIs that the detailed information on TINs for individual sellers, entity sellers such as companies, partnerships, charities, trusts, and sellers in partner jurisdictions have been updated.

OECD Jan 24, 2025

The OECD releases an updated AEOI status of commitments and jurisdictions participating in the MCAA lists. The AEOI status of commitments list has been updated to reflect that Tunisia will be undertaking first exchanges by 2026 instead of 2025 previously while Paraguay has been moved to the list of developing countries not asked to commit and that have not yet set a date for first exchanges, from the prior status of first intended exchanges by 2027. The list of jurisdictions participating in the MCAA has been updated with the addition of Trinidad and Tobago with a signature date of November 7, 2024, and the date of deposit of instrument of ratification of December 3, 2024, while the amended convention enters into force on April 1, 2025.

United Kingdom Jan 24, 2025

The United Kingdom’s HMRC publishes an updated list of CRS participating and reportable jurisdictions. Armenia, Morocco, Rwanda, Senegal, and Uganda have been added while Brunei Darussalam, Lebanon, Macau, Montserrat, Niue, Samoa, St. Vincent and Grenadines and Vanuatu have been removed from the list of reportable jurisdictions. Additionally, Armenia, Georgia, Moldova, and Ukraine have been added to the list of participating jurisdictions.

Guernsey Jan 24, 2025

The Revenue Service of the States of Guernsey makes publicly available Bulletin 2025/1. The bulletin confirms the CRS reportable jurisdictions list with the addition of Armenia, Morocco, Rwanda, Senegal, and Uganda for TY2024 reporting. It also consists of provisional CRS reportable jurisdictions for TY2025 reporting with the addition of Cameroon and Mongolia while the TY2025 CRS participating jurisdictions list has been updated with the addition of Armenia, Moldova, and New Caledonia. Lastly, it also consists of an exchange partners list with whom information was exchanged for the TY2023 reporting period.

Monaco Jan 23, 2025

The Principality of Monaco makes publicly available the Ministerial Decree No. 2024-734 of December 27, 2024, which provides the list of CRS reportable and participating jurisdictions. Armenia, Moldova, and Ukraine have been added to both the lists for TY2024 reporting.

Denmark Jan 23, 2025

The Ministry of Taxation in Denmark releases an updated versions of the FATCA and CRS reporting guidelines. No major changes have been made to the structure of reporting for both regimes. Minor formatting updates have been made to Sec 4.3 to reflect the same numbering for both sections under both regimes. Additionally, the guides inform RFIs that for companies under liquidation, the Ministry of Taxation has made the Nil reporting option available for the current calendar year.

Finland Jan 22, 2025

The Finnish Tax Administration updates its FATCA, CRS and DAC2 FAQs webpage with the addition of an FAQ under the specific issue related to fulfilling due diligence obligations section. The newly added FAQ informs RFIs that it cannot rely solely on the existence of an account holders GIIN to identify the account holder as a financial institution.

Brazil Jan 22, 2025

The Department of Federal Revenue in Brazil releases a communication informing RFIs that due to the revocation of Normative Instruction 2219/2025, the scheduled shutdown of the e-financial system on January 23, 2025, has been postponed to a date to be decided and informed later. Hence, the renewal of the production environment certificate has also been cancelled and the certificate that has been in use since July 2024 remains valid.

France Jan 21, 2025

The French Tax Authority (DGFiP) makes publicly available an updated version of the CRS technical guide (v3.4). Important updates include: (1) Updates to the provisional calendar for 2025 to inform RFIs of the availability of the FATCA and CRS reporting portal from April 24, 2025, until the revised FATCA and CRS reporting deadline of July 15, 2025. The portal will re-open on October 2, 2025, and close on December 17, 2025; (2) information on the availability of a new contact form added to the portal to assist with submission of FATCA and CRS reports; (3) modifications to the TIN format and algorithms section for specific jurisdictions; (4) modifications to the CRS reportable jurisdictions list with the removal of Antigua and Barbuda and the additions of Armenia, Georgia, Moldova, and Ukraine. Additionally, it also releases an updated version of the FATCA technical guide (v4.9). Specific updates include: (1) inclusion of the reference to the IRS notice 2024-78 extending the relief period for using default TINs in case of missing US TINs until calendar year 2027 subject to reporting the correct default TINs and performing outreach activities; (2) reporting of the FTIN if found in the electronic searches in place of missing US TINs; and (3) mandatory reporting of the city and country of residence for each person with a missing US TIN.

Switzerland Jan 21, 2025

The Federal Tax Administration (FTA) of Switzerland updates its list of CRS reportable jurisdictions. The date of entry into force for Uganda has been updated to beginning January 1, 2026.

IRS Jan 21, 2025

The IRS publishes a bulletin informing taxpayers that the deadline for submission of Responsible Officer (RO) Certifications for the FATCA Certification period ending December 31, 2024, is July 1, 2025. Failure to submit the certification would be considered non-compliance for the entity, with its FATCA obligations. Consequently, the entity’s FATCA status would be revoked and the GIIN removed from the FFI list. Additionally, it also reminds taxpayers of the availability of new sign-in options in the FATCA Registrations system.

IRS Jan 20, 2025

The IRS makes publicly available, a draft version of the Publication 515 - Withholding of Tax on Nonresident Aliens and Foreign Entities for use in 2025. The draft publication reminds Withholding Agents (WHAs) of the partial suspension of the Income tax convention with Russia and termination of the 1979 tax convention with Hungary.

Germany Jan 20, 2025

The Federal Tax Office of Germany (BZSt) publishes an update informing RFIs that the DAC6 Communication Manuals have been revised completely. It further informs RFIs that in the 4th quarter of 2025, DAC6 data transmission will be switched to the new BZSt online portal. The use of the previous ELMA interface (schema v1.0) and the old BOP form will be discontinued December in 2025.

Finland Jan 17, 2025

The Finnish Tax Administration publishes a newsletter that also covers information on the FATCA and CRS/DAC2 regime updates. Specific updates include: (1) Reminder FATCA and CRS/DAC2 annual returns for 2024 must be submitted to the Tax Administration by January 31, 2025; (2) To support RFIs an annual declaration checklist has been provided for both FATCA and CRS returns; (3) Detailed instructions on reporting identifying information with FATCA and CRS/DAC2 annual reports have been included for receiving countries to be able to automatically identify the reported account holders; (4) Information on how to report missing US TIN on a FATCA return; and (5) Information that a written application for an extension can be sent to the email address fatca@vero.fi. Also, informs that the application for an extension must be substantiated in detail, and no extension will be granted without a valid reason. Also, an extension can only be granted if the application for an extension has been received by January 31, 2025.

Malaysia Jan 16, 2025

The Inland Revenue Board of Malaysia (IRBM) publishes an updated list of CRS reportable jurisdictions for TY2024, adding Belize, Moldova, and Ukraine. Additionally, IRBM updates the CRS submission timelines, reminding Relevant Financial Institutions (RFIs) that the production environment will be available from January 16, 2025, to June 30, 2025. The testing and registration environments will remain open at all times.

IRS Jan 16, 2025

The IRS releases 2025 instructions for Form 1099-B (Proceeds from Broker and Barter Exchange Transactions).

Iceland Jan 16, 2025

The Iceland Revenue Department publishes an update on the changes made to the CRS schema, informing RFIs of the addition of the two new fields to the schema. The first is ‘InstitutionType’ which is an optional field and defines the type of notifiable financial institution, the second field is ‘UndocumentedAccount’, which also is an optional field, that should be true if the account owner does not have a registered address.

Jersey Jan 15, 2025

The International Taxation Department of the Government of Jersey publishes FATCA and CRS practical guidance for 2025. Specific updates to the FATCA practical guidance include: (1) Sec 2.3 on Nil Reports to clarify that though Nil reporting is optional, the portal now includes an option to file Nil report(s) for a single entity or include multiple RFIs; and (2) inclusion of the reference to IRS Notice 2024-78 extending the relief period for using default TINs in case of missing US TINs until calendar year 2027 subject to reporting the correct default TINs and performing outreach activities. Specific updates to the CRS practical guidance include: (1) Sec 7 on Date of birth (DOB) is updated to prohibit the use of DOBs prior to January 1, 1910 and the old default DOB of January 1, 1900; (2) Sec 9 on Nil returns has been updated to encourage RFIs to file Nil returns though not mandatory and that the check the box option would only file a Nil return for the single named entity registered while the portal will also accept bulk reporting of Nil returns via XML; (3) Sec 11.3 has been updated to clearly define the acceptable MessageRefID and DocRefID formats; (4) a minor formatting update to Sec 11.5 has been made to clarify that reports will be rejected if TIN element is omitted for any individuals, controlling persons or entity account holders; and (5) Sec 11.8 has been added to clarify that RFIs reporting Passive NFEs with account holder types 101 and 103 should only use CRS101 account holder type to avoid being considered duplicate. Lastly, it also publishes a document listing common errors related to 2023 AEOI data, intended to enhance and build upon the information provided in FATCA and CRS reports and outline common errors identified across the year.

Isle of Man Jan 11, 2025

The Income Tax Division of the Isle of Man publishes an Industry Advisory informing Relevant Financial Institutions (RFIs) of the availability of the new Guidance Note #63. This note outlines the Income Tax Division’s approach to conducting onsite visits to comprehensively review Isle of Man Financial Institutions' (FIs) compliance with the Common Reporting Standard (CRS) and assists FIs in preparing for such visits. The advisory also informs RFIs of the extension of the temporary relief provided by the US Internal Revenue Service (IRS) for obtaining and reporting missing US Taxpayer Identification Numbers (TINs) until the calendar year 2027. FIs must retain records of their policies and procedures adopted to satisfy this requirement, along with documentation demonstrating that these policies and procedures were followed, to establish compliance until the end of the calendar year 2031. Additionally, the Income Tax Division publishes an updated list of CRS participating and reportable jurisdictions for the tax year 2024. While no changes have been made to the CRS reportable list for 2024, Armenia, Moldova, New Caledonia, and Ukraine have been added to the CRS participating list for 2024. Furthermore, Cameroon and Mongolia have been added to the provisional CRS reportable list for the tax year 2025.

IRS Jan 9, 2025

The IRS releases draft instructions for the 2025 version of Forms 1099-GI (General Instructions for Certain Information Returns), 1099-DA (Digital Asset Proceeds From Broker Transactions), 1099-A and 1099-C (Acquisition or Abandonment of Secured Property and Cancellation of Debt). It also releases the draft 2025 version of Forms 1099-Q (Payments from Qualified Education Programs (Under Sections 529 and 530) and 1099-LS (Reportable Life Insurance Sale).

Malta Jan 8, 2025

The Office of the Commissioner for Revenue in Malta publishes a notice informing that the deadline for submitting the DAC6 - Annual Notification Form by Non-Disclosing Intermediaries is February 28, 2025. It also releases the annual notification form that the RFIs need to complete and send to mdr.mfin@gov.mt

Slovenia Jan 7, 2025

The Financial Administration of the Republic of Slovenia (FURS) releases a communication informing that the digital platform operators through which providers sell their goods or services to third parties are required to report data (DAC7 reporting) on these sales in 2024 to the Financial Administration by January 31, 2025.

Barbados Jan 7, 2025

The Barbados Revenue Authority (BRA) publishes updated lists of CRS reportable and participating jurisdictions. Azerbaijan and Ukraine have been added to the updated list of reportable jurisdictions. Further, Ukraine have been added to the list of participating jurisdictions while Hong Kong, Liechtenstein, Maldives, Pakistan, and Turkey have been removed from the list.

IRS Jan 5, 2025

The IRS releases 2025 version for form 1099-B (Proceeds from Broker and Barter Exchange Transaction).

IRS Jan 2, 2025

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool with the FIs that are in approved status as of December 23, 2024.

Uganda Jan 2, 2025

The Uganda Revenue Authority (URA) issues a public notice informing stakeholders that the voluntary disclosure program for AEOI has been implemented since November 30, 2024. In view of the implementation, eligible declarants who voluntarily disclose such assets or incomes before September 1, 2025, will receive benefits including: (1) full waiver of penalties and interest on taxes declared and paid before September 1, 2025; (2) immunity from prosecution for related tax offences; (3) flexible payment terms; and (4) priority treatment at URA including expedited refunds, priority customs clearance, authorized economic operator benefits and withholding tax exemption. With effect from September 1, 2025, failure to disclose assets, accounts or incomes will result in penalties and prosecution in accordance with Uganda’s tax laws. Lastly, the URA will receive offshore account information under the AEOI from September 1, 2025.

France Dec 30, 2024

The French Tax Authority (DGFiP) publishes an update informing RFIs on the transmission of the identification details of the beneficiary of certain royalties in the context of the AEOI between Member States. Royalties are included in the categories of income subject to the mandatory automatic exchange of information between Member States. Consequently, companies, corporations or associations which collect and pay copyright or inventor's rights must now mention in the declaration provided, the date of birth of the beneficiary of these rights when the latter is a natural person domiciled outside France in another Member State of the European Union.

Liechtenstein Dec 27, 2024

The Liechtenstein State Administration publishes amendments to the AEOI law. Specific amendments to the AEOI law include: (1) Specifications on the obligations of legal entities, financial institutions, service providers for legal entities and fund management companies, (2) detailed definition of a fund management company, (3) establishing a mandatory registration requirement for financial and non-financial institutions after completion of classification, (4) establishing deregistration requirements for FIs and non-financial institutions in case of a change in status, (5) introduction of Article 11(b) mandating FIs, service providers for legal entities and fund management companies to organize measures to implement the Act, (6) modifications to the correction or deletion of information transmitted including permissions only for RFIs to subsequently delete or correct the information transmitted, (7) RFIs are obliged to inform reportable persons or legal entities of a security breach without delay, (8) modifications to Article 20 on obligations to provide information, (9) modifications to Article 21 on risk-based controls to be established by RFIs and service providers, (10) introduction of a fine of 20,000 CHF for failure to maintain the ten year record-keeping requirement, maintenance of due diligence obligations, failure to destroy the information exchanged with the tax administration after ten years, (11) introduction of a fine of 50,000 CHF for violation of the anti-abuse provisions and infringements that are serious, repeated or systematic. Lastly, legal entities established by December 31, 2024, and classified as non-reporting FIs must register by March 31, 2025. The Law enters into force on January 1, 2025.

Ireland Dec 27, 2024

The Ireland Revenue Commissioners publish Revenue eBrief No. 260/24 informing RFIs on the availability of updated Tax and Duty Manual Part 35-00-01 on revenue Arrangements for Implementing EU and OECD Exchange of Information Requirements in respect of tax rulings. Specific updates made to the document include: (1) Section 1.1 has been updated to reflect the changed initiated in council directive (EU) 2023/2226 (DAC 8) which is intended to bring individuals into the scope for exchange, (2) Section 3.1 and 4.1 has been updated to clarify spontaneous exchange of information for rulings, (3) Section 3.8 has been updated to reflect the amendments under council directive (EU) 2023/2226 (DAC 8) which also includes updates to the allowable use of information in line with Article 16 of the DAC. The information permissible to be used under the OECD framework is also highlighted, and (4) Annex 3 has been updated to include the list of jurisdictions covered by the OECD framework with which Ireland has a legal basis to spontaneously exchange information.

Liechtenstein Dec 27, 2024

The Liechtenstein State Administration publishes amendments to the FATCA law. Specific amendments include: (1) detailed definition of a fund management company, (2) clarification that Liechtenstein FIs are obliged to retain information exchanged until the expiry of the maximum limitation periods and the information transmitted to the tax authority must be destroyed after the expiration of the limitation periods, (3) addition of Article 6b informing FIs that service providers for legal entities and fund management companies must take organizational measures to implement FATCA and the internal organization must be designed in accordance with the circumstances and the individual risks depending on the type and size of the Liechtenstein financial institution, the service provider for legal entities or the fund management company, (4) any rectification or deletion may only be requested if the applicant proves that the information to be exchange is incorrect, (5) any deletion/rectification requests received after May 31 must be examined and checked for plausibility by the FI, (6) Article 10 has been modified to clarify obligations to provide information for legal entities, service providers and fund management companies, (7) Article 11 has been revised to clarify the risk-based controls and inspections and, (8) introduction of a fine of 20,000 CHF for failure to maintain the ten-year record-keeping requirement, maintenance of due diligence obligations, failure to destroy the information exchanged with the tax administration after ten years. The Law enters into force on January 1, 2025.

British Virgin Islands Dec 27, 2024

The International Tax Authority (ITA) of the BVI makes publicly available the content of its CRS virtual seminar. While reminding RFIs to ensure compliance with the CRS due diligence and reporting obligations, the ITA also informs RFIs of risk assessments based on responses received via questionnaires and forms from RFIs and NRFIs and the information filed via the BVIFARS portal. Risk ratings such as low, medium, and high will be used to complete the risk assessment and FIs will be subject to regular compliance actions based on the ratings. Additionally, medium and high risk ratings may trigger two types of compliance inspections: (1) Desk-based Compliance inspection or, (2) Onsite Compliance inspection (physical/virtual/both). These inspections can be to inspect full or partial compliance. In lieu of the aforementioned, all FIs and NRFIs will be required to complete a CRS form electronically via the BVIFARS portal beginning June 2025. The format of the new CRS form has also been included while also reminding RFIs to review missing information such as Name, DOB, address, TINs, jurisdiction(s) of tax residence and account balance/value at calendar year end or account closure.

United Kingdom Dec 27, 2024

The United Kingdom’s HMRC publishes an update on assumed reporting guidance for all Reporting Platform Operators (RPOs) and Platform Operators (Pos). Specific updates have been made to the sections on: (1) the Practicalities of assumed reporting; (2) Reporting restriction for UK resident sellers; and (3) Assumed reporting and DAC7 interaction, along with certain examples.

Ireland Dec 24, 2024

The Office of the Revenue Commissioners in Ireland publishes an updated Tax and Duty Manual on Filing Guidelines for DAC2-Common Reporting Standard (CRS). The updated guidelines provide additional guidance on ResCountry Code that has been further clarified under section 7.5.

Cayman Islands Dec 21, 2024

The Department for International Tax Cooperation (DITC) of the Cayman Islands publishes an update on Government fees for certain General Registry and Cayman Islands Monetary Authority (CIMA) services which is informed to come into effect on January 1, 2025.

Spain Dec 20, 2024

The Spanish Tax Agency (Agencia Tributaria) updates its AEOI deadlines to remind RFIs that the period for submitting CRS and FATCA returns (Modelo 289 and 290 respectively) is January 1, 2025, to June 2, 2025.

Slovak Republic Dec 20, 2024

The Financial Directorate of the Slovak Republic publishes an updated list of CRS reportable jurisdictions with the addition of Moldova and Oman for TY2024.

Romania Dec 20, 2024

The National Agency for Fiscal Administration (ANAF) of Romania publishes a press release informing RFIs of the reporting and tax due diligence requirements for the purpose of achieving automatic exchange of information (AEOI) to improve international tax compliance and for the implementation of FATCA. It further mentions the ratification of the Agreement between Romania and the United States in accordance with the provisions of Law No. 233/2015 and the rules provided which requires the RFIs in Romania to obtain US TIN for each person specified in the form. It also mentions the new notice (Notice 2024-78) issued by the IRS which provides information on the extension of the deadline by three more calendar years - 2025, 2026 and 2027 - for reporting previously communicated codes for pre-existing accounts. Lastly, it also informs that each US reportable account including new accounts that lacks a required US TIN are required to apply tax due diligence procedures.

Iceland Dec 20, 2024

The Directorate of Internal Revenue of Iceland publishes an updated Risk Assessment form that is to be completed by the RFIs with respect to the financial information submitted through FATCA and CRS reporting. Specific updates to the form include: (1) Box 6 has been added to report any foreign customers of the company; (2) Box 7 has been included to mention the number of customers by tax residence in case the company has any foreign customers; and (3) Box 8 has been included to inform the RFIs to send any copy of the procedures, controls and due diligence the company has established for CRS and FATCA agreement to the email address crs.fatca@skatturinn.is

Singapore Dec 19, 2024

The Inland Revenue Authority of Singapore (IRAS) releases an update informing RFIs of the extension of temporary relief for Foreign Financial Institutions (FFIs) to report U.S. TINs referencing Notice 2024-78, issued by the US Internal Revenue Service in October 2024 and introduces additional reporting requirement on Reporting SGFIs to follow if they fail to obtain and report the required US TIN of US Persons for preexisting accounts that are US Reportable Accounts for Reporting Years 2025, 2026 and 2027. Subsequently, FATCA FAQ B.9 and IRAS Supplementary XML User Guide for Preparing the FATCA Reporting Data File ("Supplementary Guide") for more information of the aforementioned information.

Sweden Dec 19, 2024

The Swedish Tax Agency publishes updated draft FATCA Technical guidance (edition 11) along with the draft CRS Technical guidance (edition 9). Along with minor formatting updates for FATCA, the following updates have been made: (1) Sections 7.3.2, 7.4.3 and 7.5.2 have been updated to reflect that it is no longer possible to use nine A’s in place of missing US TINs; (2) Section 7.5 has been updated to reflect the values that can be used in place of missing US TINs; and (3) Section 10 on operational controls for FATCA has been updated to reflect technical reporting schema updates. For CRS, the following updates have been included: (1) Sections 7.5.1, 9.1 and 9.5 have been updated for instructions on submissions with multiple reports and corrections or additions; while (2) Section 11 has been updated on operational controls for CRS has been updated to reflect technical reporting schema updates.

Netherlands Dec 19, 2024

The Tax and Customs Administration of Netherlands (TCA) publishes an update informing RFIs of the changes made to the EWLS XML from 2025 (v05). The document of changes in EWLS as of February 2025 has also been published.

IRS Dec 19, 2024

The IRS releases draft instructions for the 2025 version of Form 1099-S (Proceeds from Real Estate Transactions).

Jersey Dec 18, 2024

The International Taxation Department of the Government of Jersey releases a communication informing RFIs of the availability of the AEOI FATCA and CRS reporting portal for 2024 reporting period from February 3, 2025. It also publishes an updated list of CRS participating jurisdictions, with the addition of Moldova and Ukraine for TY24 reporting. Further, it also mentions the issuance of IRS Notice 2024-78 which extends the temporary relief granted by Notice 2023-11 allowing certain Jersey Foreign Financial Institutions (FFIs) to continue using the default Taxpayer Identification Numbers (TINs) for certain pre-existing accounts for the calendar years 2025, 2026, and 2027. Specific measures the RFIs must follow include: (1) Report an accurate default TIN for accounts missing a U.S. TIN; (2) Search their electronic records for missing U.S. TINs; (3) Request missing TINs annually from account holders; (4) Report additional information such as the account holder’s date of birth, FTINs, and address details (city and country of residence using the AddressFix element); (5) Retain records of the policies and procedures adopted to satisfy the notice until the end of calendar year 2031. The relief is only applicable to pre-existing accounts and does not cover new accounts or those opened by existing account holders. Lastly, it also mentions that the practical guidance notes and common errors papers would be released in due course.

IRS Dec 18, 2024

The IRS releases an updated version of the ICMM frequently asked questions (FAQs) page with the addition of Taxpayer identification numbers (TIN) header. The new header provides information on the various Tax identification numbers, who requires a TIN and the procedure to acquire it. Further information on foreign tax credit has also been included.

Switzerland Dec 17, 2024

The Federal Tax Administration (FTA) of Switzerland updates its list of CRS reportable jurisdictions. Uganda has been added as a new reciprocal jurisdiction, with entry into force beginning January 1, 2025.

Netherlands Dec 17, 2024

The Tax and Customs Administration of the Netherlands publishes an updated version of the list of the CRS reportable jurisdictions with the addition of Aland Islands, Armenia, Cameroon, Guadeloupe, Liberia, Saint Martin, and Senegal. Further, the year of exchange for Georgia, Kenya, Moldova, and Ukraine has been updated to 2023 which was previously mentioned as 2024.

IRS Dec 16, 2024

The IRS releases final instructions for the 2025 version of Form 1042-S. The final version confirms the updates included in the draft version released in the first week of December 2024. In addition, it also releases the final 2025 version of Form 1042-S. Lastly, it also releases the final 2024 version of Form 1042 with minor formatting updates along with the final instructions for the 2024 version of Form 1042. Specific updates include: (1) an exemption for withholding agents that are foreign persons from the requirement to electronically file Form 1042 for tax year 2024 without the need to submit an electronic waiver request; and (2) while Notice 2010-46 is obsolete, a withholding agent using the credit forward framework prior to September 11, 2024, may continue to use it through December 31, 2024. The withholding agents are restricted from using the credit forward framework after December 31, 2024.

Iceland Dec 16, 2024

The Directorate of Internal Revenue of Iceland publishes Notice No. 1405/2024 informing RFIs on the reporting and due diligence obligations under the U.S. Foreign Account Tax Compliance Act (FATCA) for 2024. Specific topics covered in the notice include: (1) The RFIs are required to submit all information for the year 2024 to Iceland Revenue and Customs no later than January 20, 2025; (2) Information and documentation requirements for FATCA reporting; (3) Treatment of inactive and older accounts; and (4) Information that FIs subject to the FATCA reporting obligation must always submit reports to the Iceland Revenue and Custom. Lastly, it informs that the notice is to enter into force beginning December 3, 2024.

Uruguay Dec 13, 2024

The General Taxation Directorate of Uruguay publishes a notice informing RFIs of the availability of a new public key for the CRS production and simulation environments. The new certificate will be effective in the system beginning December 18, 2024.

Hong Kong Dec 13, 2024

The Inland Revenue Department of Hong Kong issues a press release committing to implement the Crypto-Asset Reporting Framework (CARF) on a reciprocal basis with appropriate partners that meet the required standards for protecting data confidentiality and security. Per the timetable set by the OECD’s Global Forum, Hong Kong aims to commence the first automatic exchanges with relevant jurisdictions under CARF from 2028, based on the potential plan that necessary local legislative amendments can be established by 2026.

OECD Dec 13, 2024

The OECD releases an updated list of MCAA signatories on information exchange for Digital Platforms and Offshore financial assets. It also releases updated lists of signatories to: (1) the MCAA on AEOI on Income Earned Through Digital Platforms (DPI-MCAA); (2) the MCAA on the Automatic Exchange Regarding CRS Avoidance Arrangements and Opaque Offshore Structures (MDR-MCAA); and (3) the MCAA on Crypto-Asset Reporting Framework (CARF MCAA) with a total of 48 jurisdictions that have pledged to implement global tax transparency standards for crypto assets thereby supporting tax compliance.

Hungary Dec 13, 2024

The National Tax and Customs Administration of Hungary makes publicly available an updated version of the AEOI technical guide for the electronic submission of data. The Guide includes an updated list of CRS reportable jurisdictions with the addition of Georgia, Rwanda, and Ukraine.

IRS Dec 13, 2024

The IRS publishes Issue Number 2024-29, informing taxpayers of the changes made to the QI/WP/WT FAQs page. FAQ Q20 has been removed from the New applications/2017 renewals section and is now under the new Provisions for 2017 WP agreement section, renumbered as FAQ Q1. It also publishes Issue Number 2024-28, informing taxpayers of the changes made to the QI/WP/WT FAQs page. FAQ Q2 has been added under the ‘Provisions for 2017 WP agreement’ to provide guidance on automatic termination to publicly traded WPs that cannot document its direct partner.

Guernsey Dec 13, 2024

The Revenue Service of the States of Guernsey issues Bulletin 2024/4 on FATCA TINs to include IRS notice 2024-78 that extends temporary relief to FFIs to report U.S TINs. The bulletin is intended to supplement Bulletin 2023/3 with more detail on the following: (1) obtaining U.S. TINs; (2) information that FFIs must retain records of the policies and procedures adopted to comply with Notice 2023-11 and Notice 2024-78 until the end of calendar year 2031; and (3) information that the FATCA Compliance Assurance Statement must confirm that the TIN format is consistent and in compliance with this bulletin and Bulletin 2023/3 for 2025 reporting onwards. Lastly, it also specifies that the relief mentioned in the notices extends only to reporting on pre-existing accounts.

Brazil Dec 12, 2024

The Department of Federal Revenue in Brazil releases a communication informing RFIs that the e-financeira is available in both pre-production (testing) and production environments also used for FATCA and CRS reporting. The synchronous mode pre-production will therefore be available at the same time as the production environment until August 2025.

Germany Dec 11, 2024

The Federal Tax Office of Germany (BZSt) publishes CRS Newsletter 04/2023. Specific updates include: (1) Extension of the validity period in the event of violations of the reporting obligations with respect to collective trust accounts of lawyers until December 31, 2025; (2) Beginning 2025, conversion of CRS data transmission to the new BZSt online portal which would also lead to the introduction of the new mass data interface DIP for CRS replacing the previously used ELMA schema interface (v1.0). The BZSt informs that there are no plans to transition to the ELMA schema interface (v2.0); and (3) RFIs are requested to not import real data into the test environment.

Barbados Dec 11, 2024

The Barbados Revenue Authority (BRA) publishes a press release informing RFIs of the signing of key agreements to implement the Crypto-Asset Reporting Framework (CARF) and the updated Common Reporting Standard (CRS 2.0). The CARF framework is introduced to ensure that the entities and individuals conducting crypto-asset exchanges are reported annually, preventing crypto-assets from becoming a loophole for tax evasion. It intends to implement this framework in 2027, with tentative first exchange in 2028.

IRS Dec 10, 2024

The IRS publishes Issue Number 2024-31 informing RFIs of the unavailability of the FATCA Registration System due to maintenance from December 30, 2024, until January 1, 2025. It further informs RFIs to submit all FATCA registration applications or changes prior to the maintenance in order for the Foreign Financial Institutions (FFIs) to be included in the January 2025 FFI list.

Barbados Dec 10, 2024

The Barbados Revenue Authority releases guidance notes for RFIs clarifying the required due diligence and reporting obligations of Retirement Funds that are considered Reporting Barbados Financial Institutions for the purposes of the Common Reporting Standard (CRS). A Retirement Fund that is not a “Broad or Narrow-Participation Fund” will be a Reporting Financial Institution and classed as an Investment Entity for CRS purposes. All CRS-obligated Fis and therefore Retirement Funds classified as Investment Entities must register with the Authority via the Automatic Exchange of Information Web Portal and file all relevant retroactive CRS reports i.e., a CRS report for each reporting year that the Retirement Fund was a Reporting Barbados Financial Institution.

Liechtenstein Dec 9, 2024

The Liechtenstein State Administration publishes newsletter 10/2024. The Newsletter communicates the changes made to the list of CRS reportable jurisdictions with the removal of Georgia and Moldova from the non-participating states list since the MCAA is now effective beginning TY2024 reporting. The MCAA with Niue is still not effective hence Niue remains a non-participating state. The applicability of AEOI for Rwanda and Tunisia have been delayed to TY2025. Further, footnotes have been updated to indicate the AEOI reporting period: (1) Ukraine, Jordan, Montenegro, Niue, and Uganda will begin exchange of AEOI information for reporting periods from the year 2024 onwards; (2) Trinidad and Tobago will begin exchange of AEOI information for reporting periods from the year 2025 onwards; (3) Footnote has been added for Hong Kong on the exchange of AEOI information for reporting periods from the year 2020 onwards; and (4) Footnote number has been updated for Bahrain and Barbados. Lastly, informing RFIs that the Article 8 of the AIA Act, which is to come into force beginning January 1, 2025, mandates the registration of non-reporting Liechtenstein financial institutions, specifically trustee-documented trusts (TDTs), with the tax administration. The tax administration's portal is currently made available to provide existing TDTs sufficient time for registration. Lastly, it also informs that the TDT registration is required solely for common reporting standard (CRS) purposes and not mandatory for FATCA purposes.

Switzerland Dec 5, 2024

The Federal Tax Administration (FTA) of Switzerland updates its list of CRS reportable jurisdictions. Belize has been identified as a reciprocal jurisdiction beginning TY2024 from its previous temporarily non-reciprocal status.

IRS Dec 5, 2024

The IRS releases draft instructions for the 2025 version of Form 1042-S. Specific updates include: (1) Addition of a new box 7d to indicate a Form 1042-S is being filed to revise an amount subject to withholding in a withholding rate pool to report to a specific recipient; (2) Addition of a new Chapter 3 status code “40” for any partnership that is, or has a branch that is, a QDD while reporting allocations to its partners for QDD items; (3) Addition of a new Chapter 3 status code “41” for a US government entity or tax-exempt entity (other than Sec 501(c)) such as a college or university. The code is only applicable for providing the chapter 3 status of the withholding agent on box 12b; (4) Addition of new income codes “59” – for consent fees, “60” – for loan syndication fees and “61” – for settlement payments; it also mentions that the these income codes are optional for 2025; (5) instructions have been updated with a new process for requesting extension of time to furnish recipient statements; and (6) “US” has been added to the country codes list for box 12f (withholding agent) or 13b (recipient).

Belgium Dec 4, 2024

The Ministry of Finance in Belgium publishes a draft law on various tax provisions informing RFIs of the changes to the current rules on for DAC6 and DAC7. Specific aspects mentioned in the draft law include: (1) Reporting platform operators are mandated to notify each natural person that they are reported under DAC7 by January 10 following the reporting period; (2) The penalties for DAC6 and DAC7 will be modified to accommodate situations where non-compliance is “independent of will”; (3) Lastly, the new rules for reporting under DAC in general are required to explain responsibilities of the Belgian competent authorities regarding any breach to data security and also creates an obligation to inform the European Commission of such breach. The draft law is expected to come into force by the end of 2024.

IRS Dec 4, 2024

The IRS releases 2025 instructions for Forms 1099-MISC, 1099-NEC, 1099-A, 1099-C, 1099-DA, 1099-PATR, and 1099-LTC. It also releases the draft 2025 version of Form 1099-DA (Digital Asset Proceeds from Broker Transactions) and 1099-NEC (Nonemployee Compensation).

IRS Dec 3, 2024

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool with the FIs that are in approved status as of November 22, 2024.

Singapore Dec 3, 2024

The Inland Revenue Authority of Singapore (IRAS) releases an update informing RFIs that the section on “Common CRS Errors and Issues” has been updated to address observations regarding the reporting of TIN equivalents and account balances for settlors and protectors in the context of a trust.

Czech Republic Dec 3, 2024

The Ministry of Finance of the Czech Republic publishes an update informing RFIs of the signing of: (1) Multilateral Competent Authority Agreement on AEOI for Crypto assets under the CARF Standard; (2) the Addendum to the Multilateral Agreement of Competent Authorities on the AEOI under the CRS Standard; and (3) the Multilateral Agreement of Competent Authorities on the Automatic Exchange of Notified Information to Platform Operators.

Canada Nov 28, 2024

The Canadian Revenue Agency (CRA) releases updated CRS Individual Tax Residency Declaration Forms (RC518 and RC520) along with updated CRS Entity Tax Residency Declaration Forms (RC519 and RC521) with minor formatting updates.

United States Nov 27, 2024

The US Department of the Treasury publishes a proposal to reduce paperwork and respondent burden on FATCA information collection requirements. Through the publication of the proposal, the IRS is soliciting comments on the following: (a) whether the collection of information is necessary for the proper performance of the functions of the agency, including whether the information shall have practical utility; (b) the accuracy of the agency's estimate of the burden of the collection of information; (c) Ways to enhance the quality, utility, and clarity of the information to be collected; (d) ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology; and (e) estimates of capital or start-up costs and costs of operation, maintenance, and purchase of services to provide information. Written comments should be received on or before sixty days after the publication of the proposal.

Slovak Republic Nov 27, 2024

The Financial Directorate of the Slovak Republic publishes a consultation on a draft bill for expanding the automatic exchange of information (AEOI) on financial accounts to crypto-asset transactions following the adoption of EU Council Directive 2023/2226 (DAC8). Specific measures presented in the bill include: (1) definition of relevant terms; (2) establishing information reporting and registration requirements for specified crypto-asset service providers; (3) specific reportable transactions, notification obligations, and due diligence procedures for crypto-asset service providers and specified intermediaries; (4) explaining the AEOI rules regarding crypto-asset transactions between EU countries, based on the Multilateral Competent Authority Agreement on Automatic Exchange of Information (AEOI) pursuant to the Crypto-Asset Reporting Framework (CARF MCAA); and (5) imposing penalties in case of noncompliance. Lastly, it also informs that the measures would come into force beginning January 1, 2026, and the comments are due December 12, 2024.

Singapore Nov 27, 2024

The Inland Revenue Authority of Singapore (IRAS) releases an update informing RFIs that Singapore along with 60 other jurisdictions has committed to the implementation of the Crypto-Asset Reporting Framework (“CARF”). It further informs that Under the Global Forum’s CARF Commitment Process, Singapore has been identified as one of the 52 jurisdictions relevant to the CARF in 2024 and is expected to commence exchanges under the CARF by 2027 or 2028 at the latest. It also provides information on the signing of Multilateral Competent Authority Agreement on Automatic Exchange of Information pursuant to the Crypto-Asset Reporting Framework (“CARF MCAA”) and the Addendum to the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information (“the Addendum to the CRS MCAA”). The Agreement specifies: (1) automatic exchange of tax relevant information on Crypto-Assets between the tax authorities of signatory jurisdictions; and (2) amendments to the Common Reporting Standard (“CRS”) such as strengthening of due diligence and reporting requirements.

IRS Nov 26, 2024

The IRS releases the draft 2025 version of Form 1099-A (Acquisition or Abandonment of Secured Property), 1099-C (Cancellation of Debt), 1099-QA (Distributions From ABLE Accounts) and 1099-PATR (Taxable Distributions Received From Cooperatives). It also releases instructions for the 2025 version of Forms 1099-H (Health Coverage Tax Credit (HCTC) Advance Payments), 1099-MISC and 1099-NEC (Miscellaneous Information and Nonemployee Compensation).

Gibraltar Nov 26, 2024

The Commissioner of Income Tax of Gibraltar makes publicly available an updated list of CRS reportable and participating jurisdictions. Moldova and Ukraine have been added to the list of reportable jurisdictions while Maldives and Saint Kitts and Nevis are now considered reciprocal beginning TY24 reporting from the previous non-reciprocal status. Further, Sint Maarten has been added to the list of participating jurisdictions with a status as temporary non-reciprocal jurisdiction.

IRS Nov 26, 2024

The IRS publishes notice 2024-85 informing taxpayers that the threshold for Form 1099-K for the calendar year 2024 is $5,000 and for the calendar year 2025 is $2500. It also informs that tax years 2024 and 2025 will be treated as additional transition periods for purposes of enforcing the Form 1099-K reporting statutory threshold of $600 applicable to third party settlement organizations (TPSOs). Further, TPSOs that have performed backup withholding for a payee during calendar year 2024 must file a Form 945 and Form 1099-K with the IRS and furnish a copy to the payee.

Marshall Islands Nov 25, 2024

The Ministry of Finance of the Marshall Islands publishes a reporting alert informing RFIs that nil reporting will be mandatory beginning TY2024 and that holding a US GIIN will not suffice as evidence that an entity account holder is a financial institution. It also publishes its first version of the CRS Guidance, CRS entity classification v1.0 along with a CRS Compliance Questionnaire v1.1 which needs to be completed and submitted by RFIs within a specified timeframe if it has been selected to do so. It also makes publicly available, the AEOI (Amendment) Act 2024 detailing key FATCA and CRS terms, explaining the functions and the powers of the Secretary, Risk based audits, penalties for failure to comply with due diligence and compliance measures and an explanation of anti-avoidance. Additionally, it also publishes amended AEOI regulations 2024 updating its CRS participating and reportable jurisdictions lists. The participating jurisdictions list has been updated to include Ecuador while 39 jurisdictions have been removed. The reportable jurisdictions list has been updated to include Andorra, Ecuador, Japan, Saint Lucia, Singapore, Cook Islands, New Zealand, Switzerland, Turkey, Israel, and Peru. Lastly, the regulation establishes June 30 of every year as the CRS reporting deadline instead of May 31 previously and mandating nil reporting for RFIs with no reportable accounts.

IRS Nov 25, 2024

The IRS releases the 2025 instructions for the Form 8804-W (Worksheet) for partnerships that have effectively connected taxable income (ECTI) allocable to foreign partners to determine the proper and appropriate Section 1446 tax payments. It also releases the 2024 instructions for Schedule A of the Form 8804. The purpose of this form is to determine the Penalty for Underpayment of Estimated Section 1446 Tax for Partnerships. Lastly, the IRS releases final versions of the 2024 Form 1042 and Schedule Q: Tax Liability of Qualified Derivatives Dealers (QDD) for the Form 1042.

IRS Nov 25, 2024

The IRS releases the 2025 draft version for Form 1099-A (Acquisition or Abandonment of Secured Property).

Czech Republic Nov 23, 2024

The Ministry of Finance of the Czech Republic publishes an update informing the issuance of Notice 2024-78 by the U.S. Internal Revenue Service (IRS). The notice is intended to extend the application of relief under Notice 2023-11 for the calendar years 2025, 2026 and 2027, subject to the fulfilment of the conditions specified in the Notice. The extension of the temporary relief is intended to enable the Internal Revenue Service (IRS) to continue to collect and analyze additional information for accounts without U.S. TINs. In order to obtain relief provided by Notice 2023-11, the reporting Model 1 FFI is required to use certain codes provided by the IRS that identify features of these accounts that may explain why the reporting Model 1 FFI does not report a U.S. TIN and is also required to comply with other requirements set forth in the notice.

IRS Nov 22, 2024

The IRS publishes Issue Number 2024-28 that includes information on: (1) email notifications of IDES transmissions sent to IDES users between October 18, 2024, to November 1, 2024, RFIs are requested to review and follow the instructions in the email regarding whether there are any transmissions that may need to be resubmitted to IDES. In case the RFIs have not received an email notification from the IRS, the financial institutions are required to send an email to lbi.fatca.ides@irs.gov; (2) the IRS Public key would be made available from November 1, 2024, also all reports must be filed after November 1,2024, and must have the new security certificate uploaded with their FATCA filing; (3) the enrolled IDES users are informed to utilize the IDES web dashboard to obtain more information on historical IDES transmissions; (4) the IDES will implement multi-factor authentication option for a more secure sign-in to the IDES system and the implementation is scheduled for December 12, 2024; and (5) Lastly, it puts forward the importance for RFIs to have a registered Global Intermediary Identification Number (GIIN) or FATCA Identification Number (FIN) for successful FATCA filing. Under circumstances where an FI is filing on behalf of another FI or Third-Party Filer, it is mandatory to ensure that the FIN or GIIN is registered with an associated IDES user account for each FATCA filing that is filed on behalf of another FI. The FI may encounter an IDES filing error notification of “Certificate Error – No Certificate Found for the GIIN” or "Digital Signature Error" if the GIIN or FIN is not related to the FI FATCA report that is filed by another FI.

Jersey Nov 21, 2024

The International Taxation Department of the Government of Jersey releases a communication informing RFIs of the issuance of a consultation paper on the implementation of the OECD’s new tax transparency standards, the Crypto-Asset Reporting Framework (CARF), and amendments to the existing CRS standards. The paper is open for public consultation via written comments until February 13, 2025. Comments can be sent to tax.policy@gov.je with the subject line “AEOI Consultation”.

Singapore Nov 21, 2024

The Inland Revenue Authority of Singapore (IRAS) publishes a CRS TIN Guide (First Edition) to facilitate RFIs review the TIN information of its account holders. The guide contains the TIN and TIN equivalent information for the reportable jurisdictions that RFIs must report on.

Australia Nov 21, 2024

The Treasury Department of the Australian Government releases a consultation paper on Crypto Asset reporting Framework (CARF) and related amendments. The consultation paper explores the integration of CARF into Australian tax law, customizing the policy approach and amendments related to CRS. Interested parties are invited to provide comments on this consultation up to January 24, 2025, via email to MNEtaxtransparency@treasury.gov.au

Bulgaria Nov 21, 2024

The Council of Ministers in Bulgaria publishes the decision approving the accession to the Multilateral Agreement between Competent Authorities for AEOI, pursuant to the Framework for Provision of Information on Crypto Assets and the addendum to the Multilateral Agreement between Competent Authorities for AEOI. The first official signing ceremony is scheduled to take place on November 26, 2024, in the framework of the 17th plenary meeting of the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes.

OECD Nov 21, 2024

The OECD’s Global Forum releases its latest batch of peer review reports on transparency and exchange of information on request for Azerbaijan, Bosnia and Herzegovina, Colombia, Grenada, Guyana, Montenegro, Rwanda, Senegal, and Uganda. The overall ratings indicate that Azerbaijan was classified as compliant, while Bosnia and Herzegovina, Colombia, Senegal, and Uganda were classified as largely compliant. Montenegro is classified as partially compliant while the remaining three reports for Grenada, Guyana and Rwanda were limited to an assessment of the legal and regulatory framework with the implementation due to take place at the latest, by 2027.

Germany Nov 19, 2024

The Federal Tax Office of Germany (BZSt) publishes FATCA Newsletter 02/2024, informing RFIs of the extension of the temporary relief for FFIs of the requirement to report US TINs granted via the US IRS’ Notice 2024-78. Requirements for missing US TINs and compliance with the annual inquiry via which the financial institution chooses the means of communication by which it can reasonably reach the Account Holder to confirm missing US TINs has been reiterated. RFIs are required to keep records of compliance measures to implement strategies and processes as well as of efforts to obtain US TINs until the end of calendar year 2031. It further reminds of the rejection of records when using nine A’s in place of missing US TINs which is replaced by nine 9’s from the 2024 reporting period while informing that the US FATCA registration system will be unavailable from November 25-30, 2024, due to maintenance. Lastly, it also publishes an updated communication manual for reporting obligations of Digital Platform Operators (DAC7).

Switzerland Nov 19, 2024

The Federal Tax Administration (FTA) of Switzerland updates its list of CRS participating and reportable jurisdictions. Georgia, Moldova, and Ukraine have been added as reciprocal jurisdictions, with entry into force beginning January 1, 2025.

Gibraltar Nov 18, 2024

The AEOI support team of the Government of Gibraltar issues, communications to RFIs informing of the extension of the temporary relief for FFIs, on the requirement to report US TINs granted via the US IRS’ Notice 2024-78. The new notice extends the relief for three additional calendar years 2025-2027 and introduces new requirements for FFIs. RFIs are required to review the notice to understand how these updates affect them and should reach out to the competent authority in case of additional queries.

IRS Nov 18, 2024

The IRS releases the draft 2025 version of Form 1099-LTC (Long-Term Care and Accelerated Death Benefits).

Denmark Nov 18, 2024

The Ministry of Taxation in Denmark publishes a consultation seeking comments on draft bill No. 2022-13174, to implement EU Council Directive 2023/2226 on administrative cooperation (DAC8) and the Crypto-Asset Reporting Framework (CARF). Specific measures included in the bill are: (1) to authorize the Minister of Taxation to establish reporting, due diligence, and registration obligations for crypto-asset service providers and platform operators; (2) define reportable crypto-asset service providers, covered activities, and reporting obligations; (3) extend the automatic exchange of information (AEOI) rules under the common reporting standard (CRS) to cover specified digital assets, digital central bank currencies, non-custodial dividends, and cross-border advance commitments; (4) to expand DAC8 reporting requirements to include a five-year record retention period for RFIs and crypto-asset service providers, along with the introduction of the new reporting requirements for cross-border tax planning arrangements; and (5) to impose penalties for noncompliance. Lastly, it also informs that the measures would come into force beginning May 1, 2025, and the comments are due December 13, 2024.

Belize Nov 14, 2024

The Belize Tax services publishes an exchange partners list in accordance with Common Reporting Standard (CRS) that includes a total of 72 jurisdictions.

IRS Nov 13, 2024

The IRS publishes Issue Number 2024-28 informing RFIs of the unavailability of the FATCA Registration System due to maintenance from November 25, 2024, until November 30, 2024. It further informs RFIs to submit the FATCA registration applications or changes prior to the beginning of November 25, 2024, maintenance in order for the Foreign Financial Institutions (FFIs) to be included in the December 2024 FFI list.

Hong Kong Nov 12, 2024

The Inland Revenue Department of Hong Kong publishes an update on its AEOI portal informing RFIs that the new version of the encryption tool for data files is now released and available.

IRS Nov 12, 2024

The IRS publishes a draft 2024 version of Form of Schedule A of Form 8804, which helps in determining the penalty for underpayment of estimated Section 1446 tax for partnerships.

IRS Nov 8, 2024

The IRS releases draft instructions for the 2025 version of Form 1042-S. Specific updates include: (1) Addition of a new box 7d to indicate a Form 1042-S is being filed to revise an amount subject to withholding in a withholding rate pool to report to a specific recipient; (2) Addition of a new Chapter 3 status code “40” for any partnership that is, or has a branch that is, a QDD while reporting allocations to its partners for QDD items; (3) Addition of a new Chapter 3 status code “41” for a US government entity or tax-exempt entity (other than Sec 501(c)) such as a college or university; (4) Addition of new income codes “59” – for consent fees, “60” – for loan syndication fees and “61” – for settlement payments; (5) instructions have been updated with a new process for requesting extension of time to furnish recipient statements; and (6) “US” has been added to the country codes list for box 13b entries if income codes “27” - Publicly traded partnership distributions subject to IRC section 1446(a) or “57” - Amount realized under IRC section 1446(f) are used. Lastly, it also publishes 2025 draft version of the Form 1099-H (Health Coverage Tax Credit (HCTC) Advance Payments).

OECD Nov 8, 2024

The OECD publishes an updated list of jurisdictions participating in the Convention on Mutual Administrative Assistance in Tax Matters with the addition of Trinidad and Tobago, bringing the total number of jurisdictions participating in the Convention to 149. Additionally, it has also joined the MCAA signatories with the intended first information exchange date of September 2026, thus taking the tally of CRS-MCAA signatories to 124.

British Virgin Islands Nov 7, 2024

The International Tax Authority (ITA) of the BVI releases a communication informing RFIs that the link for registering the upcoming live seminar focused on reporting requirements under the Common Reporting Standards (CRS) scheduled to be held on November 27, 2024, is now made available.

Netherlands Nov 7, 2024

The Ministry of Finance in Netherlands publishes a draft Bill on DAC8 - Crypto-Asset Reporting Framework (CARF). The implementation of CARF reporting is scheduled to begin from January 1, 2026, with the law entering into force on the same date. However, the draft Bill is open for comments until November 21, 2024.

IRS Nov 7, 2024

The IRS releases the draft 2025 instructions for the Form 8804-W (Worksheet) for partnerships that have effectively connected taxable income (ECTI) allocable to foreign partners to determine the proper and appropriate Section 1446 tax payments.

Netherlands Nov 6, 2024

The Tax and Customs Administration of the Netherlands (TCA) publishes an update informing RFIs of the unavailability of the Validation Test Service (VTS) on November 15, 2024, due to maintenance. It also informs that during this time VTS will not be available for validating XML and XBRL messages.

Germany Nov 4, 2024

The Federal Ministry of Finance in Germany publishes a draft Bill on the implementation of DAC8 – (CARF) Crypto-Asset Reporting Framework provisions. The implementation of DAC8 must be completed by December 31, 2025, and the draft Bill is open for comments until November 14, 2024. Comments can be sent to the email address IVD3@bmf.bund.de

Germany Nov 4, 2024

The Federal Ministry of Finance in Germany publishes a draft Bill on the implementation of DAC8 – (CARF) Crypto-Asset Reporting Framework provisions. The implementation of DAC8 must be completed by December 31, 2025, and the draft Bill is open for comments until November 14, 2024. Comments can be sent to the email address IVD3@bmf.bund.de

Finland Nov 3, 2024

The Finnish Tax Administration publishes a newsletter informing RFIs of a session intended for persons responsible for DAC7 due diligence and disclosure obligations, scheduled to be held on November 21, 2024. The event is to hold discussions on the obligation to provide information, the reporting of information and the Tax Administration's observations on reporting. Further, it informs that the event would be held on Teams which will not be recorded and also provides a platform to the participants to discuss their queries. Also, the event is to be conducted in Finnish.

IRS Nov 2, 2024

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool with the FIs that are in approved status as of October 25, 2024.

Ireland Nov 1, 2024

The Office of the Revenue Commissioners in Ireland publishes Revenue eBrief No. 267/24 informing RFIs of the updated Tax and Duty Manuals which have been put forward to providing further clarity on reporting of US TINs for Financial Institutions and Account Holders. The section 4.3 under Guidance Notes on the Implementation of Foreign Account Tax Compliance Act (FATCA) in Ireland has been updated with few minor changes for the purpose of enhancing clarity. Further, section 12 under Revenue Guide to Automatic Exchange of Information (AEOI) for Financial Account Holders has been updated to encourage account holders to provide their US TIN. Lastly, section 7.5 and 7.6 under Filing Guidelines for FATCA has been updated to provide further clarification on the DOB and TIN elements of the schema.

Liechtenstein Oct 30, 2024

The Liechtenstein State Administration publishes a newsletter informing RFIs of the signing of double taxation agreement with Ireland. The provisions mentioned in the agreement include: 1) exempt withholding tax on interest, royalties, and dividends, except for those from real estate investment trusts (REITs); 2) Govern the taxation of pension funds, investment funds, asset structures, and non-profit organizations; and 3) adopt international standards for the automatic exchange of information (AEOI) on financial accounts, while maintaining the existing AEOI agreement between Liechtenstein and the EU.

IRS Oct 28, 2024

The IRS publishes draft instructions for the 2025 version of Form 1099-CAP (Changes in corporate control and capital structure).

IRS Oct 28, 2024

The IRS publishes Notice 2024-78, extending the temporary relief for US TIN Collection for Pre-existing Accounts of Model 1 FFIs, previously granted under Notice 2023-11. This relief is applicable for reporting in calendar years 2025, 2026, and 2027. FFIs seeking to obtain relief under this notice for the aforementioned calendar years must retain records of the policies and procedures adopted to fulfill these requirements and retain documentation that verifies the policies and procedures were followed. Records must be maintained until the end of the 2031 calendar year. To obtain this relief, FFIs must also retain any documentation and records from previous years that were adopted to qualify for relief under Notice 2023-11, to the extent applicable.

Switzerland Oct 25, 2024

The Federal Tax Administration (FTA) of Switzerland publishes a notification on the issuance of its final decisions for the banking relationship concerned by FATCA group requests as of October 25, 2024, in accordance with Article 5 paragraph 3 of the FATCA Agreement.

Sweden Oct 23, 2024

The Swedish Tax Agency releases a newsletter reminding RFIs of the obligation to prevent deliberate circumvention of the rules regarding Citizenship by Investment (CBI)/Residency by Investment (RBI), and informing RFIs not to rely solely on the FATCA GIIN list when examining entity accounts, in order to determine whether the entity account holders are financial institutions. When reviewing an entity, the review processes in Chapters 6 and 7 of the Act (2015:911) on the identification of reportable accounts in the AEOI on financial accounts must be followed. RFIs must therefore use all information that is accessible or all information that is publicly available to comply with the aforementioned obligations.

Canada Oct 23, 2024

The Canadian Revenue Agency (CRA) publishes an update informing RFIs that the electronic filing services will be unavailable due to planned maintenance beginning December 2, 2024. Additionally, the system is informed to be available again beginning January 13, 2025.

Netherlands Oct 23, 2024

The Tax and Customs Administration of the Netherlands (TCA) publishes a consultation on a draft bill for the implementation of EU Council Directive 2023/2226 on administrative cooperation (DAC8) and the automatic exchange of information (AEOI) on crypto assets. Specific measures provided in the bill include: (1) Implementation of the OECD’s Crypto-Asset Reporting Framework (CARF) from January 1, 2026; (2) inclusion of reporting obligations for required data exchanges with EU countries, and with non-EU countries that implement the CARF under the Convention on Mutual Administrative Assistance in Tax Matters and the CARF Multilateral Competent Authority Agreement (CARF MCAA); (3) expansion of the AEOI rules to non-custodial dividends, and to the exchanges of advance cross-border rulings involving high net worth individuals; and (4) extending the scope of AEOI under the common reporting standard (CRS) to cover electronic financial products and central bank digital currencies. Lastly, the law is informed to enter into force on January 1, 2026. The proposal is open for consultation, and comments are due on November 21, 2024.

Thailand Oct 22, 2024

The Royal Cabinet of Thailand publishes an update informing RFIs of the approval to sign the draft letter with the intention of joining the Crypto-Asset Reporting Framework Multilateral Competent Authority Agreement (CARF MCAA) including intension of the first annual automatic exchange of information (AEOI) by 2028.

IRS Oct 22, 2024

The IRS publishes Issue Number 2024-27 informing RFIs of the delay in timely distribution of manual notification due to recent hurricanes which was earlier confirmed to be sent by October 15, 2024. Further, it informs that the RFIs should be receiving email communications from the IRS containing the manual IDES notifications beginning October 18, 2024, continuing through October 31, 2024.

Norway Oct 21, 2024

The Tax Administration of Norway updates its guidance for completion and submission of FATCA and CRS reporting. (1) Section 6 – what information must be provided has been updated to include information regarding the reporting of shares in mutual funds reported by management companies; (2) Section 7.1 - TIN reporting information has been edited to reflect 2024 reporting year information; (3) Section 8.1 – FATCA marking of TINs has been updated to inform that TIN field must be populated with “NA” and issuing country as “NO” while using the code FATCA102 where the account holder is not American. Lastly, the FATCA and CRS formats and technical specifications page has been updated to reflect income year 2024.

Singapore Oct 18, 2024

The Inland Revenue Authority of Singapore (IRAS) releases an updated CRS fillable PDF Form v2.0 effective October 16, 2024. It also informs RFIs that it has introduced a new function within the “View CRS/FATCA Return Status” Digital Service in myTax Portal to allow RFIs to download the list of error details for their submitted return that was accepted with error or rejected by IRAS. It also reminds RFIs that beginning calendar year 2027, all CRS returns in XML format, including past returns, must be formatted and submitted using the CRS XML Schema v3.0.

IRS Oct 17, 2024

The IRS publishes Issue Number 2024-26, informing taxpayers of the availability of the new IRS public key for FATCA filing that will replace the existing key beginning November 1, 2024. It is suggested to download the new IRS public key from IDES to file FATCA reports beginning November 1, 2024. Additionally, it reminds that when purchasing a new digital certificate or replacing the one that is about to expire, IDES only recognizes and accepts digital certificates issued by IRS-approved Certificate Authorities (CA).

OECD Oct 16, 2024

The OECD publishes updated information on Tax Identification Numbers (TINs) for Latvia.

OECD Oct 14, 2024

The OECD publishes an updated list of jurisdictions participating in the Convention on Mutual Administrative Assistance in Tax Matters with the addition of Algeria along with its date of signing the amended convention as October 10, 2024.

Singapore Oct 8, 2024

The Inland Revenue Authority of Singapore (IRAS) releases updated IRAS FATCA File and Record Level Validations with the addition of error codes 8023 and 8024. It further informs that RFIs receiving notifications from the IRAS regarding FATCA returns with error codes 8021, 8023 and 8024 are required to submit a ‘Return with New data’ for the erroneous record(s) contained in the records. In order to correct notifications other than error codes 8021, 8023 and 8024, RFIs must submit a ‘Correction FATCA Return’ to correct or void the erroneous record(s) contained in the specified FATCA return as these record(s) are not processed by the US IRS. Lastly, error code 8009 has been removed from the IRAS FATCA File and Record Level Validations.

British Virgin Islands Oct 7, 2024

The International Tax Authority (ITA) of the BVI releases a communication informing RFIs of an upcoming live seminar to be held on November 27, 2024, for individuals responsible for reporting under CRS. In addition to responsible persons, service providers, tax advisors, or any individual seeking clarification about CRS and the BVIFars portal are invited to attend the session. Further, it encourages the attendees to share their questions in advance to info@bviita.vg by October 28, 2024, with the subject “Questions for Common Reporting Standards Seminar”. It also informs that the registration link is to be shared in November prior to the seminar.

IRS Oct 3, 2024

The IRS publishes Issue Number 2024-27 informing taxpayers of the release of the initial list of entities and branches with QI status, excluding WPs and WTs. The IRS suggests QIs to review the list to ensure that the information is accurate or update the information using the update features on the Qualified Intermediary Application and Account Management System (QAAMS) home page. Lastly, in case of discrepancies where the QAAMS account information is accurate but not reflected correctly on the list, QIs should contact the Financial Intermediaries (FI) team via the email - lbi.fi.qiwpissues@irs.gov

IRS Oct 2, 2024

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool with the FIs that are in approved status as of September 24, 2024.

OECD Oct 2, 2024

The OECD publishes the Crypto Asset Reporting Framework (CARF) XML Schema User Guide v1.0. Additionally, it also publishes an amended CRS XML Schema User Guide v4.0.

IRS Oct 1, 2024

The IRS publishes the 2024 version of Form 1042-T (Annual Summary and Transmittal of Forms 1042-S).

IRS Sep 27, 2024

The IRS releases a bulletin reminding authorized IRS e-file providers/EROs that all online providers must complete the annual self-certification questions, to ensure they comply with Publication 1345 IRS e-file security, privacy, and business standards beginning October 1, 2024. For authorized IRS e-file providers who own or operate a website(s) that collects, transmits, stores, or processes taxpayer information, the IRS also requires you to register the URL(s) on your e-file Application. The annual certification process includes the registration of these websites.

IRS Sep 25, 2024

The IRS publishes Issue Number 2024-25 informing taxpayers that the IRS will be sending out manual email notifications of IDES transmissions by October 15, 2024. The email will be sent to taxpayers directly from lbi.fatca.ides@irs.gov, with the subject line “Manual IDES Confirmation”. The IRS also provides additional guidance to taxpayers who receive “Failed Decompression – Decompression Failed” or “Failed Signature Check – Invalid Digital Signature”. Also, The IRS notifies taxpayers about the update on IRS public key which is scheduled in late October 2024. Furthermore, the IRS notifies taxpayers about the update on SFTP connection configuration which provides users with secure access to manage and transfer files between hosts over a network. It provides further instructions for the configuration of the SFTP connection.

IRS Sep 24, 2024

The IRS publishes a communication informing tax professionals of the availability of the Information Returns Intake System (IRIS) Assurance Testing System (ATS) for tax year 2023, processing year 2024.

Bahamas Sep 19, 2024

The Bahamas Competent Authority publishes an update informing RFIs that the AEOI reporting portal will be opening from October 4, 2024, for FATCA and CRS registrations and submissions until January 31, 2025.

Spain Sep 19, 2024

The Spanish Ministry of Finance and Public Administration opens a consultation on a bill to transpose EU Directive 2023/2226 (DAC8) on tax transparency rules for crypto-asset transactions and to make other amendments. This bill includes measures to: 1) Establish information reporting, due diligence, and registration requirements for certain crypto-asset service providers; 2) Update tax offense classifications covering due diligence noncompliance related to the automatic exchange of information (AEOI) on financial accounts; 3) Amend requirements for communicating on financial accounts; 4) Update anti-money laundering provisions to include the seizure of crypto-assets; 5) Specify the limitation period for declaring or demanding tax liability, and the circumstances for suspending the running of the period; and 6) Expand the mandatory self-assessment regime for inheritance and gift tax to the autonomous community of Extremadura.

Romania Sep 19, 2024

The National Agency for Fiscal Administration (ANAF) of Romania publishes an explanatory guide on the provisions of Directive 2011/16/EU on administrative cooperation in the field of taxation (DAC7 reporting).

Switzerland Sep 18, 2024

The Federal Tax Administration (FTA) of Switzerland publishes a notification on the issuance of its final decisions for the banking relationship concerned by FATCA group requests as of September 18, 2024, in accordance with Article 12 paragraph 1 of the FATCA Act and Article 5 paragraph 3 of the FATCA Agreement.

Ukraine Sep 17, 2024

The Ministry of Finance in Ukraine publishes an update informing RFIs of the entry into force of the CRS MCAA on AEOI. The first exchange of information on financial accounts according to the CRS with partner jurisdictions is planned for September 30, 2024, for the second half of 2023 (the first reporting period). It further informs that the previous calendar year will be considered as the reporting period for future years. Lastly, it also publishes its first CRS exchange partners list with which it intends to exchange information on accountable financial accounts.

Panama Sep 16, 2024

The Ministry of Economy and Finance of Panama publishes Resolution No. 201-6159, informing RFIs of the further extension of the TY2023 CRS reporting deadline from September 2, 2024, to September 25, 2024.

IRS Sep 12, 2024

The IRS publishes Issue Number 2024-24, informing taxpayers of the new issue of FAQ 26 on the FATCA-FAQs General webpage, under the General Compliance section. The FAQ clarifies that the credit forward framework described in Notice 2010-46, 2010-24 I.R.B. 757 is available during the transition periods for implementing Section 871(m) regulations.

IRS Sep 10, 2024

The IRS publishes an issue number 2024-25 as a final reminder alert regarding the application deadline for all Qualified Intermediary (QI) (including Qualified Derivatives Dealer), Withholding Foreign Partnership (WP), and Withholding Foreign Trust (WT) for the year 2024. All applicants who desire to have an agreement in effect for 2024 must submit their applications through the QI, WP, WT, and Account Management System (QAAMS) no later than September 30, 2024, to allow sufficient time for processing by year-end. It also informs applicants that they are required to obtain a GIIN before submitting their applications for Chapter 4 purposes. It further informs that applications submitted after September 30, 2024, will not be processed. If applicants are unable to submit an application before the deadline, then they should wait until January 1, 2025, to submit the application for the year 2025.

IRS Sep 10, 2024

The IRS releases draft versions of the 2024 Form 1099-QA (Distributions from ABLE Accounts), Form 1099-LTC (Long-Term Care and Accelerated Death Benefits) and Form 1099-PATR (Taxable Distributions Received From Cooperatives).

IRS Sep 9, 2024

The IRS releases the 2025 draft version of the Form 1099-DA (Digital Asset Proceeds From Broker Transactions) along with its instructions.

Jersey Sep 6, 2024

The International Taxation Department of the Government of Jersey releases a communication informing RFIs that the Jersey AEOI portal has been closed for FATCA and CRS reporting until October 7, 2024.

IRS Sep 6, 2024

The U.S. Department of Treasury updates the FATCA IGA status of Thailand to “In Force (4-29-2024)” from the previous status “Signed”.

IRS Sep 6, 2024

The IRS releases the draft 2025 version of Form 1099-S (Proceeds from Real Estate Transactions).

IRS Sep 4, 2024

The IRS publishes Issue number 2024-23 informing RFIs of the delay in sending manual email notifications of IDES transmission due to systematic issues. It further informs that the manual confirmations would be sent next week and also reminds the RFIs to enable settings to receive IDES alerts. Under circumstances of receiving "Failed Decompression - Decompression Failed" or "Failed Signature Check - Invalid Digital Signature" errors on IDES transmission, the RFIs are reminded to verify the following: (1) Certificate is uploaded and current on the IDES enrollment website; and (2) Usage of IRS best practices for data preparation and uploads.

IRS Sep 3, 2024

The IRS releases 2024 instructions for Forms 1099-QA and 5498-QA (Distributions From ABLE Accounts and ABLE Account Contribution Information) along with 2025 instructions for Form 1099-B (Proceeds from broker and barter exchange transactions).

IRS Sep 1, 2024

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool with the FIs that are in approved status as of August 26, 2024.

Australia Aug 30, 2024

The Australian Tax Authority (ATO) publishes CRS Stakeholder Update #35, informing that the RFIs would be receiving a status message for CRS lodgment errors. The ATO is currently receiving the status messages for the lodgment errors and is further informing the RFIs that are unaware of their failed lodgment reports. Beginning September 14, 2024, the CRS status messages will be sent directly to the reporters, implying that all CRS reports that pass the final validation are to receive the CRS status message within 24–72 hours of the lodgment. Similar to the validation report, the CRS status messages are to be returned through the point of lodgment. The new CRS status message introduced is informed to provide CRS reporters with more timely information with regards to the outcome of internal lodgment processing. The CRS status message is made known to include the status of the lodgment ‘Accepted’ or ‘Rejected’ and the error codes along with DocRefIDs related to the error. The RFIs are instructed to promptly correct the errors on receiving the rejected CRS status message using the CRS Report status error codes for the purpose of identification and correction of errors and also for relodging the file. It further advises the RFIs to update their CRS procedures in order to include these instructions.

IRS Aug 29, 2024

The IRS publishes Issue Number FS-2024-28, reminding taxpayers of the important guidelines involving contributions and distributions from online crowdfunding. The crowdfunding websites or their payment processors are required to report distributions of money raised if the distributed amount meets or exceeds a certain threshold by filling out Form 1099-K, Payment Card and Third Party Network Transactions with the IRS. Also, the crowdfunding website or its payment must furnish a copy of the form to the person to whom the distributions are made. The reporting thresholds to file and furnish Form 1099-K are: (1) For calendar years 2023 and prior, Form 1099-K is required if the total of all payments distributed to a person exceeds $20,000 and resulted from more than 200 transactions; and (2) For calendar year 2024, the IRS announces a plan for the threshold to be reduced to $5,000 as a phase-in for the lower threshold provided under the ARPA. Additionally, it provides instructions for the proper filing of Form 1099-K.

IRS Aug 29, 2024

The IRS publishes a draft 2024 version of Form 1042 - Schedule Q (Tax Liability of Qualified Derivatives Dealer (QDD)), along with the draft 2024 version of Schedule A of Form 8804, which helps in determining the penalty for underpayment of estimated Section 1446 tax for partnerships.

Netherlands Aug 28, 2024

The Tax and Customs Administration of the Netherlands (TCA) publishes an update informing RFIs of a technical disruption within the systems as a result of which the status response messages may not be received or experience a considerable delay in receiving the messages. The authorities are keenly looking into resolving the issue and also informs that the delay in receiving status messages is likely to continue even after the resolution, which is in connection with the processing of backlogs.

IRS Aug 27, 2024

The IRS publishes issue number 2024-24 that provides a reminder alert regarding the application deadline for all Qualified Intermediary (QI) (including Qualified Derivatives Dealer), Withholding Foreign Partnership (WP), and Withholding Foreign Trust (WT) for the year 2024. It informs all applicants who desire to have an agreement in effect for 2024 to submit their applications through the QI, WT, WP, and Account Management System (QAAMS) no later than September 30, 2024, to allow sufficient time for processing by year-end. It also informs applicants that they are required to obtain a GIIN before submitting their applications for Chapter 4 purposes. It further informs that applications submitted after September 30, 2024, will not be processed. If applicants are unable to submit an application before the deadline, then they should wait until January 1, 2025, to submit the application for the year 2025.

Czech Republic Aug 26, 2024

The Ministry of Finance of the Czech Republic publishes a Financial Newsletter No. 06/2024 containing a list of jurisdictions with which the tax administration intends to exchange CRS information. No additions or removals have been made to the list. As a reminder, the Czech Republic follows a wider approach to CRS reporting.

Macau Aug 26, 2024

The Financial Services Bureau of Macau publishes an official Gazette No. 45/2024 on the signing of the automatic exchange of tax information on financial accounts agreement with the competent authority of Hong Kong. The Gazette shall come into effect on the date of its publication.

IRS Aug 22, 2024

The IRS releases the draft 2025 version of Form 1099-B (Proceeds from broker and barter exchange transactions).

IRS Aug 21, 2024

The IRS releases 2023 instructions for Forms 1099-R and 5498.

Argentina Aug 21, 2024

The Argentine Federal Administration of Public Revenue issues a general resolution amending the Convention on Mutual Administration Assistance in Tax Matters and the automatic exchange of information relating to financial accounts. Specific amendments include: (1) Section A(2)(C) of Article VI of Annex I has been updated to inform that RFIs must solely rely on the self-certification provided by the account holder or a person exercising control over a passive non-financial entity (NFE) to determine their tax residency; (2) Part 3 has been added to Annex I, Article VI, Section A to inform that RFIs should not rely on the original self-certification if there is a change in circumstances regarding a new entity account and the FI knows or believes the original self-certification is incorrect or unreliable. In such cases, the FI must obtain a valid self-certification that correctly determines the tax residency of the account holder(s). Additionally, the change in circumstances and supporting evidence must be documented; (3) Section D(4) of Article VIII of Annex I has been updated to include the definition of participating jurisdictions; and (4) Section 6 of Annex IV has been updated to include minor language changes. The amended regulations came into effect beginning August 1, 2024.

Slovak Republic Aug 20, 2024

The Financial Directorate of the Slovak Republic publishes an update on the introduction of a new automatic exchange of information on crypto assets (DAC8/CARF) and the modification of the exchange of information on financial accounts (DAC2/CRS). The changes result from Council Directive (EU) 2023/2226 of October 17, 2023, the CARF, and the revised CRS. These changes will transpose into an amendment to the existing act on the automatic exchange of information on financial accounts and amendments to certain acts with a transposition deadline of December 31, 2025. The draft law will introduce an obligation for crypto asset service providers to report to the Financial Administration information on crypto assets used for payment and investment purposes. Also, the scope of automatic exchange on financial accounts extends to include central bank e-money and digital currencies in line with the update of CRS. For the 2026 reporting period, the first exchange will take place in 2027.

Canada Aug 16, 2024

The Canadian Revenue Agency (CRA) publishes an update informing RFIs that the internet filling application for XML submissions will be unavailable due to maintenance beginning December 2, 2024. This includes the AEOI portal gateway.

Ukraine Aug 14, 2024

The Ministry of Finance in Ukraine publishes Letter No. 72/14-612/1-106482 informing of the entrance of the Multilateral Competent Authority Agreement (MCAA) on the Automatic Exchange of Information (AEOI) on financial accounts from June 28, 2024, that was signed on October 29, 2014.

Switzerland Aug 14, 2024

The Federal Tax Administration (FTA) of Switzerland releases a press release on initiating a consultation on the determination of partner states for the AEOI concerning crypto-assets. It informs that the Federal Council wants to use the bill to determine the partner states that should be automatically exchanging information on crypto-assets with Switzerland. The Federal Council proposes that 111 states and territories automatically exchange information on crypto-assets beginning in 2026. Further, it informs that an actual exchange of information will only take place if the partner states are interested in exchanging information and fulfill the requirements of the OECD’s Crypto-Asset Reporting Framework. Prior to the automatic exchange of information, the Federal Council will also review whether the partner states continue to fulfill the standard’s requirements. Lastly, the review mechanism will also cover the AEOI concerning crypto-assets in the future. The consultation will close by September 6, 2024.

Jersey Aug 14, 2024

The International Taxation Department of the Government of Jersey releases a communication informing RFIs of the FATCA Updates and Recent Changes to Jersey’s domestic AEOI Regulations. Specific updates include: (1) a reminder informing RFIs of the use of a new default TIN under circumstances where a valid TIN is not held. It advises the RFIs to follow the new default TIN list in sequence to select the most appropriate TIN. The use of a default TIN is recommended only after making continuous outreach efforts to obtain a valid TIN and every attempt has failed; (2) It further informs RFIs of the upgraded identification process to be followed by financial institutions registering under FATCA. Under the new system, RFIs are required to sign in or register with the IRS' credential service providers, Login.gov or ID.me, to access the FATCA Registration System, and existing users can sign into the FATCA Registration System only if the email matches that of the responsible officer or point of contact on the FATCA registration; and (3) inform RFIs of the recent changes made to Jersey’s CRS and FATCA regulations, which include clarifying the anti-avoidance rule in the CRS Regulations, along with clarifying the obligations of entities without legal personality and the application of penalties to them under the CRS and FATCA Regulations. It also confirms that the regulations do not prevent penalties imposed on trustees or partners under the CRS or FATCA Regulations from being recovered from the trust or partnership, as applicable. Lastly, amending Revenue Jersey’s access powers is intended to make sure that Revenue Jersey has the powers it needs to ensure that financial institutions that do not carry on business are complying with their obligations.

Cyprus Aug 13, 2024

The Cyprus Tax Department publishes a notice informing RFIs of the unavailability of the e-services system for FATCA/CRS, DAC6, and DAC7 reporting for a period of a week beginning August 13, 2024.

Liechtenstein Aug 12, 2024

The Liechtenstein State Administration publishes a newsletter informing RFIs that the AEOI data packages for the Maldives could not be transferred to the tax administration’s reporting system due to a technical error. RFIs are therefore requested to resubmit their TY2023 AEOI reports for the Maldives by September 15, 2024.

Ireland Aug 12, 2024

The Office of the Revenue Commissioners in Ireland publishes Revenue eBrief No. 210/24, informing RFIs of the update in Automatic Exchange of Information Guidance. Specific updates include: (1) Section 1.5 has been updated to inform that only persons authorized as competent authorities by the board of the Irish Revenue Commissioners are eligible to initiate the exchange of information with another jurisdiction. Also, Section 3.1.1 has been added to further clarify that the designated competent authorities are to initiate exchanges through the revenue systems in line with the appropriate deadlines; (2) Sections 2.1.4 and 3.2.3 have been updated to make it clear that the information received from any member states under the Council Directive 2011/16/EU, as amended, can be used for the assessment, administration, and enforcement of taxes and duties of any kind, which also applies to taxes and duties levied by or on behalf of a Member State or their territorial or administrative subdivisions, including the local authorities. Additionally, the information can also be used for the assessment and enforcement of compulsory social security contributions. It also mentions that if the data is to be used for any other purposes, the RFIs are required to request permission from the AEOI Branch of the Irish Revenue Commissioners. The revenue officers who use the data received from the EU Member States are required to familiarize themselves with the restrictions applicable in order to ensure compliance with the legal provisions; and (3) Lastly, the Table of AEOI exchange relationships has also been updated to reflect the latest exchange names, information exchanged, jurisdiction with exchange relationships, exchange agreement, and the years during which the exchanges began.

Slovak Republic Aug 9, 2024

The Financial Directorate of the Slovak Republic publishes updated sample XMLs for: (1) deletion of filed accounts; (2) submission of additional accounts; and (3) corrective submissions for DAC2/CRS filings.

IRS Aug 8, 2024

The IRS publishes Issue number 2024-204 informing of the release of an updated draft version of the 2025 Form 1099-DA, enabling digital asset brokers to report proceeds and exchange transactions of digital assets. The forms are to be sent separately to the taxpayers and the IRS in early 2026. The updated version of the form reflects the final regulations for custodial broker reporting. The draft form is open for public comments, and interested parties can provide their feedback related to the draft. It also informs that the IRS expects to post the draft instructions for filers soon, followed by publishing a notice in the Federal Register allowing a 30-day comment period.

Mexico Aug 7, 2024

The Mexican Tax Authority publishes an updated Nil report letter for TY2023 CRS reporting. It also includes an updated list of CRS reportable jurisdictions. Aruba, Kenya, and Saint Kitts and Nevis have been added to the list, while Romania has been removed from the list. As a reminder, the deadline for TY2023 FATCA and CRS reporting is August 31, 2024.

IRS Aug 6, 2024

The IRS releases a draft 2024 version of Form 1099-CAP (Changes in corporate control and capital structure).

IRS Aug 5, 2024

The IRS publishes issue number 2024-22, reminding RFIs of the IN-PERSON presentations that are to be conducted in Frankfurt, Germany, regarding the new QI Agreement and on completing Forms 1042/1042-S. The presentation is scheduled to be held on September 12 and September 13, 2024, and is designed to be delivered in two separate sessions repeated over two days. Session 1 is informed to cover topics related to the basics of the new QI Agreement, QI compliance, and the QI Certification/Periodic Review process, whereas Session 2 is planned to cover the completion of Forms 1042 and 1042-S. The interested candidates are required to reserve their seats by August 8, 2024, with their information, including the date and time of the interested sessions, to: LBI.FI.QIWPIssues@irs.gov

Panama Aug 5, 2024

The Ministry of Economy and Finance of Panama makes publicly available Resolution No. 201-4741 informing RFIs of the extension of the TY2023 CRS reporting deadline from July 31, 2024, to September 02, 2024.

Macau Aug 5, 2024

The Financial Services Bureau of Macau publishes an official Gazette No. 39/2024 on the signing of the automatic exchange of tax information on financial accounts agreement with the competent authority of China. The Gazette entered into force on July 22, 2024.

IRS Aug 5, 2024

The IRS publishes the 2025 instructions for the Form 8804-W (Worksheet) for partnerships that have effectively connected taxable income (ECTI) allocable to foreign partners to determine the proper and appropriate Section 1446 tax payments.

United States Aug 1, 2024

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool with the FIs that are in approved status as of July 25, 2024.

IRS Aug 1, 2024

The IRS publishes Issue Number 2024-21, informing taxpayers of the changes made to the QI/WP/WT FAQs page. FAQ 4 has been added under the ‘Provisions for 2023 QI Agreement’ section to provide guidance regarding the extension of the deadline for certification for a QI/WP/WT to select either the first or second year of the certification period for its periodic review or to apply for a waiver of the periodic review. This deadline has been extended from July 1st of the year following the certification period to November 1st of the year following the certification period for the remainder of the term of the agreement. Further, the deadline to select the periodic review year on QAAMS has also been extended to November 1st of the year following the certification period. However, the certification deadline for a QI/WP/WT selecting the third year of the certification period for its periodic review will remain December 31st of the year following the certification period. As mentioned in the previous publication of the Qualified Intermediaries News (Issue Number: 2023-18), the certification deadline for a QI/WP/WT selecting periodic review year 2023 has been extended from December 31, 2024, to March 1, 2025. Lastly, these extensions are automatic, so there is no need to file a request for extension with the IRS.

Slovak Republic Aug 1, 2024

The Financial Directorate of the Slovak Republic publishes updated FAQs on DAC7 reporting with the addition of an FAQ that provides information about the tax obligation of sellers who sell used goods on digital platforms.

United States Jul 31, 2024

Alert - Please note that the GIR Tracker will be down for technology updates from 12.30 AM to 5AM EST on August 1, 2024. We regret any inconvenience caused during this time.

IRS Jul 30, 2024

The IRS publishes an issue number 2024-20 that provides an alert regarding the application deadline for all Qualified Intermediary (QI) (including Qualified Derivatives Dealer), Withholding Foreign Partnership (WP) and Withholding Foreign Trust (WT) for the year 2024. All applicants who desire to have an agreement in effect for 2024 must submit their applications through the QI, WP, WT, and Account Management System (QAAMS) no later than September 30, 2024, to allow sufficient time for processing by year-end. It also informs applicants that they are required to obtain a GIIN before submitting their applications for Chapter 4 purposes. It further informs that applications submitted after September 30, 2024, will not be processed. If applicants are unable to submit an application before the deadline, then they should wait until January 1, 2025, to submit the application for the year 2025.

IRS Jul 30, 2024

'The IRS publishes issue number 2024-20, informing taxpayers that updates have been made to the IDES portal. The specific updates include: (1) the FATCA IDES testing window is revised and has been extended to August 9, 2024. The IDES users who completed IDES enrollment by June 26, 2024, are requested to continue to participate in the testing until August 9, 2024; (2) the email address for the IDES help desk - questions@ides-support.com has been restored. Also informing that the temporary email address will remain functioning until October 1, 2024; and (3) the IRS is reviewing all IDES alerts, notifications, and file transmissions received after June 24, 2024. Further, it informs users that an email from lbi.fatca.ides@irs.gov titled “Manual IDES Confirmation” will be directly sent to the users in order to confirm whether the file was received successfully or not. Users are requested to take action within two weeks after receiving their email. If additional time is required by the user to transmit or retransmit their IDES transmission due to a system issue, they can request an extension of time to retransmit with a business justification at lbi.fatca.ides@irs.gov. Extensions may be granted on a case-by-case basis. Lastly, to receive IDES alerts, users must ensure their IDES user preferences are updated.

Barbados Jul 29, 2024

'The Barbados Revenue Authority (BRA) publishes a guidance note informing RFIs of the extension of the TY2023 FATCA and CRS reporting deadline to August 16, 2024. It also reminds RFIs that failure to submit reports is an offense that can incur a fine of $50,000 or/and imprisonment for a term of 10 years. The Revenue Commissioner may also impose a pecuniary penalty of $10,000 on the RFI. Any queries should be directed to the Global Relations Unit of the Barbados Revenue Authority via email at compauth@bra.gov.bb.

IRS Jul 29, 2024

The IRS publishes Issue Number 2024-19, reminding withholding agents of the partial suspension of the U.S.-Russia income tax treaty. The suspension will take effect both for taxes withheld at source and with respect to other taxes on August 16, 2024, continuing until decided otherwise by the two governments. Withholding agents are therefore required to start withholding at the statutory 30% withholding rate on payments of U.S. source income made on or after August 16, 2024, to recipients that may have previously claimed the U.S.-Russia tax treaty benefit. Also, the withholding agents are required to review their payment systems to make necessary adjustments to the rate to avoid liability for failure to withhold at the correct rate.

Australia Jul 29, 2024

The Australian Tax Authority (ATO) updates its third-party CRS reporting guidance to inform RFIs that there will be two stages of validation for CRS lodgments. The first stage includes receiving a validation report indicating the successful or unsuccessful transmission of the lodgment while the second stage involves receiving a status message once the transmission passes successfully through the first stage. Beginning September 2024, all lodgments that pass validation will receive this status message within 24-72 hours of lodgment, consisting of two possible outcomes: (1) an accepted status, indicating that no further action is required; (2) a rejected status, indicating that the errors detailed must be corrected and resubmitted. An additional note has been added to explain that a lodgment can be accepted with errors, and in such cases, no further action is required; however, the detailed errors can be used to improve further reporting. Lastly, the possible error codes that may be received in case a lodgment is rejected are also included in the guidance.

Singapore Jul 25, 2024

The Inland Revenue Authority of Singapore (IRAS) publishes updated CRS FAQs. FAQ F.9 has been updated to provide clarity to RFIs on reporting account balances or value of account holders of trusts that are investment entities.

Qatar Jul 25, 2024

The General Tax Authority of Qatar publishes an updated list of TY2023 CRS reportable jurisdictions. Peru has been added to the reportable jurisdictions list, while Monaco has been removed from the list.

IRS Jul 23, 2024

The IRS publishes Issue Number 2024-16, informing taxpayers that the IRS will be resending all system notifications from their system through IDES for all files that were transmitted after June 24, 2024. The IRS further informs that it is working on solving issues related to certain FATCA IDES system alerts and notifications and also seeks feedback from users to ensure that they are receiving the appropriate alerts and notifications. Further, it informs that an email titled “US - IDES Alerts and Reporting Follow-up” was sent to certain users on July 9 and 10, 2024, in order to confirm successful receipt of IDES alerts and notifications for files transmitted post July 4, 2024, and users are requested to respond to this message with as much detail as possible. Lastly, certain users will receive an email for unsuccessful transmission of files with no confirmation of re-transmission for files sent between June 24, 2024, to July 3, 2024.

Germany Jul 23, 2024

The Federal Tax Office of Germany (BZSt) publishes an updated FATCA technical communication manual Part 3 (v2.12) for data transmission via the bulk data interface ELMA. It also specifies additional requirements that RFIs are required to meet cumulatively as per IRS issue number 2023-11. Specific requirements are: (1) The RFIs are required to obtain and report the date of birth of each Account Holder and Controlling Person whose U.S. TIN cannot be reported; (2) For TY23 reporting, the RFIs are expected to request the missing US TIN from each account holder annually; and (3) For the TY22 reporting period, FIs were/are required to use alternative specific TIN codes published by the IRS to report missing US TINs, which are also applicable for TY23 and TY24 FATCA reporting. The FIs are required to choose the communication method by which they can most reasonably reach the account holder. In addition, this annual request must include at least one of the following: (a) the Internet address of the joint FATCA FAQs of the US State Department, which contains information on obtaining an SSN (US-TIN) as well as information on relinquishing US citizenship with the corresponding tax consequences in the USA; or (b) a copy of the IRS FAQs and either a copy of the information on the relief process provided by the IRS for certain former US citizens or the Internet address for this relief procedure. Lastly, FIs must maintain records of compliance with the measures described by establishing and implementing appropriate policies and processes, as well as of efforts to obtain the US TIN as part of the annual request. These documents must be retained until the end of the calendar year 2028 in accordance with the IRS' requirements to demonstrate compliance with the requirements of Section 3.04—an annual request for missing required US TINs.

Jersey Jul 17, 2024

The International Taxation Department of the Government of Jersey publishes amended FATCA and CRS Regulations. The CRS amendments are: (1) Under Regulation 1(1) - the definitions of “business document” and “business premises” have been updated; (2) Regulation 18A has been added to specify that the Regulations do not prevent a penalty imposed on a trust or partnership from being recovered from the assets of the trust or partnership; (3) Regulation 19 on anti-avoidance has also been updated to expand its applicability. The FATCA specific amendments are: (1) Similar to CRS, updated definitions for “business document” and “business premises” under Regulation (1)(1); and (2) Regulation 8JA has been added to specify the requirements and penalties for trusts and partnerships similar to CRS. Lastly, it also informs the RFIs that the amended Regulations come into force on July 24, 2024.

Brazil Jul 17, 2024

The Department of Federal Revenue in Brazil releases a communication informing RFIs on the OECD’s recent release of updated CRS-related FAQs for the purpose of providing more precision to CRS and ensuring consistency in its implementation. Additionally, it also publishes an updated CRS exchange partner list. Lastly, it also publishes updated draft individual, entity, and controlling person self-certifications.

Saint Vincent and the Grenadines Jul 16, 2024

The Inland Revenue Department of St. Vincent and the Grenadines publishes a notice informing RFIs of the availability of its AEOI portal from July 17, 2024, to August 30, 2024, for TY2023 FATCA and CRS reporting. Additionally, it also releases additional guidance to include: (1) Reportable jurisdictions list for TY23 with the addition of Ecuador, New Caledonia, Hong Kong, Liberia, Maldives, Montenegro, Oman, Rwanda, Thailand, and Vanuatu. Further, Burkina Faso, El Salvador, Gabon, Guatemala, Philippines, and Tunisia have been removed from the list; (2) SVG IRD CRS Guidance Notes with no update; (3) IRD AEOI Portal Registration and Submission Guide; and (4) Reminder on the use of the TIN codes provided by the IRS for FATCA reporting to report missing TINs.

Barbados Jul 16, 2024

The Barbados authority releases Gazette No. 33, amending the Income Tax (Automatic Exchange of Information) Regulations, 2024. Specific measures imposed to the regulation include: 1) amending the definition of relevant terms; 2) establishing due diligence requirements for reportable accounts; 3) requiring the maintenance of records for at least five years after December 31 of the calendar year where a specified report is to be submitted to the Barbados Competent Authority; 4) requiring financial institutions to provide, within 14 days of a request, any information, explanations, or documents that the Barbados Competent Authority requires for the purposes of determining whether a financial institution is a reporting or non-reporting institution; 5) imposing penalties for noncompliance; and 6) providing an updated list of non-reporting financial institutions.

IRS Jul 15, 2024

The IRS publishes issue number 2024-15, informing taxpayers that the FATCA Registration System now requires all users to sign in using either Login.gov or ID.me. New and existing users must have a Login.gov or ID.me profile to access the FATCA Registration System. Users that already have an existing Login.gov or ID.me profile can use this same profile to sign in to the FATCA Registration System if the email matches that of the responsible officer or point of contact on the FATCA registration. It also publishes issue numbers 2024-17 and 2024-18, informing all QIs, WFPs, and WFTs external advisors and interested parties that the IRS will be hosting in-person presentations in Denmark and Germany on the New QI Agreement and Completing Forms 1042/1042-S. Topics such as the basics of the new QI Agreement, QI compliance, and the QI Certification/Periodic Review process, along with the completion of Forms 1042/1042-S will be covered.

Belgium Jul 15, 2024

The Ministry of Finance in Belgium publishes a communication informing RFIs of the further extension of the TY2023 CRS reporting deadline to July 31, 2024.

Cayman Islands Jul 15, 2024

The Cayman Islands Department for International Tax Cooperation (DITC) publishes an updated version of the DITC portal User Guide (v9.4). Among the major updates on Economic Substance, minor formatting updates have been made to the FATCA and CRS sections. The guide has also been updated with a note to clarify that the correction of CRS and FATCA validation error functionalities will only be available until the reporting deadline of any given year.

United States Jul 13, 2024

The U.S. Department of Treasury updates its FATCA agreements webpage to reflect the signed status of the Model 1 IGA with Switzerland. Along with the updated status, the text of the Model 1 IGA and MOU with Switzerland have also been added.

Australia Jul 10, 2024

The Australian Tax Authority (ATO) publishes CRS Stakeholder Update #34, which provides an explanation of CRS reporting for Trustee-documented trusts. It informs that under the CRS, each RFI must file a CRS report detailing the reportable accounts it manages. While a trust classified as an RFI can delegate its due diligence and reporting duties to its trustee in the case of a TDT, this does not permit the trustee to consolidate CRS reports from multiple trusts into one. Instead, trustees are required to submit a distinct CRS report for each trust, using specific trust identifiers like the trust’s name and ABN. It also includes a few examples for better clarification.

Belgium Jul 8, 2024

The Ministry of Finance in Belgium publishes a Royal Decree that includes the final list of CRS reportable and participating jurisdictions. The final list of reportable jurisdictions confirms the addition of Georgia, Kenya, Moldova, and Ukraine for TY23 reporting. However, Saint Barthelemy, which was initially added as a participating jurisdiction in the provisional list for TY23 has been removed again from the final list. Further, it reminds RFIs that the deadline for filing CRS reports has been extended until July 21, 2024.

Australia Jul 5, 2024

The Australian Taxation Office (ATO) publishes CRS Stakeholder Update #33, summarizing the key areas of improvement identified from AEOI compliance reviews to date. It addresses the common issues faced in the areas of governance, due diligence, reporting, and data quality. It further informs RFIs that penalties will be charged by the ATO on a case-by-case basis and also encourages RFIs to work with the ATO to resolve significant compliance issues by providing voluntary disclosures.

Australia Jul 3, 2024

The Australian Taxation Office (ATO) publishes CRS Stakeholder Update #32, reminding RFIs of the new validation rules, which currently do not permit any undocumented account to have a country code other than “AU” in the address elements. The issue with undocumented account validation rules not allowing foreign addresses has now been resolved. However, the same fix will not be applied to the ATO test portal until July 13, 2024. Therefore, validation would still fail for any test files, and the ATO requests that users disregard any validation reports with this error.

IRS Jul 3, 2024

The IRS publishes issue number 2024-14, informing taxpayers of the intermittent issues with regards to the non-generation of IDES system notifications. It further informs that the IRS is working diligently to resolve the current issue and will notify IDES users once the system is fully restored. Forms 8966 with a due date of June 30, 2024, will therefore be considered timely if submitted by July 31, 2024. The FATCA IDES testing window is also revised to be available from July 8, 2024, to July 26, 2024. The test environment will only support FATCA XML Schema v2.0, Notification XML Schema v2.5, and test data document types such as FATCA11 and FATCA12.

IRS Jul 2, 2024

The IRS publishes issue number 2024-13, informing taxpayers that the IRS is updating the FATCA Registration System to utilize a more secure sign-in with the help of Login.gov or ID.me. Further, the IRS is no longer supporting the use of existing FATCA sign-in authentication methods to access the FATCA Registration System. Therefore, taxpayers are advised to sign in or register with Login.gov or ID.me to access the FATCA Registration System, and new users are required to create a Login.gov or ID.me account for the purpose of acquiring access. Lastly, users are required to review and update their Responsible Officers and Points of Contact information to ensure all FATCA account information is current and applicable prior to system changes.

IRS Jul 1, 2024

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool with the FIs that are in approved status as of June 24, 2024.

Thailand Jul 1, 2024

The Revenue Department of Thailand publishes an update informing RFIs that it has granted a relaxation of fines for reporting information in 2024 due to the technical issue with the US IDES reporting system. RFIs can therefore submit FATCA returns until September 30, 2024, without penalties.

Gibraltar Jul 1, 2024

The Commissioner of Income Tax of Gibraltar publishes an updated list of CRS reportable jurisdictions. Georgia has been added to the list of non-intended exchange partners, confirming that no exchanges will take place between Gibraltar and Georgia.

Ireland Jun 30, 2024

The Office of the Revenue Commissioners in Ireland publishes an updated Tax and Duty Manual on Registration and Filing Guidelines for DAC 7 reporting.

IRS Jun 28, 2024

The IRS publishes issue number 2024-12, reminding taxpayers that the FATCA Responsible Officer (RO) Certifications for the period ending December 31, 2023, are due by July 1, 2024. The consequences of being non-compliant may include the revocation of an entity’s FATCA status and, ultimately, the entity’s GIIN being removed from the FFI list. Further, to prepare for these upcoming system enhancements to the FATCA Registration system, the IRS requests that responsible officers log in to their accounts on the FATCA Registration system to verify that the contact information is correct.

Belgium Jun 28, 2024

The Ministry of Finance in Belgium publishes a communication informing RFIs of the extension of the CRS reporting deadline. Due to delays in updating relevant reportable and participating jurisdiction lists, the deadline for filing CRS reports has been extended until July 21, 2024. Further, it informs that this extension only applies to the 2023 reports and shouldn't be expected in future years. Additionally, it informs RFIs that under the law from December 16, 2015, RFIs have a deadline of one month and three days to correct and complete any information relating to FATCA reports upon request from the IRS. If no corrections are requested, they can still voluntarily make amendments or cancel records. Specifically, for the years 2020, 2021, and 2022, RFIs can make these changes or cancellations.

IRS Jun 28, 2024

The IRS publishes the text of the Inter-Governmental Agreement (IGA) and its protocols between the United States of America and the Government of the Kingdom of Thailand to improve international tax compliance and to implement FATCA.

Norway Jun 28, 2024

The Norwegian Ministry of Finance announces the submission of a proposal to implement reporting of services provided through digital platforms (DPI). According to the proposal, digital platforms that mediate the rental of housing, the rental of means of transport, the sale of services, or the sale of goods are obliged to provide information about Norwegian and foreign taxpayers who use the platform. Information on Norwegian taxpayers will be used by the Norwegian tax authorities, while information on foreign taxpayers must be exchanged automatically with the relevant country. The proposal is open for consultation, and comments are due on October 1, 2024.

Cayman Islands Jun 27, 2024

The Department for International Tax Cooperation (DITC) of the Cayman Islands publishes an updated bulletin, reminding RFIs that: (1) each FI is required to submit a CRS return to the authority for each reportable account that they maintained during the reporting period, and in the event of failure to maintain any reportable accounts in a reportable jurisdiction, the FI needs to submit a NIL return; (2) all FIs with reporting obligations are required to submit a CRS filing declaration annually. For FIs without reportable accounts, the CRS Filing Declaration constitutes a NIL Return as it summarizes the number of accounts reported and should be submitted after the CRS XML Returns; (3) CRS XMLs are required by all FIs with CRS reportable accounts with the correct jurisdiction of tax residence, which is listed on the self-certification and is not to be confused with nationality or place of birth; (4) A CRS compliance form is required by all FIs with CRS reporting obligations while reporting the reportable and non-reportable accounts. Lastly, it also informs FIs using the CRS XML Generator that the place of birth cannot be currently included, and so the DITC will not take action against such FIs for failure to include the place of birth. Further, the CRS XML Generator will be updated to include the Place of Birth element and is expected to be included in the tax year 2024 CRS XMLs.

Russia Jun 27, 2024

The Federal Tax Service (FTS) of Russia publishes an announcement on a Memorandum of Understanding on technical cooperation in the field of tax policy and tax administration. Among several other priorities of mutual cooperation, Automatic Exchange of Information (AEOI) was also included in the priority list.

Argentina Jun 27, 2024

The Argentine Federal Public Revenue Administration releases an update informing RFIs that the deadline for TY2023 FATCA and CRS reporting is extended to July 31, 2024, from June 30, 2024. It also informs RFIs that have submitted the 2023 data before July 1, 2024, that they are required to resubmit FATCA and CRS reports with an updated Form 8301 by July 31, 2024.

Switzerland Jun 27, 2024

The Federal Tax Administration (FTA) of Switzerland publishes an update informing the signing of the new FATCA IGA agreement with the USA. The updated IGA will facilitate a model change that permits both countries to exchange information bilaterally. Switzerland currently supplies information on financial accounts to the USA. Beginning January 1, 2027, the new model change will be applicable.

British Virgin Islands Jun 25, 2024

The International Tax Authority (ITA) of the BVI releases the presentation content and several FAQs related to the ITA’s webinar on AEOI for Custodial Institutions, Depository Institutions, and Specified Insurance Companies.

Bahamas Jun 25, 2024

The Bahamas Competent Authority publishes a revised version of its CRS Guidance Notes. Specific sections have been updated to include clarifications that a trust classified as a financial institution is considered under the jurisdiction of The Bahamas if any of its trustees reside there, unless the trust complies fully with CRS reporting requirements. Also, for such a trust, the account balance attributable to the settlor, protector, and any other individual exerting ultimate control over the trust should be reported as the total trust property value.

Ireland Jun 24, 2024

The Office of the Revenue Commissioners in Ireland publishes an updated Tax and Duty Manual on Filing Guidelines for DAC2-Common Reporting Standard (CRS). No major updates have been made to the guidelines.

Singapore Jun 21, 2024

The Inland Revenue Authority of Singapore (IRAS) publishes updated FATCA FAQs. FAQ B.8 has been updated to remind RFIs to follow the procedures prescribed in sections 3.02, 3.03, and 3.04 of the U.S. IRS Notice 2023-11, which was earlier released in January 2023 by the IRS, so that the RFIs would not be considered non-compliant with their FATCA obligation by the US Competent Authority.

Bahamas Jun 21, 2024

The Bahamas Competent Authority publishes a final list of CRS reportable jurisdictions. No changes have been made to the list when compared with the previous version. As a reminder, the deadline for TY2023 FATCA and CRS reporting is August 23, 2024.

IRS Jun 21, 2024

The IRS publishes draft instructions for the 2024 version of Form 1042-T (Annual Summary and Transmittal of Forms 1042-S).

Finland Jun 20, 2024

The Finnish Tax Administration updates its CRS guidance. Along with minor formatting updates, Section D(6) to (9) on non-financial entities and controlling persons has been updated to clarify that Finnish partially tax-exempt entities that are non-profit organizations according to the Income Tax Act are not exempted entities as they are not completely exempt from income tax. It also publishes updated instructions for the exchange of information between tax authorities concerning natural persons. The updated instructions have also been modified with minor formatting updates and clarifications on the reporting of platform economy data exchange. Lastly, the deadline deviation rule for correction of returns prior to the tax year 2017 has been deleted.

Albania Jun 20, 2024

The General Directorate of Taxes in Albania publishes an announcement informing RFIs that the deadline to amend CRS reports is August 31, 2024. The announcement also includes that: 1) all reports must be submitted electronically in the standardized XML format as required by the CRS; 2) RFIs that do not comply with these submission guidelines will incur penalties as per Law No. 4/2020; and 3) RFIs declaring exemptions from the AEOI reporting obligations must justify their exemption and must file nil reports.

Barbados Jun 19, 2024

'The Barbados Revenue Authority (BRA) publishes a guidance note informing RFIs of the re-opening of the AEOI Portal for FATCA and CRS reporting to facilitate prior-year submissions for the years 2018–2022, from August 1, 2024, to August 31, 2024. The guidance also specifies that FATCA and CRS reporting for the year 2023 cannot be carried out during this time. Further, all RFIs with the intention of submitting any outstanding reports or making corrections to previously submitted reports are required to inform the authority via email to - compauth@bra.gov.bb. Lastly, it informs that the submissions must be prepared using the CRS 2.0 schema and must include the information mentioned in a specified table template of the guidance.

Netherlands Jun 18, 2024

The Tax and Customs Administration of the Netherlands (TCA) publishes an updated version of the data delivery specifications for banking and investment products for 2024 (v07). Minor formatting updates have been made to the explanatory notes relating to Box 3 in Part 1 and Part 2.

United Arab Emirates Jun 18, 2024

The Abu Dhabi Global Market (ADGM) in the UAE publishes a FATCA/CRS System User Guide Version 2.1 and FATCA/CRS System – FAQs Version 2.1. Both documents have been updated to include corrections and registration enhancements.

United States Jun 17, 2024

The US Department of the Treasury suspends the operation of the convention between the United States of America and the Russian Federation for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and capital. The suspension will take effect both for taxes withheld at source and with respect to other taxes on August 16, 2024, and will continue until otherwise decided by the Russian and US governments.

Greece Jun 17, 2024

The Independent Public Revenue Authority of Greece publishes a final list of updated CRS reportable jurisdictions. The updated list includes the addition of Ghana, Jamaica, Maldives, Saint Kitts and Nevis. Costa Rica has been re-added as a reportable jurisdiction with a retro-active reporting requirement for TY22 and TY23. The list also confirms that the deadline for reporting is July 1, 2024, since the original deadline of June 30, 2024, falls on a Sunday.

Japan Jun 15, 2024

The National Tax Agency (NTA) of Japan releases an updated AEOI reporting FAQ with the addition of Q5 that points out the list of items that the RFIs need to pay special attention to when implementing the automatic exchange of information process for non-residents.

Switzerland Jun 13, 2024

The Federal Tax Administration (FTA) of Switzerland publishes a notification on the issuance of its final decisions for the banking relationship concerned by FATCA group requests as of June 13, 2024, in accordance with Article 12 paragraph 1 of the FATCA Agreement.

IRS Jun 13, 2024

The IRS publishes Issue Number 2024-11, reminding taxpayers that FATCA IDES (International Data Exchange Service) will be migrating to an updated system and vendor from June 14, 2024, until June 20, 2024. It also informs that IDES will be unavailable for transmissions during this time. Additionally, IDES users are required to reset their passwords while logging into the new system. Further, all IDES users are encouraged to participate in the IDES Open Testing window from July 1, 2024, to July 26, 2024, and testing will only be open to users who complete IDES enrollment by June 26, 2024. All eligible testers will receive an e-mail on or before June 28, 2024, with specific instructions to connect to the test site. Lastly, it also informs that all testing sessions are to be announced on the IDES Testing Schedule Webpage.

Germany Jun 13, 2024

The Federal Tax Office of Germany (BZSt) publishes a newsletter including the list of reportable jurisdictions for TY2023. Georgia, Kenya, and Thailand have been added to the final list of reportable jurisdictions, along with Aruba, which was added as a reportable jurisdiction in the provisional list and has now been confirmed as a reciprocal jurisdiction beginning TY2023.

Poland Jun 13, 2024

The Polish Parliament publishes a law amending various laws. The specific procedures of the law includes: (1) Addition of an anti-abuse clause to the Poland’s U.S. FATCA implementation act, similar to the clause introduced under the Act on the Exchange of Tax Information with Other Countries; (2) Clarification on the application of EU Directive 2011/16/EU, regarding CRS guidelines; (3) Amendment of the latter Act with respect to personal data breach procedures, penalties against FIs, and the scope of tax information exchange with other countries, and with respect to AEOI, due diligence, reporting, appeals, and audits for digital platform operators; and (4) Implementation of digital platform operators to report on their sellers in accordance with EU directive 2021/514 (DAC7) and introducing the mandatory AEOI on these sellers between EU and non-EU countries, including between signatories of the Multilateral Competent Authority Agreement on Automatic Exchange of Information on Income Earned Through Digital Platforms (DPI-MCAA). The law will come into force on July 1, 2024.

Greece Jun 11, 2024

The Independent Public Revenue Authority of Greece publishes Decision No. A.1089, amending the list of CRS reportable and participating jurisdictions. Aruba, Kenya, and Thailand have been added as reportable jurisdictions for TY2022 and TY2023, while Georgia has been added as a reportable jurisdiction for TY2023. Antigua and Barbuda have been removed as reportable jurisdictions. Lastly, Georgia, Kenya, and Thailand have been added as participating jurisdictions.

United Arab Emirates Jun 10, 2024

The Ministry of Finance of the United Arab Emirates (UAE) publishes an announcement informing RFIs that the window for FATCA and CRS Data and Risk Assessment submission is now open for the reporting year 2023. It also informs RFIs of Notice No. 44, which notifies RFIs that the registration deadline for FATCA and CRS is June 14, 2024. Additionally, the deadline for submitting FATCA and CRS returns and risk assessments is set for June 30, 2024. Non-compliance with these deadlines, such as late or non-filing of both annual/nil returns and risk rating assessments, will result in penalties. The notice also includes the submission requirements and compliance steps in order to complete the registrations and fillings. Further, it also provides RFIs with links to multiple resources, such as user guides, FAQs, and Q&A sessions.

IRS Jun 8, 2024

The IRS publishes Issue Number 2024-16, informing taxpayers of the changes made to the QI/WP/WT FAQs page. Under the section on certifications and periodic reviews, FAQ 24 has been added to provide guidance to QIs submitting non-waiver certifications with a periodic review year of 2021 or 2022 and a certification period that ends during the 2023 QI agreement. Also, FAQ 25 has been added to provide instructions to QIs on reviewing their certification before submission.

Samoa Jun 7, 2024

The Inland Revenue Department of Samoa releases important dates for TY2023 AEOI reporting. The portal will open for reporting from May 1, 2024, to June 28, 2024, and the portal will close on July 1, 2024. It also publishes an updated CRS User Guide v3. The user guide has been updated to remind RFIs that a nil return needs to be submitted on the AEOI portal (MDES) every year.

Kenya Jun 5, 2024

The Government of the Republic of Kenya publishes an announcement notifying the RFIs of the extension of the CRS reporting deadline from May 31, 2024, to August 31, 2024.

IRS Jun 5, 2024

The IRS publishes Issue Number 2024-15, informing taxpayers of the changes made to the QI/WP/WT FAQs page. FAQ 3 has been updated under the Provisions for 2023 QI Agreement section to provide guidance to QIs acting as intermediaries for payments of substitute dividends and to clarify whether such QIs are required to assume primary withholding responsibilities for all such payments they receive and pay as intermediaries.

Belgium Jun 5, 2024

The Ministry of Finance in Belgium publishes communications informing RFIs that, due to IT maintenance, all e-services, including FATCA and CRS reporting services, will have possible disruptions during the weekend of June 8 and 9, 2024.

Brazil Jun 5, 2024

The Department of Federal Revenue in Brazil publishes a presentation of changes to its e-Finance Manual for 2025. Along with updates to the CRS submission module, the presentation also consists of a reminder of the reporting calendar to facilitate reporting by RFIs in 2025.

Poland Jun 4, 2024

The Polish Parliament amends the Act on exchange of tax information with other countries and certain other acts, which provide new rules for the implementation of the exchange of information on income generated by sellers through digital platforms (DAC7 reporting). Further, when presented at the Senate meeting, the committee responds by adopting the bill without amendments.

Ukraine Jun 3, 2024

The Ministry of Finance in Ukraine publishes an announcement reminding RFIs that the CRS reporting deadline is June 30, 2024. It also invites RFIs to familiarize themselves with the presentation and video recording of a workshop on filling out and submitting CRS reports.

South Korea Jun 2, 2024

The Ministry of Finance in South Korea makes publicly available its recently published amended version of CRS regulations. The specific updates include: 1) Appendix 1 has been updated to include the "self-certification form for individual tax residency" required for mandatory identity verification information; and 2) Appendix 2 has been updated to include the "self-certification form for entity tax residency" required for mandatory identity verification information. Further, there are no substantive changes made to the updated self-certification forms.

IRS Jun 1, 2024

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool with the FIs that are in approved status as of May 24, 2024.

Panama May 31, 2024

The Ministry of Economy and Finance of Panama publishes Resolution No. 201-2572 to provide RFIs with the DGI Portal guidance for FATCA and CRS reporting on registration, changing user information, and deactivation of entities. Specific updates include: (1) Explaining the registration process, including the submission of a form and necessary documentation, then upon finalizing the registration process, FIs will obtain a confirmation email within a day; (2) Informing that the DGI holds the right to refuse registration if an RFI does not comply with certain prerequisites, is already registered, or does not qualify as a FI; (3) Specifying the required documents required for modifying the User details, which can be submitted either via email or in person at the DGI headquarters; (4) Clarifying that the FIs that have lost their Panamanian RFI status, or have been dissolved or re-domiciled, are required to apply for user access deactivation on the DGI Portal. The FIs must submit a written statement detailing the reasons for the request, endorsed by its authorized representative, along with supporting documentation; and (5) inform the FIs that report accounts under Law 47 of October 24, 2016, that they need to first request deactivation from the Internal Revenue Service (IRS). Once approved, FIs can then apply for deactivation from the DGI Portal by adhering to the stipulations outlined in the resolution.

Hong Kong May 31, 2024

The Inland Revenue Department of Hong Kong publishes an announcement alerting FIs about the issues in due diligence on the AEOI portal for FATCA and CRS reporting, which may result in non-compliance with reporting obligations. Specific issues include: (1) non-disclosure of TIN and DOB; (2) invalid TIN or incorrect structure of TIN; (3) misconception on the definition of an undocumented account; (4) misunderstanding on the change-in-circumstances and the follow-up procedures; (5) inaccurate classification of entity holder type; and (6) misrepresentation caused by human and computer system errors.

IRS May 30, 2024

The IRS publishes a note on the IDES (International Data Exchange Service) upgrade scheduled for June 14–20, 2024. The IRS will not receive or process requests during this time when the server will be upgraded and transitioned to a new vendor. It also publishes system upgrade FAQs, informing stakeholders that: (1) users may not be able to enroll, manage certificates, manage accounts, transmit data securely, and receive data transmission status; (2) no substantiative changes should be expected to the process of preparation and transmission of FATCA XMLs, and there is no requirement to re-register or re-enroll with the new IDES; (3) registration information, digital certificates, and related public keys will automatically be transitioned to the new IDES; (4) all IDES users are encouraged to participate in the IDES Open Testing window from July 1, 2024 to July 26, 2024; (5) testing will only be open to users who complete IDES enrollment by June 26, 2024, and (6) the URL for the new IDES will remain the same as before.

Oman May 30, 2024

The Tax Authority of Oman publishes an announcement informing RFIs that the deadline for TY2023 CRS reporting has been extended to June 30, 2024, from May 31, 2024.

Taiwan May 30, 2024

The Ministry of Finance in Taiwan publishes a notice informing RFIs of the implementation of joint reporting and due diligence operation measures in order to comply with international tax information transparency standards and to conduct AEOI with partner jurisdictions. The Ministry requires the regional taxation agencies to conduct written or on-site inspections of FIs on a risk-based basis every year for the purpose of suggesting improvements to inspected institutions and for tracking inspection deficiencies. It also suggests the RFI’s conduct a self-examination of their operating procedures and implement control mechanisms to avoid recurring problems. It includes a list of deficiencies and mitigation steps provided by the Ministry of Finance. The FIs are also required to establish verification and review procedures as well as update the reporting system to include all necessary account details.

Uruguay May 28, 2024

The General Taxation Directorate of Uruguay publishes a notice reminding RFIs that the general description of the national standards of different jurisdictions, i.e., the structure, use, and validity of tax identification numbers or their functional equivalents released by the OECD, must be taken into account during CRS reporting.

Bermuda May 28, 2024

'The Ministry of Finance in Bermuda publishes an updated Reporting Portal User Guide v7.0. Specific updates include: (1) Section 4.1 has been updated to inform RFIs that a separate CRS filing should be created for each Bermuda Trustee-Documented Trust (TDTs) as opposed to including multiple CRS report sections within a single filing; (2) Section 4.3 has been updated to inform RFIs of the requirement to include the date of birth and tax identification number in the report, in line with the due diligence requirements outlined in CRS, even though they are mentioned as optional. The ministry expects the date of birth to be submitted for all individuals and controlling persons for the completion of individual account holder information. In the event of a missing TIN, the RFI’s may receive a notification from the Ministry or partner jurisdiction requiring a correction, and they may be subject to additional compliance reviews; and (3) Section 8.2 is updated for RFIs to adhere to the process outlined in proactive corrections in the event of discovering inaccuracies in previously submitted CRS reports. They should be prepared to explain the circumstances leading to these corrections. Additionally, it also includes an updated email ID for portal user support: AEOISupport@regnology.net

Romania May 27, 2024

The National Agency for Fiscal Administration (ANAF) of Romania publishes an update informing RFIs of the addition of the updated CRS FAQs released by the OECD, to its website.

Oman May 24, 2024

The Tax Authority of Oman publishes an announcement reminding RFIs that re-registrations are required for CRS reporting while the deadline remains May 31, 2024. Due to the discontinuation of the AEOI portal and the incorporation of AEOI and CBC reporting into the existing tax portal, updated AEOI registration guidelines and updated AEOI CRS Guidelines for reporting have been made available, describing the processes and procedures to complete successful registrations, re-registrations, and e-filings of CRS reports.

Liechtenstein May 24, 2024

The Liechtenstein State Administration publishes an AEOI information sheet regarding the AEOI between Liechtenstein and partner states. The AEOI information sheet consists of important information such as due diligence procedures for RFIs to determine CRS reportable account holders, classify legal entities, procedures for identification of reportable financial institutions, verification procedures for new and preexisting accounts and controlling persons, etc. It also publishes an updated version of the instructions for AEOI-CRS reporting according to XML Schema v2.0, with updates made to Section 11 on corrections and deletions (mode of transmission).

British Virgin Islands May 24, 2024

The International Tax Authority (ITA) of the BVI releases a communication reminding all BVIFars portal users that the annual payment feature is still unavailable. Therefore, the current payment deadline is not applicable, and RFIs are advised to continue fulfilling their filing obligations by the deadline while disregarding the system-generated payment notifications until further notice.

Austria May 24, 2024

The Federal Ministry of Finance in Austria publishes a regulation amending the list of CRS reportable and participating jurisdictions. Aruba, Costa Rica, Kenya, Saint Kitts and Nevis, and Thailand have been added to the reportable jurisdictions list, while Antigua and Barbuda has been removed. Georgia, Liberia, Morocco, Moldova, Montenegro, Uganda, and Ukraine have been removed from the list of participating jurisdictions. This regulation supersedes the previous regulation and is in force as of May 1, 2024.

Bermuda May 23, 2024

The Ministry of Finance in Bermuda publishes an update reminding RFIs and Trustee-Documented Trusts (“TDTs”) that the filing deadline for submitting TY2023 CRS reports is May 31, 2024, and for submission of the CRS compliance certification form is September 30, 2024. It also informs RFIs and TDTs that, in the event of failure to submit the filings by these statutory deadlines, penalties may be applicable.

Argentina May 23, 2024

The Undersecretariat of Information Technologies in Argentina publishes a notice informing the public that the United States Internal Revenue Service (IRS) confirms that Argentina has the appropriate data security measures and infrastructure to effectively carry out the first automatic exchange of financial information under FATCA, scheduled for next September. As a reminder, the AFIP portal confirms that the deadline for FATCA and CRS reporting by RFIs is June 30. When the deadline falls on a non-business day, it moves to the immediate following business day.

Slovenia May 23, 2024

The Financial Administration of the Republic of Slovenia (FURS) makes publicly available a notice clarifying TY23 FATCA and CRS reporting updates. Specific updates include: 1) a reminder to RFIs that the filing deadline for submitting TY23 FATCA and CRS reports is May 31, 2024; 2) the procedures for submitting TY23 FATCA and CRS reports; 3) the provision of instructions and requirements for server certificate changes and RFIs filling out their first-ever FATCA and CRS reports; and 4) a reminder of the requirement to submit the initial, corrective, and zero CRS reports using the updated XML schema (v2.0).

Jersey May 22, 2024

The International Taxation Department of the Government of Jersey releases a communication informing RFIs on the OECD’s recent release of updated CRS-related FAQs. The updated FAQs include: (1) Under the Due Diligence Requirements section, Q27 regarding Reliance on Publicly Available Information is updated, providing further confirmation to the RFI’s that they cannot solely rely on the FATCA FFI list as previously informed in the common errors paper back in January 2024; (2) Under Non-Reporting Financial Institution, Q5 is added, which provides information on Qualified Credit Card Issuer; and (3) Under the Financial Account section, Q13 is added to provide information on financial accounts in the context of CFD trading activities.

Italy May 21, 2024

The Ministry of Economy and Finance in Italy publishes FAQ’s relating to DAC7 reporting that, among several updates, also include: (1) explaining the first reportable period; and (2) informing that DAC7 reporting is due in relation to an Italian taxable person selling goods and services to a person residing in Italy.

Liechtenstein May 21, 2024

The Liechtenstein State Administration publishes a newsletter, 04/2024, informing RFIs of the revision of the AEOI information sheet. The update in the information sheet regards addressing recommendations from the ongoing effectiveness assessment of the Global Forum on Transparency and Exchange of Information for Tax Purposes. As per the current reports available, Liechtenstein’s implementation of CRS is positively assessed in many areas but suggests that improvement is needed in specific areas. The revised AIA information sheet has put forward a recommendation relating to the “Day 2 procedure” for new accounts, including new bank accounts, new insurance contracts, new founders, discretionary beneficiaries, etc. Further, it necessitates the requirement of a TIN for a valid and complete self-disclosure at the time of opening an account. It also mandates that the self-disclosure be verified; if not immediately, it is required to be done within 90 days. If there is no valid and plausible self-disclosure, the account should be frozen for any deposits, withdrawals, or payments of distributions and repayments. If there is no self-disclosure even after 90 days from the date of account opening, reporting based on the available evidence must commence from the reporting period when the account was initiated, and efforts should be made to obtain a valid and plausible self-disclosure. Lastly, it informs the RFI’s not to completely rely on the FATCA FFI List for determining the FI status of an entity when exercising its AEOI due diligence obligations.

OECD May 21, 2024

The OECD releases updated CRS FAQs. Specific updates include: (1) Under the Due Diligence Requirements section, Q27 regarding Reliance on Publicly Available Information is updated, providing further confirmation to the RFI’s that they cannot solely rely on the FATCA FFI list as previously informed in the common errors paper back in January 2024; (2) Under Non-Reporting Financial Institution, Q5 is added, which provides information on Qualified Credit Card Issuer; and (3) Under the Financial Account section, Q13 is added to provide information on financial accounts in the context of CFD trading activities.

Jersey May 20, 2024

The International Taxation Department of the Government of Jersey releases a communication informing RFIs of the availability of the AEOI Portal for 2023 reporting periods for FATCA and CRS reporting. It also includes an updated list of CRS reportable and participating jurisdictions, with the addition of Jamaica, Kenya, New Caledonia, and Thailand for TY23 reporting, while Anguilla, Liberia, Montserrat, Morocco, Niue, and Trinidad and Tobago have been removed from the list for TY24 reporting. Additionally, it informs RFIs that: (1) The list of CRS participating or reportable jurisdictions, along with their corresponding dates and first years of reporting, will soon be available on the website; (2) It is essential for FIs to ensure that the contact information on the Jersey AEOI Portal is precise and current. If the client is transitioning to a new provider, the contact information must be promptly updated; and (3) The filing deadline for submitting 2023 CRS and FATCA reports is June 30, 2024.

Bermuda May 20, 2024

The Ministry of Finance in Bermuda publishes an updated version of the CRS Independent Compliance Review Guidelines v2.0. Specific updates made to the guide include: (1) Under section 2.1 on the risk assessment framework, feedback received from partner jurisdictions has been updated, which includes notifications of non-compliance or suspected non-compliance with international FATCA or AEOI standards; (2) Under section 3.1 on review requirements and procedures, it has been updated to inform RFI’s that the CRS review needs to be conducted for all trustee-documented trusts (TDTs) and underlying entities where the trustee is in charge. It is informed that this should be considered in the statistical sampling design when it is applicable.

Italy May 17, 2024

The Ministry of Economy and Finance in Italy releases updated CRS technical guidance (v2.2), informing RFIs of the instructions to be followed for the preparation and transmission of CRS returns. Specific updates to the guidance include: (1) version 2.0 of the CRS XML schema remains the same as the previous version; and (2) new control codes have been introduced to the guidance.

South Africa May 17, 2024

The South African Revenue Service (SARS) publishes a notice clarifying the Mandatory Disclosure Rules under AEOI reporting. Topics covered in the clarification include: 1) the obligations for intermediaries, promoters, and service providers to report information on CRS avoidance arrangements and opaque offshore entities; 2) intermediaries to disclose specific information to the tax authority if they are residents or are incorporated and have a branch through which an arrangement or structure was provided; 3) from the date of arrangement, for promoters to submit an MDR report and for service providers to disclose an arrangement within a 30-day limit, and a limit for disclosure of pre-existing arrangements that were entered into on or after Oct. 29, 2014, within 180-days and penalties for failure to comply with these requirements; 4) the requirement for electronic submission of Form MDR001. Additionally, it also publishes an external guide for the administration of the exchange of information: MDR rules. Reporting under the MDR is effective March 1, 2024.

OECD May 16, 2024

The OECD releases an updated list of CRS signatories with the addition of Senegal, taking the tally of CRS MCAA signatories to 123, with the intended first exchange expected to be in September 2025.

Finland May 15, 2024

The Finnish Tax Administration publishes a newsletter that covers information on the FATCA and CRS/DAC2 regime updates. Specific updates include: (1) informing that the FATCA and CRS/DAC2 annual reports submitted for 2023 until July 31, 2024, can be corrected by filing a new replacement annual report that supersedes the previously submitted ones; (2) advising the account holders and controlling persons to validate their details in the annual reports. The receiving countries need to be capable of automatically identifying the reported account holders to make use of the data. If the identification process fails, the receiving country may seek clarification regarding the unidentified account holders; and (3) further, it also reminds the FIs to take measures to obtain the missing US TIN, where the financial accounts failed to obtain a valid TIN from the account holders and the account does not qualify for an exemption from the obligation to provide TINs.

Gibraltar May 15, 2024

The Commissioner of Income Tax of Gibraltar publishes an updated list of CRS reportable jurisdictions. Oman has now been moved from the list of non-intended exchange partners to the permanently non-reciprocal jurisdictions list. Additionally, it includes explanatory notes on TINs from the OECD Automatic Exchange Portal under Section 25, informing RFIs of the available resources for determining a valid TIN. RFIs are requested to make every effort to secure an accurate and valid TIN. It also informs RFIs that the exclusion of TINs from the CRS reports can lead to tax authorities giving negative peer feedback to the jurisdiction, requiring further intervention from the competent authority in Gibraltar.

Switzerland May 15, 2024

The Federal Tax Administration (FTA) of Switzerland opens a consultation regarding the domestic approval and transposition of the OECD’s updated standard on the international automatic exchange of information (AEOI) on financial accounts and the implementation of the Crypto-Asset Reporting Framework (CARF). The purpose of the transposition is to amend national legislation and regulations to: (1) incorporate the Multilateral Competent Authority Agreement (MCAA) on Automatic Exchange of Financial Account Information under the CRS; (2) implement the AEOI as per the OECD's Crypto-Asset Reporting Framework (CARF); (3) implement penalties for negligent breaches of due diligence, reporting, and information requirements, as recommended by the Global Forum on Transparency and Exchange of Information for Tax Purposes; and (4) define the information to be exchanged. The measures would come into force on January 1, 2026. Comments must be submitted by September 6, 2024.

Italy May 14, 2024

The Ministry of Economy and Finance in Italy publishes a decree amending the list of CRS reportable and participating jurisdictions. Aruba, Costa Rica, Georgia, Kenya, Saint Kitts and Nevis, and Thailand have been added to the list of reportable jurisdictions, while Antigua and Barbuda have been removed from the list. Georgia, Kenya, and Thailand have been added to the list of participating jurisdictions.

Gibraltar May 14, 2024

The Income Tax Commissioner of Gibraltar has issued a circular concerning Automatic Exchange of Information (AEOI) compliance. Feedback received from partner jurisdictions has highlighted some deficiencies in the way domestic financial institutions (FIs) record tax identification numbers (TINs) for CRS reporting. The authority is using the feedback received from peers to improve the quality of the data reported by Gibraltar. Lastly, the circular also specifies various measures to be adopted to ensure high data quality, which are as follows: (1) request missing TINs from recalcitrant clients on a regular basis; (2) request documentary evidence of TIN’s as disclosed by clients, which should be in the form of a copy of an official document from the relevant tax authority that displays the information; and (3) FIs must suspend client accounts if non-compliance with the requirement to supply TIN continues in effect for 60 days after initial notification.

New Zealand May 8, 2024

The Inland Revenue Authority of New Zealand releases a communication informing RFIs of two upgrades that have been made to the CRS reporting filing options in myIR. (1) Improvements have been made to the linking of accounts at the organization type Account Holder level to their associated reportable controlling persons, especially when the account holder is a passive NFE and the account number of the reportable account is being reported when it appears more than once. Further, if these accounts need to be corrected/deleted in the future, then this linkage will help the system prefill the exported CRS Excel correction/deletion file template with the unique CorrDocRefId identifier of the original account report; and (2) File validations have been updated to prevent reporting of empty spaces in an optional reporting element. Reporting elements that contain a blank space will now be identified by myIR as validation errors. These blank-space reporting elements must either be deleted from the XML file or have the necessary data populated in the reporting element before the file is accepted for upload.

British Virgin Islands May 7, 2024

The International Tax Authority (ITA) of the BVI releases a communication informing Custodial Institutions, Depository Institutions, or Specified Insurance entities of an upcoming seminar to be held on June 5, 2024, on the reporting requirements under the Common Reporting Standards (CRS). Registration closes on May 31, 2024.

Singapore May 6, 2024

The Inland Revenue Authority of Singapore (IRAS) publishes an update reminding RFIs that the deadline for TY2023 FATCA and CRS filings is May 31, 2024. Reporting SGFIs are advised to submit their FATCA and CRS returns early to allow sufficient time to resolve any unexpected issues. Further, it informs us that enforcement actions will be taken against reporting SGFIs that do not submit their FATCA and CRS returns on time. It also notifies entities to use the "CRS Entity Classification self-review tool" to determine the CRS entity classification and to check if they are required to register for CRS.

Belgium May 6, 2024

The Ministry of Finance in Belgium publishes a provisional list of CRS reportable and participating jurisdictions. This list is pending its publication in the Royal Decree, and it is currently intended to help RFIs prepare their initial reports for accounts relating to these new jurisdictions. Georgia, Kenya, Moldova, and Ukraine have been identified as provisional reportable and participating jurisdictions. Additionally, it also informs that the MyMinfin CRS portal is currently open to facilitate financial institutions in submitting TY2023 CRS reports (simulation and production).

India May 6, 2024

The Income Tax Department of India publishes several updated documents related to AEOI reporting, such as: (1) Form 61A Schema (v3.2); (2) Report Generation and Validation Utility Form 61A - Schema Guide (v3.2); (3) Report Generation and Validation Utility User Guide - Form 61A (v5.4); and (4) Quick Reference Guide on permissible values in the Person Type and Account Type fields in Form 61A (v1.0).

Hong Kong May 3, 2024

The Inland Revenue Department of Hong Kong publishes a press release on the acceptance for consideration of Notice No. L.N. 71/2024 on the amendment of the CRS reportable and participating list of jurisdictions. The amended list of reportable jurisdictions includes the addition of Ecuador, Oman, and Thailand for the reporting year 2025. Additionally, Azerbaijan, Ecuador, Jamaica, Kazakhstan, Kenya, Maldives, Nigeria, Oman, Pakistan, Peru, and Thailand have been added to the list of participating jurisdictions, while Bahrain, Belize, the Marshall Islands, Montserrat, Nauru, Niue, Saint Vincent and the Grenadines, Seychelles, and Trinidad and Tobago have been removed from the list. The notice is scheduled for introduction in the Legislative Council on May 8, 2024, and would come into force on January 1, 2025.

IRS May 1, 2024

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool with the FIs that are in approved status as of April 24, 2024.

Australia Apr 30, 2024

The Australian Taxation Office (ATO) publishes an AEOI Stakeholder Update #30 to provide RFIs with the best practices for the 2023 reporting period. Specific reminders include: (1) 2023 CRS and FATCA reports are due by July 31, 2024. It is recommended to lodge a nil report in case there is no data to report; (2) applications for extension of time will only be granted in exceptional circumstances; (3) to ensure having obtained valid and reasonable self-certifications for all new accounts; and (4) to voluntarily disclose any incorrect reporting as soon as identified. It also includes a checklist that provides information on the latest ATO validation rules for CRS and FATCA, which would help minimize inquiries and ensure that the reports do not fail validation.

United Kingdom Apr 30, 2024

The United Kingdom’s HMRC publishes a notice under Regulation 1(3)(b) amending the International Tax Compliance Regulations 2015. It provides information on the arrangements entered into between the United Kingdom and other territories with the aim of adopting and implementing CRS. It informs that these arrangements are subject to periodic updates or substitutions, and the notice further indicates that HMRC is authorized to set up Competent Authority Agreements (CAAs) with the tax bodies of other territories as per these international agreements. It specifies the arrangements for the exchange of information with active reportable jurisdictions for CRS purposes in specific years. The amended regulations will be in effect beginning May 14, 2024.

Monaco Apr 29, 2024

The Principality of Monaco sends an electronic communication to RFIs reminding them that the deadline for TY23 CRS reporting is June 30, 2024, including nil reporting. RFIs are also reminded of the significance of providing comprehensive and accurate information for account holders of the RFIs (both individuals and entities), as well as persons holding control of entities, including Name, TIN, DOB, and addresses. Additionally, RFIs are also obligated to report undocumented accounts.

Sweden Apr 29, 2024

The Swedish Tax Agency releases an additional newsletter addressing technical queries regarding TY23 CRS and FATCA reporting. It includes clarification regarding the format and content of the XML files. It also reminds RFIs of the TY2023 reporting deadline of May 15, 2024.

Costa Rica Apr 29, 2024

The Ministry of Finance of the Republic of Costa Rica opens consultation on a draft resolution on the implementation of the automatic exchange of financial account information (AEOI) for sellers involved in digital platforms. The specific measures include: (1) definition of relevant terms; (2) informing digital platform operators that they are required to collect, verify, and report relevant information related to a seller by January 31 of the following calendar year after it is identified as being subject to reporting; (3) information on the currency regarding consideration payments; (4) establishing a reporting information standard on specific activities by platform operators and due diligence; (5) registration procedures for platform operators; and (6) information on penalties for non-compliance. The resolution is open for consultation, and comments are due by May 13, 2024.

Luxembourg Apr 26, 2024

The Grand Duchy of Luxembourg publishes an updated list of TY2023 CRS participating and reportable jurisdictions. Georgia and Ukraine have been added to the list of reportable jurisdictions while Liberia, Morocco, Moldova, Montenegro, and Uganda have been removed from the updated list of participating jurisdictions.

Canada Apr 25, 2024

The Canadian Revenue Agency (CRA) publishes an updated list of CRS participating jurisdictions with the addition of Albania, Brunei Darussalam, Dominica, Ecuador, Ghana, Jamaica, New Caledonia, Oman, and Peru.

Barbados Apr 23, 2024

The Barbados Revenue Authority (BRA) publishes a guidance note informing RFIs of the availability of the AEOI Portal for TY2023 FATCA and CRS submissions from May 1, 2024, until July 31, 2024. It also reminds RFIs of applicable penalties in the case of failure to submit the reports.

OECD Apr 23, 2024

The OECD publishes an updated list of the AEOI status of commitments as of April 23, 2024. Papua New Guinea has been added to the list of countries undertaking the first exchange by 2027.

Cayman Islands Apr 23, 2024

The Department for International Tax Cooperation (DITC) of the Cayman Islands publishes an updated bulletin, reminding RFIs to regularly check the webpage for FATCA and CRS reporting updates. The bulletin consists of: (a) Section I: reminders on the FATCA and CRS reporting deadlines, i.e., July 31, 2024, and the additional day for the CRS compliance form submission, i.e., September 16, 2024 (since September 15, 2024, is a Sunday); (b) Section II: the link to the latest CRS reportable jurisdictions list; (c) Section III: CRS Compliance reminders for RFIs, specific to CRS reporting elements and the CRS Compliance Form; (d) Section IV: reminders for RFIs that reporting the date of birth (DoB) for all Individual Account Holders and Controlling Persons within the CRS XML return has been made mandatory for TY2023. In the event of a failure to include the date of birth in a CRS XML return, compliance and enforcement action may be taken against the FI.

Guernsey Apr 21, 2024

The Guernsey Government releases Bulletin No. 2024/3, informing the RFIs of the extension of FATCA and CRS reporting deadlines to July 1 from June 30, 2024.

Switzerland Apr 19, 2024

The Federal Tax Administration (FTA) of Switzerland publishes a notification on the issuance of its final decisions for the banking relationship concerned by FATCA group requests as of April 19, 2024, in accordance with Article 5 paragraph 3 of the FATCA Agreement.

IRS Apr 18, 2024

The IRS releases the first draft version of the 2025 Form 1099-DA, which enables digital asset brokers to report proceeds and the basis for disposition of digital assets. Form 1099-DA is a new tax form dedicated to reporting digital assets.

United Kingdom Apr 17, 2024

The United Kingdom’s HMRC updates its International Exchange of Information Manual. The updated manual informs that due diligence procedures must be carried out by reporting platform operators (RPOs) to collect and verify information about sellers. A seller is a platform user who is registered on the platform at any time during the reportable period to provide relevant services or for the sale of goods. RPOs are not subject to due diligence on ‘Excluded Sellers’; therefore, RPOs will have to determine which of their sellers are excluded. Optionally, RPOs can elect to only carry out due diligence procedures on ‘Active Sellers’. Further, it informs that due diligence procedures must be carried out by December 31 of the relevant reportable period.

Denmark Apr 15, 2024

The Ministry of Taxation in Denmark publishes an updated list of CRS reportable and participating jurisdictions. Georgia, Kenya, Moldova, and Ukraine have been added to the updated list of reportable and participating jurisdictions.

Cayman Islands Apr 14, 2024

The Cayman Islands’ Department for International Tax Cooperation (DITC) publishes an updated list of CRS participating and reportable jurisdictions. Georgia, Kenya, Moldova, and Ukraine have been added to the list of reportable jurisdictions for TY23 reporting. Armenia, Morocco, Rwanda, Senegal, Tunisia, and Uganda have been added to the reportable list for TY24 reporting. Further, Georgia, Gibraltar, Kazakhstan, Liberia, Moldova, Montenegro, Morocco, Qatar, Uganda, and Ukraine have been removed from the list of participating jurisdictions.

IRS Apr 11, 2024

The IRS releases a bulletin reminding taxpayers that they must answer the digital asset question and report all digital asset-related income when they file their 2023 federal income tax return. The bulletin further specifies what a digital asset is, the question to be answered on federal income tax returns, and how to answer this question appropriately and report digital asset transactions accurately.

Oman Apr 10, 2024

The Tax Authority of Oman publishes an announcement informing RFIs that the deadline for taxpayers to submit Common Reporting Standard (CRS) reports for the tax year 2023 is May 31, 2024. It also informs users that re-registrations are required for CRS reporting. Additionally, it reminds RFIs that they can avoid penalties by timely submitting CRS reports.

Poland Apr 9, 2024

The Ministry of Finance in Poland announces the approval of the draft bill to amend the law on the automatic exchange of information (AEOI) on financial accounts for digital platform operators, based on EU Council Directive 2021/514 (DAC7). Specific topics include: (1) Digital platform operators that fall under the new policy are mandated to gather and report on an annual basis the details of transactions carried out by sellers on their platforms; (2) The exclusion from annual reporting for small and occasional sellers of goods who made less than 30 transactions during the year and whose total remuneration didn’t exceed 2,000 euros; (3) the adjustment of the way platforms report information about sellers to the tax authorities of the relevant EU countries; and (4) Regulations have been established for the automatic exchange of gathered information among the tax authorities of the concerned countries. The measures would come into force on July 1, 2024.

Bahrain Apr 8, 2024

The Central Bank of Bahrain (CBB) publishes a directive announcing that the CRS and FATCA reporting for the year ending December 31, 2023, will begin on March 25, 2023, and must be submitted by May 2, 2024. It also includes an updated list of CRS reportable jurisdictions with the addition of Liechtenstein, San Marino, and Turkey. Lastly, it also includes an updated list of CRS participating jurisdictions, with the addition of Andorra, Bulgaria, Costa Rica, Liechtenstein, Maldives, Peru, San Marino, and Turkey.

Canada Apr 5, 2024

The Canadian Revenue Agency (CRA) publishes updated FATCA and CRS guidance notes. It informs RFI’s that GIIN alone cannot be taken into consideration in order to determine the account holder’s status. As such, it's recommended that Canadian FIs incorporate additional measures to reliably ascertain the status of the account holder, as outlined in chapters 9 and 10. Additionally, the FATCA guidance note also includes treatment of first-home savings accounts (FHSAs) under Chapter 5. These accounts should be considered excluded accounts, as described in Annex II of the IGA.

Germany Apr 4, 2024

The Federal Tax Office of Germany (BZSt) publishes an update informing RFIs of the availability of the production environments for submitting TY2023 FATCA reports beginning May 1, 2024. The availability for sending information applies to both the mass data interface ELMA and the BZSt online portal (BOP). It also reminds RFIs that the TY2023 FATCA reporting deadline remains July 31, 2024.

Uruguay Apr 4, 2024

The General Taxation Directorate of Uruguay publishes a notice informing RFIs of the availability of the production environment for sending CRS reports as well as corrections for previously submitted reports from April 1, 2024, until June 30, 2024. It also reminds us that the FIs are obliged to report and will have an additional 30 days beginning July 1 to exclusively send any correction reports. Further, it informs that the simulation environment will remain available simultaneously with the availability of the production environment.

IRS Apr 3, 2024

The IRS publishes Issue Numbers 2024-11 and 2024-12 as a final reminder to all QIs, WFPs, WFTs, external advisors, and interested parties that it will be hosting in-person presentations in Japan and Singapore on the new QI Agreement and on completing Forms 1042 and 1042-S. The presentations will be given in two separate sessions repeated over two days and will cover topics such as the basics of the new QI Agreement, QI compliance, and the QI Certification/Periodic Review process, as well as the completion of Forms 1042 and 1042-S. The same material will be repeated each day. There is no cost to attend, but attendance is limited; therefore, taxpayers are advised to reserve seats in advance.

Germany Apr 3, 2024

The Federal Tax Office of Germany (BZSt) publishes an announcement informing RFIs on the availability of an updated version of the communication manual (v1.4) for the mass data interface DPI (Digital Post Input) to facilitate DAC7 reporting. In particular, it contains clarifications in the description and further examples. It also informs the RFIs that the DPI interface is likely to replace the previously used ELMA interface in the near future.

Peru Apr 3, 2024

The Customs National Superintendence and Tax Administration of Peru (SUNAT) updates AEOI FAQ 8, confirming the CRS reporting deadline for TY2023. Reporting FIs must send their CRS reports between the 11th business day and the 16th business day of the month of May, based on the last digit of the RUC number. RFIs are also advised to submit data as of December 31, 2023, regarding (1) High and low-value pre-existing accounts of natural persons; (2) new accounts of individuals and entities; and (3) High and low-value pre-existing accounts of entities.

Ireland Apr 2, 2024

The Ireland Revenue Commissioners publish Revenue eBrief No. 104/24 informing RFIs on the availability of Tax and Duty Manual Part 38-03-23 on domestic implementation issues relating to the Common Reporting Standard (CRS). Specific updates made to the document include: (1) Question 16 has been updated to give further explanation on what is required as part of the reasonableness test of self-certificates; and (2) Question 19 has been added to address the date of deregistration from CRS for Irish regulated funds.

IRS Apr 1, 2024

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool with the FIs that are in approved status as of March 25, 2024.

Indonesia Mar 28, 2024

The Directorate General of Taxation (DJP) in Indonesia publishes an updated list of TY2023 CRS Reportable and Participating Jurisdictions. Georgia and Ukraine have been identified as both reportable and participating jurisdictions.

IRS Mar 28, 2024

The IRS releases draft instructions for the 2024 version of Form 1099-G (Certain Government Payments).

Barbados Mar 28, 2024

The Barbados Revenue Authority (BRA) releases guidance notes informing RFIs of the required due diligence practices and reporting obligations to be followed by trusts for CRS purposes. Among various topics, it explains if a trust can be either a reporting Barbados financial institution (RBFI) or a non-financial entity (NFE) that maintains a financial account with a RBFI. It clarifies that accounts are reportable if either the trust is a reportable person or the trust has one or more controlling persons who are reportable persons. The RBFIs are required to collect prescribed information about foreign tax residents and accounts and report this information manually to the BRA by July 31 of the relevant year. For a trust that is a passive NFE, an RBFI that holds an account for the trust must report on each reportable person identified through the conduct of due diligence procedures required by CRS. Additionally, it informs that the financial information to be reported includes the account balance or value of the account held by the equity interest holder and the value of any payments made or credited to them in the year. Lastly, it clarifies that if the financial account held by the trust is closed during the year, the financial activity to be reported includes both the fact of the closure of the account and the gross payments made to the account holder during the relevant reporting period.

British Virgin Islands Mar 26, 2024

The International Tax Authority (ITA) of the BVI releases a communication requesting registered RFIs to ensure that they have accurate and up-to-date information on the BVIFARs portal. This request specifically applies to updates made in entity classifications before 2020 only. Therefore, all Virgin Islands financial institutions are being asked to ensure that their profiles accurately reflect both the reporting entity type and the CRS entity classification. If any RFIs need to update their reporting entity types and CRS entity classifications, they can do so now by completing a change of reporting obligation filing. The steps to complete this filing can be found in Section 1.3.1 of the previously published BVIFARs user guide.

Germany Mar 22, 2024

The Federal Tax Office of Germany (BZSt) publishes a notice informing RFIs that the DAC6 production environment is scheduled for an update on March 25, 2024, due to which delays in processing and feedback (processing protocols) are expected when using the BOP and the ELMA mass data interface.

Cayman Islands Mar 22, 2024

The Department for International Tax Cooperation (DITC) of the Cayman Islands publishes an update bulletin. Specific updates include: (1) Reminder of the FATCA and CRS reporting deadlines, including the CRS filing declaration (Nil return) – July 31, 2024; also informing that the CRS compliance form deadline is September 16, 2023, since September 15, 2024, is falling on Sunday; and (2) Reminding RFIs that reporting the date of birth (DoB) for all Individual Account Holders and Controlling Persons within the CRS XML return has been made mandatory for TY23. In the event of a failure by an FI to include the DoB in a CRS XML return, this will result in non-compliance and action being taken against that FI.

IRS Mar 21, 2024

The IRS publishes Issue Number 2024-10, informing taxpayers of the changes made to the QI/WP/WT FAQs page. FAQ 20 has been updated under the New Applications/2017 Renewals to provide guidance on Withholding Foreign Partnership and Withholding Foreign Trust Agreement renewals.

Finland Mar 20, 2024

The Finnish Tax Administration publishes updated FATCA technical guidance (v3.2) and CRS technical guidance (v3.0). Specific updates made to the FATCA technical guidance include modifications made to Section 6.4.3 on DocSpec structures. Additionally, both the FATCA and CRS technical guidance include an updated list of automated checks run by Ilmoitin under Section 7 to prevent reporting once an error or omission is detected in the information provided.

Panama Mar 20, 2024

The Ministry of Economy and Finance of Panama releases an updated list of CRS participating jurisdictions. Hong Kong, Kenya, and Turkey have been added to the updated list.

Belgium Mar 19, 2024

The Ministry of Finance in Belgium publishes communications informing RFIs that, due to IT maintenance, all e-services, including AEOI services, will have possible disruptions on March 21, 2024.

British Virgin Islands Mar 19, 2024

The International Tax Authority (ITA) of the BVI publishes a notice informing RFI’s of several upcoming seminars dedicated to individuals fulfilling reporting obligations under CRS. The seminars will be focused on different categories of entities registered in the BVIFars Portal, allowing attendees to register for the seminar that best relates to their obligations. Tentative dates have been published, although they are subject to change: (1) April 24, 2024, dedicated to custodial entities; (2) June 26, 2024, dedicated to depository entities; (3) August 28, 2024, dedicated to specified insurance entities; and (4) November 27, 2024, dedicated to all types of entities. Lastly, it informs RFIs that a notice will be sent out prior to each seminar date, providing participants with an opportunity to submit any questions they would like addressed in the seminar.

Curaçao Mar 19, 2024

The Ministry of Finance in Curacao publishes a notice informing RFIs that the MDES portal is open to accept TY2023 FATCA and CRS reports. As a reminder, the deadline for submission is March 31, 2024.

OECD Mar 19, 2024

The OECD publishes information on Tax Identification Numbers (TINs) for Argentina, Jersey, and Latvia.

South Africa Mar 18, 2024

The South African Revenue Service (SARS) publishes an announcement reminding the RFIs that the Third-Party Data Annual Submission Process, inclusive of FATCA and CRS, for the period March 1, 2023, to February 29, 2024, opens on April 1, 2024, and will close on May 31, 2024. RFIs are encouraged to make submissions ahead of the due date to avoid last-minute challenges and potential delays.

Bahamas Mar 18, 2024

The Bahamas Competent Authority publishes an update informing RFIs that the AEOI reporting portal opens on July 8, 2024, for FATCA and CRS registrations and submissions and will close on August 23, 2024.

Denmark Mar 15, 2024

The Tax Agency of Denmark publishes an updated TY2024 FATCA and CRS reporting guides with information relating to the procedures to be followed for reporting financial information under FATCA and CRS for the year 2023. The FATCA guide specifically covers a reminder to use sample codes issued by the IRS in case of a missing US TIN. The CRS guide covers: (1) procedures for error correction and re-reporting; and (2) information that the length of "DocRefIDs" in AccountReport will be 3 characters shorter. Additionally, both guides include: (1) a reminder of the May 1, 2024, FATCA and CRS deadlines; (2) confirmation of the continuous use of existing XML schema versions and their user guides; and (3) instructions on a new entry test, whereby the report will be rejected in the future if the "Nationality" field under "Individual" or "Controlling Persons" is filled in.

Japan Mar 15, 2024

The National Tax Agency (NTA) of Japan publishes an updated version of XML and CSV file input rules in order to facilitate CRS reporting.

France Mar 15, 2024

The French Tax Authority (DGFiP) releases an updated version of the CRS Technical Guide (v3.3). A new Section 6.4 has been added to the guide on the TIN format and algorithm that can be used by RFIs and specifies the controls applied, which will be extended to all the jurisdictions included for the transmission of information.

IRS Mar 14, 2024

The IRS publishes Issue Number 2024-09, informing taxpayers of the changes made to the QI/WP/WT FAQs page. FAQ 23 has been updated under the Certifications and Periodic Reviews section to provide guidance on the administrative exemption for QI/WP/WT entities from e-filing Form 1042 for the calendar years 2024 and 2025.

Germany Mar 14, 2024

The Federal Tax Office of Germany (BZSt) releases CRS Newsletter 01/2024. The newsletter consists of: (1) a provisional state exchange list for 2024 (2) information on the extension of the non-objection waiver in the event of violations of the reporting obligations with regard to collective trust accounts of lawyers; (3) updated communication manual Part 2 (Version 2.4) with the updated sections specified; and (4) updates to the communication manual Part 5 (Version 2.5). The provisional state exchange list has been updated to include Aruba, Georgia, Kenya, Liberia, Moldova, Montenegro, Thailand, Uganda, and Ukraine as potential reportable jurisdictions for TY2023. Lastly, the provisional list informs that the exchange relationship between Germany and Aruba has potentially changed, and therefore RFIs are expected to report account holders from Aruba for TY2023 to the BZSt.

Anguilla Mar 14, 2024

The Government of Anguilla publishes a notice reminding RFIs that the FATCA and CRS reporting deadlines for the reporting year 2023 is May 31, 2024.

United Kingdom Mar 13, 2024

'The United Kingdom’s HMRC opens a consultation regarding the implementation of the Crypto-Asset Reporting Framework (CARF) and the amendments to Common Reporting Standard (CRS) regulations. The purpose of the consultation is to gather views on government proposals related to optional or discretionary elements in the OECD framework for CARF and amendments to the CRS, which include updates to the rules to include new types of assets and improve its operation. The proposal also seeks to learn stakeholder views on the potential benefits and drawbacks of extending the CARF/CRS standards requiring UK reporting entities to include information on UK residents (domestic reporting). Responses to the consultation and inquiries can be emailed to eoi.policy@hmrc.gov.uk or by post. Lastly, it also informs all stakeholders that the consultation will run from March 6, 2024, to May 29, 2024.

IRS Mar 12, 2024

The IRS releases the final version of updated instructions for Form W-9 (Rev. March 2024) that also includes instructions related to recently added Lines 3a and 3b to the revised version of the form.

Slovenia Mar 8, 2024

The Financial Administration of the Republic of Slovenia (FURS) publishes a notice informing RFIs that it will be organizing expert consultation regarding financial account reporting based on OECD CRS standards and FATCA agreements. The consultation is scheduled for April 9, 2024. A few of the important topics to be discussed during the consultation include: (1) the identification of RFIs; (2) problems related to the implementation of due diligence procedures; (3) CRS and FATCA reporting issues; (4) supervision of financial institutions and tax offenses; (5) a report on the implementation of the second round of the AEOI peer review of the effectiveness of the implementation of the AEOI standards on financial accounts in Slovenia; and (5) anticipated CRS reporting innovations in the future. Lastly, it also informs RFIs that registration for participation in the consultation is free and admissions are open until April 5, 2024, limited to two participants per institution.

OECD Mar 7, 2024

The OECD publishes information on Tax Identification Numbers (TINs) for Latvia.

New Zealand Mar 7, 2024

The Inland Revenue Authority of New Zealand publishes a Tax Information Bulletin confirming the list of participating jurisdictions published on January 18, 2024.

IRS Mar 7, 2024

The IRS releases the 2024 version of Form 1099-K (Payment Card and Third-Party Network Transactions). It also releases the final instructions for the 2024 version of Form 1099-K (Payment Card and Third-Party Network Transactions).

OECD Mar 7, 2024

The OECD releases an updated list of CRS signatories with the addition of Armenia and Cameroon, taking the tally of CRS MCAA signatories to 122, with the intended first exchange expected to be in September 2026.

Oman Mar 7, 2024

The Tax Authority of Oman releases its first list of CRS participating jurisdictions, with a total of 64 jurisdictions.

Curaçao Mar 6, 2024

The Ministry of Finance in Curacao publishes an updated list of CRS reportable jurisdictions for TY2023, with the addition of Aruba, Ghana, Jamaica, Kenya, Maldives, and Saint Kitts and Nevis. It also publishes a notice informing RFIs about the availability of the MDES portal for testing data files beginning March 6, 2024. Further, it also makes publicly available updated FATCA and CRS guidance notes. Specific updates include: (1) Sec. 1.5 and 1.16 have been updated to clarify that self-certification should be obtained at account opening instead of within 90 days of account opening previously; (2) Sec. 1.20 has been updated to clarify that RFI must send a self-certification form to the account holder and delete the presumption rule; (3) Sec. 1.33 on shareholders, participants, or stakeholders from one family or a very limited group Entities whose assets consist of cash or investments, or a holding company thereof, are considered Passive NFE have been deleted; (4) Sec. 1.41 on exceptions to the term 'financial account' has been updated to clarify that a customer overpayment does not refer to credit balances to the extent of disputed charges but does include credit balances resulting from merchandise returns, applicable to accounts opened on or before January 1, 2017; and (5) Sec. 1.45 on Stichting Administratiekantoor (STAK) has been updated to stipulate which categories of natural persons must in any case be regarded as UBOs.

IRS Mar 6, 2024

The IRS releases a revised version of Form W-9 (Rev. March 2024). Specific updates include: (1) Line 3a has been updated to clarify how a disregarded entity completes this line; and (2) New Line 3b has been added to the revised version of the form. It also releases an updated version of Form 1099-G (Rev. March 2024), used to report certain government payments.

British Virgin Islands Mar 5, 2024

The International Tax Authority (ITA) of the BVI makes publicly available an updated list of CRS reportable and participating jurisdictions. Bulgaria and Costa Rica have been re-added to the list of reportable jurisdictions for TY2023 along with the new addition of Saint Kitts and Nevis. The aforementioned jurisdictions have also been added to the list of participating jurisdictions. It also publishes a notice informing of the delay in the deployment of the payment module on the BVI Fars portal. Initially intended to go live in January 2024, the ITA informs of the delay due to unforeseen circumstances and requests the fulfilment of filing obligations as usual and to disregard and payment notification until further notice. Lastly, the ITA will provide a user guide outlining the payment procedure once the payment component goes live.

Brunei Darussalam Mar 5, 2024

The Ministry of Finance and Economy of Brunei Darussalam publishes an updated list of TY2023 CRS reportable jurisdictions with the addition of Canada.

IRS Mar 4, 2024

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool with the FIs that are in approved status as of February 23, 2024.

Ukraine Mar 4, 2024

The Ministry of Finance in Ukraine publishes Letter No. 72/14-612/1-30296 informing that the intergovernmental agreement (IGA) to facilitate reporting under the U.S. FATCA, which was signed on January 12, 2023, will be considered to be in force beginning May 25, 2023. The order also includes the text of the agreement and its protocols.

IRS Mar 1, 2024

The IRS publishes a 1099-K Facts versus Myths document to help taxpayers understand what to do with Form 1099-K.

Malta Feb 28, 2024

The Office of the Commissioner for Revenue in Malta releases an updated version of their AEOI Guidance Notes (version 4.6). Specific updates include: (1) Appendix 1 is updated to include Aruba, Costa Rica, Saint Kitts and Nevis, and Thailand as reportable jurisdictions; and (2) Appendix 2 is updated to include Bonaire, Sint Eustatius, and Saba, while Kenya, Liberia, Moldova, Montenegro, Morocco, and Uganda have been removed from the list of participating jurisdictions.

IRS Feb 27, 2024

The IRS publishes Issue number 2024-07, informing withholding agents (both U.S. and foreign persons) that they are administratively exempt from the requirements to electronically file Form 1042. It further specifies that any withholding agent who is a foreign person is exempt from electronically filing Form 1042 in the calendar year 2025 for the taxable year 2024. To qualify for this administrative exemption, no electronic filing waiver request is required.

New Zealand Feb 26, 2024

The Parliamentary Counsel Office of New Zealand publishes the amended Tax Administration (Reportable Jurisdictions for Application of CRS Standard) Amendment Regulations 2024, with the addition of Georgia, Kenya, Moldova, Montenegro, Morocco, Thailand, Uganda, and Ukraine for reporting periods beginning April 1, 2024. The amended regulations will come into force on March 31, 2024.

Guernsey Feb 23, 2024

The Revenue Service of the States of Guernsey issues FATCA and CRS Compliance Information Notice 2024/1. The notice intends to review aspects of compliance with the FATCA and CRS obligations where issues have been identified during the desk-based and onsite compliance audits undertaken by the Revenue Service during 2023. A few of the topics covered include the obligation and timing of self-certifications, self-certification reports submitted to the Revenue Service, reasonable efforts to find TINs and dates of birth, reporting of TINs, entity classifications, CBI/RBI schemes, beneficial ownership for CRS purposes, the CARF framework, and IGOR compliance assurance statements.

Saint Kitts and Nevis Feb 21, 2024

'The Inland Revenue Department (IRD) of Saint Kitts and Nevis publishes an advisory note informing all RFIs that are registered for FATCA and CRS reporting that they need to submit the AEOI Compliance form relating to the 2022 and 2023 periods to the IRD via e-services or email at aeoi.skn@ird.gov.kn by March 15, 2024. It also publishes the AEOI Compliance Form (v.03) along with the AEOI Compliance Form Guidelines (v.03).

New Zealand Feb 20, 2024

The Inland Revenue Department (IRD) in New Zealand releases a communication regarding the recently published Issue Number 2024-04 by the IRS. It informs RFIs that the FATCA Responsible Officer (RO) certifications for the period ending December 31, 2023, are due by July 1, 2024. The consequences of being non-compliant may include the revocation of an entity’s FATCA status and, ultimately, the entity’s GIIN being removed from the FFI list. Furthermore, it states that as New Zealand is classified as a FATCA Model 1 IGA jurisdiction, RO certifications are typically not required. It is advisable to ensure that the NZFI's FATCA registration details and classification status in the U.S. IRS FATCA portal are accurately recorded as a "Reporting Financial Institution under a Model 1 IGA."

Brunei Darussalam Feb 20, 2024

The Ministry of Finance and Economy of Brunei Darussalam publishes an updated list of TY2023 CRS reportable jurisdictions with the addition of Bulgaria, Cook Islands, Costa Rica, Kenya, Malaysia, and Saint Kitts and Nevis.

India Feb 20, 2024

The Securities and Exchange Board of India (SEBI) releases a circular regarding the centralization of certifications under the Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) at KYC Registration Agencies (KRAs). It reminds the intermediaries registered with SEBI of the guidelines set for FATCA and CRS reporting.

EU Feb 20, 2024

The EU Council publishes the updates made to the Common EU List of non-cooperative jurisdictions for tax purposes. The list has been updated to facilitate tax due diligence by EU implementing partners and to compile the tax deficiencies identified by the EU in: (a) jurisdictions committed to address these deficiencies (mentioned in Annex II of the Council conclusions); and (b) non-cooperative jurisdictions (mentioned in Annex I of the Council conclusions). Belize and Seychelles have been moved from Annex I to the Annex II list. Bahamas, Belize, Seychelles, and Turk and Caicos Islands have been removed from Annex I, while Aruba, Israel, Botswana, Dominica, Albania, and Hong Kong have been removed from Annex II. It also publishes a caveat document detailing the updates made to these lists based on various aspects of the OECD’s reporting standards set out by the Global Forum and Multilateral Convention on Mutual Administrative Assistance in Tax Matters standards, inclusive of the ECOFIN conclusions.

OECD Feb 20, 2024

The OECD publishes an updated list of the AEOI status of commitments. Cameroon has been moved to the list of countries undertaking the first exchange by 2026 from the previous list of developing countries that were not asked to commit to AEOI.

Isle of Man Feb 20, 2024

The Income Tax Division of the Isle of Man publishes a new tax strategy for 2024–26. Among several other strategies, it also includes implementing alterations to the automatic exchange of information (AEOI) in tax matters under the common reporting standard (CRS) and the Crypto-Asset Reporting Framework (CARF).

Hungary Feb 20, 2024

The National Tax and Customs Administration of Hungary publishes an updated version of the FATCA filing instructions. Specific updates include clarification on the series of codes established by the U.S. tax authority (IRS) that can be used by the RFIs in cases of missing US TINs. Lastly, updated instructions also include the replacement of 9 A’s with 9 nines for pre-existing or new accounts where the TIN is unavailable for any other reason apart from the ones provided for the use of the other codes.

Lithuania Feb 20, 2024

The State Tax Directorate of the Republic of Lithuania publishes an order amending the list of CRS reportable and participating jurisdictions. Georgia, Kenya, and Thailand have been added to the list of reportable jurisdictions for TY2023, while Azerbaijan, Ecuador, Georgia, Kazakhstan, Kenya, Maldives, New Caledonia, Oman, Pakistan, Peru, Sint Maarten, and Thailand have been added to the list of participating jurisdictions. As a reminder, the deadline for TY2023 FATCA and CRS reporting is July 1, 2024.

IRS Feb 16, 2024

The U.S. Department of Treasury updates the FATCA IGA status of Cape Verde to “In Force (2-7-2024)” from the previous status “Signed (3-30-2021)”. Also, the Canadian IGA has been modified, and an updated Related Agreement 2 is now available, which provides additional information explaining certain IGA terms.

OECD Feb 15, 2024

Cameroon joins the Global Forum on Transparency and Exchange of Information for Tax Purposes, committing to implement the International Standard of AEOI by September 2026. Cameroon, like all other members of the Global Forum, has committed to combating tax evasion through the implementation of the internationally agreed standards of transparency and exchange of information for tax purposes, including the exchange of information on request (EOIR) and automatic exchange of information (AEOI).

Guernsey Feb 14, 2024

The Revenue Service of the States of Guernsey has issued Bulletin 2024/02, which outlines FATCA and CRS reporting deadlines and requirements. The bulletin includes: (1) Reminders for the annual registration requirements of a new RFI. It also advises reporting changes in existing registration classifications before the final day of February via the Revenue Service's IGOR system; (2) Information for RFIs on notifying the Revenue Service about a failure to obtain a valid self-certification and freezing orders. It clarifies that the deadline for submitting the Excel Self-Certificate Report via IGOR to the Revenue Service is March 31 for each calendar year, regarding a failure to obtain a valid self-certification; (3) explanations of multiple scenarios in which FIs can utilize the archiving functionality in IGOR; and (4) a reminder of the requirement that FIs need to obtain a GIIN from the U.S. IRS for FATCA reporting with sufficient time to meet the June 30 deadline. Additionally, it reminds RFIs that the TY2023 FATCA and CRS deadline is June 30, 2024.

Switzerland Feb 14, 2024

The Federal Tax Administration (FTA) of Switzerland publishes decisions disapproving the competent authority agreements (CAAs) for the automatic exchange of information (AEOI) on financial accounts under the common reporting standard (CRS) with: 1) Hong Kong, signed October 13, 2017; and 2) Singapore, signed July 17, 2017. These terminations will lead to the cancellation of the agreements, effective January 1, 2025.

IRS Feb 13, 2024

The IRS publishes issue number 2024-04, reminding taxpayers that the FATCA Responsible Officer (RO) Certifications for the period ending December 31, 2023, are due by July 1, 2024. The consequences of being non-compliant may include the revocation of an entity’s FATCA status and, ultimately, the entity’s GIIN being removed from the FFI list.

EU Feb 12, 2024

The European Commission publishes Regulation No. 432/2024, informing that the determination of information to be exchanged automatically under the Multilateral Competent Authority Agreement on AEOI for income generated through a digital platform signed by the competent authorities of Canada and certain EU members is equal to the information specified under certain provisions of Council Directive 2011/16/EU (DAC 1). The directive includes measures to: (1) confirm that the digital platform reporting in Canada does not include certain EU jurisdictions as the information would be exchanged through DPI-MCAA; and (2) inform that the determination of equivalence is applicable only if the Commission has assessed Canada's Budget Implementation Act, 2023; and also confirm that the exchange relationship between the Canadian authorities and each signatory EU member is activated as per Section 7 of the DPI-MCAA. It further informs that the regulation will come into force on February 25, 2024.

Romania Feb 12, 2024

The National Agency for Fiscal Administration (ANAF) of Romania publishes a press release reminding RFIs of the requirement to submit annual data for FATCA and CRS reporting to the national agency by May 15, 2024. It also informs RFIs of the availability of an updated list of CRS reportable jurisdictions with the addition of Kenya and Thailand. Further, it advises RFIs to refer to any guides and FAQs related to FATCA and CRS available on the agency’s portal. Lastly, it specifies that control measures will be implemented to ensure compliance with reporting deadlines and the accuracy of information submitted through Form F3000.

Tunisia Feb 10, 2024

The Republic of Tunisia publishes an announcement on the approval of the draft bill on Tunisia's entrance to the Multilateral Competent Authority Agreement (MCAA) on the automatic exchange of information (AEOI) on financial accounts.

Jersey Feb 9, 2024

'The Ministry for External Relations in Jersey releases a consultation document on proposed amendments to the AEOI - CRS and FATCA Regulations. The proposed amendments are open for comments from stakeholders, including individuals, businesses, employers, tax agents and accountants, and representative bodies. The consultation will begin on February 9, 2024, and the States Assembly will consider draft legislation in the summer of 2024. Among the various proposed amendments, the notable ones include: (1) amendments to the penalty regime; and (2) the Crypto-Asset Reporting Framework (CARF) and amendments to the Common Reporting Standard. Lastly, responses or comments should be sent via email to tax.policy@gov.je by March 18, 2024.

Barbados Feb 9, 2024

The Barbados Revenue Authority (BRA) releases a notice informing RFIs of the upcoming Global Tax Update Session to be held on February 19, 2024. The session will include an overview of Barbados’ 2024 corporate tax reform and other matters of international tax compliance, including the Automatic Exchange of Information (AEOI) and Crypto Asset Reporting Framework (CARF). RFIs are encouraged to complete registrations by February 14, 2024.

IRS Feb 8, 2024

The IRS releases Issue Number 2024-03 as a reminder on the new electronic filing requirements for 1042-S forms. Treasury Decision 9972 amended Treasury Regulation § 301.6011-2 to modify the requirements for withholding agents that are not financial institutions to aggregate all their information returns and Forms W-2 to determine the 1042-S filing requirements. As additional reminders, if the total is 10 or exceeds 10, all information returns must be filed electronically, including Form 1042-S. A partnership with more than 100 partners is required to file all its information returns, including Form(s) 1042-S, electronically, regardless of whether it is required to file 10 or more information returns during the calendar year. Lastly, the new threshold is effective for Tax Year 2023 (and for subsequent years) Forms 1042-S that are due on or after March 15, 2024.

IRS Feb 7, 2024

The IRS updates its FAQs for Form 1099-K, Payment Card, and Third Party Network Transactions via Fact Sheet 2024-03. The revised FAQs provide more general information for taxpayers, including common situations, along with more clarity for industry and what type of organizations should send Forms 1099-K. It also announces that, based on feedback received from taxpayers, tax professionals, and payment processors, the new $600 Form 1099-K reporting threshold for third-party settlement organizations for calendar year 2023 has been delayed, considering 2023 as an additional transition year. For further clarity, reporting will not be required unless the taxpayer receives over $20,000 and has more than 200 transactions in 2023, although taxpayers may still receive a form for amounts less than the required reporting amount.

Sweden Feb 6, 2024

The Swedish Tax Agency releases its first newsletter of 2024, informing RFIs of the availability of updated versions of the FATCA and CRS technical descriptions to facilitate TY2023 reporting. It also reminds RFIs of the TY2023 reporting deadline of May 15, 2024. It further informs that the testing service to test FATCA-CRS reports, along with the Swedish Tax Agency’s e-service reporting module, is currently closed. However, it is still possible to upload the files via the e-service to receive technical feedback without submitting data to the tax agency. Lastly, the newsletter also includes the treatment of the value of distributed shares in the event of Lex ASEA dividends while submitting TY2023 FATCA and CRS reporting information.

Bermuda Feb 6, 2024

The Ministry of Finance in Bermuda publishes an updated list of CRS reportable and participating jurisdictions. Aruba, Costa Rica, Kenya, Saint Kitts and Nevis, and Thailand have been added to the list of reportable jurisdictions, while Kenya, Niue, and Thailand have been added to the list of participating jurisdictions.

Uganda Feb 5, 2024

The Uganda Revenue Authority (URA) makes publicly available the December 2023 URA Newsletter. Among several other topics, the URA informs that it will roll out a voluntary disclosure program (VDP) for AEOI as an incentive to people who have acquired wealth from undeclared incomes to self-declare to the URA and regularize their tax affairs. Voluntary disclosure grants eligible declarants a full waiver of penalties and interest on the tax paid before Uganda’s first automatic information exchange is scheduled for September 2025.

Singapore Feb 5, 2024

The Inland Revenue Authority of Singapore (IRAS) publishes an announcement reminding RFIs that the CRS registration deadline is March 31, 2024, for entities that became reporting SGFIs between January 1, 2023, and December 31, 2023.

France Feb 5, 2024

'The French Tax Authority (DGFiP) releases an updated version of the CRS Technical Guide (v3.2). The guidance includes an updated list of TY2023 CRS reportable jurisdictions. Aruba, Costa Rica, Kenya, Saint Kitts and Nevis, and Thailand have been added to the list of CRS reportable jurisdictions. It also publishes an updated FATCA Technical Guide (v4.8) that includes: (1) Addition of error codes 8023 and 8024 underneath notification of anomalies noted by the IRS under Section 5.3.3; (2) Section 4.2.1 has been updated to inform RFIs that for returns relating to calendar years 2023 and 2024, RFIs must use the updated codes in accordance with Notice 2023-11 and the updated FAQ on the IRS website (Q6); (3) Technical update has been made under Section 3.3.2 on detailed structure of the FATCA_OECD message and; (4) Introduction of a second level checks where the tax authority will be sharing the validation reports with the RFIs within 72 hours of the submission notifying if the submission has been accepted or rejected. If no second-level report is received within 72 hours following submission, it is necessary for the RFI to contact the assistance services to ensure proper receipt of the file by the administration - assistance-tiersdeclarants@dgfip.finances.gouv.fr. Both guides also include a provisional calendar for 2024 confirming: (1) the availability of FATCA/CRS services for testing files would be available from March 7, 2024; (2) the FATCA/CRS submission environment would be available beginning April 25, 2024; (3) the deadline to submit FATCA/CRS reports is July 31, 2024; and (4) the FATCA/CRS reporting services would close by August 1, 2024.

Singapore Feb 2, 2024

The Inland Revenue Authority of Singapore (IRAS) publishes an updated version of the list of CRS participating jurisdictions, with the re-addition of Malaysia.

Singapore Feb 1, 2024

The Inland Revenue Authority of Singapore (IRAS) publishes an updated list of TY2023 CRS reportable and participating jurisdictions. Aruba, Bulgaria, Kenya, Saint Kitts and Nevis, and Thailand have been added to the list of reportable jurisdictions, while Antigua and Barbuda has been removed from the list. Further, Kenya and Thailand have been added to the List of Participating Jurisdictions, while Malaysia and Niue have been removed from the list.

IRS Feb 1, 2024

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool with the FIs that are in approved status as of January 25, 2024.

Ireland Jan 31, 2024

The Office of the Revenue Commissioners in Ireland publishes Revenue eBrief No. 032/24, informing all digital platform operators of the extension of the TY2023 DAC7 deadline from January 31, 2024, to February 7, 2024.

Netherlands Jan 31, 2024

The Tax and Customs Administration of the Netherlands publishes an updated version of the list of the CRS reportable jurisdictions, with the re-addition of Morocco.

Spain Jan 31, 2024

The Spanish Ministry of Justice publishes a Decree (No. 117/2024) establishing modified rules and procedures of due diligence for AEOI by platform operators (DAC 7). The modified procedures must be applied by the "platform operators obliged to communicate information" in relation to certain information of the "sellers" who, for their part, will be subject to the communication of said data to the aforementioned operators under these due diligence rules.

Belgium Jan 30, 2024

The Ministry of Finance in Belgium publishes communications informing RFIs that, due to IT maintenance, all e-services, including AEOI services, will have possible disruptions on February 3, 2024, and February 4, 2024.

Italy Jan 30, 2024

The Ministry of Economy and Finance in Italy publishes an announcement informing all digital platform operators of the extension of the TY2023 DAC7 deadline from January 31, 2024, to February 15, 2024.

IRS Jan 29, 2024

The IRS publishes a bulletin reminding withholding agents of the availability of the IRS Form 1042-S data integrity tool. The free tool can help identify potential errors by performing a quality review of Form 1042-S data before submissions to the IRS, and it minimizes potential delays and penalties by increasing the accuracy of the data. As another reminder, a withholding agent is responsible for correcting potential errors before submission of the form(s) to the IRS.

Jersey Jan 29, 2024

The International Taxation Department of the Government of Jersey publishes FATCA and CRS practical guidance for 2024. Specific updates to the FATCA practical guidance include changes incorporating the default wording from the IRS FAQ #6 guidance on populating the TIN field. As a reminder, the use of the default TIN values is now mandatory. Specific updates to the CRS practical guidance include: (1) updates to Section 2 informing RFIs of the inclusion of a new supporting document box allowing users to attach the supporting documents for the entity to be registered (e.g., a certificate of incorporation); (2) updates to Section 7 communicating valid dates of birth; (3) updates to Section 11.7 on the AccountNumberType data element; and (4) addition of Section 11.13 on the Nationality data element. Lastly, it also publishes a document listing common errors related to 2022 AEOI data, intended to enhance and build upon the information provided in FATCA and CRS reports and outline common errors identified across the calendar year 2023.

Macau Jan 25, 2024

The Financial Services Bureau of Macau publishes an updated list of CRS reportable jurisdictions with the addition of Rwanda.

Switzerland Jan 24, 2024

The Federal Tax Administration (FTA) of Switzerland publishes a notification on the issuance of its final decisions for the banking relationship concerned by FATCA group requests as of January 23, 2024, in accordance with Article 5 paragraph 3 of the FATCA Agreement.

Germany Jan 24, 2024

The Federal Tax Office of Germany (BZSt) publishes an announcement informing all digital platform operators of the extension of the TY2023 DAC7 deadline to March 31, 2024.

Israel Jan 24, 2024

The Tax Authority of Israel publishes a list of TY2023 CRS reportable and participating jurisdictions. Aruba, Bulgaria, Costa Rica, Saint Kitts and Nevis have been added to the list of reportable jurisdictions. On the participating list, Brunei, Niue, and Oman have been removed. It also reminds financial institutions that they are required to report the CRS information to the Tax Authority for TY2023 by September 8, 2024.

Switzerland Jan 24, 2024

The Federal Tax Administration (FTA) of Switzerland publishes documents on the FATCA group request business and validation rules, along with important update rules for SEI and FATCA XML. These documents include important technical update rules for SEI and FATCA XML.

IRS Jan 24, 2024

The IRS updates its list of approved KYC rules for Uruguay Stockbrokers.

IRS Jan 22, 2024

The IRS updates its FATCA General FAQs. Q1 under the conversions to Model 1 IGA and FFI agreement renewals section has been updated to communicate that the IRS will treat a participating FFIs continued registration as its agreement with the terms of the FFI agreement contained in Rev. Proc. 2017-16 until the earlier of December 31, 2024, or the publication of another revenue procedure that supersedes all or part of Rev. Proc. 2017-16. The aforementioned does not apply where an FFI agreement will be renewed only upon the agreement of both the participating FFI and the IRS. It also publishes an updated list of approved KYC rules for Uruguayan stockbrokers.

British Virgin Islands Jan 22, 2024

'The International Tax Authority (ITA) of the BVI publishes a notice informing investment entities subject to CRS reporting and persons appointed to fulfill CRS obligations through the BVIFars portal that it will be hosting a live seminar for investment entities on February 28, 2024. It further invites users to send their questions in advance by February 2, 2024, to info@bviita.vg with the subject “Questions for Investment Entity Seminar”.

Romania Jan 22, 2024

The National Agency for Fiscal Administration (ANAF) of Romania publishes a notice informing RFIs of a study visit hosted between January 16, 2024, and January 18, 2024, by the State Fiscal Service of the Republic of Moldova, which had as its objective the exchange of experience on the implementation of the automatic exchange of information for financial accounts (AEOI). The agenda of the study visit aimed to study Romania's practice in terms of how to implement AEOI from an organizational and technical perspective.

Slovenia Jan 22, 2024

The Financial Administration of the Republic of Slovenia (FURS) introduces its webpage on DAC7 reporting to assist taxpayers in reporting business income via online platforms.

IRS Jan 19, 2024

The IRS releases updated versions of Forms 1099-DIV, 1099-OID, and 1099-INT (revised January 2024). It also publishes 2023 instructions for Forms 1099-R and 5498. Specific updates to the instructions include: (1) a reminder that the e-filing threshold has been lowered to 10 (calculated by aggregating all information returns), effective for information returns required to be filed on or after January 1, 2024; and (2) information that the Form 1099-R will be redesigned beginning in 2024 and will be processed in 2025 by reducing the number of pages on the Form.

Luxembourg Jan 19, 2024

The Grand Duchy of Luxembourg publishes a newsletter on the registration, notification, and declaration requirements for platform operators. Specific updates include: (1) reporting platform operators must register through the MyGuichet portal by January 19, 2024; (2) extension of the TY2023 DAC7 deadline to February 19, 2024; and (3) reminder that platform operators must submit information on reportable seller income by January 31 of every year.

Sweden Jan 19, 2024

The Ministry of Finance of Sweden publishes a consultation dated January 19, 2024, along with a factual memorandum proposing the changes to domestic laws that have been implemented by the Multilateral Competent Authority Agreement (MCAA) on the automatic exchange of information (AEOI) on financial accounts reported under the CRS. Specific updates in the memorandum include: (1) information regarding the Global Forum on Transparency and Exchange of Information for Tax Purposes; (2) a penalty of $239 in case of failure to deliver timely required information or meet the appropriate record-keeping requirements the RFI’s are subjected to; and also a penalty of $477 in case the non-compliance extends beyond March 31; (3) a requirement of the MOF’s decisions on account fees to be issued within six years; and (4) a control data submission requirement to the MOF regarding accounts subjected to US FATCA and reportable and undocumented accounts due to AEOI dated January 31 for every calendar year. It also mentions that the changes would come into effect on January 1, 2025, along with the comments due until April 18, 2024.

Switzerland Jan 18, 2024

The Federal Tax Administration (FTA) of Switzerland updates its list of CRS reportable jurisdictions. Minor formatting updates have been made to the list, such as the Republic of Korea now being mentioned as South Korea. Footnote 6 has been updated to include the names of the governing territories for the governed territories.

France Jan 18, 2024

The French Tax Authority (DGFiP) releases an updated version of the CRS Technical Guide (v3.1). Specific updates include: (1) technical updates to the mandatory warning tag provision; (2) an updated email address for support; (3) an updated TIN control table; and (4) clarification on the use of the ISO code “MF” for Saint Martin instead of the code "FR." Additionally, it includes a provisional calendar for 2024 confirming: (1) the availability of FATCA/CRS services for testing files would be available from March 7, 2024; (2) the FATCA/CRS submission environment would be available beginning April 25, 2024; (3) the deadline to submit FATCA/CRS reports is July 31, 2024; (4) the FATCA/CRS reporting services would close by August 1, 2024; and (5) they would reopen by October 3, 2024 and remain open until December 18, 2024. Lastly, it informs us that the CRS reporting deadline in 2025 with respect to TY2024 reportable information and subsequent years will be moved to July 15th of every year.

New Zealand Jan 18, 2024

The Inland Revenue Authority of New Zealand publishes an updated list of participating jurisdictions with the addition of Georgia, Kenya, Maldives, Moldova, Montenegro, Morocco, Sint Maarten, Thailand, Uganda, and Ukraine.

OECD Jan 17, 2024

Zambia joins the Global Forum, thus becoming the 171st member and the 39th African member of the Global Forum on Transparency and Exchange of Information for Tax Purposes. Zambia, like all other members of the Global Forum, has committed to combating tax evasion through the implementation of the internationally agreed standards of transparency and exchange of information for tax purposes, including the exchange of information on request (EOIR) and automatic exchange of information (AEOI). The jurisdiction has also decided to join the African Initiative program, which was launched in 2014 with the intention of supporting domestic revenue mobilization and restricting illegal financial flows in Africa.

Cyprus Jan 17, 2024

The Cyprus Tax Department publishes an announcement informing all digital platform operators of the extension of the TY2023 DAC7 deadline to February 16, 2024. Submissions made after the extended deadline may be subject to administrative penalties.

OECD Jan 17, 2024

The OECD publishes an updated list of the AEOI status of commitments. Tunisia has been moved to the list of countries undertaking the first exchange by 2025 from the previous intended exchange year of 2024. Further, Zambia has been added to the list of developing countries that are not asked to commit to AEOI and have not set a date for their first exchanges.

Panama Jan 16, 2024

The Ministry of Economy and Finance of Panama publishes an announcement that the measures on confidentiality and data safeguarding adopted by the DGI and the MEF have been evaluated as consistent with the AEOI standards set by the OECD. It also reiterates its commitment to compliance with international standards on transparency and exchange of information and its belief in continuing to work on improving the conditions that allow said compliance.

Malaysia Jan 16, 2024

The Inland Revenue Board of Malaysia (IRBM) publishes an updated list of CRS reportable jurisdictions for TY2023. Aruba, Bulgaria, Costa Rica, Georgia, Kenya, Saint Kitts and Nevis, and Thailand have been added to the list. Additionally, it also publishes updated CRS submission timelines for 2024. The production environment for TY23 reporting will be available from January 22, 2024, to June 30, 2024.

Cyprus Jan 15, 2024

The Cyprus Tax Department publishes an announcement informing all platform operators of the submission of data relating to DAC7 concerning the year 2023. It informs that the submission process will be carried out through the DAC7 Government Portal using XML files. It further provides instructions on the registration and submission process for DAC7 reporting.

United States Jan 15, 2024

The US Department of the Treasury has announced the entry into force of tax treaty protocols with Chile. The treaty covers the clause for permitting the complete exchange of information between US and Chilean tax authorities, among other updates. It also publishes a notice informing of the cessation of the treaty with Hungary on qualified dividends. A dividend paid to an individual shareholder by either a domestic corporation or a “qualified foreign corporation" is generally subject to tax at the reduced rates applicable to certain capital gains. A qualified foreign corporation includes certain foreign corporations that are eligible for the benefits of a comprehensive income tax treaty with the United States that the Secretary determines is satisfactory for purposes of this provision, and that includes an exchange of information program.

Singapore Jan 12, 2024

The Inland Revenue Authority of Singapore (IRAS) publishes an updated CRS e-Tax Guide (third edition). Specific amendments include: (1) clarification on the definitions of reportable and participating jurisdictions to align with the OECD CRS standards; (2) removal of the transitional approach for participating jurisdictions due to its expiry; (3) clarification on the requirements to collect valid self-certifications to match the OECD CRS standards; and (4) updated names of Singapore’s Acts of Parliament in the guide.

Mauritius Jan 11, 2024

The Mauritius Revenue Authority (MRA) publishes an updated list of CRS reportable and participating jurisdictions. No updates have been made to the reportable list, while Kenya has been added to the participating list for TY2023.

IRS Jan 11, 2024

The IRS released an online video of a recent 2023 Form 1099-K webinar. The webinar organized on December 14, 2023, focused on various issues for taxpayers who receive income typically reported to them on Form 1099-K, including those who often use popular payment apps and online marketplaces. It also announces the plan to introduce a $5,000 reporting threshold in 2024. Among other things, the webinar covered the following: (1) friends and family transactions; (2) how to report 1099-K amounts on a 2023 return; (3) what to do if a 1099-K is incorrect; (4) recordkeeping; and (5) IRS resources. It also publishes a bulletin informing the payroll industry, tax professionals, small businesses and self-employed, tax-exempt entities, government entities, and financial institutions that FIRE customers who have not completed the IR application for TCC, the legacy TCC, would be invalid, and such stakeholders cannot currently file with FIRE systems. If you attempt to log in to the FIRE system without an IR TCC application, an error message will be received. The IRS requests that stakeholders avoid calling the help desk and complete an IR application for TCC.

Switzerland Jan 11, 2024

The Federal Tax Administration (FTA) of Switzerland publishes Decision No. RO 2024 15, informing that Kenya and Thailand have agreed to a multilateral agreement on AEOI with Switzerland, along with a reminder that Hong Kong and Singapore have moved from a bilateral agreement to a multilateral agreement beginning January 1, 2024.

Netherlands Jan 11, 2024

The Tax and Customs Administration of the Netherlands publishes an updated version of the list of the CRS reportable jurisdictions with the removal of Liberia, Morocco, and Trinidad and Tobago.

IRS Jan 10, 2024

The IRS publishes Issue Number 2024-01, informing taxpayers of the changes made to the QI/WP/WT FAQs page. FAQs Q23 and Q24 were removed from the Certifications and periodic reviews section and have been moved to the new Provisions for 2023 QI Agreement section, renumbered as FAQs Q1 and Q2, respectively.

Japan Jan 10, 2024

The National Tax Agency (NTA) of Japan releases updated AEOI reporting FAQs. Updates include: (1) Q1.1.3: Installation procedure for CRS reporting corner advance preparation setup. It informs that a report display module and signature module, along with a root certificate, should be installed before initiating the setup for the CRS reporting corner; (2) Q 1.1.9: made minor language updates to the question on making corrections in the submitted data; (3) Q2.9: clarified reporting of unrecorded accounts; and (4) Q3.2 and Q3.3: specified the use of country code and currency code for the purpose of reporting.

Turkey Jan 9, 2024

The Revenue Administration of Turkey publishes a 2024 tax calendar in order to keep track of tax obligations such as declarations and payment periods according to tax types. Apart from multiple tax obligations, it moves the TY2024 FATCA reporting deadline from June 30, 2024, to July 1, 2024.

China Jan 8, 2024

The State Administration of Taxation in China publishes an announcement informing RFIs of the availability of its AEOI portal for CRS data submissions beginning March 1, 2024.

Malta Jan 5, 2024

'The Office of the Commissioner for Revenue in Malta publishes a notice informing that the deadline for submitting the DAC6 - Annual Notification Form by Non-Disclosing Intermediaries is February 29, 2024. It also releases the annual notification form that the RFIs need to complete and send to mdr.mfin@gov.mt

United Kingdom Jan 5, 2024

The United Kingdom’s HMRC publishes an updated list of CRS participating and reportable jurisdictions. Georgia, Kenya, Moldova, and Ukraine have been added to the list of reportable jurisdictions. Additionally, Moldova, Montenegro, and Uganda have been removed from the list of participating jurisdictions.

Isle of Man Jan 5, 2024

The Income Tax Division of the Isle of Man publishes the Industry Advisory Notice informing RFIs of the availability of the updated AEOI reporting guidance notes. Updated CRS guidance notes inform that the reporting of date of birth using the ‘BirthDate’ element within the ‘BirthInfo’ section is now mandatory for all Individual Account Holders and Controlling Persons and that beginning January 2024, no CRS XML file with missing date of birth information will be accepted. Further, in the unusual circumstance where a date of birth is not held by the RFI, they are requested to populate the element with either 0001-01-01 or 1900-01-01. It also publishes an updated list of CRS reportable and participating jurisdictions. Georgia and Tunisia have been added to the list of reportable jurisdictions for TY2023 reporting. Georgia, Jordan, Moldova, Montenegro, Monserrat, Morocco, Niue, Rwanda, Tunisia, Uganda, and Ukraine have been removed from the participating list. It also includes a provisional list of CRS reportable jurisdictions for TY2024, with the addition of Armenia, Morocco, Rwanda, Senegal, and Uganda. Updated FATCA guidance notes inform RFIs that the use of default TIN nine A's, i.e. ‘AAAAAAAAA’ for accounts where a valid U.S. TIN is not yet held, is no longer acceptable. Therefore, RFIs are reminded that where a valid U.S. TIN is still not held for any U.S. reportable accounts, they must use the appropriate codes provided by the IRS as detailed in IRS Notice 2023-11.

Albania Jan 5, 2024

The Albanian Official Gazette publishes Decision No. 817, updating the lists of participating and reportable jurisdictions. Anguilla, Bermuda, British Virgin Islands, Brunei Darussalam, Cayman Islands, Curacao, Dominica, Ghana, Kuwait, Macau, Montserrat, Nauru, New Caledonia, Peru, Romania, Saint Vincent and the Grenadines, Sint Maarten, United Arab Emirates, and Vanuatu have been added to the reportable list. While Georgia, Jamaica, Kenya, Maldives, Moldova, Montenegro, New Caledonia, Peru, Rwanda, Thailand, Uganda, and Ukraine have been added to the participating list.

OECD Jan 4, 2024

The OECD publishes an updated list of the AEOI status of commitments. Senegal has committed to implementing the International Automatic Exchange of Information (AEOI) by September 2025. The Democratic Republic of the Congo and Fiji have been added to the list of developing countries that are not asked to commit to AEOI and have not set a date for their first exchanges.

Canada Jan 4, 2024

The Canadian Revenue Agency (CRA) notifies RFIs that the internet filling application for XML submissions will be available beginning January 8, 2024.

Guernsey Jan 4, 2024

The Revenue Service of the States of Guernsey issues Bulletin 2024/01, which includes the CRS reportable and participating jurisdictions list. Georgia and Tunisia have been added to the list of reportable jurisdictions for TY2023 reporting, while Uganda has been removed from the list. Kenya has been added to the list of participating jurisdictions beginning TY2024, while Jordan, Montenegro, Morocco, and Uganda have been removed from the list. Additionally, it also includes a provisional list of CRS reportable jurisdictions for TY2024, with the addition of Armenia, Morocco, Rwanda, and Uganda.

Netherlands Jan 3, 2024

The Tax and Customs Administration of the Netherlands publishes an updated list of CRS reportable jurisdictions with the addition of Georgia, Liberia, Moldova, Rwanda, and Ukraine beginning TY2024 reporting. Further, the year of exchange for Kenya and Morocco has been updated from 2021 to 2024. Additionally, it also publishes a newsletter on Banking and Investment Products 2023 (v08) and Banking and Investment Products 2024 (v03) that includes information regarding the delivery of data relating to the years 2022 and subsequent years.

IRS Jan 2, 2024

The IRS releases updated draft instructions for Form W-9 (rev. December 2023). A summary of updates includes: (1) Line 3a has now been updated to clarify that it is not applicable for a disregarded entity; (2) Line 3b previously communicated as being added for partnerships (including limited liability companies (LLCs) classified as partnerships for U.S. federal tax purposes), trusts, or estates to indicate if they have foreign partners, owners, or beneficiaries when providing this form to a flow-through entity in which it owns an interest, has also been updated to clarify that the box on line 3b is only required to verify if an entity is a flow-through entity that is otherwise required to obtain a new Form W-9 from its partner, owner, or beneficiary; (3) includes a broader language on furnishing a Form W-9 to certify non-foreign status for purposes of any applicable withholding under chapter 3 and 4, the text indicates that section 1446 withholding is considered chapter 3 withholding in this context as communicated previously; and (4) updated text on withholding and reporting under sections 1446(a) and (f) starting 2023 along with updated QI agreement as communicated previously.

Croatia Jan 2, 2024

The Croatian Official Gazette publishes Ordinance No. 9, amending rules on DAC6 reporting under the common reporting standard (CRS). The ordinance includes measures: (1) defining a tax identification number (PIB) issued by a country where the seller is a resident; (2) defining reportable sellers that reside in, or rent real estate in, Croatia, the EU, or a non-EU country; (3) establishing criteria for determining the EU country or other jurisdiction of residence of sellers; and (4) clarifying when reporting platform operators aren’t required to collect information. The ordinance enters into force on January 3, 2024.

IRS Jan 1, 2024

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool with the FIs that are in approved status as of December 22, 2023.

Liechtenstein Dec 29, 2023

The Liechtenstein State Administration amended the AEOI Law, the CBC reporting law, and the FATCA Law. The laws include measures specifying that a legal entity will be fined if violations are committed affecting it, regardless of whether it has a legal personality. These laws are set to come into force on December 30, 2023.

Monaco Dec 29, 2023

The Principality of Monaco publishes the Ministerial Decree No. 2023-776 of December 26, 2023, which provides the list of reportable jurisdictions for the purpose of CRS reporting. Antigua and Barbuda, Aruba, Costa Rica, Cook Islands, Ghana, Jamaica, Kazakhstan, Kenya, Maldives, Pakistan, Peru, Saint Kitts and Nevis, Thailand, and Turkey have been added to the list of reportable jurisdictions for 2023.

IRS Dec 26, 2023

The IRS publishes Issue Number 2023-18 informing of the extended QI/WP/WT Certification Waiver Application due dates along with certification link availability. The due date for entities selecting periodic review years 2021 or 2022 or submitting a waiver application is extended from July 1, 2024, to September 1, 2024, and the due date for entities selecting periodic review years 2023 is extended from December 31, 2024, to March 1, 2025. Further, it informs that these extensions are automatic and do not require the filing of a request for extension with the IRS. Additionally, the link to the 2024 certifications in QAAMS will be available later in 2024.

Hungary Dec 22, 2023

The National Tax and Customs Administration of Hungary publishes a list of DPI XML error codes for the new obligations of digital platform operators that is intended to help in the completion of DAC7 reporting. It also publishes DPI XML schema files. Also, as a reminder, the deadline for the first data reporting is January 31, 2024, which applies to the 2023 data reporting period.

Belgium Dec 22, 2023

The Ministry of Finance in Belgium publishes an update informing RFIs that, by the judgment 2023/AR/801 of December 20, 2023, the Market Court has annulled the decision 61/2023 of the Data Protection Authority dated May 24, 2023, in which the Disputes Chamber of the Data Protection Authority had submitted a request for suspension of the implementation of Belgian accidental Americans in application of the FATCA agreement and the law of December 16, 2015. It also informs that the case is sent back to the Disputes Chamber, with a different composition, so that they can again make a substantiated decision on the merits. Further, The data exchange provided for in the FATCA agreement will therefore continue according to the established conditions and schedule.

Ireland Dec 21, 2023

The Office of the Revenue Commissioners in Ireland publishes Revenue eBrief No. 276/23, informing RFIs of the availability of the updated Tax and Duty Manual Part 33-03-05 on registration guidelines for DAC7 for EU Reporting Platform Operators. It informs that, beginning January 1, 2024, the DAC7 filing facility will open for filing in respect of the period January 1, 2023, to December 31, 2023.

Ireland Dec 19, 2023

The Office of the Revenue Commissioners in Ireland publishes an updated Tax and Duty Manual on Guidelines for Agents or Advisors acting on behalf of taxpayers. This manual outlines procedures for agents or advisors acting on behalf of taxpayers for various tax types and reporting obligations, including FATCA and CRS. It also provides guidelines for revenue staff in dealing with agent/advisor and client links.

United States Dec 15, 2023

NEW - Jurisdictional Debrief Now Available (Week Ending December 15, 2023)

Barbados Dec 15, 2023

The Barbados Revenue Authority (BRA) publishes updated lists of CRS reportable and participating jurisdictions for TY2023. Albania, Ecuador, Jamaica, Nigeria, and Peru have been added to the list of participating jurisdictions, while Anguilla, Bahamas, Brunei, Grenada, Lebanon, Macau, Marshall Islands, Monaco, Nauru, Niue, Samoa, Sint Maarten, Trinidad and Tobago, Turks and Caicos Islands, and the United Arab Emirates have been removed from the list. On the reportable jurisdictions list, Albania, Andorra, Ecuador, Ghana, Hong Kong, Jamaica, Liechtenstein, Nigeria, Peru, and Turkey have been added, while Bahrain, Belize, Bermuda, British Virgin Islands, Cayman Islands, Dominica, Grenada, Kuwait, Montserrat, Qatar, Romania, Saint Vincent and the Grenadines, Sint Maarten, Trinidad and Tobago, and Vanuatu have been removed from the list.

Switzerland Dec 15, 2023

The Federal Tax Administration (FTA) of Switzerland updates its list of CRS reportable jurisdictions. It updates footnote #8, stating that the bilateral agreement of Switzerland with Hong Kong and Singapore has been changed to a multilateral agreement beginning January 1, 2024.

Slovak Republic Dec 15, 2023

The Financial Directorate of the Slovak Republic publishes updated lists of CRS reportable and participating jurisdictions. Georgia, Qatar, Maldives, Thailand, and Ukraine have been added to the reportable list for TY2023, while Kenya, Maldives, and Thailand have been added to the participating list. It also publishes a comprehensive list of contracting states for the purpose of checking financial accounts. Benin, Burkina Faso, Papua New Guinea, and Vietnam have been added to the comprehensive list. As a reminder, the screening of accounts is carried out for residents of all member states of the European Union, regardless of the list.

Australia Dec 13, 2023

The Australia Taxation Office (ATO) has updated its AEOI guidance to include an updated list of CRS participating jurisdictions, with the addition of Kenya and Thailand.

Latvia Dec 13, 2023

The Saeima (Parliament of the Latvian Republic) releases amendments to the Law on Taxes and Fees (Duties). The amended law provides information on the implementation of joint audit rules of Council Directive (EU) 2021/514 with regards to the exchange of information on income generated by sellers through digital platforms (DAC7). DAC7 reporting obliges digital platforms to collect, verify, and report information on sellers who use their platform to sell defined goods or provide services (e.g., rentals of immovable property).

South Korea Dec 12, 2023

The National Assembly of the Republic of Korea makes publicly available a bill accepted for consideration to amend the International Tax Adjustment Act. Among several proposals, the bill also proposes to strengthen the current system, such as by imposing an obligation to submit overseas trust data to residents or domestic corporations setting up overseas trusts and adjusting the scope of automatic information exchange based on reciprocity to promote cross-border exchange of tax-related financial transaction information. The bill also aims to include the OECD’s proposals on reciprocal AEOI to improve tax cooperation.

Switzerland Dec 12, 2023

The Federal Tax Administration (FTA) of Switzerland publishes a notification on the issuance of its final decisions for the banking relationship concerned by FATCA group requests as of December 12, 2023, in accordance with Article 12 paragraph 1 of the FATCA Act.

Monaco Dec 11, 2023

The State of Monaco publishes a communication informing RFIs that the Automatic Exchange of Information portal will be closed and inaccessible from December 25, 2023, until January 1, 2024. The portal will be once again available beginning January 2, 2024.

IRS Dec 11, 2023

The IRS releases final versions of the 2023 Form 1042 and Schedule Q: Tax Liability of Qualified Derivatives Dealers (QDD) for the Form 1042.

Malta Dec 11, 2023

The Office of the Commissioner for Revenue in Malta publishes updated guidelines (v1.3) in relation to the reporting obligations of Digital Platform Operators (DAC 7). Specific updates were made to Section 2.5 on Platforms Operating Outside the EU.

Barbados Dec 10, 2023

The Barbados Revenue Authority (BRA) makes publicly available its guidance notes on reporting of undocumented accounts that provide clarifications for determining whether an account is undocumented (lower value and high value accounts) under the common reporting standard (CRS). It also informs RFIs that all undocumented accounts should be captured in the CRS report submitted to the authority on an annual basis.

India Dec 9, 2023

The Income Tax Department of India publishes an updated Information Request Utility Tool (v1.) along with Information Request Schema (v2.2) related to AEOI reporting.

Netherlands Dec 8, 2023

The Tax and Customs Administration of the Netherlands (TCA) publishes an updated version of the data delivery specifications for Banking and Investment Products for 2024 (v02). It also informs RFIs of the availability of the Validation Test Service (VTS) for Banking and Investment products for the validation of XML messages based on these specifications.

IRS Dec 8, 2023

The IRS releases the final 2024 version of Forms 1099-MISC (Miscellaneous Information). Copy C for payer and instructions for payer has been excluded from the final version of the form as well, same as the draft release.

IRS Dec 7, 2023

The IRS releases draft 2024 General Instructions for Certain Information Returns, which also include Form 1099 with no major updates.

British Virgin Islands Dec 6, 2023

The International Tax Authority (ITA) of the BVI releases a communication announcing that the BVIFars payment portal will go live in January 2024. Specific updates include: (1) Each entity enrolled in the BVIFars portal must pay an annual fee of $185; (2) The deadline for payment of the fee is June 1, 2024, and June 1 of each year thereafter, to ensure continued use of the portal; (3) Entities that have valid pending de-registrations in the portal prior to January 2024 are exempt from this payment; and (4) Multiple payment options are being accepted by the authority. As a reminder, all relevant entities with reporting obligations must enroll in the BVIFARs portal to comply with their respective FATCA, CRS, and CbCr obligations.

Canada Dec 6, 2023

The Canadian Revenue Agency (CRA) releases updated CRS Individual Tax Residency Declaration Forms (RC518 and RC520) along with updated CRS Entity Tax Residency Declaration Forms (RC519 and RC521) with minor formatting updates. Additionally, under RC519, the definition of related entity has been elaborated to provide a better explanation for the RFIs.

IRS Dec 3, 2023

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool with the FIs that are in approved status as of November 24, 2023.

United States Dec 1, 2023

NEW - Jurisdictional Debrief Now Available (Week Ending December 1, 2023)

Barbados Dec 1, 2023

The Barbados Revenue Authority (BRA) releases guidance notes informing RFIs of the required due diligence exercise and reporting obligations for CRS purposes. Among common due diligence reminders, two jurisdiction-specific non-reporting financial institutions have been added: (1) the Barbados Agency for Micro Enterprise Development Ltd. (Fund Access) and the Enterprise Growth Fund. It also clarifies that, apart from generic CRS excluded accounts already included by law, Barbados has no jurisdiction-specific excluded accounts; (2) under the record-keeping obligations, RFIs are also advised to include records of any failure(s) to obtain the required self-certification(s). Lastly, a pictorial representation of the summary of CRS due diligence and reporting obligations has been included to facilitate reporting by RFIs. In addition, the other guidance note consists of due diligence and reporting obligations related to the Citizenship by Investment (CBI) and Residence by Investment (RBI) schemes and the obligations of RFIs with respect to these schemes.

IRS Dec 1, 2023

The IRS publishes an updated draft publication 515 on Withholding of Tax on Nonresident Aliens and Foreign Entities for use in 2024 that describes persons responsible for withholding the types of income subject to withholding and tax return filing obligations of the withholding agents. It also publishes draft instructions for Form 1099-R (Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.) and 5498, along with Draft 2024 Form 1099-K (Payment Card and Third Party Network Transactions) with minor formatting changes.

Slovak Republic Dec 1, 2023

The Financial Directorate of the Slovak Republic publishes updated instructions for submission of the DAC7/DPI notification (DPI- Digital Platform Operators Information) with respect to the automatic exchange of information. It also publishes a document with an overview of business validations applied to the submission of the DAC7/DPI notification, along with a sample XML DAC7/DPI. It also informs that only the parts related to the DocRefId and CorrDocRefId elements have been modified.

Cyprus Dec 1, 2023

The Cyprus Tax Department publishes a document on Automatic Exchange of Financial Account Information (DAC2/CRS) due diligence that provides clarification on the New Individual and Entity Accounts Self-Certification requirements.

Barbados Nov 30, 2023

The Barbados Revenue Authority (BRA) releases guidance notes informing reporting FIs that the authority will be re-opening the Automatic Exchange of Information Web portal for RBFIs to facilitate the filing of prior-year CRS and/or FATCA reports or to make corrections to reports previously submitted. Additionally, it also releases a Guidance Note to provide reporting Barbados financial institutions (RBFIs) with guidance where an entity opening an account self-certifies as a financial institution for the purpose of the CRS, which includes expanding reliance on factors other than the Global Intermediary Identification Number (GIIN) in determining whether an entity is a financial institution. In addition to the GIIN, RFIs should consider other documentary evidence as part of the validation of the self-certification in determining whether the entity self-certifying as a financial institution is indeed a financial institution. Additional documentary evidence may include documents confirming that the entity is registered with a tax authority for automatic exchange of information purposes.

IRS Nov 30, 2023

The IRS releases multiple bulletins as reminders for the TY2023 Form 1042 and 1042-S filing season. The bulletins are a reminder of the availability of electronic filing methods for Form 1042. Form 1042 electronic filing is required for TY2023 for a withholding agent that is a financial institution, a partnership with more than 100 partners, and for withholding agents that are filing 10 or more information returns for the calendar year. In addition, the e-filing requirements for Form 1042-S have changed for TY2023, lowering the 250 return e-file threshold to 10 (calculated by aggregating all information returns). It also informs of the termination of the Convention between the Government of the United States of America and the Government of the Hungarian People's Republic for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income, which became effective on January 8, 2023, inferring that the Convention will cease to have effect with respect to taxes withheld at the source for income paid or credited beginning on January 1, 2024, and may have U.S. tax reporting and withholding implications.

IRS Nov 29, 2023

The IRS releases the 2023 version of Schedule A of Form 8804 (Penalty for Underpayment of Estimated Section 1446 Tax by Partnerships) with minor formatting changes. The purpose of this form is to determine the penalty for underpayment of the estimated Section 1446 tax for partnerships. It also releases instructions for Schedule A of Form 8804.

Canada Nov 27, 2023

The Canadian Revenue Agency (CRA) publishes updated AEOI (FATCA and CRS) Tax Residency Declaration Forms for individuals and entities in accordance with Parts XVIII and XIX of the Income Tax Act. The individual tax residency form has been updated with minor formatting updates, while the entity tax residency form has been updated to simplify the annex on controlling person descriptions along with other minor formatting updates. Additionally, it also publishes fillable PDF versions of the forms that can be saved locally.

Guernsey Nov 26, 2023

The Revenue Service of the States of Guernsey has been addressing certain FIs with individual correspondence via email, seeking their participation in completing a brief thematic questionnaire on how FIs apply governance and training to the provisions of the FATCA and CRS as part of a thematic review for 2023/2024. The completion of the thematic questionnaire is required to facilitate the Revenue Service to conduct quantitative and qualitative analysis and assist in refining the risk-based approach to the compliance activities conducted with respect to FATCA and CRS. The questionnaire seeks information on (1) Board/Senior management oversight; (2) Compliance monitoring; (3) Level of knowledge of exchange of information; and (4) Aspects of AEOI training.

Slovak Republic Nov 23, 2023

The Financial Directorate of the Slovak Republic publishes a DAC7 XML Validator manual. The XML Validator is a tool for technical validation of XML files. It also releases sample DAC7 XML and the original XML Validator to facilitate DAC7 reporting by platform operators.

IRS Nov 22, 2023

The IRS publishes a quick alert informing the payroll industry, tax professionals, small businesses and self-employed, tax-exempt and government entities, and financial institutions that in cases where TCCs (Transmitter Control Codes) were obtained prior to September 26, 2021 (legacy TCCs), if no IR application for obtaining new TCCs was completed by August 1, 2023, existing legacy TCCs can be used to transmit or retrieve Filing Information Returns Electronically (FIRE) System file status information for tax years 2021 and 2022, until November 26, 2023. Beginning January 2024, legacy TCCs cannot be used to e-file returns with the exception of non-US customers filing Forms 1042-S or Forms 1099, for whom the TCCs will remain available for filing. As a reminder, beginning tax year 2023, in cases where 10 or more information returns are to be filed, the returns must be filed electronically.

Luxembourg Nov 22, 2023

The Grand Duchy of Luxembourg publishes a User Manual (v1.0) for recording and reporting information to be declared by Platform Operators (DAC7), along with a few sample XMLs.

Switzerland Nov 21, 2023

The Federal Tax Administration (FTA) of Switzerland publishes a notification on the issuance of its final decisions for the banking relationship concerned by FATCA group requests as of November 21, 2023, in accordance with Article 12 paragraph 1 of the FATCA Act and Article 5 paragraph 3 of the FATCA Agreement.

IRS Nov 21, 2023

The IRS publishes a tax bulletin announcing the delay in the Form 1099-K reporting threshold for third-party platform payments for 2023 and the plans for a threshold of $5,000 in 2024 to phase in the implementation. In addition, the IRS announced in another bulletin that the calendar year 2023 will be regarded as a further transition period for purposes of IRS enforcement and administration of the minimum reporting threshold of $600 for Form 1099-K, Payment Card, and Third Party Network Transactions. With respect to calendar years beginning before January 1, 2024, a third-party settlement organization is not required to report payments in settlement of third-party network transactions with respect to a participating payee unless the amount to be reported exceeds $20,000 and the number of such transactions with that participating payee exceeds 200. This notice does not affect whether payments in settlement of third-party network transactions are income to the participating payees. For further clarity, for 2023 and prior years, payment apps and online marketplaces are only required to send out Forms 1099-K to taxpayers who receive over $20,000 and have over 200 transactions. For tax year 2024, the IRS plans for a threshold of $5,000 to phase in the reporting requirements. Taxpayers should be aware that while the reporting threshold remains over $20,000 and 200 transactions for 2023, companies could still issue the form for any amount. As a reminder, Form 1099-K could be sent to anyone who is using payment apps or online marketplaces to accept payments for selling goods or providing services. This includes people with side hustles, small businesses, crafters, and other sole proprietors.

Italy Nov 21, 2023

The Ministry of Economy and Finance in Italy publishes the provision implementing DAC7 reporting for digital platform operators. It also publishes the method of presentation of reports to be used by platform operators. The first reporting deadline with respect to TY2023 digital platform information (DPI) reporting is January 31, 2024, and the reporting deadline for subsequent years will be January 31. The first exchange between jurisdictions will be carried out by February 29, 2024.

Slovenia Nov 21, 2023

The Financial Administration of the Republic of Slovenia (FURS) releases a document containing a detailed description of the international exchange of information in the field of customs and taxation, including AEOI reporting. It also includes mandatory AEOI between EU member states on the income received through digital platforms in accordance with the OECD model rules and the time period for automatic data exchange.

Slovak Republic Nov 20, 2023

The Financial Directorate of the Slovak Republic publishes instructions for submission of the DAC7/DPI notification (DPI- Digital platform operators information) with respect to the automatic exchange of information. It also publishes a document with an overview of business validations applied to the submission of the DAC7/DPI notification. Additionally, it also releases an updated FAQs document, which consists of generic questions about the AEOI notified by the platform operators exchange legislative framework with the addition of an FAQ that explains different business models and other information on whether or not their obligations are related to DAC7 reporting, another FAQ has been added that informs that the notifying operator of the platform is obliged to carry out verification procedures for the purpose of AEOI and to fulfill the requirements for DAC7 reporting.

IRS Nov 20, 2023

The IRS releases the final 2023 version of the Form W-8EXP along with the final version of the Form W-8EXP instructions (Rev. October 2023). Updates to the form include the same revisions as the draft version released in September 2023: (1) revisions to the purpose of the Form to provide additional background on the withholding regimes that may apply to payments to foreign entities and the exemptions to withholding that may be claimed with Form W-8EXP; (2) indicating updates to the Qualified Foreign Pension Funds instructions are now in line with the final regulations under Section 1445 published in December 2022; and (3) updates to the instructions for line 13c, now revised to support the information required for an entity qualifying under Section 501(c)(3) to represent that it is not a foreign private foundation. It also releases a draft version of the 2024 Form 1042-S. The only update to this draft version of the form currently is the exclusion of Copy E for Withholding Agent. Lastly, it also releases the 2023 draft version of the instructions for Form 1042. The draft version of this Form has been revised to: (1) inform that beginning tax year 2023, a withholding agent that is a broker for the transfer of a publicly traded partnership interest is required to withhold tax under Section 1446(f) and report the withholding on Form 1042; (2) remind that the new electronic filing requirements apply to Form 1042 beginning tax year 2023 (Forms 1042 filed in 2024); and (3) beginning January 1, 2023, in coherence with Rev. Proc. 2022-43, 2022-52 I.R.B. 570, any QI that was a QDD (as defined later) or had a QDD branch during the tax year, including a QI that was a partnership, must complete Schedule(s) Q (Form 1042).

IRS Nov 18, 2023

The IRS releases the 2024 version of Form 1099-R (Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.) with minor formatting changes as compared to the previous version

Barbados Nov 17, 2023

The Barbados Revenue Authority (BRA) publishes a joint statement released by 48 countries on implementing the crypto-asset reporting framework (CARF). This statement announces the signatory jurisdictions’ intention to implement the framework in time to commence exchanges by 2027. In order to ensure consistency and a smooth implementation for both RFIs and governments, signatory jurisdictions to the CRS will also implement, in line with the above timeline and subject to national legislative procedures as applicable, amendments to the CRS as agreed by the OECD earlier this year.

IRS Nov 17, 2023

The IRS publishes the 2024 version of Form 8804-W (Worksheet) and its instructions for partnerships that have effectively connected taxable income (ECTI) allocable to foreign partners, which can be used to determine the proper estimated Section 1446 tax payments.

Hungary Nov 17, 2023

The National Tax and Customs Administration of Hungary publishes a DPI data sheet and an XML schema filling guide for the new obligations of digital platform operators that include instructions for completing the filling for DAC7 reporting. It also publishes DPI XML schema files. Also, as a reminder, the deadline for the first data reporting is January 31, 2024, which applies to the 2023 data reporting period.

United States Nov 17, 2023

The US Department of the Treasury makes publicly available the interpretation of the IRS’ CCA (Chief Counsel's Advice) on IRC Section 6103(k)(4) - disclosure to the competent authority under tax convention. As per the advice, the IRS is authorized to disclose the U.S. TIN, date of birth (DOB), address, and other identifying information: (1) under Section 6103(k)(4) to the extent the disclosures are made through the foreign competent authority and so that the HCTA (Host Country Tax Authority) can address issues described in the compliance and enforcement provisions of the respective FATCA IGA; and (2) under Section 6103(k)(6) to the extent the disclosures are necessary to ensure that the IRS receives from the HCTA accurate information to administer the IRS FATCA reporting program. Hence, Section 6103(k)(4) should be viewed as the primary authority for making the disclosures sought here.

Moldova (the Republic of) Nov 17, 2023

The Ministry of Finance in Moldova publishes its first AEOI-CRS Regulations and a list of CRS reportable and participating jurisdictions. The Regulations establish the reporting and due diligence procedures for RFIs and the definitions of key terms to facilitate CRS reporting. The regulation also specifies that the due date for RFIs to submit CRS reports every year will be May 31. The list of CRS reportable and participating jurisdictions has been finalized after public consultation and consists of 122 jurisdictions in each list currently. Lastly, the orders approving the regulations and the lists have also been published in the official gazette and are currently in force.

OECD Nov 16, 2023

Fiji joins the Global Forum, thus becoming the 169th member of the Global Forum on Transparency and Exchange of Information for Tax Purposes. Fiji, like all other members of the Global Forum, has committed to combating tax evasion through the implementation of the internationally agreed standards of transparency and exchange of information for tax purposes, including the exchange of information on request (EOIR) and automatic exchange of information (AEOI).

British Virgin Islands Nov 15, 2023

The International Tax Authority (ITA) of the BVI releases a communication requesting registered RFIs to ensure that they have accurate and up-to-date information in the BVIFARs portal. Therefore, all Virgin Islands financial institutions are being asked to ensure that their profiles accurately reflect the reporting entity type and the CRS entity classification. If any RFIs are required to update their reporting entity types and CRS entity classifications, this can be done now by completing a change of reporting obligation filing. The steps to complete this filing can be found in Section 1.3.1 of the BVIFARs user guide. Failure to do so means that the Virgin Islands Financial Institution commits an offense and is liable, on conviction, to a fine not exceeding one hundred thousand dollars.

Germany Nov 15, 2023

The Federal Ministry of Finance in Germany publishes an update informing that the reporting of platform operators (DAC7) must be carried out electronically using the officially prescribed data set by means of remote data transmission via officially designated interfaces. The technical specifications of the data set have been included in the update.

Switzerland Nov 15, 2023

The State Secretariat for International Finance (SIF) of Switzerland announces an update on the AEOI agreement with the US. It was announced that the negotiations for the switch from a non-reciprocal FATCA Model 2 to a reciprocal FATCA Model 1 agreement were concluded on November 13, 2023. Preparations are underway to implement the change in agreement type, and Switzerland is expected to receive account details from the US tax authority upon entry into force of the agreement and implementation.

Australia Nov 14, 2023

The Australian Taxation Office (ATO) publishes CRS Stakeholder Update #29, informing RFIs of the updates made to the CRS validation rules to reject CRS lodgments with uninhabited jurisdictions and undocumented accounts (that do not have AU codes) from being accepted by the ATO AEOI system. Antarctica, Bouvet Island, British Indian Ocean Territory, Heard and McDonald Islands, Svalbard, Jan Mayen Islands, French Southern Territories, and South Georgia and South Sandwich Islands are considered non-tax jurisdictions, and thus any reports lodged with these jurisdictions will be rejected. Residents of Christmas Island, Cocos (Keeling) Islands, and Norfolk Island are tax residents of Australia and should not be reported. RFIs may wish to remove the codes for the aforementioned jurisdictions from their International Organization for Standardization (ISO) lists to ensure that they cannot be selected. Lastly, the ATO informs that CRS reports with incorrect data containing undocumented accounts with a country code other than “AU” will not be accepted by the system. As a clarification, undocumented accounts must be reported with Australia's country code "AU" only.

IRS Nov 11, 2023

The IRS releases draft instructions for 2024 version of Form 1099-DIV (Dividends and Distributions).

Jersey Nov 10, 2023

The International Taxation Department of the Government of Jersey publishes an update regarding the new Crypto-Asset Reporting Framework (CARF) and the recently published amendments to the CRS. It informs RFIs of the joint statement released by 48 countries on November 10, 2023, announcing that they will be committing to implement the OECD crypto-asset reporting framework (CARF) by 2027. Jersey intends to consult on the domestic implementation of the CARF and the expanded CRS in 2024 before introducing the necessary legislation. Additionally, it informs the affected businesses to begin considering what systems and processes they may need to put in place ahead of January 1, 2026, to allow them to collect the required information.

Singapore Nov 10, 2023

The Inland Revenue Authority of Singapore (IRAS) releases an update informing RFIs of the joint statement released by 48 countries on November 10, 2023, announcing that they will be committing to implement the OECD crypto-asset reporting framework (CARF) by 2027. It further informs that Singapore’s endorsement of the CARF Joint Statement demonstrates its commitment to international tax transparency efforts and strengthens IRAS’ reputation as a trusted and responsible financial center. The IRAS will work with the industry to guide CARF implementation in Singapore.

OECD Nov 10, 2023

The OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes publishes an announcement informing that 48 countries have pledged to implement global tax transparency standards for crypto-assets by 2027. The Crypto-Asset Reporting Framework (CARF) provides for the automatic exchange of tax-relevant information on crypto-assets and comes against the backdrop of rapid adoption of the use of crypto-assets for a wide range of investment and financial uses. It also publishes a joint statement released by 48 countries intended to improve the jurisdiction’s ability to ensure tax compliance and diminish tax evasion, which reduces public revenues and increases the burden on those who pay their taxes.

United Kingdom Nov 10, 2023

The United Kingdom’s HMRC publishes a communication informing RFIs of the collective engagement to implement the Crypto-Asset Reporting Framework (CARF). It releases a joint statement along with 47 other jurisdictions with the intention of improving each jurisdiction’s ability to ensure tax compliance and diminish tax evasion, which reduces public revenues and increases the burden on those who pay their taxes. This statement announces the signatory jurisdictions’ intention to implement the framework in time to commence exchanges by 2027. In order to ensure consistency and a smooth implementation for both RFIs and governments, signatory jurisdictions to the CRS will also implement, in line with the above timeline and subject to national legislative procedures as applicable, amendments to the CRS as agreed by the OECD earlier this year.

Malta Nov 10, 2023

The Office of the Commissioner for Revenue in Malta publishes a communication informing RFIs of its interest in joining and publishing the Joint Statement along with 47 other jurisdictions to implement the Crypto-Asset Reporting Framework (CARF). Further, it informs that Malta has agreed to the Proposal for a Council Directive amending Directive 2011/16/EU on administrative cooperation in the field of taxation (DAC8) and to the Standard concerning the automatic exchange of information as previously agreed by the OECD.

Isle of Man Nov 10, 2023

The Income Tax Division of the Isle of Man publishes an update to include the recently published joint statement released by 48 countries on implementing the crypto-asset reporting framework (CARF). This statement announces the signatory jurisdictions’ intention to implement the framework in time to commence exchanges by 2027. In order to ensure consistency and a smooth implementation for both RFIs and governments, signatory jurisdictions to the CRS will also implement, in line with the above timeline and subject to national legislative procedures as applicable, amendments to the CRS as agreed by the OECD earlier this year.

Luxembourg Nov 10, 2023

The Grand Duchy of Luxembourg publishes a communication informing RFIs of the joint statement released by 48 countries on implementing the crypto-asset reporting framework (CARF). This statement announces the signatory jurisdictions’ intention to implement the framework in time to commence exchanges by 2027. In order to ensure consistency and a smooth implementation for both RFIs and governments, signatory jurisdictions to the CRS will also implement, in line with the above timeline and subject to national legislative procedures as applicable, amendments to the CRS as agreed by the OECD earlier this year.

Czech Republic Nov 10, 2023

The Ministry of Finance of the Czech Republic publishes a communication informing RFIs of a joint statement released by 48 countries on implementing the crypto-asset reporting framework (CARF) and the modified standard for the exchange of financial information (the so-called CRS). The Czech Republic considers it important to increase transparency in the field of crypto-assets and electronic money and supports the global expansion of this form of administrative cooperation to jurisdictions outside the EU.

Cayman Islands Nov 10, 2023

The Department for International Tax Cooperation (DITC) of the Cayman Islands publishes an update informing that the Cayman Islands is one of 48 jurisdictions that is endorsing a collective engagement to implement the Crypto-Asset Reporting Framework (CARF). It also publishes a joint statement that aims to further enhance cooperation among tax authorities for increased transparency in fighting tax evasion and money laundering. Further, it is anticipated that the first exchanges of information under CARF will be made in 2027. Also, relevant CRS amendments will be made prior to this timeframe to ensure CARF’s consistency with CRS and facilitate CARF’s orderly implementation.

Switzerland Nov 10, 2023

The Federal Tax Administration (FTA) of Switzerland publishes a press release informing RFIs of the joint statement released by around 50 countries on November 10, 2023, announcing that they will be committing to implement the OECD crypto-asset reporting framework (CARF) by 2027. It also informs about the OECD’s adoption of the revised recommendations of the CRS (common reporting standard). The amendments consist of the revision of the standard for the automatic exchange of financial account information in tax matters (CRS) as well as the introduction of a crypto-asset reporting framework (CARF). The CARF aims to fill gaps in the tax transparency system and ensure equal treatment between crypto-asset service providers and the mainstream financial sector.

Liechtenstein Nov 10, 2023

The Liechtenstein State Administration publishes a decree amending the AEOI Regulations. The decree communicates the removal of Georgia, Jordan, Morocco, Moldova, Montenegro, Rwanda, Trinidad and Tobago, Tunisia, and Uganda from the list of non-participating states. It also mentions that for exchanges with Georgia, Moldova, Rwanda, and Tunisia, the exchange agreement is effective January 1, 2024. Lastly, it also includes updated footnotes indicating the effective dates of agreements for the aforementioned jurisdictions. The decree is set to come into force on January 1, 2024.

IRS Nov 9, 2023

The IRS releases instructions for Form W-9 (Rev. October 2023). New instructions have been added: (1) to clarify that a filer of Form W-9 should check the box in 3b to allow partnerships, trusts, and estates to indicate that they have foreign partners, owners, or beneficiaries; (2) it also includes a broader language on furnishing a Form W-9 to certify non-foreign status for purposes of any applicable withholding under chapter 3 and 4, the text indicates that section 1446 withholding is considered chapter 3 withholding in this context; (3) text on withholding and reporting under sections 1446(a) and (f) starting 2023 along with updated QI agreement and; (4) additionally, it also includes reminders on Backup withholding rate and FATCA and backup withholding exemptions.

IRS Nov 9, 2023

The IRS publishes issue number IR-2023-207, informing taxpayers of the release of the annual Advisory Council Public Report (IRSAC) for 2023, which includes recommendations to the IRS on new and continuing issues in tax administration. The IRSAC serves as a federal advisory committee to the IRS commissioner and provides an organized public forum for discussion of relevant tax administration issues between IRS officials and representatives of the public. Among several other recommendations, the report includes topics on: (1) Timely Obtaining Employer ID Numbers (EINs) to Comply with the Corporate Transparency Act Requirements; (2) Form 1099-K Reporting; (3) Self-Correction Guidance for Employee Plans; (4) Section 302, Escrow and Certification Procedure; and (5) Forms Modernization.

Germany Nov 8, 2023

The Federal Tax Office of Germany (BZSt) publishes the CRS Newsletter 04/2023. Specific updates include: (1) information about the submission process for missing self-disclosures on the new BZSt online portal. It informs that in a transition phase, the previous portal (My BOP) and the new BZSt online portal will exist in parallel. The previous electronic reporting method for reporting missing self-disclosures via the previous portal will be replaced in this context and will now be available via the new portal using the form – ‘CRS - Submitting a missing self-disclosure’. Hence, the RFIs are advised to use the new reporting channel from now on to report a missing self-disclosure. The reporting channel via the previous portal will be switched off on December 1, 2023; (2) A new version of the communication manual 5 for communicating a missing self-disclosure via the new BZSt online portal has been made available; (3) Modification of an FAQ on “How should the reporting of a missing self-disclosure be reported?” under Section - Reporting a missing self-disclosure according to Sections 13 and 16 Paragraph 2a FKAustG.

IRS Nov 7, 2023

The IRS releases an updated draft Form W-8EXP along with draft instructions with minor formatting changes as compared to the previous draft releases. Additionally, it also publishes the draft instructions for the 2024 version of Forms 1099-B (Proceeds From Broker and Barter Exchange Transactions) and 1099-INT and 1099-OID (Interest Income and Original Issue Discount).

Ireland Nov 6, 2023

The Office of the Revenue Commissioners in Ireland publishes Revenue eBrief No. 235/23, informing RFIs of the available Tax and Duty Manual Part 33-03-05 on Registration Guidelines for DAC7 for EU Reporting Platform Operators. Beginning January 1, 2024, DAC7 obliges certain platform operators to collect and automatically report information on certain sellers using their platform to earn consideration.

IRS Nov 6, 2023

The IRS publishes quick alerts for tax professionals and financial institutions informing them of the Information Returns Intake System (IRIS) Working Group Meeting scheduled for November 8, 2023. The purpose is to provide IRIS-related information that can better help users avoid unnecessary filing errors, address any known issues or workarounds, and provide important filing dates and deadlines. Software developers, transmitters, and states interested in the IRIS system are advised to join the webinar.

Monaco Nov 6, 2023

The Principality of Monaco publishes an updated AEOI portal user guide that covers the registration process, data validation and declaration, and user management. Part 4 has been added to the guide, which includes instructions on the management of status messages received from tax authorities that are to be processed by reporting entities.

Barbados Nov 6, 2023

The Barbados Revenue Authority (BRA) publishes guidance notes to provide reporting Barbados financial institutions (RBFIs) with guidance on their obligations for the reporting of the Tax Identification Number (TIN) for New and Pre-existing Accounts for the purposes of the Common Reporting Standard (CRS).

Croatia Nov 6, 2023

The Ministry of Finance in Croatia releases amendments to the rules on AEOI in tax matters. Specific amendments include: (1) expansion of the definition of reported sellers; (2) clarification of the meaning of a TIN in the jurisdiction where the seller is a resident; (3) clarification on information not required to be collected by the reporting platform operator in case of availability of confirmation of the identity and residency of the seller from member states; (4) clarification on the determination of residency of the seller; and (5) communication that the Tax Administration publishes a list of member states and jurisdictions that do not intend to receive financial account identifier information. The amendments are open for public comment until December 5, 2023.

Malta Nov 5, 2023

The Office of the Commissioner for Revenue in Malta publishes updated guidelines (v1.2) in relation to the reporting obligations of Digital Platform Operators (DAC 7). Specific updates were made to Section 6.1 on the first year of registration that inform platform operators commencing their activities after November 20, 2023, that they must register with the Competent Authority in Malta by December 31, 2023. Additionally, the DAC7 registration portal will be available for registration from November 8, 2023.

United States Nov 3, 2023

NEW - Jurisdictional Debrief Now Available (Week Ending November 3, 2023)

IRS Nov 2, 2023

The IRS publishes Issue Number IR-2023-204 informing that the hearing on proposed regulations regarding digital asset transactions, currently scheduled for November 7, 2023, has been rescheduled for November 13, 2023. As a reminder, The proposed regulations relate to information reporting by brokers, the determination of amount realized and basis, and backup withholding for certain digital asset sales and exchanges. Natural persons who have signed up to speak at the hearing will be contacted individually and will be provided the telephone number and access code for the rescheduled public hearing, along with natural persons who have signed up to attend the hearing.

IRS Nov 1, 2023

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool with the FIs that are in approved status as of October 25, 2023.

South Africa Nov 1, 2023

The South African Revenue Service (SARS) publishes a guide on taxation in South Africa for 2023. The guide also includes a brief description of the automatic exchange of information (AEOI), namely the FATCA and CRS regimes, along with a mention of the imposition of AEOI agreements on South African financial institutions.

Ecuador Oct 31, 2023

The Internal Revenue Service of Ecuador makes publicly available a resolution, also posted in the official gazette, that implements additional due diligence and reporting related rules, inclusive of: (1) updated definitions of key terms related to CRS reporting; (2) updated list of excluded accounts; (3) an updated list of non-reporting financial institutions; (4) list of reportable financial institutions, including domestic companies and foreign company branches established in Ecuador; (5) establishing due diligence procedures for preexisting and new individual and entity accounts; and (6) sanctions for non-compliance. The resolution entered into force on October 18, 2023.

IRS Oct 30, 2023

The IRS publishes Issue Number 2023-16 informing of the updated QI/WP/WT system FAQs. FAQ23 has been updated to inform that the IRS will treat a QI as compliant with Section 5.01(A) on making the written solicitations requesting the U.S. TINs of account holders holding interests in publicly traded partnerships (PTP interests) if it makes the solicitations by January 31 of the year following the year for which the solicitation is required. Additionally, FAQ24 has been updated with further details to inform that, for the purposes of Section 5.01(A), a QI is not required to make the solicitation for the U.S. TIN to every account holder holding an interest in a PTP interest through the QI, including any account holders that do not receive a PTP distribution subject to Section 1446(a) withholding or an amount realized for purposes of Section 1446(f).

Italy Oct 27, 2023

The Ministry of Economy and Finance in Italy publishes Circular No. 30/E on the taxation of crypto assets, including digital currency. Specific topics include: (1) an overview of adopted EU Council Directive 2023/2026 (DAC8) on automatic exchange of information (AEOI) rules concerning crypto-asset transactions; (2) the scope of taxation of crypto assets; (3) the tax regime for crypto-asset holders before and after January 1, 2023; (4) informing of the 26% tax rate on capital gains of individuals from non-commercial crypto-asset transactions; and (14% substitute tax rate) for taxpayers who held crypto-assets on January 1. Further, there is a provision for entities that held crypto assets on January 1 to redetermine the cost or purchase value, check if the value is subject to a 14% substitute income tax rate, and subject to payment conditions.

EU Oct 27, 2023

The EU Council publishes an updated factsheet of the Common EU List of non-cooperative jurisdictions for tax purposes. The factsheet has been corrected to reflect the updates posted on October 17, 2023, which were not reflected in the previous version of the factsheet.

Australia Oct 26, 2023

The Australian Taxation Office (ATO) updates its AEOI (FATCA and CRS) guidance on due diligence to clarify that the US IRS’ FFI list is no longer to be considered a reliable, publicly available source of information. The clarification has been updated under Section 4.9: Due diligence for pre-existing entity accounts due to inaccuracies in the FFI list. Hence, the FFI list is not to be relied upon to confirm that an account holder is a financial institution. As a reminder, publicly available information now only includes information published by a government body, publicly accessible registers, and information disclosed on the ASX or other established securities markets.

Finland Oct 25, 2023

The Finnish Tax Administration publishes updated FATCA and CRS (DAC2) FAQs. A new FAQ under Special Questions related to fulfilling reporting obligations has been added that provides guidance to RFIs on how to process recalcitrant accounts.

Ireland Oct 23, 2023

The Office of the Revenue Commissioners in Ireland publishes Revenue eBrief No. 231/23, informing RFIs of the updates made to the Tax and Duty Manual Part 38-03-31 on EU Reporting Obligations for Platform Operators. Specific updates include: (1) confirmation of the average annual foreign exchange conversion rate to be used; (2) insertion of an example of a business model indirectly connecting sellers and users on their platform; (3) confirmation that the registration portal for platform operators will open on November 1, 2023; (4) updates to the obligations on platform operators in relation to elections in Ireland, de-registrations in Ireland, and de-registrations in other Member States; (5) clarifications with respect to platform operators data protection obligations; and (6) insertion of Appendix III containing a schedule of formatting updates to the guidance.

Canada Oct 23, 2023

The Canadian Revenue Agency (CRA) publishes an update informing RFIs that the Web Access Code digital service will be enhanced to allow FATCA information return filers to create, view, replace, or deactivate their web access code.

Norway Oct 20, 2023

The Tax Administration of Norway publishes an updated version of the Guidance on International Reporting (FATCA and CRS). Section 8.1 has been updated to provide clarification on the use of FATCA102 where the account holder is not US, but a Norwegian or other passive non-financial institution. It informs that the TIN field element must not be marked with a TIN, i.e., the element for the foreign identifier must not be used.

Slovenia Oct 20, 2023

The Financial Administration of the Republic of Slovenia publishes a communication on acceptance for consideration of a bill to ratify the Multilateral Competent Authority Agreement (MCAA) on the automatic exchange of information on income received through digital platforms.

OECD Oct 19, 2023

The OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes Secretariat organized a virtual event focused on the exchange of experiences and knowledge on information security to promote the sharing of experiences and knowledge among information security and information technology professionals from Global Forum member jurisdictions. It covered multiple topics such as information security governance, cyber risks, the implementation of a secure perimeter for the automatic exchange of information, and secure remote working.

Slovenia Oct 19, 2023

The Financial Administration of the Republic of Slovenia publishes a notice informing that, due to the replacement of the digital certificates on the eDavki portal for both FATCA and CRS reporting, a new production B2B profile has been created. Also, the new profile must be used beginning October 19, 2023. The notice also includes links to technical documents containing more detailed information on the implementation of the procedures for due diligence and reporting of financial accounts. Additionally, it informs that changing the profile affects the sending and receiving of all messages exchanged via the ZBS B2B communication channel between external reporters and FURS.

IRS Oct 19, 2023

The IRS releases updated draft instructions for the Form W-8EXP with minor formatting changes as compared to the previous draft instructions published in September 2023. It also publishes the draft instructions for the 2024 version of Forms 1099-MISC (Miscellaneous Information) and 1099-NEC (Nonemployee Compensation).

OECD Oct 18, 2023

The OECD publishes an updated list of the AEOI status of commitments as of May 15, 2023. Uganda has been moved to the list of countries undertaking the first exchange by 2025 from the previous intended exchange year of 2023, while Ukraine has been moved to the list of countries undertaking the first exchange by 2024 from the previous intended exchange year of 2023.

EU Oct 18, 2023

The European Commission publishes Council Directive No. 10215/23, adopting DAC8 to amend EU Directive 2011/16/EU on administrative cooperation in the field of taxation (DAC1) to mainly include reporting and automatic exchange of information (AEOI) rules concerning crypto-asset transactions and advance cross-border tax rulings involving individuals with high net worth. The directive includes measures to: (1) expand mandatory AEOI to tax agencies regarding information to be required of any “reporting crypto-asset service provider” (RCASP); (2) expand AEOI rules to non-custodial dividends and to exchanges of advance cross-border rulings involving individuals with high net worth; (3) require EU countries to include the Tax Identification Number (TIN) of individuals and entities in information exchanges on several reporting regimes along with RCASPs; and (4) require EU countries to implement penalty rules for violations of domestic provisions adopted under the directive. This directive applies to crypto-assets like stablecoins, certain e-money tokens, specific non-fungible tokens (NFTs), and central bank digital currency (CBDC). Further, the amendments are to be applied by December 31, 2025, to be applicable from January 1, 2026.

Czech Republic Oct 18, 2023

The European Commission publishes Council Directive No. 10215/23, adopting DAC8 to amend EU Directive 2011/16/EU on administrative cooperation in the field of taxation (DAC1) to mainly include reporting and automatic exchange of information (AEOI) rules concerning crypto-asset transactions and advance cross-border tax rulings involving individuals with high net worth. The directive includes measures to: (1) expand mandatory AEOI to tax agencies regarding information to be required of any “reporting crypto-asset service provider” (RCASP), (2) expand AEOI rules to non-custodial dividends, and to exchanges of advance cross-border rulings involving individuals with high net worth, (3) require EU countries to include the Tax Identification Number (TIN) of individuals and entities in information exchanges on several reporting regimes along with RCASPs, and (4) require EU countries to implement penalty rules for violations of domestic provisions adopted under the directive. This directive applies to crypto-assets, like stable-coins, certain e-money tokens, specific non-fungible tokens (NFTs), and central bank digital currency (CBDC). Further, the amendments are to be applied by December 31, 2025, to be applicable from January 1, 2026.

OECD Oct 18, 2023

The OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes Secretariat organized a virtual consultation on the amended Common Reporting Standard (CRS) with regards to the Crypto-Asset Reporting Framework. The consultation was for jurisdictions participating in or planning to participate in AEOI. Experts from the Global Forum Secretariat offered an overview of the changes made to the CRS and its benefits, as well as the related documents and steps to be considered for a successful enactment.

Australia Oct 17, 2023

The Australian Taxation Office (ATO) publishes CRS Stakeholder Update #28, advising RFIs not to rely upon the Foreign Financial Institutions (FFI) list published by the US IRS to confirm that an entity account holder is a financial institution. It also informs that the OECD has expressed its concern that there is undue reliance on this list as the sole source of evidence when conducting due diligence on an entity’s classification as a financial institution, as one of the reasons would be that the list is not updated periodically. Additionally, modifications to Section 4.9 of the AEOI guidance are expected to go live in the week beginning October 23, 2023. Further, for the affected RFIs, the due diligence processes should be updated as soon as possible, but no later than January 1, 2025.

Switzerland Oct 17, 2023

The Federal Tax Administration (FTA) of Switzerland publishes a notification on the issuance of its final decisions for the banking relationship concerned by FATCA group requests as of October 17, 2023, in accordance with Article 12 paragraph 1 of the FATCA Act and Article 5 paragraph 3 of the FATCA Agreement.

IRS Oct 17, 2023

The IRS publishes quick alerts for tax professionals and financial institutions informing that if a non-U.S. customer has not been able to complete an Information Returns (IR) Application for Transmitter Control Code (TCC) for access to the FIRE System, then the FIRE TCC will remain available for them for filing Form 1042-S and Form 1099; no additional actions are required here. Additionally, it informs that the IRS is aware that some foreign individuals who are acting on behalf of their foreign employer (e.g., foreign entities, foreign financial institutions, qualified intermediaries, etc.) may not be able to obtain an individual taxpayer identification number (ITIN) or Social Security number (SSN) to complete the IR application for TCC. The IRS is still exploring other ways for taxpayers to authenticate their identities, including a government-sponsored option. Further, it also reminds that starting TY 2023, i.e. in the calendar year 2024, if there are 10 or more information returns, then it must be filed electronically.

EU Oct 17, 2023

The EU Council publishes the updates made to the Common EU List of non-cooperative jurisdictions for tax purposes. The list has been updated to facilitate tax due diligence by EU implementing partners and to compile the tax deficiencies identified by the EU in: (a) jurisdictions committed to address these deficiencies (mentioned in Annex II of the Council conclusions); and (b) non-cooperative jurisdictions (mentioned in Annex I of the Council conclusions). The British Virgin Islands and Costa Rica have been moved from Annex I to the Annex II list, while Belize and the Seychelles have been moved from Annex II to Annex I. Marshall Islands and Russia have been removed from Annex II. Albania, Aruba, and Curaçao have been added to Annex II, while Jordan, Monserrat, Qatar, and Thailand have been removed from Annex II. It also publishes a caveat document detailing the updates made to these lists based on various aspects of the OECD’s reporting standards set out by the Global Forum and Multilateral Convention on Mutual Administrative Assistance in Tax Matters standards, inclusive of the ECOFIN conclusions.

IRS Oct 13, 2023

The IRS releases draft instructions for the 2023 version of Form 1099-G (Certain Government Payments).

IRS Oct 13, 2023

The IRS publishes Issue Number 2023-15 informing of the updated QI/WP/WT system FAQs. FAQ 20 has been updated under New Applications/2017 Renewals and provides guidance on WP/WT agreement renewals.

Netherlands Oct 12, 2023

The Tax and Customs Administration of the Netherlands (TCA) publishes an update informing RFIs of the first release of the Banking and Investment Products 2023 input application (IBB 2023.1). Specific changes when compared to the last version include: (1) support for tax year 2023 in accordance with manual HL_BBP_2023, and (2) error code C-0157 has been adjusted so that an error code is no longer generated in cases where only the beneficial owner is from the United States. Further, it informs that the latest 2023 CRS country list has been loaded into the IBB application.

Ukraine Oct 11, 2023

The Ministry of Finance in Ukraine publishes an update informing RFIs of the procedure to register with the State Tax Service for CRS reporting. The update includes: (1) registration procedures for RFIs, removal of FIs from the general registry, and updates to the information of registered RFIs; (2) application forms for registration and the instructions for completion of these forms; and (3) distinct procedures for the registration of joint investment ventures and other organizations with respect to reportable accounts reported by other persons. It further informs that organizations that classify as an RFI as of June 30, 2023, are required to register by December 31, 2023. FIs that classify as RFIs beginning July 1, 2023, must register within 60 days of classifying as an RFI.

IRS Oct 11, 2023

The IRS publishes a reminder that the deadline for all Qualified Intermediary (QI) (including Qualified Derivatives Dealer), Withholding Foreign Partnership (WP), and Withholding Foreign Trust (WT) applications for the year 2023 is October 27, 2023.

Switzerland Oct 11, 2023

The Federal Tax Administration (FTA) of Switzerland updates its list of CRS reportable jurisdictions. Bulgaria has been identified as a reciprocal jurisdiction from its temporarily non-reciprocal status previously.

Uruguay Oct 10, 2023

The General Taxation Directorate of Uruguay publishes a notice informing RFIs of the availability of the system for sending CRS reports through the AEOI portal until November 30, 2023. RFIs are expected to submit any omitted reports as new reports using the message type indicator CRS701, while corrections to existing reports can be submitted via the CRS Modification Reports option using the message type indicator CRS702, without prejudice to the application of sanctions. As a reminder, RFIs are also expected to submit Form 3915 (Declaration of CRS Report Submissions) after report submissions, as applicable.

IRS Oct 10, 2023

The IRS publishes an updated 2023 version of Form 1042-T (Annual Summary and Transmittal of Forms 1042-S) with minor formatting updates to the form.

IRS Oct 10, 2023

The IRS updates its list of approved KYC rules for Poland. Specific updates include: (1) Section 4 has been updated to include additional information on the documentary evidence that the QI shall use; and (2) Section 5, sub-sections (v) and (vi), have been added that include the due diligence obligations that a Qualifying Intermediary (QI) must comply with under the IRS’ Know Your Client (KYC) requirements.

Bahamas Oct 10, 2023

The Bahamas Competent Authority publishes an updated list of CRS reportable jurisdictions with the re-addition of Bulgaria.

Switzerland Oct 9, 2023

The Federal Tax Administration (FTA) of Switzerland publishes a press release providing statistical information regarding the automatic exchange of information (AEOI). It informs that the FTA has exchanged financial information on approximately 3.6 million financial accounts. It further informs that this information will be used by tax authorities to check whether taxpayers have correctly declared the financial accounts they hold in a foreign country.

Turks and Caicos Oct 9, 2023

The Turks and Caicos Islands Exchange of Information Unit publishes an updated draft version of the CRS Compliance Form with minor formatting updates. The CRS Compliance Form is an additional measure to verify compliance with FATCA and CRS reporting to be completed by RFIs.

United States Oct 6, 2023

NEW - Jurisdictional Debrief Now Available (Week Ending October 6, 2023)

Bahamas Oct 6, 2023

The Bahamas Competent Authority publishes an updated list of CRS reportable jurisdictions, with the addition of Costa Rica. Additionally, it informs RFIs of the availability of the AEOI portal for FATCA and CRS registrations and submissions from October 10, 2023, to December 6, 2023.

Finland Oct 6, 2023

The Finnish Tax Administration publishes an update on the information session to be held for persons responsible for FATCA and CRS/DAC2 due diligence and reporting obligations. The aforementioned session, which was earlier scheduled for November 15, 2023, has now been postponed to November 22, 2023.

IRS Oct 6, 2023

The IRS publishes an alert informing taxpayers of the Information Returns Intake System (IRIS) Working Group Meeting scheduled for October 11, 2023. The purpose is to provide IRIS-related information that can better help users avoid unnecessary filing errors, address any known issues or workarounds, and provide important filing dates and deadlines. Software developers, transmitters, and states interested in the IRIS system are advised to join the webinar.

OECD Oct 6, 2023

The OECD publishes information on Tax Identification Numbers (TINs) for Armenia.

Barbados Oct 4, 2023

The Barbados Revenue Authority (BRA) publishes guidance notes informing all RFIs of the availability of the deregistration forms to complete deregistration from its AEOI Web portal and the availability of the tax residency application form for obtaining a tax residency certificate. Both forms have been made available on the AEOI portal beginning October 3, 2023.

IRS Oct 4, 2023

The IRS publishes Issue Number 2023-07, reminding taxpayers of the expiration of the IRS public key for FATCA filings. It also informs that the IRS has a new key that will replace the existing key on October 13, 2023. It is suggested to download the new IRS public key from IDES to file FATCA reports beginning October 13, 2023. Additionally, it reminds that when purchasing a new digital certificate or replacing the one that is about to expire, IDES only recognizes and accepts digital certificates issued by IRS-approved Certificate Authorities (CA).

Romania Oct 4, 2023

The National Agency for Fiscal Administration (ANAF) of Romania publishes a draft order for the approval of the procedures for implementing the provisions of DAC 7 reporting.

Czech Republic Oct 4, 2023

The Ministry of Finance of the Czech Republic publishes a Financial Newsletter No. 11/2023 containing an updated list of jurisdictions with which the tax administration intends to exchange CRS information, with the addition of Kosovo and Papua New Guinea. As a reminder, the Czech Republic follows a wider approach to CRS reporting.

IRS Oct 3, 2023

The IRS releases the draft 2024 version of Form 1099-OID (Original Issue Discount) with minor formatting updates.

Liechtenstein Oct 3, 2023

The Liechtenstein State Administration publishes an update informing RFIs of the government's approval of the report and proposal regarding the revision of the AIA Law, the FATCA Law, and the CbC Law. The proposal states that trusts can be held directly responsible for violations, regardless of whether they have legal responsibility. Further, in order to ensure effective implementation, the legislature extended the respective regulations on criminal liability for violations to all legal entities with the revision of the AEOI Act, the FATCA Act, and the CbC Act in 2020. The aim for the amendments to the law to come into force is January 1, 2024.

OECD Oct 2, 2023

The OECD publishes information on Tax Identification Numbers (TINs) for Azerbaijan, Belize, Moldova, Kenya, Nigeria, and Lithuania. It also publishes information on tax residency rules for Azerbaijan, Belize, Moldova, Mauritius, Kenya, Bulgaria, Nigeria, and Lithuania. Additionally, the primary legislation for Moldova, Mauritius, Ukraine, and Rwanda, along with the secondary legislation for Moldova and Ukraine, have been added to the OECD’s AEOI standard's implementation status by jurisdiction webpage.

Jersey Oct 2, 2023

The International Taxation Department of the Government of Jersey releases a communication informing RFIs of the availability of the AEOI Portal for all reporting periods for FATCA and CRS reporting.

Brazil Oct 2, 2023

The Department of Federal Revenue in Brazil releases an updated version of its e-Finance Manual (e-Financeira v1.1.8). Among several technical updates related to CRS reporting, a note has been included to remind RFIs that all jurisdictions must be marked for reporting as Brazil follows the Wider approach to reporting, and as soon as the bilateral agreements are signed, retroactive exchanges will begin for jurisdictions with which Brazil is currently not exchanging CRS information.

Romania Oct 2, 2023

The National Agency for Fiscal Administration (ANAF) of Romania publishes a draft order for the approval of the model and content of the form used by platform operators (DAC 7), in order to fulfill reporting obligations.

United States Oct 2, 2023

The US Department of the Treasury publishes a proposal to amend the Schedule of Fees for Consular Services (‘‘Schedule’’) to reduce the current fee for administrative processing of a request for a Certificate of Loss of Nationality of the United States (CLN) from USD 2,350 to USD 450. In lieu of the affected public’s concerns regarding the cost of the fee and the significant anecdotal evidence regarding the difficulties many U.S. nationals residing abroad are encountering, at least in part because of FATCA, the Department proposes this policy decision to alleviate the cost burden for individuals considering renouncing their US citizenship by USD 1,900. The proposal is open for public comments until November 1, 2023.

IRS Oct 1, 2023

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool with the FIs that are in approved status as of September 25, 2023.

United Arab Emirates Sep 30, 2023

The Ministry of Finance of the United Arab Emirates (UAE) publishes updated guidance notes for the Common Reporting Standard (CRS). Specific updates made to the guidance include the addition of a new section 7 that provides details on anti-avoidance rules with respect to CRS obligations. It informs that the RFIs, account holders, or, if applicable, controlling persons or an intermediary that enters into an arrangement or engages in a practice primarily aimed at avoiding obligations under the CRS or UAE laws related to it will be held accountable for those. Additionally, the section detailing the sanctions imposed by regulatory authorities for invalid self-certifications has been removed from the guidance.

IRS Sep 28, 2023

The IRS releases an updated draft version of the Form W-8 EXP and draft instructions for the Form W-8 EXP (both revised October 2023 versions). The updated draft version of the Form has been modified with minor formatting updates, while the draft instructions are coherent with the updates made to the draft version of the Form published in June 2023, indicating updates to the Qualified Foreign Pension Funds instructions are now in line with the final regulations under Section 1445 published in December 2022. Lastly, instructions to line 13c have been revised to support the information required for an entity qualifying under Section 501(c)(3) to represent that it is not a foreign private foundation.

Hungary Sep 28, 2023

The National Tax and Customs Administration of Hungary makes publicly available, updated versions of the FATCA filing instructions for RFIs and non-profit organizations for the electronic submission of data via datasheets.

IRS Sep 28, 2023

The IRS releases the draft 2024 version of Form 1099-INT (Interest Income). Specific updates include: (1) inclusion of a note on the payer's RTN under instructions for the recipient; (2) exclusion of the copy C (for Payer); and (3) exclusion of the instructions for the payer.

IRS Sep 27, 2023

The IRS releases the draft 2024 version of Forms 1099-MISC (Miscellaneous Information) and 1099-NEC (Nonemployee Compensation). Copy C for payer and instructions for payer have been excluded from the draft version of both forms. The release of updated instructions for the forms will be published in due course.

Australia Sep 25, 2023

The Australian Taxation Office (ATO) publishes CRS Stakeholder Update #27, informing RFIs of the OECD's analysis of the Residence/Citizenship by Investment (CBI/RBI) schemes offered by above a hundred CRS-committed jurisdictions while identifying schemes that potentially pose a high risk to the integrity of CRS. It also informs RFIs that they are required to consider the outcome of the OECD's analysis of CBI/RBI schemes while performing their CRS due diligence obligations.

Switzerland Sep 25, 2023

The Federal Tax Administration (FTA) of Switzerland updates its list of CRS reportable jurisdictions. Costa Rica has been identified as a reciprocal jurisdiction from its previous temporarily non-reciprocal status.

IRS Sep 25, 2023

The IRS publishes updated specifications for electronic filing of Form 1042-S - Foreign Persons U.S. Source Income Subject to Withholding for Tax Year 2023 (Publication 1187). Specific updates include: (1) a reminder that taxpayers may use the IRIS (Information Returns Intake System) portal for electronic filing of Form 1099 series and other information returns; (2) a reminder that the IRS issued final regulations reducing the threshold for filing returns and other documents electronically; and (3) new withholding and reporting requirements under sections 1446(a) and 1446(f) starting in 2023. It also updates FATCA FAQs, Q4 under the section FATCA Certification has been updated to provide clarification on the process for submitting a FATCA certification.

IRS Sep 25, 2023

The IRS releases the draft 2023 version of Form 1099-G (Certain Government Payments) with minor formatting updates.

United States Sep 22, 2023

NEW - Jurisdictional Debrief Now Available (Week Ending September 22, 2023)

Switzerland Sep 22, 2023

The Federal Tax Administration (FTA) of Switzerland updates its list of CRS reportable jurisdictions. Kenya and Thailand have been added as reciprocal jurisdictions, with entry into force beginning January 1, 2024.

IRS Sep 22, 2023

The IRS releases the draft 2023 version of Form 1042 (Annual Withholding Tax Return for U.S. Source Income of Foreign Persons) with minor formatting updates.

IRS Sep 21, 2023

The IRS releases the draft 2024 version of Form 1099-DIV (Dividends and Distributions) with minor formatting updates.

Moldova (the Republic of) Sep 21, 2023

The Ministry of Finance in Moldova publishes an announcement on the draft order for the approval of the list of CRS participating and reportable jurisdictions. The draft order is open for public consultation from September 21, 2023, to October 12, 2023.

Ireland Sep 19, 2023

The Ireland Revenue Commissioners publish Revenue eBrief No. 198/23 informing RFIs on the availability of Tax and Duty Manual Part 38-03-23 on domestic implementation issues relating to the Common Reporting Standard (CRS). Specific updates made to the document include: (1) editorial changes made to paragraph 18 that include guidance that the Revenue Authority can further provide to the account holders in determining the jurisdiction of tax residence; and (2) deletion of obsolete information in paragraphs 19 and 20 providing information on financial accounts from 2017.

Spain Sep 19, 2023

The Spanish Tax Agency (Agencia Tributaria) publishes a document amending the text of the Multilateral Competent Authority Agreement (MCAA) on the automatic exchange of information on income received through digital platforms, signed on November 9, 2022. The agreement includes: (1) definitions; (2) general requirements for the exchange of information on relevant services with the jurisdiction of residence; (3) deadlines and procedures for the exchange of information; (4) collaboration on compliance and enforceability; (5) confidentiality and data protection; and (6) validity of the agreement.

Finland Sep 18, 2023

The Finnish Tax Administration publishes a newsletter that also covers information on the FATCA and CRS/DAC2 regime updates. It informs that an information session will be held for persons responsible for FATCA and CRS/DAC2 due diligence and reporting obligations on November 15, 2023. It also provides a link to a survey where it is possible for RFIs to influence the content of the session by answering the survey about the upcoming FATCA, CRS, and DAC2 information session.

IRS Sep 18, 2023

The IRS publishes an updated Publication 1220 on specifications for e-filing of various forms, including Form 1099. Among several technical updates, changes have been made to the participating states and codes in the CF/SF program.

Trinidad and Tobago Sep 18, 2023

The Inland Revenue Division (IRD) of Trinidad and Tobago publishes an update informing RFIs of the adoption of IRS Notice 2023-11, which provides temporary relief for reporting on calendar years 2022, 2023, and 2024 to certain financial institutions reporting accounts with missing U.S. taxpayer identification numbers. It informs that reporting for calendar year 2022, due by September 30, 2023, is considered to be a transition year, and to be eligible for relief, Model 1 FFIs must either use the TIN codes issued in May 2021 or the following updated TIN codes. For reporting on calendar years 2023 (due by September 30, 2024) and 2024 (due by September 30, 2025), a reporting Model 1 FFI must use the following updated codes that identify features of these accounts that may explain why the reporting Model 1 FFI cannot report a U.S. TIN. The use of these codes will allow the IRS to better understand the facts and circumstances behind the missing U.S. TINs.

Switzerland Sep 15, 2023

The Federal Tax Administration (FTA) of Switzerland publishes updated technical guidance with minor technical updates.

OECD Sep 14, 2023

The OECD publishes information on Tax Identification Numbers (TINs) for Oman and Jamaica. It also publishes information on tax residency rules for Oman, while Jamaica has also been added to the list of jurisdictions where tax residency rules have been established but are pending the release of the document specifying tax residency rules. Additionally, various links have been updated: (1) primary legislation for Oman, Jamaica, and Kuwait; (2) secondary legislation for Oman; and (3) a list of low-risk non-reporting FIs and excluded accounts for Jamaica.

Switzerland Sep 13, 2023

The Federal Tax Administration (FTA) of Switzerland publishes a notification on the issuance of its final decisions for the banking relationship concerned by FATCA group requests as of September 13, 2023, in accordance with Article 5 paragraph 3 of the FATCA Agreement.

Armenia Sep 13, 2023

The National Assembly of the Republic of Armenia publishes a bill on the ratification of the Multilateral Competent Authority Agreement (MCAA) on the automatic exchange of information (AEOI) on financial accounts under the common reporting standard (CRS).

OECD Sep 13, 2023

The OECD publishes an updated list of jurisdictions participating in the Convention on Mutual Administrative Assistance in Tax Matters with the addition of the date of deposit of the instrument of ratification for Vietnam, along with the date of entry into force as December 1, 2023, which will be in effect for exchanges as of January 1, 2024.

Austria Sep 13, 2023

The Federal Ministry of Finance in Austria publishes an Information Letter No. BMF 2023-0.619.815, revising and superseding No. BMF IV/8, 2020-0.675.748 on the implementation of EU Directive 2018/822 (DAC6) on the mandatory automatic exchange of information (AEOI) for reportable cross-border arrangements. Specific updates include: (1) addition of examples on the definitions of "intermediary" and "auxiliary intermediary"; (2) clarification of the definition of "tax advantage"; (3) clarification on the main benefit test with respect to conditionally reportable arrangements; (4) addition of information on unilateral safe harbor; (5) reporting requirements related to transfer pricing arrangements between "affiliated companies"; and (6) removal of outdated material.

Switzerland Sep 12, 2023

The Federal Tax Administration (FTA) of Switzerland updates its list of CRS reportable jurisdictions. Aruba has been identified as a reciprocal jurisdiction from its temporarily non-reciprocal status previously, while Antigua and Barbuda has now been identified as a temporarily non-reciprocal jurisdiction from its previous status as a reciprocal jurisdiction.

IRS Sep 8, 2023

The IRS publishes Issue Number 2023-13 informing that the deadline for all Qualified Intermediary (QI) (including Qualified Derivatives Dealer), Withholding Foreign Partnership (WP), and Withholding Foreign Trust (WT) applications for the year 2023 is October 27, 2023. All applicants that desire to have an agreement in effect for 2023 must submit their applications through the Qualified Intermediary, Withholding Foreign Partnership, Withholding Foreign Trust Application and Account Management System (QAAMS). It also reminds the applicants that they must have obtained a GIIN prior to submitting their applications, if required. Additionally, applicants who could not submit an application before the deadline should wait until January 1, 2024, to submit the application for the year 2024.

IRS Sep 7, 2023

The IRS publishes Issue Number 2023-165, among several updates, reminding taxpayers who were paid over $600 by payment apps and online marketplaces or received any amount by payment cards that they could receive a Form 1099-K, Payment Card and Third Party Network Transactions, starting January 2024, for payments received in 2023. The 1099-K reporting threshold for third-party reporting doesn’t change what counts as income or how tax is calculated. Also, taxpayers such as gig workers, sole proprietors, retirees, partners, and S-corporation shareholders generally must make estimated tax payments if they expect to have a tax liability of $1,000 or more when they file their return.

IRS Sep 7, 2023

The IRS releases 2024 instructions for Forms 1099-QA and 5498-QA (Distributions From ABLE Accounts and ABLE Account Contribution Information) along with 2024 instructions for Forms 1099-SA and 5498-SA (Distributions From an HSA, Archer MSA, or Medicare Advantage MSA, and HSA, Archer MSA, or Medicare Advantage MSA Information).

OECD Sep 7, 2023

The OECD publishes an updated list of jurisdictions participating in the Convention on Mutual Administrative Assistance in Tax Matters with the addition of the date of deposit of the instrument of ratification for Papua New Guinea, along with the date of entry into force as December 1, 2023, which will be in effect for exchanges as of January 1, 2024.

Greece Sep 7, 2023

The Government of Greece publishes in the Official Gazette Law No. 5047/2023 on the mandatory automatic exchange of financial account information (AEOI) for digital platform operators. The law contains due diligence and reporting procedures and comes into force on September 7, 2023.

IRS Sep 1, 2023

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool with the FIs that are in approved status as of August 25, 2023.

United States Sep 1, 2023

NEW - Jurisdictional Debrief Now Available (Week Ending September 8, 2023)

Taiwan Aug 31, 2023

The Ministry of Finance in Taiwan publishes informational statistics on CRS exchanges scheduled for September 2023 with Australia, Japan, and the United Kingdom to improve transparency of tax information. It further informs that local taxation agencies in various regions will continue to review the reporting information (such as tax identification numbers, dates of birth, addresses, and other information anomalies) and guide financial institutions to make corrections where necessary. Local taxation agencies would also conduct written or on-site inspections to confirm that financial institutions comply with relevant CRS regulations.

Malta Aug 31, 2023

The Office of the Commissioner for Revenue in Malta publishes updated guidelines (v1.1) in relation to the reporting obligations of Digital Platform Operators (DAC 7). Specific updates were made to Section 6.1 on the first year of registration that inform platform operators commencing their activities after October 31, 2023, that they must register with the Competent Authority in Malta by December 31, 2023.

India Aug 31, 2023

The Income Tax Department of India publishes an updated Information Request Utility Tool (v1.5) and Report Generation and Validation Utility Form 61B (v3.1) related to AEOI reporting.

IRS Aug 30, 2023

The IRS publishes several updates, including reminders on the updated FATCA General Compliance Section FAQ 23 extending the penalty relief in situations where a withholding agent withholds and reports on Forms 1042 and 1042-S by September 15 of the applicable year for the calendar years 2022, 2023, and 2024. In coherence with the aforementioned update, it also reminds stakeholders of the updates made to the 2023 Form 1042-S instructions related to Form 1042-S reporting requirements under Sections 1446(a) and (f) with respect to publicly traded partnerships. Additionally, it releases an update on best practices to be considered while filing Form 1042, including a reminder that certain withholding agents will be required to electronically file TY2023 Form 1042, due for filing in 2024. Lastly, it informs stakeholders of the availability of the new IRS public key to file FATCA reports on the IDES (International Data Exchange System) from October 5, 2023.

Germany Aug 30, 2023

The Federal Tax Office of Germany (BZSt) publishes an updated document on FATCA processing protocols (v1.7). Specific updates include the adaptation of error and information texts. The document also includes the method by which data transmission takes place between the German tax authority (BZSt) and the IRS and a description of error messages. Additionally, it also publishes a document containing an overview of the FATCA field-level errors.

Ecuador Aug 26, 2023

The Internal Revenue Service of Ecuador publishes an updated CRS annex catalog (v4.3), and the CRS technical sheet (v4.3) containing the updated description of fields that are used to complete the CRS reports. The updated annex catalog includes new validation rules for the TIN and Date of Birth sections.

IRS Aug 25, 2023

The IRS updates FATCA FAQs. FAQ 23 under the General Compliance section has been updated, extending penalty relief for the 2022, 2023, and 2024 calendar years in situations where a withholding agent withholds and reports on Forms 1042 and 1042-S by September 15 of the applicable year. The penalty relief will apply with respect to dividend equivalent payments made with respect to a derivative referencing a partnership.

IRS Aug 25, 2023

The IRS publishes Issue Number 2023-04, reminding RFIs of the updates made to the 2023 Form 1042-S instructions that provide additional instructions related to Form 1042-S reporting requirements under Sections 1446(a) and (f) with respect to publicly traded partnerships.

Barbados Aug 24, 2023

The Barbados Revenue Authority (BRA) updates its AEOI portal to inform RFIs that the TY 2022 FATCA and CRS reporting deadline has been further extended to September 8, 2023.

Turkey Aug 23, 2023

The Revenue Administration of Turkey announces the extended deadline for retro-active FATCA reporting for reporting periods TY2014 to TY2022 to August 31, 2023. The reporting must exclude TY2021 FATCA reports, as these reports would have been submitted in 2022.

OECD Aug 23, 2023

The OECD publishes information on Tax Identification Numbers (TINs) for Kuwait, Latvia, and Pakistan. It also publishes information on tax residency rules for Kuwait, Pakistan, and South Africa. Additionally, various links have been updated: (1) Primary legislation for Pakistan; (2) Secondary legislation for South Africa; (3) CRS guidance for Pakistan; (4) Domestic reporting format for Germany; and (5) Reporting schema for South Africa.

Canada Aug 23, 2023

The Canadian Revenue Agency (CRA) publishes updated FATCA and CRS guidance notes. Specific updates made to both guides include: (1) clarification that an account held by the RFI of a deceased individual will not be considered a financial account in the year the financial institution is informed of the death, nor in subsequent years; (2) temporary treatment of first home savings accounts (FHSAs). Additional updates made to the FATCA guide include: (a) clarification that a new depository account that no longer meets the threshold to be designated as a non-U.S. reportable account at the end of a calendar year can be designated in a subsequent year provided its balance at the end of that year meets the threshold criterion. (b) Adoption of IRS Notice 2023-11, which provides temporary relief for reporting on calendar years 2022, 2023, and 2024 to certain financial institutions reporting accounts with missing U.S. taxpayer identification numbers.

Saint Vincent and the Grenadines Aug 22, 2023

The Inland Revenue Department of Saint Vincent and the Grenadines updates its AEOI portal to inform RFIs of the extension of the FATCA and CRS reporting deadlines to August 25, 2023.

IRS Aug 22, 2023

The IRS publishes quick alerts for tax professionals, informing them that subscriptions to IRIS (Information Returns Intake System) quick alerts are now available. By signing up for the IRIS quick alerts, the professionals will receive important messages about IRIS’s electronic specifications, publications, and system information needed for IRS e-file providers, issuers, payers, transmitters, and software developers. It also informs about the scheduled downtime for the FIRE (Filing Information Returns Electronically) system from September 1, 2023, until September 5, 2023.

Jersey Aug 21, 2023

The International Taxation Department of the Government of Jersey releases a communication informing RFIs that the Jersey AEOI portal has been closed for FATCA and CRS reporting until October 2, 2023. The competent authority will extract, compile, and transmit all 2022 reports to participating jurisdictions during this time, while permitting other portal functions along with CbC reporting. Further communication will be released once the portal reopens for FATCA and CRS reporting.

Rwanda Aug 21, 2023

The Rwanda Revenue Authority makes publicly available Law No. 021/2023 governing the automatic exchange of information for tax purposes. The law consists of: (1) definitions; (2) obligations of RFIs; (3) due diligence procedures for RFIs to comply with the local CRS reporting obligations; (3) record keeping for the purpose of complying with the provisions of this law; (4) clarification that the RFI may engage a third-party service provider to carry out any of its obligations under this law; (5) Inspection and administrative sanctioning powers; (6) Responsibilities of the Tax Administration; (7) Provision of false information, incomplete information, and failure to provide required information (8) A list of certain exemptions from sanctions; (9) Deadline for assessment and notification of sanctions; (10) Certain grounds for the right to appeal against a sanction imposed, followed by the appeal procedure; (11) Deadlines for enforcement of sanctions imposed; (12) Penalties for illegal disclosure of information; (13) Confidentiality rules and rules for anti-avoidance of the obligations prescribed in this law; and (14) Enforcement Principle of this Law. The law entered into force on March 31, 2023.

Anguilla Aug 21, 2023

The Government of Anguilla publishes a notice on the suspension of data exchange with Belarus and Russia beginning August 3, 2023. It informs that the suspension coming into effect will mean that Russia will no longer receive information under any of Anguilla’s exchange of information agreements: Exchange of Information on Request (EOIR), Common Reporting Standard (CRS), or Country by Country Reporting (CbCR).

Croatia Aug 19, 2023

The Ministry of Finance in Croatia makes publicly available the CRS reporting guidance that includes the process of submitting data to the Tax Administration. It also includes a list of CRS validation rules along with the functionalities of the submission portal.

Thailand Aug 18, 2023

The Revenue Department of Thailand publishes an update informing RFIs that the CRS reporting system is available from August 16, 2023, to September 16, 2023, for submission of CRS reports. It also releases an instruction manual on the financial accounting information reporting system in accordance with the Common Reporting Standards (CRS), along with a user manual in accordance with the General Reporting Standard (UAT) for CRS reporting, referred to as the CRS UAT system. It also informs RFIs that testing the financial accounting reporting system can be carried out between August 16, 2023, to September 16, 2023, before submission of reports. The link to login to the CRS reporting system has also been included in the update, along with the relevant contact details.

Thailand Aug 18, 2023

The Royal Gazette of Thailand releases ministerial regulations on conditions and procedures for reporting under the U.S. Foreign Account Tax Compliance Act (FATCA). The regulations include: 1) definitions; 2) requirements and procedures for the collection of reportable financial account information; 3) information for RFIs to submit data by June 30 of every year following the end of the calendar year in which the data to be reported is obtained; 4) record-keeping requirements; 5) an audit procedure for the verification of reportable information, with provisions to notify reporting persons of the need to correct information within a specified period; and 6) procedures for the request and issuance of status certificates on reporting duty.

Ukraine Aug 17, 2023

The Ministry of Finance in Ukraine publishes an update to inform the RFIs that the competent authority of Ukraine has the technical capacity to start the first exchange with the tax authorities of jurisdictions that are participants in the relevant international multilateral agreements for the purposes of international automatic exchange. It also informs that the first exchange of information on financial accounts according to the CRS Common Reporting Standard will take place in 2024 for the second half of 2023 (the first reporting period). In the future, the previous calendar year will be considered the reporting period.

IRS Aug 17, 2023

The IRS releases revised 2023 instructions for Form 1042-S. Specific updates have been made: (1) to the second portion of instructions under Publicly Traded Partnerships (Sections 1446(a) and (f) Withholding Tax) for a partner that is a U.S. person who was treated as a foreign partner for purposes of withholding under Section 1446(a) or (f) (including an allocation of a payment to the person made on a withholding statement); and (2) updates to the notes under Boxes 16a through 16e, specifically Payer's Name, TIN, GIIN, and Status Code.

Guernsey Aug 16, 2023

The Revenue Service of the States of Guernsey publishes a communication informing RFIs of the availability of the revised Bulletin 2023/1 that includes the CRS Reportable and Participating Jurisdictions. Specific updates are only with respect to the CRS Participating Jurisdictions for the 2023 Reportable Period. Georgia, Kenya, Moldova, Niue, Rwanda, Trinidad & Tobago, Tunisia, and Ukraine have been removed from the list.

Norway Aug 16, 2023

The Tax Administration of Norway publishes an updated version of the Guidance on International Reporting (FATCA and CRS). Section 6.2 has been updated to inform RFIs that impersonal account holders who do not have a Norwegian organization number must report nine zeros.

Thailand Aug 16, 2023

The Revenue Department of Thailand releases the CRS Law (Ministerial Regulation pursuant to the Emergency Decree on Exchange of Information to Comply with International Tax Agreements). The law consists of definitions, reporting, and due diligence procedures for RFIs to comply with the local CRS reporting obligations. The Law states that: (1) low-value accounts would be considered the accounts of natural persons with the total amount or value not exceeding 30 million Thai Baht as of December 31, 2022; (2) high-value accounts would be considered the accounts of natural persons with the total amount or value exceeding 30 million Thai Baht as of December 31st of the year to be confirmed by the competent authority; (3) a list of exempt financial accounts; (4) self-certifications need to be obtained by RFIs for account holders during account opening; (5) low value accounts are to be reported to the Director General of the Revenue Department by June 30, 2024; (6) high value accounts as of December 31, 2022, are to be reported to the aforementioned authority within a month from the effective date of this Ministerial Regulation; (7) other high value accounts as of the effective date of this Ministerial Regulation are to be reported by June 30, 2024; and (8) indicates that the expected annual reporting deadline would be June 30th of every year. The CRS Law/Ministerial Regulation comes into force on August 16, 2023. Additionally, it publishes a list of CRS participating and reportable jurisdictions, comprising 113 jurisdictions under both lists. Lastly, it also publishes rules, procedures, conditions, and forms for the automatic exchange of information to facilitate reporting by RFIs.

Turkey Aug 16, 2023

The Revenue Administration of Turkey publishes an updated AEOI leaflet and Guide for Automatic Exchange of Financial Account Information (AEOI) for tax purposes. Minor formatting updates have been made to both documents, along with updates to the statistics on the improved number of OECD MCAA signatories and jurisdictions participating in the Convention on Mutual Administrative Assistance in Tax Matters.

Portugal Aug 15, 2023

The Portuguese Parliament approves Law No. 36/2023 on due diligence procedures, reporting obligations, and other rules applicable to operators of reporting platforms (DAC7). The first reporting period begins retroactively from January 1, 2023. The law came into force on July 27, 2023.

IRS Aug 14, 2023

The IRS publishes a draft 2024 version of Form 8804-W (Worksheet) for partnerships that have effectively connected taxable income (ECTI) allocable to foreign partners. This form can be used to determine the proper estimated Section 1446 tax payments. It also publishes the draft 2023 version of Schedule A of Form 8804, which helps in determining the Penalty for Underpayment of Estimated Section 1446 Tax for Partnerships.

United States Aug 11, 2023

NEW - Jurisdictional Debrief Now Available (Week Ending August 11, 2023)

Ukraine Aug 11, 2023

The State Tax Service of Ukraine publishes a reminder for RFIs that the deadline for TY2021 and TY2022 FATCA reporting is September 1, 2023.

Gibraltar Aug 11, 2023

The Commissioner of Income Tax of Gibraltar publishes an updated list of TY2022 CRS reportable jurisdictions. Apart from a few minor formatting updates, no changes have been made to the list of reportable jurisdictions.

Switzerland Aug 9, 2023

The Federal Tax Administration (FTA) of Switzerland publishes a notification on the issuance of its final decisions for the banking relationship concerned by FATCA group requests as of August 9, 2023, in accordance with Article 12 paragraph 1 of the FATCA Act and Article 5 paragraph 3 of the FATCA Agreement.

Barbados Aug 9, 2023

The Barbados Revenue Authority (BRA) releases Automatic Exchange of Information Web Portal Queries (Technical) FAQs.

Belarus Aug 8, 2023

The Ministry of Taxes and Levies of the Republic of Belarus reminds RFIs of the need to submit information on accounts of American taxpayers, also referred to as the FATCA report for 2022, to the Ministry of Taxes no later than September 1, 2023.

Saint Lucia Aug 7, 2023

The Inland Revenue Department of Saint Lucia releases an updated version of the CRS Guidelines (v7.0), with minor formatting updates.

Ukraine Aug 2, 2023

The Ministry of Finance in Ukraine publishes an update to ensure a proper information campaign in the implementation of the CRS and Due Diligence for financial account information. It provides clarification to the RFIs on practical issues of interpretation of certain terms of the CRS. The various elements include: (1) The legal basis for the implementation of the CRS; (2) Permissible deviations from the text of the standard during its implementation in the legislation of Ukraine; (3) Accountable financial institutions subject to the requirements of Article 39-3 of the Tax Code; (4) Organizations that are unaccountable FIs; (5) Accounts and services that are financial accounts; and (6) Excluded accounts.

IRS Aug 2, 2023

The IRS releases the draft 2024 version of Form 1099-B (Proceeds From Broker and Barter Exchange Transactions).

IRS Aug 1, 2023

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool with the FIs that are in approved status as of July 25, 2023.

IRS Jul 31, 2023

The IRS publishes the 2023 version of Form 1042 - Schedule Q (Tax Liability of Qualified Derivatives Dealer (QDD)).

United States Jul 28, 2023

NEW - Jurisdictional Debrief Now Available (Week Ending July 28, 2023)

Belgium Jul 28, 2023

The Ministry of Finance in Belgium publishes an update informing RFIs that they must now supplement their initially submitted TY2022 FATCA and CRS reports with additional reports for reportable accounts relating to Jamaica and Thailand, which were recently added as reportable jurisdictions. These additional reports must be sent to FPS Finance by August 15, 2023, at the latest. It also publishes the Royal Decree of June 14, 2017, which includes an updated list of participating jurisdictions. Saint Barthelemy has been removed from the list.

United Arab Emirates Jul 27, 2023

The Ministry of Finance of the United Arab Emirates (UAE) issues individual communications to RFIs informing them of the further extension of the FATCA and CRS reporting deadlines to August 15, 2023. It further provides clarification on the CRS reporting obligations of FIs. Specific updates include: (1) The obligation requirements of RFIs under CRS; (2) The list of FIs obligated to report under CRS after registering on the MOF portal; and (3) The list of FIs that don’t have an obligation to report under CRS.

Portugal Jul 27, 2023

The Tax and Customs Authority of Portugal makes publicly available an updated FATCA (v1.6) and CRS (v1.9) manual. The updated FATCA manual informs the RFIs that the files sent by the "Send prepared file feature" must be signed according to the enveloping method defined by the W3C, and if the files are sent via the "Send file feature" then it is not mandatory. Sections 4.6 and 4.7 of the CRS manual have been updated to provide clarification to the RFIs on communicating the information to the tax authority.

Netherlands Jul 26, 2023

The Tax and Customs Administration of the Netherlands releases a notice informing taxpayers of the availability of the Mandatory Disclosure Rules release notes (v22), which include a new version of the DAC6 Member State List. Specific updates include clarification that the country code 'GB' may only be used for Disclosures to be corrected, provided that this was also provided in the original Disclosure.

India Jul 26, 2023

The Income Tax Department of India releases a clarification as a partial modification to its CRS Guidance Note dated June 30, 2016, for the removal of doubts with respect to the reporting of accounts other than U.S. reportable accounts.

IRS Jul 26, 2023

The IRS releases a draft version of the Form W-9 (Rev. October 2023). Specific updates include: (1) A new line 3b is added to allow partnerships, trusts, and estates to indicate that they have foreign partners, owners, or beneficiaries when receiving a request for a Form W-9 from a partnership, trust, or estate. This disclosure is intended to allow the form recipient to satisfy applicable reporting requirements, including the completion of Schedules K-2 and K-3 (Form 1065). New instructions have been added to clarify that a filer of Form W-9 should check the box in 3b if it has received a Form W-8 (or documentary evidence) from any partner, owner, or beneficiary establishing foreign status or if it has received a Form W-9 that also has the box in 3b checked; (2) The draft form removes the specific instructions about the use of the form to avoid withholding under Section 1446. It now includes broader language on furnishing a Form W-9 to certify non-foreign status for purposes of any applicable withholding under chapter 3 and 4. The text indicates that section 1446 withholding is considered chapter 3 withholding in this context; (3) Text has been added to clarify that a qualified foreign pension fund or a partnership wholly owned by qualified foreign pension funds should not use Form W-9 to claim non-foreign status and should instead use Form W‑8EXP or other certification of non-foreign status; and (4) The draft form also adds a note that a filer should review the Instructions for Form 1041 for more information on optional filing methods for grantor trusts.

Germany Jul 25, 2023

The Federal Tax Office of Germany (BZSt) publishes the CRS Newsletter 03/2023, which includes a final list of CRS reportable and participating jurisdictions for TY2022. A mutual exchange of information on financial accounts will take place with Ghana, Jamaica, Maldives, and Saint Kitts and Nevis for the first time. Meanwhile, Sint Maarten has a unilateral exchange relationship, and no data may be transmitted by the BZSt, but RFIs are advised to report information on Sint Maarten residents to the BZSt. Further, Russia has been removed from the list since the exchange of information on tax matters with Russia is still suspended, and RFIs do not need to transmit financial account information to the BZSt. Additionally, it informs that the CRS system has been configured as per the final list, which means that reporting for all countries included in the list is now possible.

Antigua and Barbuda Jul 24, 2023

The Inland Revenue Department of Antigua and Barbuda updates its AEOI portal to inform RFIs of the extension of the FATCA and CRS reporting deadlines to September 19, 2023.

Australia Jul 24, 2023

'The Australian Taxation Office (ATO) publishes CRS Stakeholder Update #26, which includes a factsheet to raise awareness of possible circumvention schemes in Australia. It also informs RFIs that there might be other examples of circumvention schemes in addition to the ones provided in the factsheet. Additionally, the ATO requests that the RFIs contact CRS@ato.gov.au in case they come across any accountholders or intermediaries that are circumventing the CRS.

IRS Jul 24, 2023

The IRS publishes a quick alert informing stakeholders from the payroll Industry, tax professionals, small businesses and self-employed, tax exempt and Government entities, and financial institutions that it is cognizant that non-U.S. individuals who are acting on behalf of their non-U.S. employer (e.g., Foreign Entities, Foreign Financial Institutions, Qualified Intermediaries, etc.) may not be able to complete the Filing Information Returns Electronically (FIRE) Information Returns (IR) Application for Transmitter Control Code (TCC). The IR Application for TCC requires a Social Security number (SSN) or Individual Tax Identification Number (ITIN) for system access and individual authentication. If the filing of applications cannot be completed by August 1, 2023, the Form 1042-S TCC will remain available for filing. Additionally, the IRS continues to explore other ways for taxpayers to authenticate their identities, including a government-sponsored option.

Slovak Republic Jul 21, 2023

The Financial Directorate of the Slovak Republic publishes an updated business validation guide for CRS reporting. Minor technical updates have been made to the document.

Thailand Jul 18, 2023

The Revenue Department of Thailand makes publicly available its recently published CRS participating jurisdiction list. It also publishes guidelines for reviewing CRS data files while submitting the report to the Revenue Department, along with a Financial Account Information Reporting System Manual in accordance with CRS for testing the use of data reporting systems. Additionally, it also publishes a presentation on reporting Financial account information under CRS.

Ukraine Jul 17, 2023

The Ministry of Finance in Ukraine publishes an update informing RFIs that Order No. 282 of the Ministry of Finance dated May 26, 2023, "On approval of the Procedure for applying the Common Standard on Reporting and Due Diligence for Financial Account Information" has entered into force. Specifically the procedure includes: (1) information that the RFIs are obliged to establish and include in the report; (2) requirements and procedures for due diligence for the purpose of identifying reportable accounts; (3) additional rules on the implementation of procedures on self-assessment documents and documentary evidence along with the aggregation of account balances and currency conversion; and (4) the duties of an RFI is determined, including the determination of the status of an RFI, the application of due diligence measures to financial accounts, the implementation by the RFI of the rules of due diligence of financial accounts to establish their accountability for the purposes of the CRS.

United Arab Emirates Jul 17, 2023

The Ministry of Finance of the United Arab Emirates (UAE) issues a notice inviting RFIs to the trainings and Q&A web-based sessions on Data and Risk Assessment Submission functionalities (and queries on Registration, if any) with regards to FATCA/CRS reporting, which will be conducted every Monday starting July 10, 2023, until July 31, 2023. RFIs are encouraged to submit questions using a form prior to the session for effective utilization of time. It also informs that RFIs may also submit questions during the session, and they will be answered during the same session or subsequent sessions. Additionally, it also publishes a User guide on FATCA/CRS Risk Assessment Questionnaire.

Norway Jul 15, 2023

The Tax Administration of Norway publishes an updated version of the Guidance on International Reporting (FATCA and CRS). Section 7.1 has been modified to provide RFIs with an updated FATCA TIN reporting guide that includes the recently published US IRS Issue Number 2023-11, which provides newly updated codes for TIN reporting with respect to calendar years 2023 and 2024, to be eligible for relief in cases where US TINs have not been obtained for pre-existing accounts that are US reportable accounts. Further, Section 8.1 has been updated to provide clarification on the use of FATCA102 where the account holder is not US, but a Norwegian/other passive non-financial institution. It informs that the TIN field element must be marked "NA" and the TIN issuing country should be marked as "NO".

United States Jul 14, 2023

NEW - Jurisdictional Debrief Now Available (Week Ending July 14, 2023)

IRS Jul 13, 2023

The IRS publishes Issue Number 2023-09 as a final reminder to all QIs, WFPs, WFTs, External Advisors, and interested parties that it will be hosting in-person presentations in Canada on the new QI Agreement and completing Forms 1042 and 1042-S. The presentations will be given in two separate sessions repeated over three days and will cover topics such as the basics of the new QI Agreement, QI compliance, and the QI Certification/Periodic Review process, as well as the completion of Forms 1042 and 1042-S. The same material will be repeated each day. There is no cost to attend, but attendance is limited; therefore, taxpayers are advised to reserve seats in advance.

IRS Jul 13, 2023

The IRS publishes a reminder for Phase 2 of the Information Returns (IR) Application for Transmitter Control Code (TCC) Transition. Stakeholders from the Payroll Industry, Tax Professionals, Small businesses and self-employed, tax-exempt and Government Entities, and financial institutions are exhorted to take action now to keep their existing TCCs active. As an additional reminder, FIRE TCC holders who submitted their TCC Application prior to September 26, 2021, must submit and complete the IR-TCC Application by August 1, 2023. Existing TCCs will remain active for use until August 1, 2023. After that date, any FIRE TCC that does not have a completed IR-TCC Application will be dropped and will not be available for e-Filing.

Poland Jul 13, 2023

The Ministry of Finance in Poland publishes an updated FATCA user guide that includes a description of the elements of FATCA reporting forms and instructions on how to file FATCA forms. It also publishes an updated FATCA TIN reporting guide that includes the recently published US IRS Issue Number 2023-11, which provides newly updated codes for TIN reporting with respect to calendar years 2023 and 2024, to be eligible for relief in cases where US TINs have not been obtained for pre-existing accounts that are US reportable accounts.

India Jul 13, 2023

The Income Tax Department of India publishes several updated documents related to AEOI reporting: (1) Reporting Portal User Guide (v4.3); (2) Information Request Schema Tool (v2.1); (3) Information Request Utility Tool (v1.4); and (4) Compliance Check Quick Reference Guide (v2).

Brazil Jul 12, 2023

The Department of Federal Revenue in Brazil releases an updated digital certificate for testing (pre-production) of the e-financial environment (e-financeira). The certificate is valid from July 4, 2023, to July 3, 2024.

Latvia Jul 12, 2023

The Latvian Ministry of Finance publishes an update on the implementation of Council Directive (EU) 2021/514 (DAC7) for administrative cooperation in the field of taxation and for the mandatory automatic exchange of financial account information for digital platform operators (DAC7). It informs that platform operators must submit their information on 2023 reportable seller income by January 31, 2024. The announcement also includes: 1) the electronic reporting process; 2) the definition of a Digital Platform Operator (DPO); 3) reporting obligation for a DPO; and 4) Information reported by a DPO. Additionally, Digital Platform operators must submit their required information on reportable seller income for the previous year by January 31 of the year following the calendar year during which the seller is identified as a reportable seller.

Barbados Jul 11, 2023

The Barbados Revenue Authority (BRA) publishes a notice informing RFIs that the FATCA and CRS reporting deadline has been extended from July 31, 2023, to August 2, 2023, to facilitate the filing of the FATCA and CRS reports for the reporting period of 2022. It also reminds RFIs that failure to file would be considered an offense that could incur penalties.

Panama Jul 11, 2023

The Ministry of Economy and Finance of Panama makes publicly available Gazette No. 29814, which includes an updated list of CRS reportable jurisdictions. Saint Kitts and Nevis and Turkey have been added to the list.

Uganda Jul 11, 2023

The Uganda Revenue Authority (URA) releases the Convention on Mutual Administrative Assistance in Tax Matters (Implementation) Act, 2023. The Act establishes CRS due diligence procedures for RFIs beginning January 1, 2024. Additionally, it also establishes the CRS reporting deadline for RFIs as May 31 of every year. The Act came into force on July 1, 2023.

Germany Jul 10, 2023

The Federal Tax Office of Germany (BZSt) publishes the CRS Newsletter 02/2023, informing RFIs of the delay in publishing the final reportable list for the 2022 reporting period. Due to this, BZSt extends the CRS reporting deadline from July 31, 2023, to August 31, 2023. Additionally, it informs that the final reportable list will be published by the end of July 31, 2023, and will be made available through an information letter or on the website as soon as possible.

Belgium Jul 7, 2023

The Ministry of Finance in Belgium publishes an update informing RFIs that, by the judgment 2023/AR/801 of June 28, 2023, the Market Court has suspended the execution of decision 61/2023 of May 23, 2023, to appeal and submit a request for suspension of the implementation of Belgian accidental Americans in application of the FATCA agreement and the law of December 16, 2015. Therefore, the data exchange provided for in the FATCA agreement will take place in 2023 according to the established conditions and timetable.

Guernsey Jul 6, 2023

The Revenue Service of the States of Guernsey publishes a communication informing RFIs on FATCA and CRS data compliance reviews. Specific updates includes: (1) Reminder that the June 30, 2023, deadline for FATCA & CRS reporting has passed and any new reports for 2022 data will be liable to late filing; (2) The data received for FATCA & CRS 2022 reporting will be subject to a risk based compliance review prior to being transmitted to Guernsey’s partner exchange jurisdictions; (3) Reminds the RFIs to monitor and take appropriate actions on IGOR messages; (4) Informs RFIs that they can no longer retract a report for a prior reporting period and IGOR will accept correction reports in case of incorrect or incomplete returns and can refer to the guidance on the composure of correction reports for both FATCA and CRS; and (5) RFIs are given advanced notice that new and correction reports for 2022 CRS and FATCA reporting period must be submitted by August 25, 2023, for timely transmission.

OECD Jul 6, 2023

The Global Forum on Transparency and Exchange of Information for Tax Purposes (the Global Forum) publishes Tax Transparency in Africa: 2023, which is a key output of the Africa Initiative, which was launched in 2014 by the Global Forum together with a number of its African members and various partners to unlock the potential of transparency and exchange of information for tax purposes in Africa. Among other various updates, it also includes major achievements in the field of automatic exchange of information (AEOI).

Netherlands Jul 5, 2023

The Netherlands’ Tax and Customs Administration (TCA) publishes a new version of the data delivery specifications for Banking and Investment Products for 2024 (v01). It also informs RFIs of the availability of the Validation Test Service (VTS) for Banking and Investment products for the validation of XML messages based on these specifications.

Ireland Jul 5, 2023

The Office of the Revenue Commissioners in Ireland publishes an updated Tax and Duty Manual Part 35-01-01a on Exchange of Information under Council Directive 2011/16/EU, Ireland’s Double Taxation and Tax Information Exchange Agreements, and the OECD/MAAC. Specific updates include Appendix 1: Table of AEOI Exchange Relationships to inform RFIs of the exchange agreements Revenue Commissioners have in place under various AEOI frameworks, including FATCA and CRS/DAC2. Additionally, it also publishes a Tax and Duty Manual Part 38-03-31 on EU Reporting Obligations for Platform Operators after the DAC was amended by Council Directive (EU) 2021/514 (DAC7) in 2021 to extend the scope of the existing DAC provisions. With effect from January 1, 2023, DAC7 obliges certain platform operators to collect and automatically report information on certain sellers using their platform to earn consideration.

Switzerland Jul 5, 2023

The Federal Tax Administration (FTA) of Switzerland publishes a notification on the issuance of its final decisions for the banking relationship concerned by FATCA group requests as of July 5, 2023, in accordance with Article 12 paragraph 1 of the FATCA Act.

IRS Jul 3, 2023

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool with the FIs that are in approved status as of June 26, 2023.

Jersey Jul 1, 2023

The International Taxation Department of the Government of Jersey releases a communication informing RFIs that any new reports for 2022 data submitted after the June 30, 2023, deadline will now be subject to late filing penalties in accordance with FATCA and CRS regulations. It also informs RFIs that the tax authorities have now started a year-on-year matching exercise and will be in contact with them on the week commencing July 10, 2023, in case of any discrepancies between 2021 and 2022 reporting. Therefore, RFIs are advised to start their own internal exercises to be prepared for any correspondence coming at them shortly. Additionally, it informs that all new, corrected, and void reports for 2022 CRS and FATCA reporting must be submitted by August 20, 2023, since after this date the portal will be closed for 2022 reports except for previous year’s reporting.

Japan Jul 1, 2023

The National Tax Agency (NTA) of Japan releases updated AEOI reporting FAQs. Updates include: (1) Q-11. Explanation on specifying the country or region other than the country subject to the report; (2) Q-21. Based on which the RFIs need to confirm the items stated in the voluntary notification; (3) Q-34. Clarification on reporting contracts and reporting countries; (4) Q-44. Determination of the country of residence; (5) Q-45. Clarification on tax identification number; (6) Q-47. Definition of de facto rule; (7) Q-48. Instructions on submitting a new notification electronically; and (8) Q-51. Provides an explanation on how a special purpose company can become an RFI.

Cayman Islands Jun 30, 2023

The Department for International Tax Cooperation (DITC) of the Cayman Islands publishes an Updates Bulletin, informing RFIs to regularly check the webpage for updates relating to FATCA and CRS reporting that include: Section 1 - (a) Reminder of the FATCA and CRS reporting deadlines, including the CRS declaration – July 31, 2023, also CRS compliance form – September 15, 2023; (b) It also provides link to the latest CRS reportable jurisdictions list, no updates have been made to the list; and (c) Reminder of the IRS released notice 2023-11, regarding FFIs Temporary U.S. TIN Relief. Section 2 includes CRS Compliance reminders for the RFIs specific to reporting elements. Section 3 reminds RFIs that the DITC Portal now has the functionality to deactivate an RFI from the DITC Portal where the entity has ceased to exist or is otherwise no longer a Cayman Reporting FI.

Sweden Jun 30, 2023

The Ministry of Finance of Sweden publishes an ordinance, thus amending the list of CRS participating and reportable jurisdictions. Maldives and Saint Kitts and Nevis have been added to the list of reportable jurisdictions, while no changes have been made to the list of participating jurisdictions. The regulation enters into force on July 24, 2023. As a reminder, Sweden follows a wider approach to reporting.

United States Jun 30, 2023

NEW - Jurisdictional Debrief Now Available (Week Ending June 30, 2023)

Ireland Jun 29, 2023

The Ireland Revenue Commissioners publishes Revenue eBrief No. 150/23 informing RFIs of the extension of the FATCA and CRS deadlines from June 30, 2023, to July 14, 2023. It also informs RFIs that customers may continue to file their returns in ROS and will receive an on screen acceptance message. However, customers may continue to experience a delay in receiving the confirmation acceptance message. In such cases, customers are asked not to refile unless they have not received the confirmation by July 7, 2023.

IRS Jun 29, 2023

The IRS publishes a notice informing taxpayers of the extension of the FATCA IDES testing period by a week, from June 30, 2023, to July 7, 2023.

United Arab Emirates Jun 29, 2023

The Ministry of Finance of the United Arab Emirates (UAE) issues individual communications to RFIs informing them of the extension of the FATCA and CRS reporting deadlines from June 30, 2023, to July 31, 2023. It further informs RFIs of the availability of the reporting functionality (inclusive of Nil reporting) and the FATCA/CRS risk assessment questionnaire. The aforementioned functionalities will be made available after the registrations are authorized by the respective regulatory authorities. In cases where RFIs are awaiting registration authorization, the registrations can be expected to be authorized shortly, and in the case of registrations that are rejected, RFIs are required to re-submit their registrations for authorization. Additionally, RFIs will be notified of the registration status (approved or rejected) via email. However, RFIs are encouraged to login to the system to check the registration status on a periodic basis.

Slovak Republic Jun 29, 2023

The Financial Directorate of the Slovak Republic publishes updated CRS FAQs. FAQ #5 has been updated to provide further clarification to the RFIs on fulfilling their CRS reporting obligation.

Panama Jun 29, 2023

The Ministry of Economy and Finance of Panama makes publicly available Resolution No. 201-5555 informing RFIs of the extension of the TY2022 CRS reporting deadline from July 31, 2023, to August 15, 2023. However, the extension does not apply to the FATCA reporting deadline.

IRS Jun 29, 2023

The IRS releases a draft version of the Form W-8 EXP (Rev. October 2023). Updates related to the FIRPTA withholding (Sec 1445) have been made to the revised version of the draft Form. Additionally, it releases a draft version of Form 1042-T (Annual Summary and Transmittal of Forms 1042-S).

China Jun 27, 2023

The State Administration of Taxation in China publishes a communication that informs RFIs registered in Shenzhen are required to submit CRS annual reports (excluding private equity funds) through the Shenzhen Electronic Tax Bureau of the State Administration of International Taxation.

OECD Jun 27, 2023

The Global Forum on Transparency and Exchange of Information for Tax Purposes (the Global Forum) publishes the Tax Transparency in Latin America 2023 Progress Report. Among other various updates, it also includes major achievements in the field of automatic exchange of information (AEOI).

Israel Jun 27, 2023

The Tax Authority of Israel publishes instructions that provide guidance to RFIs for CRS reporting on the AEOI portal.

Ukraine Jun 26, 2023

The Ministry of Finance in Ukraine publishes an update informing RFIs of the discussions held during the webinar. Topical issues of the application of the CRS were considered, including: (1) definition of financial assets in accordance with the CRS Standard; (2) reporting on various types of financial accounts; (3) the procedure for exchanging information on CII investors and the procedure for recording and de-registration of CIIs, which are accountable financial institutions. The main emphasis is placed on recommendations for reportable FIs, which, from July 1, 2023, are required to take due diligence measures to identify accountable accounts, as well as on issues of compliance and the interaction of financial agents with regulatory bodies. It also informs RFIs that the Video recording and presentation of the workshop held on June 20, 2023, and June 21, 2023, are now available.

Guernsey Jun 23, 2023

The Revenue Service of the States of Guernsey issues a communication reminding all RFIs that the TY2022 FATCA and CRS reporting deadline is June 30, 2023. RFIs are encouraged to submit reports in advance of the deadline to provide time for resolving any technical issues or unexpected delays. It also reminds RFIs to ensure they complete the Compliance Assurance Statement when submitting reports.

Switzerland Jun 23, 2023

The Federal Tax Administration (FTA) of Switzerland publishes a notification on the issuance of its final decisions for the banking relationship concerned by FATCA group requests as of June 23, 2023, in accordance with Article 5 paragraph 3 of the FATCA Agreement.

Malta Jun 23, 2023

The Office of the Commissioner for Revenue in Malta publishes guidelines (v1.0) in relation to the reporting obligations of Digital Platform Operators (DAC 7).

South Korea Jun 22, 2023

The Ministry of Finance in South Korea makes publicly available its recently published amended Regulations for the implementation of the automatic exchange of information (AEOI), inclusive of FATCA and CRS reporting. Specific updates include a list of CRS participating jurisdictions and an updated list of CRS reportable jurisdictions. Ghana, Jamaica, Maldives, and Saint Kitts and Nevis have been added to the list of reportable jurisdictions, while Costa Rica and Morocco have been removed from the list.

Samoa Jun 22, 2023

The Ministry of Customs and Revenue in Samoa publishes an updated list of CRS participating jurisdictions.

Qatar Jun 22, 2023

The Qatar Financial Centre (QFC) publishes several documents related to AEOI. Specific updates include: (1) Availability of the TABADOL portal to receive FATCA and CRS reports for TY 2022; (2) Reminder that the deadline to submit the FATCA and CRS reports for TY 2022 is July 31, 2023; (3) Information that the FIs must register on TABADOL portal within a maximum of 30 days from this GTA notice dated June 15, 2023; (4) Provision of an appendix that specifies the types of financial institutions that are required to register and provide information for TY 2022; and (5) Addition of the recently published US IRS TIN notice, which provides newly updated codes for TIN reporting with respect to calendar years 2023 and 2024, to be eligible for relief in cases where US TINs have not been obtained for pre-existing accounts that are US reportable accounts. Additionally, it also publishes an updated list of CRS participating and reportable jurisdictions. 11 jurisdictions have been added to the participating list, and 14 jurisdictions have been identified as reportable jurisdictions.

United States Jun 22, 2023

The United States Senate makes publicly available the text of the resolution of ratification on the Convention between the Government of the USA and the Government of the Republic of Chile for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income and Capital. On entering into force, the treaty would enable bilateral advance pricing agreements (APAs) and mutual agreement procedures (MAP) cases between the United States and Chile. Additionally, the proposed treaty provides for the full exchange of information between the competent authorities to facilitate the administration of each country’s tax laws, following the generic U.S. Model Income Tax Convention and the OECD standards for exchange of information. It further enables the USA to obtain information (inclusive of financial institutions) from Chile, irrespective of Chile’s need for this information for its own tax purposes.

Kuwait Jun 21, 2023

The Ministry of Finance in Kuwait publishes an updated list of TY22 CRS reportable jurisdictions. Albania, Ecuador, Ghana, Kazakhstan, Nigeria, and St. Kitts & Nevis have been identified as reportable, while Costa Rica and Turkey have been removed from the list.

Cyprus Jun 21, 2023

The Cyprus Tax Department publishes an updated FATCA and CRS registration and data submission user guide (v2.0) with minor technical updates.

Finland Jun 21, 2023

The Finnish Tax Administration publishes a newsletter informing RFIs of the updated guidelines on the application of the FATCA agreement on the exchange of tax information between Finland and the United States. Several technical updates have been made to the guidelines, including the removal of a number of transition rules that are no longer applicable. It also includes new examples and texts for better explanation.

Belgium Jun 21, 2023

The Ministry of Finance in Belgium publishes an update informing RFIs of Federal Public Service (FPS) Finance’s decision to appeal and submit a request for suspension of the implementation of Belgian accidental Americans in application of the FATCA agreement and the law of December 16, 2015 (decision 61/2023).

Austria Jun 21, 2023

The Federal Ministry of Finance in Austria publishes an updated list of TY2022 CRS reportable and participating jurisdictions. Ghana, Jamaica, and Maldives have been identified as new reportable jurisdictions, while Costa Rica has been removed from the list. Georgia, Montenegro, Thailand, and Ukraine have been added to the list of participating jurisdictions.

Panama Jun 20, 2023

The Ministry of Economy and Finance of Panama makes publicly available Gazette No. 201-4523, which includes an updated list of CRS participating jurisdictions. 30 jurisdictions have been removed from the list.

Jersey Jun 20, 2023

The International Taxation Department of the Government of Jersey releases a communication informing RFIs that the AEOI Portal may experience short breaks in service on July 1, 2023. It also informs users that the portal has planned maintenance and will be unavailable on July 5, 2023.

Qatar Jun 20, 2023

The General Tax Authority of Qatar makes publicly available amendments on penalties for violating the obligations of implementing the CRS. The amendments include a comprehensive list of applicable CRS penalties in cases of non-compliance. In includes: (1) failure to submit CRS reports by the due date, a sanction of 500 Qatari Riyals for each day of delay, with a maximum of 180,000 Qatari Riyals; (2) submission of incomplete or incorrect reports, a financial sanction of 500 Qatari Riyals for each incomplete or incorrect information; (3) failure to take adequate measures to obtain a self-certification or required account holder information or implement due diligence, a financial sanction of 20,000 Qatari Riyals would be applicable; (4) for failure to maintain the required information and documentation, including records and evidence (inclusive of within 15 days from the date of request), a financial sanction of 20,000 Qatari Riyals is applicable to each FI, person or intermediary; (5) for adopting practices involving circumvention of due diligence and reporting procedures - a financial sanction of 20,000 Qatari Riyals is applicable to each FI, person or intermediary; (6) for account holders or representatives who refrain from providing a valid self-certification after request from the RFI – a sanction of 20,000 Qatari Riyals; and (7) for account holders or representatives who sign or confirm a false self-certification – a sanction of 5000 Qatari Riyals.

IRS Jun 20, 2023

The IRS will be hosting in-person presentations in Canada and United Kingdom on the new QI agreement and on completing Forms 1042 and 1042-S. The presentations will include two separate sessions repeated over three days. Sessions will cover topics such as the basics of the new QI Agreement, QI compliance, and the QI Certification/Periodic Review process, along with the completion of Forms 1042 and 1042-S. It also informs taxpayers that there is no cost to attend, but attendance is limited, so taxpayers are advised to reserve seats in advance.

Australia Jun 19, 2023

The Australian Taxation Office (ATO) publishes a FATCA Stakeholder update, informing RFIs that the FATCA validation rules have been modified with respect to the newly updated TIN codes for the 2022, 2023, and 2024 reporting years as per the recently published US IRS Issue Number 2023-11. It further informs us that these TIN codes are required to qualify for concessional relief.

Malaysia Jun 19, 2023

The Inland Revenue Board of Malaysia (IRBM) publishes an update informing RFIs that the deadline for submitting the first FATCA report that would include 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021, and 2022 reportable information, including Nil returns, has been extended from June 30, 2023, to July 31, 2023.

Ukraine Jun 19, 2023

The Ministry of Finance in Ukraine publishes an announcement informing RFIs of the active preparation and discussion with businesses for the effective implementation of CRS that will be in force beginning July 1, 2023. The discussion focuses on the practical aspects of the application of the Common Reporting Standard (CRS) by credit unions, depository institutions, investment firms, and other financial institutions. The main emphasis is placed on recommendations for reportable FIs, which, from July 1, 2023, are required to take due diligence measures to identify accountable accounts, as well as on issues of compliance and the interaction of financial agents with regulatory bodies. It also reminds RFIs of the upcoming workshop being held on June 20, 2023, and June 21, 2023, at which international experts of the OECD Global Forum will highlight important and topical issues of the application of the CRS by financial institutions. Additionally, webinar participants received information about the algorithm for determining the organization's accountability for CRS purposes.

Slovak Republic Jun 19, 2023

The Financial Directorate of the Slovak Republic publishes updated CRS FAQs. FAQ 14 has been modified to inform that if the RFIs does not have a TIN even after making reasonable efforts to obtain the missing TIN, "NoTIN" or "Unknown" must be mentioned in the TIN element, and the correct date must be provided in the Birth date element.

Mauritius Jun 19, 2023

The Mauritius Revenue Authority (MRA) publishes an updated list of TY2022 CRS participating jurisdictions. Maldives, New Caledonia, and Peru have been identified as participating jurisdictions, while Ecuador, Kazakhstan, Liberia, Morocco, Nigeria, and Niue have been removed from the list. It also publishes an update on CRS that if the RFI maintains a financial account for an investment entity specified in Paragraph A, 6(b) of Section VIII of the Common Reporting Standard that is located in a jurisdiction not present on the list of participating jurisdictions, it should "look-through" that entity and report information based on its controlling persons. This specific rule is contained in the AEOI Standard, as these entities are RFIs for the purposes of the AEOI Standard and are therefore not ordinarily reportable persons, nor are the individuals that control them reportable persons.

OECD Jun 19, 2023

The OECD publishes information on Tax Identification Numbers for Latvia. Additionally, links have been updated for: (1) Domestic Reporting format for South Korea; and (2) a list of low-risk non-reporting FIs and excluded accounts for Hong Kong.

Qatar Jun 19, 2023

The Qatar Financial Centre sends out communication to the RFIs informing them of the availability of the TABADOL reporting portal for FATCA and CRS report submissions. The deadline to submit FATCA and CRS reports for TY 2022 is July 31, 2023. It also informs that all custodians, brokers, and investment managers operating under QFMA and all insurance and investment companies are required to register on TABADOL within a maximum of 30 days from the date of notice, i.e., June 15, 2023. It also provides a list of compulsory practices while reporting financial information to the tax authority that includes: (1) If the reportable account holder is an individual, the TIN to be reported will be the TIN assigned by the country of residence of the reportable person and not the Qatari TIN. If the reportable person has more than one country of residence, the TIN to be reported is the TIN in each reporting jurisdiction; (2) In cases where there is no TIN, the reporting financial institution must report the number that is functionally equivalent to the TIN; and (3) Any of the following Qatari numbers shall be considered incorrect information and not an equivalent to a TIN: (a) passport number; (b) the QID; (c) the resident registration number; and (d) The registration number of the business activities/company (the commercial register number). In case any of these numbers were reported as functionally equivalent to the TIN, the General Tax Authority of Qatar (GTA) will implement GTA Chairman’s Decision no. (8) of 2020 on penalties for non-compliance with the CRS implementation, which includes a list of penalties. Further, it reminds RFIs to include the newly updated codes in the FATCA reports as per the recently published US IRS Issue Number 2023-11, which provides for TIN reporting with respect to calendar years 2022, 2023, and 2024, to be eligible for relief in cases where US TINs have not been obtained for pre-existing accounts that are US reportable accounts.

Nigeria Jun 19, 2023

The Federal Inland Revenue Service (FIRS) of Nigeria releases the updated TY2022 CRS list of participating jurisdictions.

Uganda Jun 19, 2023

The Uganda Revenue Authority (URA) publishes a booklet on Tax Amendments 2023–24. The booklet describes key provisions of the Convention on Mutual Administrative Assistance in Tax Matters and the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information (CRS) Bill. The Bill proposes to establish due diligence procedures for RFIs beginning January 1, 2024. Additionally, the bill also proposes the deadline for reporting RFIs as May 31 of every year. The Bill is anticipated to be passed by Parliament as an Act shortly and come into force on July 1, 2023.

Australia Jun 16, 2023

'The Australian Taxation Office (ATO) publishes CRS stakeholder update #25 to provide RFIs with the best practices for the 2022 reporting period. Specific reminders include: (1) analyze the data to ensure that the information reported is accurate; (2) check for any outstanding information; (3) review any CRS remediation plans to confirm the current implementation status; and (4) submit a voluntary disclosure to CRS@ato.gov.au if there are any issues with the information that is collected or reported.

United States Jun 16, 2023

NEW - Jurisdictional Debrief Now Available (Week Ending June 16, 2023)

Ukraine Jun 15, 2023

The Ministry of Finance in Ukraine publishes an announcement informing RFIs of the workshop on the application of the CRS being held on June 20, 2023, and June 21, 2023. The purpose of this event is to familiarize businesses with the key aspects of CRS applications. It also includes a list of items that are to be discussed during the event. Further, it provides RFIs with the link for registration along with the link to the event.

Switzerland Jun 15, 2023

The Federal Tax Administration (FTA) of Switzerland updates instructions on how to create a personal user account on AEOI – online services website. It also publishes a notification on the issuance of its final decisions for the banking relationship concerned by FATCA group requests as of June 13, 2023, in accordance with Article 12 paragraph 1 of the FATCA Act.

China Jun 13, 2023

The State Administration of Taxation in China publishes a communication informing that the Multilateral Tax Data Service Platform technical support service can now be contacted via telephone at contact number – 15810378562.

Belgium Jun 13, 2023

The Belgian Tax Authority publishes a communication informing RFIs that the publication in the Belgian Official Gazette of the Royal Decree amending the Royal Decree of June 14, 2017, establishing the list of reportable and participating jurisdictions has been delayed. RFIs must therefore submit information based on the lists included in the Royal Decree of June 2, 2020. It also informs RFIs of the availability of the MyMinfin CRS portal for testing and submission of CRS reports. Additionally, RFIs must automatically provide information to the Belgian competent authority about each reportable account with that institution, as specified in Article 5, Sections 1 and 2, of the Law of December 16, 2015. As a reminder, FIs subject to reporting that do not have reportable accounts must submit a 'nil' statement to FPS Finance by entering the MyMinfin portal and clicking on the appropriate box.

Italy Jun 13, 2023

The Ministry of Economy and Finance in Italy releases updated FATCA technical guidance, to include the recently published US IRS Issue Number 2023-11, which provides newly updated codes for TIN reporting with respect to calendar years 2023 and 2024, to be eligible for relief in cases where US TINs have not been obtained for pre-existing accounts that are US reportable accounts. It also publishes updated CRS technical guidance (v2.1), which includes instructions on how to prepare the CRS returns.

Aruba Jun 12, 2023

The Tax Department of Aruba publishes an updated list of TY2022 CRS participating jurisdictions.

Luxembourg Jun 12, 2023

The Grand Duchy of Luxembourg publishes a newsletter under the law implementing EU Directive 2021/514 amending Directive 2011/16/EU (DAC7) explaining registration, notification, and declaration requirements for platform operators. Specific updates include: (1) Reporting platform operators and excluded platform operators must register through the MyGuichet website by December 31, 2023; (2) Platform operators must declare, by means of electronic filing on the MyGuichet website, covered activities within the framework of the DAC7 law by January 31, 2024; and (3) Platform operators must submit their required information on reportable seller income for the previous year by January 31 of the year following the calendar year during which the seller is identified as a reportable seller.

Taiwan Jun 12, 2023

The Ministry of Finance in Taiwan releases important or common deficiencies in the implementation of CRS for self-examination by RFIs.

Macau Jun 9, 2023

The Financial Services Bureau of Macau publishes measures on improving the quality of reporting financial account information.

Guernsey Jun 9, 2023

The Revenue Service of the States of Guernsey issues a communication reminding all RFIs that the TY2022 FATCA and CRS reporting deadline is June 30, 2023.

Luxembourg Jun 9, 2023

The Tax Administration (ACD) of Luxembourg publishes a newsletter to include the recently published US IRS Issue Number 2023-11, which provides newly updated codes for TIN reporting with respect to calendar years 2023 and 2024, to be eligible for relief in cases where US TINs have not been obtained for pre-existing accounts that are US reportable accounts.

United Arab Emirates Jun 9, 2023

The Abu Dhabi Global Market (ADGM) in the UAE publishes a notice informing RFIs of the availability of the new FATCA/CRS reporting portal. The notice further informs RFIs that the portal is currently open for registration only and will not accept reports. All UAE RFIs are therefore advised to perform new registrations in this system using UAE Pass. Further details can be found on the UAE Ministry of Finance AEOI webpage.

OECD Jun 8, 2023

The OECD publishes the Crypto-Asset Reporting Framework (CARF), which includes 2023 updates to the Common Reporting Standard (CRS) for the automatic exchange of information between countries with respect to crypto-assets. The publication has been amended to bring certain electronic money products and central bank digital currencies into scope. Changes have also been made to ensure that indirect investments in cryptoassets through derivatives and investment vehicles are now covered by the CRS.

Saint Vincent and the Grenadines Jun 8, 2023

The Inland Revenue Department of St. Vincent and the Grenadines publishes a notice informing RFIs of the availability of the AEOI portal from June 12, 2023, to July 31, 2023, for receiving TY2022 FATCA and CRS submissions. It also provides RFIs with links for CRS and FATCA XML format guidance issued by the OECD and IRS respectively. Additionally, it also contains documents for further guidance that include: (1) Reportable Jurisdictions List for 2022; (2) SVG IRD CRS Guidance; and (3) IRD AEOI Portal Registration and Submission Guide. No changes have been made to any of these documents, including the reportable jurisdictions list.

Switzerland Jun 7, 2023

The Federal Tax Administration (FTA) of Switzerland publishes a notification on the issuance of its final decisions for the banking relationship concerned by FATCA group requests as of June 7, 2023, in accordance with Article 5 paragraph 3 of the FATCA Agreement.

South Africa Jun 6, 2023

The South African Revenue Service (SARS) publishes an update stating that the SARS AEOI Third Party Data Annual Submissions process for the 2022 reporting period has now closed (May 31, 2022). As of June 1, SARS has received 99% of the expected submissions. For RFIs that have not yet been submitted, the submissions are late and should be submitted without any further delay, as RFIs may be liable for penalties.

Saint Kitts and Nevis Jun 6, 2023

The Inland Revenue Department (IRD) of St. Kitts and Nevis publishes a note informing RFIs of the extension of the TY2022 FATCA and CRS reporting deadlines to August 29, 2023.

IRS Jun 5, 2023

The IRS publishes a communication informing taxpayers that the FATCA International Data Exchange Service (IDES) will be open for testing from June 5, 2023, to June 30, 2023. User participation in IDES open testing is voluntary.

OECD Jun 5, 2023

The OECD publishes information on Tax Identification Numbers and Tax Residency rules for Spain, Mexico, Poland, South Korea, and Seychelles. Additionally, various links have been updated for: (1) Primary legislation for Spain, Mexico, and Costa Rica; (2) Secondary Legislation for Spain, Mexico, Costa Rica, and Seychelles; (3) CRS guidance for Mexico and South Korea; (4) Domestic Reporting format for Spain, Mexico, and South Korea; and (5) A list of low-risk non-reporting FIs and excluded accounts for Mexico.

Croatia Jun 5, 2023

The Tax Administration of Croatia makes publicly available a draft proposal for amending the law on Administrative Cooperation in the tax area. The proposal includes measures to: (1) expand the scope of the AEOI; (2) align Croatia’s VAT laws with the EU regulations; (3) introduce new reporting obligations for intermediaries and specify reportable information; and (4) describe fines applicable to entities for failure to comply with the obligations. The proposal is open for public comment until June 16, 2023.

United States Jun 2, 2023

NEW - Jurisdictional Debrief Now Available (Week Ending June 2, 2023)

IRS Jun 1, 2023

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool with the FIs that are in approved status as of May 24, 2023.

OECD Jun 1, 2023

The OECD publishes information on Tax Identification Numbers and Tax Residency rules for Cook Islands, Belize, Sweden, Denmark, Maldives, Nauru, Bahrain, Macau, and Hong Kong. It also publishes Tax Residency rules for Peru. Additionally, various links have been updated for: (1) Primary and Secondary legislation for Hong Kong, Peru, Maldives, Bahrain, and Macau; (2) CRS guidance for Maldives and Macau; (3) Domestic Reporting format for Macau and Hong Kong; and (4) A list of low-risk non-reporting FIs and excluded accounts for Macau and Hong Kong.

British Virgin Islands Jun 1, 2023

The International Tax Authority (ITA) of the BVI publishes a notice informing users that penalties will not be issued for late filings if they face technical difficulties while attempting to file using BVIFARS. The Tax Authority is working to resolve this issue and hopes that the portal will be fully functional by next week.

Liechtenstein Jun 1, 2023

The Tax Administration (STV) of the Principality of Liechtenstein publishes Newsletter 02/2023 and updates its FATCA technical guidance to include the recently published US IRS Issue Number 2023-11, which provides newly updated codes for TIN reporting with respect to calendar years 2023 and 2024, to be eligible for relief in cases where US TINs have not been obtained for pre-existing accounts that are US reportable accounts.

Switzerland May 31, 2023

The Federal Tax Administration (FTA) of Switzerland publishes a notification on the issuance of its final decisions for the banking relationship concerned by FATCA group requests as of May 31, 2023, in accordance with Article 5 paragraph 3 of the FATCA Agreement.

Belgium May 31, 2023

The Ministry of Finance in Belgium publishes an updated list of TY2022 CRS reportable and participating jurisdictions. Jamaica and Thailand have been identified as reportable and participating jurisdictions, while Trinidad and Tobago have been removed from the list of participating jurisdictions.

Kuwait May 29, 2023

The Ministry of Finance in Kuwait publishes an update announcing the extension of the CRS reporting deadline to June 25, 2023.

Dominican Republic May 29, 2023

The General Directorate of Internal Taxes (DGII) makes publicly available a notice (No. 06-23) to include the recently published US IRS Issue Number 2023-11, which provides newly updated codes for TIN reporting with respect to calendar years 2023 and 2024, to be eligible for relief in cases where US TINs have not been obtained for pre-existing accounts that are US reportable accounts.

India May 28, 2023

The Income Tax Department of India makes publicly available a circular to include the recently published US IRS Issue Number 2023-11, which provides newly updated codes for TIN reporting with respect to calendar years 2023 and 2024, to be eligible for relief in cases where US TINs have not been obtained for pre-existing accounts that are US reportable accounts.

Saint Kitts and Nevis May 28, 2023

The Inland Revenue Department (IRD) of Saint Kitts and Nevis makes publicly available an AEOI Deregistration Form. The form must be used by a Principal Point of Contact (PPoC) or Authorized Representative to inform the Competent Authority (CA) that an FI no longer has a FATCA and CRS reporting obligation and to submit a request for an FI to be deregistered from the AEOI Portal.

British Virgin Islands May 26, 2023

The International Tax Authority (ITA) of the BVI releases an update to remind the RFIs regarding the recently published US IRS Issue Number 2023-11, which provides newly updated codes for TIN reporting with respect to calendar years 2023 and 2024, to be eligible for relief in cases where US TINs have not been obtained for pre-existing accounts that are US reportable accounts. It also reminds the RFIs that the TY2022 FATCA reporting deadline is May 31, 2023.

United Arab Emirates May 25, 2023

The Ministry of Finance of the United Arab Emirates (UAE) publishes an updated FATCA and CRS system Registration and Data Submission user guide along with the Registration and Data Submission FAQs. Further, it also releases FATCA and CRS webcast recordings.

OECD May 25, 2023

The OECD publishes information on Tax Identification Numbers (TINs) for Slovak Republic, Slovenia, Germany, Isle of Man, and Guernsey. It also publishes information on Tax Residency rules for Canada, Slovak Republic, Slovenia, Germany, and Isle of Man. Additionally, various links have been updated for: (1) Primary legislation for Slovenia and Isle of Man; (2) Secondary legislation for Slovenia and Czech Republic; (3) CRS guidance for Slovenia and Germany; (4) Domestic Reporting format for Germany; and (5) List of low-risk non-reporting FIs and excluded accounts for Czech Republic.

IRS May 25, 2023

The IRS updates the US Tax Treaty table that lists the withholding rates on interests, dividends, royalties, and other income that is not effectively connected with the conduct of a U.S. trade or business. As per the updated table, the withholding rates have been updated for Spain for income types - (1) interest paid by U.S. obligors – general; (2) dividends qualifying for direct dividend rate; and (3) royalties.

British Virgin Islands May 24, 2023

The International Tax Authority (ITA) of the BVI publishes an update on the annual fee payment process. All RFIs should continue to disregard the automatic notification of the annual BVIFARs Portal fee implementation. As a reminder, all relevant entities with reporting obligations must enroll in the BVIFARs portal to comply with their respective FATCA, CRS, and CbCr obligations. If further informs that details of the fee payment process and options available for making payments will be provided when this functionality is activated on the portal in 2023.

Saint Lucia May 23, 2023

The Inland Revenue Department of Saint Lucia publishes updated FATCA Guidelines and Procedures (Version 9.0) and also updates its FATCA webpage to include the recently published US IRS Issue Number 2023-11, which provides newly updated codes for TIN reporting with respect to calendar years 2023 and 2024, to be eligible for the relief in cases where US TINs have not been obtained for pre-existing accounts that are US reportable accounts.

Jersey May 22, 2023

The International Taxation Department of the Government of Jersey releases a communication reminding RFIs that the 2022 FATCA and CRS reporting deadline is June 30, 2023. RFIs are advised to file as early as possible to ensure that the AEOI team can assist with any validation or filing issues in good time.

Bulgaria May 22, 2023

The National Revenue Agency of Bulgaria (NRA) releases an updated list of TY22 CRS reportable jurisdictions. Ghana, Jamaica, Kazakhstan, Maldives, and Saint Kitts & Nevis have been identified as reportable jurisdictions, while Costa Rica has been removed from the list.

Ukraine May 22, 2023

'The Ministry of Finance in Ukraine publishes an update reminding RFIs that the amendments to the Tax Code of Ukraine on the implementation of CRS, will be in force beginning July 1, 2023. For the first reporting period due in 2024, RFIs are required to submit CRS reports for the second half of 2023, which will be considered the first reporting period. For subsequent years reporting, the previous calendar year will be considered the reporting period, for which the due date will be July 1 of every year. It also publishes additional documents to facilitate CRS reporting for RFIs. Lastly, for any further support required for CRS reporting, the email ID crs.info@tax.gov.ua can be contacted.

United States May 19, 2023

NEW - Jurisdictional Debrief Now Available (Week Ending May 19, 2023)

Luxembourg May 19, 2023

The Grand Duchy of Luxembourg publishes an update on the implementation of Council Directive (EU) 2021/514 (DAC7) for administrative cooperation in the field of taxation and for the mandatory automatic exchange of financial account information for digital platform operators (DAC7).

Spain May 18, 2023

The Spanish Lower House of Parliament releases a bill implementing European Directive 2021/514 (DAC7) that introduces new reporting requirements for digital platform operators effective January 1, 2023, that has been approved by the Lower House of the Spanish Parliament by May 18, 2023. The Spanish Parliament has approved the modifications to the General Tax Law regarding administrative cooperation in the field of taxation and other tax regulations that also include modifications to FATCA, Common Reporting Standard (CRS), and DAC6 reporting obligations.

Kuwait May 17, 2023

The Ministry of Finance in Kuwait publishes an updated list of TY22 CRS reportable jurisdictions. Jamaica, Maldives, Turkey, and Peru have been identified as reportable jurisdictions, while Albania, Ecuador, and Nigeria have been removed from the list.

Uruguay May 17, 2023

The Director of General Taxes (DGI) of Uruguay releases a new public key for the production environment for AEOI reporting.

OECD May 17, 2023

The OECD publishes information on Tax Identification Numbers (TINs) and Tax Residency rules for Liechtenstein. Additionally, various links have been updated for: (1) Primary legislation for Colombia; (2) Secondary legislation for Colombia and Liechtenstein; (3) CRS guidance for Colombia; (4) Domestic Reporting format for Colombia; and (5) List of low-risk non-reporting FIs and excluded accounts for Colombia and Liechtenstein.

EU May 16, 2023

The European Commission publishes an update welcoming the general approach reached by the EU Finance Ministers on new tax transparency rules for all service providers facilitating transactions in crypto-assets for EU resident customers. The new rules are in line with the Markets in Crypto-Assets (MiCA) Regulation and the Transfer in Funds Regulation (TFR) and are consistent with the OECD initiative on the Crypto-Asset Reporting Framework (CARF). The Directive intends to improve the Member States' ability to detect and counter tax fraud, tax evasion, and tax avoidance by requiring all crypto-asset providers based in the EU to report transactions of EU resident clients. This Directive also extends the scope of reporting to include the reporting obligations of financial institutions regarding e-money and central bank digital currencies, as well as the AEOI on advance cross-border rulings used by natural persons. Final adoption of the new rules will be applicable when the consultative opinion of the European Parliament becomes available. The new reporting requirements on crypto-assets, e-money, and central bank digital currencies will enter into force tentatively on January 1, 2026.

Thailand May 16, 2023

The Revenue Department of Thailand announces that the US IRS will open the IDES system to allow Thai financial institutions to receive and send simulation data to the IRS from June 5, 2023 - June 30, 2023. The FIs that have not yet registered in the IDES system, can register to participate in the simulation by June 1, 2023. Also, if the FI has already registered in the IDES system, no new registration is required, but the FI must change the password before June 1, 2023, to ensure that the password does not expire during the test.

OECD May 16, 2023

The OECD releases an updated list of CRS signatories with the addition of Rwanda, taking the tally of CRS MCAA signatories to 120, with the intended first exchange expected to be in September 2025.

Kuwait May 15, 2023

The Ministry of Finance in Kuwait publishes an update informing RFIs that the MOF AEOI Portal will be unavailable due to maintenance until further notice.

OECD May 15, 2023

Sierra Leone joins the Global Forum, thus becoming the 168th member of the Global Forum on Transparency and Exchange of Information for Tax Purposes. Sierra Leone, like all other members of the Global Forum, has committed to combating tax evasion through the implementation of the internationally agreed standards of transparency and exchange of information for tax purposes, including the exchange of information on request (EOIR) and automatic exchange of information (AEOI).

Belgium May 15, 2023

The Belgian Tax Authority publishes a communication informing RFIs that the IRS requests for the correction of FATCA files have been sent to FIs with a deadline of a month and three working days to improve and submit corrected files. The correction requests are with respect to income years 2020 and 2021. The FIs that have not received communication can also submit spontaneous corrections and/or spontaneous cancellations for the FATCA files.

OECD May 15, 2023

The OECD publishes an updated list of the AEOI status of commitments as of May 15, 2023. Sierra Leone has been added to the list of developing countries that are not asked to commit to AEOI and have not set a date for their first exchanges.

Germany May 13, 2023

The Federal Tax Office of Germany (BZSt) publishes an updated FATCA technical communication manual Part 2 (v2.7) for data transmission via the BZSt Online Portal (BOP) for individual data reporters using the FATCA form and an updated FATCA technical communication manual Part 3 (v2.11) for data transmission via the bulk data interface ELMA for bulk data reporting according to XML schema 2.0. Both the guidances are updated to include the recently published US IRS Issue Number 2023-11, which provides newly updated codes for TIN reporting with respect to calendar years 2023 and 2024.

IRS May 12, 2023

The IRS publishes Issue Number 2023-06 as a final reminder informing taxpayers that the IRS will no longer support the use of existing IRS accounts to access the Qualified Intermediary, Withholding Foreign Partnership, Withholding Foreign Trust Application, and Account Management System (QAAMS), beginning May 17, 2023.

OECD May 12, 2023

The OECD publishes information on Tax Identification Numbers (TINs) and Tax Residency rules for New Zealand, Turkey, Portugal, Samoa, and Norway. Additionally, various links have been updated for: (1) Primary legislation for Samoa and Sweden; (2) Secondary legislation for Sweden; (3) CRS guidance for Portugal and Samoa; (4) Domestic Reporting format for Portugal and Singapore; and (5) List of low-risk non-reporting FIs and excluded accounts for New Zealand, Sweden, and Cyprus.

British Virgin Islands May 12, 2023

The International Tax Authority (ITA) of the BVI releases an update to include the recently published US IRS Issue Number 2023-11, which provides newly updated codes for TIN reporting with respect to calendar years 2023 and 2024, to be eligible for relief in cases where US TINs have not been obtained for pre-existing accounts that are US reportable accounts. It also reminds the RFIs that the TY2022 FATCA reporting deadline is May 31, 2023.

Italy May 12, 2023

The Ministry of Economy and Finance in Italy publishes a decree amending the list of CRS reportable and participating jurisdictions. Ghana, Jamaica, Kazakhstan, and Maldives have been identified as reportable jurisdictions, while Costa Rica, Kenya, and St. Kitts and Nevis have been removed from the list. Maldives has also been identified as a participating jurisdiction, while Kenya, Liberia, Morocco, Moldova, and Uganda have been removed from the list.

Slovak Republic May 11, 2023

The Financial Directorate of the Slovak Republic publishes an updated list of CRS participating jurisdictions. Bonaire, Sint Eustatius and Saba has been identified as participating jurisdiction, while 11 jurisdictions have been removed from the list.

Australia May 10, 2023

The Australian Taxation Office (ATO) publishes CRS stakeholder update #24 to provide RFIs with the best practices for the 2022 reporting period. Specific reminders include: (1) 2022 CRS reports are due by July 31, 2023. It is recommended to lodge a nil report in case there is no CRS data to report; (2) Applications for extension of time will only be granted in exceptional circumstances; (3) To ensure using the exact same legal name and client identifier (ABN, TFN, or GIIN) every year when lodging CRS reports; (4) Ensure to input a relevant contact name, email address, and phone number for the CRS responsible person in the contact field of the report so that ATO can contact them in case of any issue; and (5) A correction guide is provided in case there is the need to correct or amend information within the report after the lodgment.

Guernsey May 10, 2023

The Revenue Service of the States of Guernsey issues Bulletin 2023/4, reminding all RFIs that the TY2022 FATCA and CRS reporting deadline is June 30, 2023. It also reminds RFIs to obtain GIINs in advance of the FATCA reporting deadline in order to provide sufficient time to receive an approved status for newly registered FIs and GIINs.

Saint Vincent and the Grenadines May 9, 2023

The Inland Revenue Department of St. Vincent and the Grenadines updates its AEOI portal to reflect the deadline for TY2022 FATCA and CRS reporting as May 31, 2023.

IRS May 9, 2023

The IRS publishes Issue Number 2023-01, informing taxpayers that the FATCA International Data Exchange Service (IDES) will be open for testing from June 5, 2023, to June 30, 2023. The test session will be open to users who have completed IDES enrollment by June 1, 2023. It also informs us that all eligible testers will receive an email with specific instructions to connect to the test site on or before June 5, 2023. Additionally, the test environment only supports the FATCA XML Schema v2.0, Notification XML Schema v2.5, and test data document types such as FATCA11 and FATCA12.

Switzerland May 9, 2023

The Federal Tax Administration (FTA) of Switzerland publishes a notification on the issuance of its final decisions for the banking relationship concerned by FATCA group requests as of May 9, 2023, in accordance with Article 5 paragraph 3 of the FATCA Agreement.

India May 9, 2023

The Income Tax Department of India publishes several updated documents related to AEOI reporting: (1) Report Generation and Validation Utility User Guide for Form 61B (v3.3); (2) Reporting Portal FAQs (v5.4); (3) Reporting Portal User Guide (v4.2); (4) Report Generation and Validation Utility Form 61B Schema Guide (v1.2); and (5) Addendum to SFT-016. It also publishes an updated version of the Form 61B Schema (v1.2) and the Report Generation and Validation Utility Form 61B (v3.0).

Sweden May 9, 2023

The Swedish Tax Agency publishes an update on DAC7 reporting. If the platform operator withholds or collects a fee, commission, or tax that is calculated based on the size of the compensation, this is also, according to the Swedish Tax Agency, a situation where the platform operator can be considered to have knowledge of the size of the amount. In the Swedish Tax Agency's opinion, it is not required that the platform operator have knowledge of the exact final amount that has been paid from the buyer to the seller. It is sufficient that the platform operator, based on the information available, knows that the transaction has taken place and can reasonably assume that the compensation amounts to a certain amount. Here, an overall assessment of the circumstances of the individual case must be made.

Mexico May 8, 2023

The Mexico Tax Administration (SAT) releases various documents related to FATCA and CRS reporting. It includes: (1) an updated list of CRS participating jurisdictions, where Kazakhstan, Liberia, and Niue have been removed from the list; (2) an updated FATCA/CRS activities calendar for TY2022 reporting; (3) technical specifications for FATCA/CRS as per the updates discussed in the AEOI information exchange meeting; and (4) Annex 25-Bis of the Miscellaneous Tax Resolution for TY2022.

South Africa May 8, 2023

The South African Revenue Service (SARS) publishes an announcement reminding the RFIs that the Third-Party Data Annual Submission Process, inclusive of FATCA and CRS for the period March 1, 2022, to February 28, 2023, opened on April 1, 2023, and will close on May 31, 2023. RFIs are encouraged to make submissions ahead of the due date to avoid last-minute challenges and potential delays.

Sint Maarten May 8, 2023

The Ministry of Finance in Sint Maarten releases an updated CRS reportable jurisdictions list for TY2022. It also releases a communication informing RFIs that Dominica, Jamaica, Kazakhstan, and Maldives, which were earlier added as TY2022 CRS reportable jurisdictions, are now removed from the list. In lieu of the aforesaid development, RFIs that have not yet submitted TY2022 CRS reports are not expected to submit data for these four jurisdictions but are advised to submit CRS reports relating to other reportable jurisdictions before May 31, 2023. RFIs that have already submitted TY2022 CRS reports are not expected to re-submit the CRS reports.

Slovenia May 8, 2023

The Financial Administration of the Republic of Slovenia (FURS) releases notices regarding the exchange of information under FATCA and CRS for the reporting year 2022. The notice reminds RFIs that the deadline for FATCA and CRS reporting is May 31, 2023, and it also includes instructions for RFIs to initiate an exchange of FATCA and CRS messages with the FURS. The notice also includes links to technical documents containing more detailed information on the implementation of the procedures for due diligence and reporting of financial accounts. Additionally, it also publishes a notice regarding the submission of FATCA and CRS financial account reports for the RFIs reporting financial account information via the new production communication channel ZBS_B2B.

Ecuador May 6, 2023

The Internal Revenue Service of Ecuador publishes an updated training information document as per the latest CRS regulations. It provides guidance to the RFIs in completing their CRS returns for TY2022 reporting.

United States May 5, 2023

NEW - Jurisdictional Debrief Now Available (Week Ending May 5, 2023)

China May 5, 2023

'The State Administration of Taxation in China publishes a Financial Institution CRS Annual Report template. It also informs RFIs that have received refunds of tax control equipment (golden tax disks, tax UKEYs, etc.) to complete the CRS submission as soon as possible before returning them, and it also informs them that the equipment registration will no longer be required in future years. Further, RFIs that need new equipment but cannot receive it are requested to send the company name, registered address, contact name, phone number, and competent tax authority to crsreportingsupport@chinatax.gov.cn. Additionally, to retrieve the user name and change the registered email address, RFIs are requested to call the user account hotline: 13071117516.

Sint Maarten May 4, 2023

The Ministry of Finance in Sint Maarten makes publicly available its recently published notice informing the RFIs that the TY2022 CRS reporting deadline is May 31, 2023, and that the MDES portal is now open for CRS reporting. Further, it informs the RFIs that they must submit a NIL report if they don’t have reporting obligations.

OECD May 4, 2023

The OECD publishes information on Tax Identification Numbers (TINs) and Tax Residency rules for Singapore. The links to the primary legislation, secondary legislation, and CRS guidance have also been updated.

Germany May 4, 2023

The Federal Tax Office of Germany (BZSt) publishes an update informing RFIs of the availability of the production environments for submitting TY2022 FATCA reports. The aforementioned availability applies to both options for submitting reports: via the mass data interface ELMA and via the BZSt online portal (BOP). It also reminds RFIs that the deadline for TY2022 FATCA reporting is July 31, 2023.

IRS May 3, 2023

The IRS publishes Issue Number 2023-05, informing taxpayers that the IRS will no longer support the use of existing IRS accounts to access the Qualified Intermediary Application and Account Management System (QAAMS). It also informs users that QAAMS now offers sign-in options with Login.gov (an account created, maintained, and secured by the U.S. government) and ID.me (an account created, maintained, and secured by a technology provider). Taxpayers are encouraged to create a Login.gov or ID.me account using the same first name, last name, and email account by May 17, 2023. Further, it clarifies that a taxpayer identification number (TIN) is not needed to access QAAMS.

South Korea May 3, 2023

The National Tax Service of South Korea publishes several technical documents related to CRS and FATCA reporting that include: (1) FATCA Direct Input Manual; (2) FATCA Excel Upload Manual; (3) FATCA XML Upload Manual; (4) CRS Direct Input Manual; (5) CRS Excel Upload Manual; (6) CRS XML Upload Manual; (7) 2023 Periodic Financial information reporting - ebook; (8) 2023 Periodic Financial information reporting guidebook (Detailed); and (9) 2023 Periodic Financial information reporting guidebook (short version).

Singapore May 2, 2023

The Inland Revenue Authority of Singapore (IRAS) releases a reminder on the availability of version (v2.0) of its FATCA Fillable PDF Form to include the TIN issued by under Section B. Reporting SGFIs that intend to file their FATCA return via the Fillable PDF Forms are strongly encouraged to use this updated version.

United Kingdom May 2, 2023

The United Kingdom’s HMRC publishes an updated list of CRS and reportable jurisdictions. Kenya, Moldova, and Uganda have been removed from the list of reportable jurisdictions. However, as this change is so close to the reporting date, i.e., May 31, 2023, HMRC requests RFIs to submit the reports even if they include financial accounts from the above listed jurisdictions to allow reporting on time. HMRC will remove any data in respect of such financial accounts prior to exchange with reportable jurisdictions. Further, it informs that Montenegro and Thailand have completed both ratification of the Convention on Mutual Administrative Assistance in Tax Matters (MAC) and the signing of the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information (MCAA).

Slovak Republic May 2, 2023

The Financial Directorate of the Slovak Republic publishes updated instructions for submitting the GIIN Assignment Notification (Cancelation) Form for FATCA reporting that provide further clarification on canceling GIIN assignment notification for SeGIINs (GIIN of the sponsored entity). It provides instructions on how to request the cancellation of SeGIIN registration on the PFS portal.

IRS May 1, 2023

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool with the FIs that are in approved status as of April 24, 2023.

Ukraine Apr 28, 2023

The Ministry of Finance in Ukraine publishes an update informing RFIs that the draft law of Ukraine "On Amendments to the Tax Code of Ukraine on the Implementation of the International Standard for the Automatic Exchange of Information on Financial Accounts" has entered into force. Beginning July 1, 2023, the draft law requires reportable FIs in Ukraine to apply due diligence measures to financial accounts to determine whether the accounts are subject to CRS reporting. If the account is reportable, the FI is obliged to include information about the account in the report on reportable accounts and submit this report to the State Tax Service of Ukraine. The new requirements for the verification of financial accounts and their reporting apply to four categories of organizations defined by Section VIII of the General CRS Reporting Standard: (i) Depository institutions (banks, credit unions, etc.); (ii) custodial institutions (depository institutions performing depository activities, nominal holders); (iii) investment companies (investment firms, joint investment institutes, asset management companies, etc.); and (iv) designated insurance companies (insurers, non-state pension funds). It also states that the CRS standard includes separate due diligence rules for accounts opened prior to and beginning on July 1, 2023. Therefore, according to the time of opening, financial accounts are divided into "new accounts" and "existing accounts". As per this, separate rules for proper verification of accounts, including reminders on the deadlines for completing the verification, are established.

British Virgin Islands Apr 28, 2023

The International Tax Authority (ITA) of the BVI releases an updated list of CRS reportable jurisdictions. Peru has been added to the list of reportable jurisdictions beginning with TY2022 reporting.

New Zealand Apr 27, 2023

The Inland Revenue Department (IRD) in New Zealand releases a communication to remind RFIs regarding the CRS reporting year-end checklist. The checklist will help RFIs identify deficiencies in the CRS reporting that they need to review.

United Kingdom Apr 27, 2023

The United Kingdom’s HMRC issues a reminder on AEOI reporting to its registered customers. The alert includes the following reminders: (1) The FATCA and CRS reporting deadline for TY2022 is May 31, 2023; (2) No penalties are applicable for late submissions where there is a reasonable explanation for delay; (3) Since undocumented accounts are often misrepresented, a link to the reporting guidance has been included along with the link to the schema guidance and supporting documents; (4) A reminder to ensure the inclusion of TINs for account holders where available and a reminder for reasonable efforts to be made to obtain the outstanding TINs where it has been included; and (5) For FATCA reporting, if US TINs are not available for pre-existing accounts, then a valid date of birth (DOB) must be provided. There are special codes that can be used in the TIN field where a US TIN is not held.

Singapore Apr 27, 2023

The Inland Revenue Authority of Singapore (IRAS) publishes an update reminding RFIs that the deadline for TY2022 FATCA and CRS filings is May 31, 2023. Reporting SGFIs are advised to submit their FATCA and CRS returns early to allow sufficient time to resolve any unexpected issues. Further, it informs us that enforcement actions will be taken against reporting SGFIs that do not submit their FATCA and CRS returns on time.

OECD Apr 27, 2023

The Global Forum on Transparency and Exchange of Information for Tax Purposes (the Global Forum) publishes its first edition of the “Tax Transparency in Asia 2023: Asia Initiative Progress Report.” The report reviews Asia’s journey from 2009 to 2022 and reflects the progress achieved in the past 14 years. It highlights how Asian member countries benefit from the Global Forum’s capacity-building programme to further implement the exchange of information and mobilize domestic revenues.

Denmark Apr 26, 2023

The Ministry of Taxation in Denmark publishes an updated list of CRS reportable and participating jurisdictions. Niue and Turks and Caicos have been removed from the list of reportable and participating jurisdictions.

Netherlands Apr 25, 2023

The Tax and Customs Administration of the Netherlands (TCA) publishes an update informing taxpayers that the reports based on version 1.5 of the DAC6 reporting specifications will no longer be accepted beginning July 1, 2023, and that only the reports that are based on version 2.0 or 2.1 should be processed.

Aruba Apr 24, 2023

The Tax Department of Aruba publishes an updated list of CRS reportable jurisdictions with the addition of Peru as a reportable jurisdiction, while Russia has been removed from the list.

Switzerland Apr 24, 2023

The Federal Tax Administration (FTA) of Switzerland updates its list of CRS reportable jurisdictions. Saint Kitts and Nevis has been reclassified as a reciprocal jurisdiction from its temporarily non-reciprocal status previously.

Barbados Apr 24, 2023

The Barbados Revenue Authority (BRA) publishes a notice informing RFIs of the availability of the AEOI Portal for TY2022 FATCA and CRS submissions from May 1, 2023, until July 31, 2023. It also reminds RFIs of applicable penalties in the case of failure to submit the reports.

United Arab Emirates Apr 24, 2023

The Abu Dhabi Global Market (ADGM) in the UAE publishes an announcement informing RFIs of the availability of the new platform that must be used for 2022 FATCA and CRS reporting. It also informs RFIs that the current portal will no longer facilitate the submission of FATCA and CRS reports. Additionally, RFIs are invited to attend two training webcast sessions for the new portal. The calendar invites and the links to the user manuals and the training videos will be shared shortly. RFIs are advised to review the manual and training videos prior to attending the training webcasts for effective utilization of the session.

OECD Apr 24, 2023

The OECD publishes information on Tax Identification Numbers (TINs) and Tax Residency rules for Costa Rica and Gibraltar. The links to the primary legislation have been updated for Costa Rica, Andorra, Cayman Islands, Gibraltar, and San Marino. Additionally, the links to the secondary legislation have been updated for Costa Rica, Austria, Cayman Islands, and Gibraltar. Lastly, the links to the CRS guidance have been updated for Costa Rica, Cayman Islands, Gibraltar, and San Marino.

United States Apr 21, 2023

NEW - Jurisdictional Debrief Now Available (Week Ending April 21, 2023)

Finland Apr 21, 2023

The Finnish Tax Administration publishes an update on the implementation of Council Directive (EU) 2021/514 (DAC7) for administrative cooperation in the field of taxation and for the mandatory automatic exchange of financial account information for digital platform operators (DAC7).

Panama Apr 21, 2023

The Ministry of Economy and Finance of Panama publishes Gazette No. 201-3591, which includes an updated list of CRS participating jurisdictions. 15 jurisdictions have been added to the list.

Singapore Apr 19, 2023

The Inland Revenue Authority of Singapore (IRAS) publishes an update regarding a new digital service in the myTax Portal. It informs that RFIs from Singapore can view the status of their FATCA/CRS return that has been submitted. Further, it informs RFIs to refer to the AEOI digital services webpage and the FATCA/CRS return status digital service user guide for detailed guidance.

IRS Apr 19, 2023

The IRS updates its list of approved KYC rules. Mauritius has been added to the list of countries whose know-your-customer rules have been approved related to the Qualified Intermediary Agreement.

New Zealand Apr 18, 2023

The Inland Revenue Department (IRD) in New Zealand releases a communication to remind the RFIs regarding the recently published US IRS Issue Number 2023-11, which provides newly updated codes for TIN reporting with respect to calendar years 2023 and 2024, to be eligible for the relief in cases where US TINs have not been obtained for pre-existing accounts that are US reportable accounts. It also publishes a year-end checklist to identify deficiencies in CRS reporting that the FIs need to review.

IRS Apr 18, 2023

The IRS releases updated 2023 General Instructions for Certain Information Returns, which also include Form 1099 with no major changes.

OECD Apr 18, 2023

The OECD publishes an updated list of the AEOI status of commitments as of April 18, 2023. Mongolia has been added to the list of countries undertaking the first exchange by 2026, while Moldova has been added to the list of countries undertaking the first exchange by 2024 from the previous intended exchange year of 2023. Further, Zimbabwe has been added to the list of developing countries that are not asked to commit to AEOI and have not set a date for their first exchanges.

Sweden Apr 18, 2023

The Swedish Tax Agency publishes updated FATCA Technical Guidance (edition 9.1) to include the recently published US IRS Issue Number 2023-11, which provides newly updated codes for TIN reporting with respect to calendar years 2023 and 2024, to be eligible for the relief in cases where US TINs have not been obtained for pre-existing accounts that are US reportable accounts.

Belgium Apr 17, 2023

The Ministry of Finance in Belgium publishes an update to include the recently published US IRS Issue Number 2023-11, which provides newly updated codes for TIN reporting with respect to calendar years 2023 and 2024, to be eligible for the relief in cases where US TINs have not been obtained for pre-existing accounts that are US reportable accounts.

OECD Apr 17, 2023

The OECD publishes information on Tax Identification Numbers (TINs) for Malaysia.

Indonesia Apr 17, 2023

The Directorate General of Taxation (DJP) in Indonesia publishes an updated list of TY2022 CRS Reportable and Participating Jurisdictions. Thailand has been added to the list of participating jurisdictions, while Liberia, Moldova, Morocco, and Uganda have been removed from the list. Thailand has been added to the list of reportable jurisdictions, while 15 jurisdictions have been removed from the list.

Bahrain Apr 17, 2023

The Central Bank of Bahrain (CBB) publishes a directive announcing that the CRS and FATCA reporting for the year ending December 31, 2022, will start on April 18, 2023, and must be submitted by May 23, 2023. It also includes an updated list of CRS reportable jurisdictions with the addition of Andorra, Maldives, and Peru. Lastly, it also includes an updated list of CRS participating jurisdictions.

Cayman Islands Apr 15, 2023

The Cayman Islands Department for International Tax Cooperation (DITC) publishes an updated version of the DITC portal User Guide (v9.3). Specific updates made to the user guide include: (1) Entity profile page has been updated to provide further clarification on the transmission status of an FI; (2) CRS compliance file upload form section has been added under the CRS and FATCA segments; and (3) DITC portal team contact email ID's have been updated.

Malta Apr 13, 2023

The Office of the Commissioner for Revenue in Malta publishes FAQs on Mandatory Automatic Exchange of Information on Cross-Border Arrangements (DAC6) v1.1.

Slovak Republic Apr 13, 2023

The Financial Directorate of the Slovak Republic publishes the XML schema along with an OECD Schema User Manual (v1.0) for mandatory automatic exchange of financial account information (AEOI) for digital platform operators (DAC7). The objective of DAC7 reporting is to provide the financial administration with information about sellers who provide services or sell goods through digital platforms.

Cyprus Apr 13, 2023

The Cyprus Tax Department releases an updated list of CRS participating and reportable jurisdictions. Ghana and Maldives have been added to the list, while Costa Rica has been removed.

Switzerland Apr 12, 2023

The Federal Tax Administration (FTA) of Switzerland publishes a notification on the issuance of its final decisions for the banking relationship concerned by FATCA group requests as of March 14, 2023, in accordance with Article 5 paragraph 3 of the FATCA Agreement.

United Kingdom Apr 12, 2023

The United Kingdom’s HMRC publishes a communication informing RFIs that DAC6 reporting will close on May 31, 2023. However, the DAC6 services can still be used to send additional information, replacements, or deletions for reports sent before March 28, 2023.

OECD Apr 11, 2023

Zimbabwe joins the Global Forum, thus becoming the 167th member of the Global Forum on Transparency and Exchange of Information for Tax Purposes. Zimbabwe, like all other members of the Global Forum, has committed to combating tax evasion through the implementation of the internationally agreed standards of transparency and exchange of information for tax purposes, including the exchange of information on request (EOIR) and automatic exchange of information (AEOI).

Netherlands Apr 11, 2023

The Tax and Customs Administration of the Netherlands (TCA) publishes an update informing RFIs that beginning October 1, 2023, they will switch to the new FATCA/CRS portal login method. It also informs that there is a transition period from July 4, 2023, until October 1, 2023, which means that after October 1, 2023, RFIs will no longer be able to log in with their current login credentials. It also includes a list of FAQs to provide further clarification for the RFIs on these changes.

Russia Apr 11, 2023

The Federal Tax Service (FTS) of Russia publishes the final approved version of the technical reporting format (vRU: 5.06) with minor technical updates. It describes the requirements for the structure and content of the electronic transmission of information on financial accounts of FIs resident in foreign territories.

Portugal Apr 10, 2023

The Portuguese Tax Authorities release the State Budget for 2023, which includes new deadlines for the fiscal year of 2022. It informs RFIs that the CRS filing deadline has been changed to May 31, 2023, from July 31, 2023.

United States Apr 7, 2023

NEW - Jurisdictional Debrief Now Available (Week Ending April 7, 2023)

Thailand Apr 7, 2023

The Revenue Department of Thailand releases the CRS local law (Emergency Decree on Exchange of Information to Comply with International Tax Agreements) so that RFIs can comply with their obligations in exchanging financial account information according to the international agreements on taxation. The first submission of CRS reporting for the year ended December 31, 2022, will be made within September 2023. The decree becomes effective on March 31, 2023. Additionally, the MCAA provides for the exchange of information under the OECD Common Reporting Standard (CRS) to indicate that Thailand intends to begin CRS exchange in September 2023.

Germany Apr 5, 2023

The Federal Tax Office of Germany (BZSt) publishes FATCA Newsletter 01/2023. Specific updates include: (1) Informing RFIs of the updates made to paragraph 165, which includes a list of exempted accounts for FATCA and CRS reporting; (2) The recently published US IRS Issue Number 2023-11, which provides newly updated codes for TIN reporting with respect to calendar years 2023 and 2024 to be eligible for the relief in cases where US TINs have not been obtained for pre-existing accounts that are US reportable accounts; and (3) reminding RFIs of the availability of the updated communication manuals Part 2 and Part 3.

Peru Apr 5, 2023

The Customs National Superintendence and Tax Administration of Peru (SUNAT) updates AEOI FAQ 8, confirming the CRS reporting deadline for TY2022. Reporting FIs must send their CRS reports between the 11th business day and the 16th business day of the month of May, based on the last digit of the RUC number. RFIs are also advised to submit data as of December 31, 2022, regarding (1) High and low-value pre-existing accounts of natural persons; (2) new accounts of individuals and entities; and (3) High and low-value pre-existing accounts of entities.

Cayman Islands Apr 5, 2023

The Cayman Islands Department for International Tax Cooperation (DITC) releases an industry advisory, informing RFIs of the updated participating and reportable lists. Jordan, Moldova, Montenegro, Thailand, Uganda, and Ukraine have been added to the list of reportable jurisdictions for reports due in 2023 onwards, while Kenya, Morocco, New Caledonia, and Saint Kitts and Nevis have been removed from the list of reportable jurisdictions. Additionally, the reportable tax years have been modified for Albania, Ecuador, and Kazakhstan to indicate reporting beginning tax year 2020 onwards, and Jamaica and Maldives beginning tax year 2021 onwards. Further, Albania, Ecuador, Georgia, Jamaica, Kazakhstan, Kenya, Liberia, Maldives, Moldova, Montenegro, Morocco, New Caledonia, Nigeria, Oman, Peru, Thailand, Uganda, and Ukraine have been added as participating jurisdictions, while Trinidad and Tobago has been removed from the list. It also reminds RFIs of the reporting deadlines: (1) Registration – May 1, 2023, since April 30, 2023, falls on a Sunday, (2) FATCA and CRS reporting, including the CRS declaration – July 31, 2023; and (3) CRS compliance form – September 15, 2023.

Finland Apr 5, 2023

The Finnish Tax Administration publishes an updated FATCA technical guidance (v3.0) and CRS technical guidance (v2.8). Specific updates made to the FATCA technical guidance include modifications to Section 6.3.3.1 on account holder structures/individual TIN and Section 6.3.3.2 on account holder structures/organization TIN to include the recently published US IRS Issue Number 2023-11 that provides newly updated codes for TIN reporting with respect to calendar years 2023 and 2024 to be eligible for the relief in cases where US TINs have not been obtained for pre-existing accounts that are US reportable accounts. It also includes an updated list of automated checks made by Ilmoitin under Section 7. Additionally, specific updates made to the CRS technical guidance include an updated list of messages from Ilmoitin alerting RFIs of specific issues under Section 8 along with the modifications made to Section 5 on how to correct previously filed returns.

Italy Apr 5, 2023

The Council of Ministers (Cabinet) in Italy makes publicly available Legislative Decree No. 32 that includes an update on the implementation of Council Directive (EU) 2021/514 (DAC7) for administrative cooperation in the field of taxation and for the mandatory automatic exchange of financial account information (AEOI) for digital platform operators (DAC7). Legislative Decree No. 32 entered into force on March 26, 2023, although the new rules generally apply beginning January 1, 2023, with initial reporting required by January 31, 2024.

China Apr 4, 2023

The State Administration of Taxation in China publishes an updated version of the guide that provides specifications for reporting tax-related information on non-resident financial accounts (version 2.0). Section 7.1.4 has been updated to provide clarification on how to fill in the first and last names. It also informs that the Multilateral Tax Data Service Platform technical support service can now be contacted via telephone at contact number – 15810378562 for any login issues.

Spain Apr 4, 2023

The Spanish Tax Agency (Agencia Tributaria) publishes updated FATCA FAQs to include the recently published US IRS Issue Number 2023-11 that provides newly updated codes for TIN reporting with respect to calendar years 2023 and 2024 to be eligible for the relief in cases where US TINs have not been obtained for pre-existing accounts that are US reportable accounts.

Dominica Apr 3, 2023

The Inland Revenue Division of Dominica makes publicly available its recently published list of participating jurisdictions for CRS purposes. It also publishes a notice informing RFIs that the TY2022 FATCA reporting deadline is April 30, 2023. It further informs that the MDES portal is now open for both FATCA and CRS reporting.

IRS Apr 2, 2023

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool with the FIs that are in approved status as of March 27, 2023.

Oman Apr 2, 2023

The Tax Authority of Oman releases an updated list of CRS reportable jurisdictions with the addition of 13 jurisdictions for TY2022 reporting.

India Apr 1, 2023

The Income Tax Department of India publishes updated versions of the Information Request Schema Tool (v1.0) and the Information Request Utility Tool (v1.3).

IRS Mar 31, 2023

The IRS updates FATCA FAQs; FAQ 25 under the section General Compliance has been added to provide clarification to the taxpayers, where the GIIN of an entity that is required to provide GIIN to the withholding agent has been removed from the published IRS FFI list. It describes when the withholding should begin on the withholdable payments made to such an entity.

Australia Mar 30, 2023

The Australian Taxation Office (ATO) publishes CRS stakeholder update #23. It provides clarification on the Section 4 notices received from the partner jurisdiction. Section 4 of the CRS MCAA ensures compliance with due diligence requirements between the receiving and sending jurisdictions. It reminds RFIs to review the data to avoid follow-up compliance actions by the ATO. Further, it also informs that if there are any errors in the information received, the RFIs must correct the reported information within strict deadlines.

Uruguay Mar 30, 2023

The General Taxation Directorate of Uruguay publishes a notice informing RFIs of the availability of the production environment for sending CRS reports as well as corrections for previously submitted reports from April 1, 2023, until June 30, 2023. It also reminds us that the FIs are obliged to report and will have an additional 30 days beginning July 1 for exclusively sending any correction reports. Further, it informs that the simulation environment will remain available simultaneously with the availability of the production environment.

Singapore Mar 30, 2023

The Inland Revenue Authority of Singapore (IRAS) publishes an updated list of CRS participating jurisdictions. Kenya, Morocco, and Trinidad and Tobago have been removed from the list. It also informs that following the removal, a Change in Circumstances (CIC) would be triggered for entity account holders that are investment entities where their tax residency is in such jurisdictions. Additionally, it also informs that the RFIs must obtain a new valid self-certification with the details of the controlling person.

Denmark Mar 29, 2023

The Ministry of Taxation in Denmark publishes an updated list of CRS reportable and participating jurisdictions. Dominica has been added as a reportable and participating jurisdiction, while Jordan, Liberia, Morocco, Moldova, Montenegro, Georgia, Rwanda, Thailand, Tunisia, Uganda, and Ukraine have been removed from the list of reportable and participating jurisdictions.

United States Mar 24, 2023

NEW - Jurisdictional Debrief Now Available (Week Ending March 24, 2023)

Ireland Mar 23, 2023

The Ireland Revenue Commissioners publishes updated FATCA guidance (section 7.6) to include the recently published US IRS Issue Number 2023-11 that provides additional codes for TIN reporting with respect to calendar years 2023 and 2024 to be eligible for the relief in cases where US TINs have not been obtained for pre-existing accounts that are US reportable accounts.

Slovak Republic Mar 23, 2023

The Financial Directorate of the Slovak Republic publishes an updated list of business validation errors for FATCA reporting. The list includes clarification on the errors relating to the U.S. FATCA TINs and informs RFIs to use the additional U.S. FATCA TIN codes provided by the IRS.

France Mar 23, 2023

The French Tax Authority (DGFiP) publishes an update on DAC7. It provides specifications on DPI (Digital Platform Operator Information) for the collection of information from the platform operators.

Honduras Mar 23, 2023

The National Commission of Banks and Insurance in Honduras releases SBO Circular No. 01/2023 to include the recently published US IRS Issue Number 2023-11 that provides additional codes for TIN reporting with respect to calendar years 2023 and 2024 to be eligible for the relief in cases where US TINs have not been obtained for pre-existing accounts that are US reportable accounts. It also publishes SBO Circular 02/2023, informing RFIs that, as a result of the additional codes for TINs, Honduras has extended the reporting deadline for institutions registered in the IRS FATCA portal from March 31, 2023, to April 30, 2023.

China Mar 23, 2023

The State Administration of Taxation in China publishes an announcement informing RFIs of the availability of its AEOI portal for CRS data submissions from April 4, 2023, until May 3, 2023. It also publishes an updated user manual for the Multilateral Tax Data Service Platform.

OECD Mar 22, 2023

The OECD publishes an updated list of jurisdictions participating in the Convention on Mutual Administrative Assistance in Tax Matters with the addition of Vietnam, bringing the total number of participating jurisdictions to 147. Vietnam has been added to the list with a signature date of March 22, 2023, while the date of deposit of the instrument of ratification for Benin has been added as January 24, 2023, along with the date of entry into force as May 1, 2023.

South Africa Mar 22, 2023

The South African Revenue Service (SARS) publishes an announcement informing that the Third-Party Data Annual Submission process, inclusive of FATCA and CRS for the period March 1, 2022, to February 28, 2023, will be available beginning April 1, 2023, until May 31, 2023. During this time, both the Test and Production environments will remain operational. Further, it reminds the RFIs that, with respect to FATCA and the CRS submissions, if there were no financial accounts to report, they must submit a NIL report and a declaration form as proof that the required due diligence has been done and that they have no financial accounts to declare. RFIs are encouraged to make timely submissions, as late or non-submissions may be subject to penalties.

IRS Mar 22, 2023

The IRS publishes Issue Number 2023-53 informing of the updated Form 1099-K FAQs. Specific updates include: (1) Q-3 under the general section informs taxpayers to report the gain or loss on the sale of personal items to be reported on Form 1099-K; (2) Q-5 under the filing Form 1099-K section provides clarification on the de minimis exception from reporting payments to participating payees of third party network transactions on Form 1099-K for a third party settlement organization; and (3) Q-6 and 7 are newly added under the individual section that inform about the Forms 1099-K received in error, along with its adjustments.

Bermuda Mar 22, 2023

The Ministry of Finance in Bermuda publishes updated list of CRS participating jurisdictions. Ghana, Jamaica, and Maldives have been added as participating jurisdictions, while Niue and Trinidad and Tobago have been removed from the list. It has also published updated CRS Guidance (v3.0). Specific updates to the guidance include: (1) Clarification on the definition of participating and non-participating jurisdictions; (2) A reminder that the TINs must be included in the CRS return in accordance with the due diligence requirements and formatting requirements; and (3) Further clarification on the definition of the Trustee-Documented Trust.

Slovenia Mar 21, 2023

The Financial Administration of the Republic of Slovenia (FURS) releases a document containing a detailed description of technical information on the reporting of US TINs. The document specifies how to report TINs in the XML schema when reporting for the years 2022, 2023, and/or 2024, which includes additional codes for TIN reporting with respect to calendar years 2023 and 2024 to be eligible for the relief in cases where US TINs have not been obtained for pre-existing accounts that are US reportable accounts. It also releases a document containing a detailed description of technical information on FATCA reporting that includes a list of error codes along with possible measures.

Sweden Mar 21, 2023

The Swedish Tax Agency publishes updated FATCA Technical Guidance (edition 9) along with the CRS Technical Guidance (edition 7). Apart from several minor changes, it informs RFIs that the launch of the new e-service for submitting XML files with FATCA and CRS control information has been delayed. Therefore, the RFIs must use the current e-service for the time being.

Slovak Republic Mar 20, 2023

The Financial Directorate of the Slovak Republic publishes updated TIN notification guidelines for FATCA, which are in line with the recently published US IRS Issue Number 2023-11 that provides newly updated codes for TIN reporting with respect to calendar years 2023 and 2024 to be eligible for the relief in cases where US TINs have not been obtained for pre-existing accounts that are US reportable accounts.

Brunei Darussalam Mar 20, 2023

The Ministry of Finance and Economy of Brunei Darussalam publishes an updated CRS Return Guide for RFIs in Brunei Darussalam. A new section has been added to inform users that any file submitted by the RFIs must follow a specific format for the MessageRefId value.

Ukraine Mar 20, 2023

The Ministry of Finance in Ukraine publishes an update declaring parliament’s support for the draft law of Ukraine "On Amendments to the Tax Code of Ukraine on the Implementation of the International Standard for the Automatic Exchange of Information on Financial Accounts." The main provisions of the draft law include: (1) Roles and rights of supervisory authorities to ensure the receipt of information necessary for CRS reporting; (2) Requirements for financial agents to apply the rules of the CRS Standard during due diligence of financial accounts; (3) Requirements regarding the period of time for which records of due diligence steps undertaken and evidence relied upon must be maintained; (4) The procedure for obtaining information for tax purposes by the controlling authority in accordance with the CRS Standard and upon request from the competent authority of a foreign jurisdiction on the basis of an international agreement; and (5) An effective control mechanism for compliance with the CRS Standard beginning July 1, 2023, the draft law requires accountable FIs in Ukraine to apply due diligence measures to financial accounts to determine whether the accounts are subject to CRS reporting. It also states that the CRS standard includes separate due diligence rules for accounts opened prior to and beginning on July 1, 2023. Therefore, according to the time of opening, financial accounts are divided into "new accounts" and "existing accounts". As per this, separate rules for proper verification of accounts, including deadlines for completing the verification, are established as follows: (i) Accounts opened after July 31, 2023, will be considered new accounts and will be expected to exchange information by September 30, 2024; (ii) Accounts opened prior to July 31, 2023, will be considered existing accounts. Further, the existing accounts with high value will be expected to exchange information by September 30, 2024, whereas the accounts with low value will be expected to exchange by September 30, 2025.

Singapore Mar 15, 2023

The Inland Revenue Authority of Singapore (IRAS) publishes updated FATCA FAQs (No. B-8) and IRAS Supplementary XML User Guide for Preparing the FATCA Reporting Data File to include the recently published US IRS Issue Number 2023-11 that provides additional codes for TIN reporting with respect to calendar years 2023 and 2024 to be eligible for the relief in cases where US TINs have not been obtained for pre-existing accounts that are US reportable accounts.

IRS Mar 15, 2023

The IRS releases the 2023 General Instructions for Certain Information Returns, which also include Form 1099. Specific updates include: (1) It reminds taxpayers that Form 1099 series information returns can be filed using a new online portal, which is available free from the IRS. The portal is known as the Information Returns Intake System (IRIS); (2) The E-file threshold for returns to be filed in 2023 remains at 250; (3) It also reminds that the transition period for Form 1099-K delays the reporting of transactions in excess of $600 to transactions that occur after calendar year 2022; (4) Form 1099-PATR and its instructions have been converted from annual updates to continuous use.

Peru Mar 15, 2023

The Customs National Superintendence and Tax Administration of Peru (SUNAT) updates AEOI FAQ 1 to provide further clarification on the definition of reporting FIs and also provides the basis for submitting the financial information to the SUNAT.

Switzerland Mar 14, 2023

The Federal Tax Administration (FTA) of Switzerland publishes a notification on the issuance of its final decisions for the banking relationship concerned by FATCA group requests as of March 14, 2023, in accordance with Article 5 paragraph 3 of the FATCA Agreement.

Taiwan Mar 14, 2023

The Ministry of Finance in Taiwan publishes statistics on the 2022 CRS data reported by financial institutions that was completed on March 14, 2023. The announcement also contains a reporting summary comprising statistics on the number of accounts reported for the reportable jurisdictions: Australia, Japan, and United Kingdom.

Czech Republic Mar 14, 2023

The Ministry of Finance of the Czech Republic publishes a newsletter containing an updated list of jurisdictions with which the tax administration intends to exchange CRS information, with the addition of Benin, Burkina Faso, and Rwanda. As a reminder, the Czech Republic follows a wider approach to CRS reporting.

Samoa Mar 14, 2023

The Ministry of Customs and Revenue in Samoa publishes an updated list of 2023 CRS reportable jurisdictions. Eight jurisdictions have been added to the list, while Monaco has been removed from the list of reportable jurisdictions. It also releases important dates for TY2022 AEOI reporting. The AEOI reporting portal will be open for testing and new FI registration from March 1, 2023, to May 1, 2023. The portal will be open for reporting from May 1, 2023, to June 30, 2023, and it will close on July 1, 2023.

Bahamas Mar 13, 2023

The Bahamas Competent Authority publishes key dates on the AEOI portal availability for TY2022 FATCA and CRS registration and submissions. The AEOI portal opens for registrations and submissions on July 14, 2023, and will close on August 25, 2023.

Netherlands Mar 13, 2023

The Tax and Customs Administration of Netherlands (TCA) publishes an update to include the recently published US IRS Issue Number 2023-11 that provides additional codes for TIN reporting with respect to calendar years 2023 and 2024 to be eligible for the relief in cases where US TINs have not been obtained for pre-existing accounts that are US reportable accounts.

IRS Mar 13, 2023

The OECD publishes an updated list of the AEOI status of commitments as of March 13, 2023. Kenya has been added to the list of countries undertaking the first exchange by 2024, instead of the previous intended exchange year of 2022.

Germany Mar 11, 2023

The Federal Tax Office of Germany (BZSt) publishes updated CRS FAQs with the addition of four new FAQs under the Notification of a missing self-disclosure section. The FAQs provide clarification on: (1) Requirement of the German tax identification number in a self-certification form; (2) Negative interest falling under the prohibition on disposal; (3) What to do in the event of a refund of funds received for a closed account; and (4) Certain exceptional cases where closure of an account due to a missing TIN can be waived to the extent that the entity is able to complete the self-disclosure or obtain the information necessary for its completion.

Germany Mar 10, 2023

The Federal Tax Office of Germany (BZSt) publishes the CRS Newsletter 01/2023 which includes a provisional list of CRS reportable jurisdictions for TY2022. Ghana, Jamaica, Jordan, Qatar, Kenya, Liberia, Maldives, Morocco, Marshall Islands, Moldova, Montenegro, New Caledonia, Sint Maarten, Thailand, Trinidad and Tobago, Uganda, and Ukraine have been provisionally identified as reportable jurisdictions. Additionally, it also informs RFIs that the BMF-Letter of June 15, 2022, amending the BMF-Letter of February 1, 2017, that includes updated information related to FATCA and CRS regulations, has entered into force as of January 1, 2023. Specific updates include: (1) Amended regulation informs that there is no objection to the assumption that collective escrow accounts that are not covered by the CRS Law are reportable, but such accounts will not be subject to penalties until further notice. This non-objection rule applies only until June 30, 2023; and (2) Clarification on the requirement of the German tax identification number in a self-certification form.

United States Mar 10, 2023

NEW - Jurisdictional Debrief Now Available (Week Ending March 10, 2023)

Liechtenstein Mar 10, 2023

The Tax Administration (STV) of the Principality of Liechtenstein publishes Newsletter 01/2023, informing RFIs of the updates made to the TY2022 CRS Reportable Jurisdictions list. Beginning TY2022 reporting, Maldives and Trinidad and Tobago would be considered permanent non-reciprocal AEOI partner states, from the previously identified status of reciprocal jurisdictions. Additionally, Thailand and Ukraine will now be considered permanent non-reciprocal jurisdictions, as opposed to their previous status of reciprocal exchange, which was supposed to first begin in 2022.

France Mar 10, 2023

The French Tax Authority (DGFiP) releases a decree that includes an updated list of TY2022 CRS participating and reportable jurisdictions. Ecuador, Jamaica, Kazakhstan, Kuwait, Maldives, and Sint Maarten have been added to the list of participating jurisdictions. Albania, Ecuador, Ghana, Nigeria, Maldives, Jamaica, and Kazakhstan have been added to the list of reportable jurisdictions, while Costa Rica has been removed from the list. Other updates include: (1) The threshold amount for a deposit account to be considered a financial account by an FI under Article 3 has been increased to EUR 46,900 from EUR 44,100 for TY 2023 and subsequent years; (2) The threshold amount for pre-existing entity accounts has been increased to EUR 234,400 from EUR 220,700 for TY 2023 and subsequent years; and (3) The threshold amount for a high-value account has been increased to EUR 937,600 from EUR 882,900 for TY 2023 and subsequent years.

OECD Mar 8, 2023

Angola joins the Global Forum, thus becoming the 166th member of the Global Forum on Transparency and Exchange of Information for Tax Purposes. The Republic of the Congo, like all other members of the Global Forum, has committed to combating tax evasion through the implementation of the internationally agreed standards of transparency and exchange of information for tax purposes, including exchange of information on request (EOIR) and automatic exchange of information (AEOI).

Isle of Man Mar 8, 2023

The Income Tax Division of the Isle of Man publishes an update to include the recently published US IRS Issue Number 2023-11 that provides additional codes for TIN reporting with respect to calendar years 2023 and 2024 to be eligible for the relief in cases where US TINs have not been obtained for pre-existing accounts that are US reportable accounts.

Malta Mar 8, 2023

'The Office of the Commissioner for Revenue in Malta publishes an update, reminding RFIs that the submission of the annual notification by non-disclosing intermediaries is due by March 31, 2023. It also releases the annual notification form that the RFIs need to complete and send to mdr.mfin@gov.mt Further, it also publishes updated Guidelines on the Mandatory Automatic Exchange of Information on Cross-Border Arrangements (DAC6) v1.2. Specific updates were made to Section 6.5 and Annex I of the guideline in relation to the waiver from filing information with respect to the reportable cross-border arrangement (DAC6).

Croatia Mar 8, 2023

The Ministry of Finance in Croatia publishes an update on the implementation of Council Directive (EU) 2021/514 (DAC7) for administrative cooperation in the field of taxation and for the mandatory automatic exchange of financial account information (AEOI) for digital platform operators (DAC7).

Latvia Mar 7, 2023

The Latvian Ministry of Finance publishes an update on the implementation of Council Directive (EU) 2021/514 (DAC7) for administrative cooperation in the field of taxation and for the mandatory automatic exchange of financial account information for digital platform operators (DAC7).

New Zealand Mar 7, 2023

The Parliamentary Counsel Office of New Zealand publishes the amended Tax Administration (Reportable Jurisdictions for Application of CRS Standard) Amendment Regulations 2023, with the addition of Jamaica for reporting periods beginning April 1, 2023. The amended regulations will come into force on March 31, 2023.

IRS Mar 3, 2023

The IRS publishes updated 2023 instructions for Form 1042-S. The instructions are updated to reflect the requirements of section 1446(f) regulations beginning January 1, 2023. Specific updates include: (1) Income codes 57 and 58 added to Form 1042-S to report amounts associated with transfers of PTP interest; (2) Chapter 3 status code 39 has been added for reporting the disclosing QI's information in boxes 15a through 15i of the form; (3) A broker, PTP, or nominee making a payment of an amount realized or PTP distribution to a QI acting as a disclosing QI provide to the disclosing QI a recipient copy of the Form 1042-S issued to the QI's account holder; and (4) The section 1446(f) regulations permit PTPs (and their nominees) and brokers selling PTP interests to use the reimbursement and setoff procedures for purposes of Section 1446(a) and (f) starting in 2023.

Guernsey Mar 2, 2023

The Revenue Service of the States of Guernsey issues Bulletin 2023/3 on FATCA TINs to include the recently published US IRS Issue Number 2023-11 that provides newly updated codes for TIN reporting with respect to calendar years 2023 and 2024 to be eligible for the relief in cases where US TINs have not been obtained for pre-existing accounts that are US reportable accounts.

New Caledonia Mar 2, 2023

The French Tax Authority (DGFiP) publishes a CRS Technical Guide (v1.5) for New Caledonian financial institutions. The guidance reminds taxpayers of the migration to the professional space. It also provides instructions on the file compression and encryption naming rules for 2023, including the value of the warning tag. It also includes a provisional calendar for 2023, confirming: (1) the availability of FATCA/CRS services for testing files would be available March 9, 2023; (2) the FATCA/CRS submission environment would be available beginning May 3, 2023; (3) The deadline to submit FATCA/CRS reports is July 31, 2023; and (4) the FATCA/CRS reporting services would close by August 2, 2023. The guidance includes an updated list of TY2022 CRS reportable jurisdictions. Albania, Austria, Colombia, Ecuador, Greenland, Indonesia, Kazakhstan, Latvia, Lithuania, Nigeria, San Marino, Saudi Arabia, Singapore, South Korea, and Uruguay have been added to the list of CRS reportable jurisdictions. It also provides clarification on the GIIN as the identification number for the year 2023 and informs that the GIIN will no longer be accepted as an identification number from the year 2024.

British Virgin Islands Mar 2, 2023

The International Tax Authority (ITA) of the BVI publishes an updated list of CRS reportable and participating jurisdictions. Ghana has been added to the list of reportable jurisdictions beginning with TY2022 reporting, while Costa Rica has been removed from the list. Benin, Burkina Faso, Mauritania, and Rwanda have been added to the list of participating jurisdictions.

IRS Mar 1, 2023

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool with the FIs that are in approved status as of February 22, 2023.

IRS Mar 1, 2023

The IRS publishes Issue Number 2023-35, reminding taxpayers of the reporting and potential tax obligations on income from the gig economy and service industry, transactions from digital assets, and foreign sources or holding certain foreign assets.

Cayman Islands Mar 1, 2023

'The Cayman Islands Department for International Tax Cooperation (DITC) publishes an updated version of the CRS Enforcement Guidelines (v1.4) with an updated email address of the Tax Authority for the submission of representation by the RFIs: DITC.Enforcement@gov.ky

Macau Feb 28, 2023

The Financial Services Bureau of Macau releases an updated list of CRS reportable and participating jurisdictions. Georgia, Jamaica, Montenegro, Thailand, and Ukraine have been added to the list of reportable jurisdictions. Further, Georgia, Jamaica, Moldova, Montenegro, Thailand, Uganda, and Ukraine have been added to the list of participating jurisdictions.

Finland Feb 28, 2023

The Finnish Tax Administration publishes an updated list of CRS participating jurisdictions. Bonaire, Sint Eustatius and Saba, and Sint Maarten have been identified as participating jurisdictions, while Dominica and the Marshall Islands have been removed from the list.

Australia Feb 27, 2023

The Australian Taxation Office (ATO) publishes CRS stakeholder update #22 informing RFIs of the common errors and data anomalies found in previous year reports in order to help RFIs in completing submission accurately. It also reminds RFIs to: (1) Obtain all relevant exception reports to identify the incomplete or incorrect CRS reports; (2) Determine the reportable accounts with missing self-certifications, if any; (3) Check the validity and reasonableness of self-certifications; and (4) Collect the required information to remediate the CRS return.

Ireland Feb 27, 2023

The Ireland Revenue Commissioners publishes an update to include the recently published US IRS Issue Number 2023-11, which provides newly updated codes for TIN reporting with respect to calendar years 2023 and 2024 to be eligible for relief in cases where US TINs have not been obtained for pre-existing accounts that are US reportable accounts.

Brunei Darussalam Feb 26, 2023

The Ministry of Finance and Economy of Brunei Darussalam publishes an update, reminding RFIs that the deadline for filing CRS reports is June 30, 2023. It also informs RFIs to refer to the CRS Return Guide for the submission process.

United States Feb 24, 2023

NEW - Jurisdictional Debrief Now Available (Week Ending February 24, 2023)

Ukraine Feb 23, 2023

The Ministry of Finance in Ukraine publishes an update on the further deliberations held with respect to AEOI-CRS. The participants of the deliberation discussed the importance of adopting the draft law of Ukraine "On Amendments to the Tax Code of Ukraine on the Implementation of the International Standard for the Automatic Exchange of Information on Financial Accounts." Specific topic discussed are (1) the main provisions and structure of the draft law No. 8131 on AEOI; (2) the further format of cooperation with the OECD Global Forum; and (3) the importance of introducing the CRS Standard for integration with the EU and in the context of Ukraine's intention to become an OECD member. Finally, it is expected that Ukraine will start exchanging relevant information beginning 2024.

Germany Feb 23, 2023

The Federal Tax Office of Germany (BZSt) publishes a provisional list of TY2022 CRS exchange partners with which the BZSt would exchange CRS information. Jordan, Moldova, Montenegro, Thailand, Uganda, and Ukraine have been provisionally added to the list.

Italy Feb 23, 2023

The Council of Ministers (Cabinet) in Italy publishes a notice on the implementation of Council Directive (EU) 2021/514 amending Directive 2011/16/EU on administrative cooperation in the field of taxation – DAC7 reporting (AEOI for digital platform operators). The law has been implemented as of January 1, 2023.

Slovak Republic Feb 22, 2023

The Financial Directorate of the Slovak Republic publishes a Portal User Manual along with the User Registration and Login Guide for DAC7 Reporting. It also informs RFIs regarding the registration of a non-established platform operator for DAC7 from countries outside the Slovak Republic and the European Union. This registration method will only apply to the RFIs that wish to act as DAC7 users on behalf of the notifying DAC7/DPI platform operator.

Malta Feb 22, 2023

The Office of the Commissioner for Revenue in Malta publishes an update, reminding RFIs that the deadline for filing FATCA and CRS reports is March 30, 2023 (excel spreadsheet reporting and nil return submissions) and April 30, 2023 (XML reporting). It also publishes updated AEOI guidance (v4.3). Reporting of TIN codes in relation to FATCA for reporting years 2023 and 2024 has been added to Section 12.2 of the AEOI guidance.

OECD Feb 22, 2023

The OECD launches five new Train the Trainer (TtT) regional programmes for Africa, Asia, Latin America, and Central and Eastern Europe in 2023. Through the training of officials from national tax administrations, TtT seeks to create and support a highly skilled network of trainers who will effectively adapt and multiply the acquired knowledge and skills domestically, in effect creating a sustainable capacity within tax administrations.

Switzerland Feb 21, 2023

The Federal Tax Administration (FTA) of Switzerland publishes a notification on the issuance of its final decisions for the banking relationship concerned by FATCA group requests as of February 21, 2023, in accordance with Article 12 paragraph 1 of the FATCA Act and Article 5 paragraph 3 of the FATCA Agreement.

Cyprus Feb 21, 2023

The Cyprus Tax Department publishes a document informing RFIs of the revised codes that must be used to report missing US TINs in the TIN field of the FATCA XML schema as per IRS Issue Number 2023-11.

IRS Feb 21, 2023

The IRS publishes Issue Number 2023-31, informing taxpayers that the IRS and the Department of the Treasury have issued final regulations amending the rules for filing returns and other documents electronically (e-file). These regulations will require certain files to be e-filed beginning in 2024, including Form 1099s. It also reminds taxpayers that Form 1099 series information returns can be filed using a new online portal, which is available free from the IRS. The portal is known as the Information Returns Intake System (IRIS).

Australia Feb 21, 2023

The Australia Taxation Office (ATO) has updated its list of CRS participating jurisdictions to include Jamaica, Kazakhstan, the Maldives, Oman, and St. Maarten.

Kenya Feb 20, 2023

The Government of the Republic of Kenya publishes the Tax Procedures (Common Reporting Standards) Regulations, 2023. The Regulations include: (1) Definitions and terms derived from the Automatic Exchange of Information (CRS); (2) Clarification that new accounts refer to a financial account maintained by the RFI opened on or after January 1, 2023, whereas pre-existing account mean a financial account maintained by the RFI as of December 31, 2022; (3) Each RFI must file an information return with the tax authority on or before May 31 of the year following the calendar year to which the return relates; and (4) Details RFI needs to report under CRS reporting. Further, it also includes a CRS participating list of jurisdictions.

Spain Feb 20, 2023

The Spanish Tax Agency (Agencia Tributaria) makes publicly available an updated CRS technical manual (v2.6). The guidance includes clarification on the use of special characters and also provides a list of characters that are treated as forbidden characters by the Web service under Section 5.7.

Brunei Darussalam Feb 20, 2023

The Ministry of Finance and Economy of Brunei Darussalam publishes a CRS Return Guide for RFIs in Brunei Darussalam. It also publishes an updated AEOI FAQ with the addition of five new FAQs that provide clarification on the definition of Reporting FIs along with the format for reporting information to the revenue administration. It also includes FAQs relating to the AEOI portal's functionalities. Lastly, it also includes links to the updated reportable and participating jurisdictions list. Azerbaijan, Curacao, Maldives, Mauritius, and Mexico have been added to the list of reportable jurisdictions, while Costa Rica has been removed from the list. It also publishes an updated list of participating jurisdictions. Further, it also publishes an updated AEOI guide for financial account holders with minor formatting changes.

Malta Feb 17, 2023

'The Office of the Commissioner for Revenue in Malta publishes an update for the RFIs to provide feedback on the relief given by the U.S. on certain pre-existing accounts that are U.S. reportable accounts, as per Section 14.1 of v4.2 of the AEOI Guidelines, which talks about the recently published US IRS' Issue Number 2023-11, informing the temporary relief of U.S. TIN requirements for FATCA . It also provides newly updated codes for reporting with respect to calendar years 2023 and 2024. The RFIs can provide their feedback by sending an email to - aeoi-admin.cfr@gov.mt Any submission received after March 10, 2023, may not be considered. It also confirms the extended DAC6 reporting deadlines. The submission of the annual notification by non-disclosing intermediaries is to be done no later than March 30, 2023.

Mauritius Feb 17, 2023

The Mauritius Revenue Authority (MRA) publishes a communication informing RFIs of the recently published IRS Issue Number 2023-11, which provides additional codes that must be used to report missing US TINs.

Cabo Verde Feb 16, 2023

The National Press of Cabo Verde publishes Resolution No. 94/X/2023, informing of the National Assembly’s approval and ratifying the FATCA IGA between Cabo Verde and the USA.

Singapore Feb 15, 2023

The Inland Revenue Authority of Singapore (IRAS) publishes an announcement reminding RFIs that the CRS registration deadline is March 31 for entities that became reporting SGFIs between January 1, 2022, and December 31, 2022.

OECD Feb 15, 2023

The OECD publishes an updated list of the AEOI status of commitments as of February 15, 2023. Armenia has been added to the list of countries undertaking the first exchange by 2025.

OECD Feb 15, 2023

The OECD publishes an updated list of MCAA-AEOI signatories on income derived through digital platforms (DPI-MCAA). Croatia and Sweden have been added to the list, along with the dates of signature for all jurisdictions.

Jersey Feb 14, 2023

The International Taxation Department of the Government of Jersey releases a communication reminding RFIs that the 2022 FATCA and CRS reporting deadline is June 30, 2023, and that FATCA reports will not be accepted without a valid US GIIN. It also provides several other updates: (1) The Jersey AEOI portal is now available for 2022 reporting; (2) It reminds RFIs that NIL reporting is highly recommended although it is not mandatory; and (3) The CRS regulation will be updated regarding new participating jurisdictions for 2023 reporting; however, no changes are to be made to the reportable jurisdictions for 2022 reporting. Additionally, it releases updated practical guidance for FATCA and CRS. FATCA guidance provides clarification on FATCA TIN reporting and includes additional codes that must be used to report missing US TINs as per IRS Issue Number 2023-11. Further, the CRS guidance informs RFIs that it is mandatory to provide a valid DOB, and any DOB prior to the year 1908 will no longer be accepted.

IRS Feb 14, 2023

The IRS publishes Issue Number 2023-04, informing taxpayers of the availability of the renewal link for all QIs to renew their QI Agreements as per Rev. Proc. 2022-43 under the Activity Center of the Home Page on the Qualified Intermediary Application and Account Management System (QAAMS). It also informs that all QIs that seek to renew their QI Agreements with an effective date of January 1, 2023, must do so through QAAMS by May 1, 2023.

EU Feb 14, 2023

The EU Council updates the Common EU List of non-cooperative third-country jurisdictions for tax purposes. The British Virgin Islands, Costa Rica, and Russia have been moved from the grey to the black list, while the Marshall Islands have been added to the black list. Barbados, Jamaica, North Macedonia, and Uruguay have been removed from the grey list, while Albania, Aruba, and Curacao have been added.

EU Feb 14, 2023

The Council of the European Union publishes an updated list of tax deficiencies identified by the EU in non-cooperative jurisdictions (Annex I) and committed jurisdictions (Annex II). Albania, Aruba, Curacao, and Marshall Islands have been added to the list of tax deficiencies, while Barbados, Jamaica, North Macedonia, and Uruguay have been removed from the list.

Jersey Feb 13, 2023

The International Taxation Department of the Government of Jersey updates its FFI requirements to include the recently published US IRS Issue Number 2023-11. It informs that the temporary relief of U.S. TIN requirements for FATCA should allow FIs to continue to undertake business with U.S. citizens that have not provided a U.S. TIN without being identified as significantly non-compliant by the IRS. It also provides newly updated codes for reporting with respect to calendar years 2023 and 2024 to be eligible for the relief in cases where US TINs have not been obtained for pre-existing accounts that are US reportable accounts.

OECD Feb 13, 2023

The OECD publishes an update informing taxpayers of the OECD Tax and Development Days 2023, scheduled to take place on February 15 and 16, 2023. This event will provide an update on some of the OECD's initiatives to strengthen tax capacity and improve tax policy and compliance in developing countries and explore future challenges, which include sessions on the digitalization of tax administrations and the Tax Inspectors Without Borders (TIWB) initiative. It also informs that all meetings are open to the public and will take place virtually. It further provides taxpayers with instructions on how to register for these sessions.

IRS Feb 13, 2023

The IRS publishes Issue Number 2023-03, reminding taxpayers of the approaching Form 1042-S filing deadline. It also publishes the best practices to be followed while filing Form 1042-S.

France Feb 13, 2023

The French Tax Authority (DGFiP) releases an updated version of the FATCA Technical Guide (v4.6). The guidance reminds taxpayers of the migration to the professional space. It also provides instructions on the file compression and encryption naming rules for 2023, including the file integration checks. It also includes a provisional calendar for 2023, confirming: (1) the availability of FATCA/CRS services for testing files would be available March 9, 2023; (2) the FATCA/CRS submission environment would be available beginning May 3, 2023; (3) The deadline to submit FATCA/CRS reports is July 31, 2023; and (4) the FATCA/CRS reporting services would close by August 2, 2023. Further, it also releases an updated CRS Technical Guide (v2.9). The guidance includes an updated list of TY2022 CRS reportable jurisdictions. Ghana, Jamaica, and the Maldives have been added to the list of CRS reportable jurisdictions, while Costa Rica has been removed from the list. It also provides clarification on the GIIN as the identification number for the year 2023, it also informs that the GIIN will no longer be accepted as an identification number from the year 2024.

OECD Feb 13, 2023

The OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes (the Global Forum) releases the 2023 Global Forum Capacity Building Report that sheds light on the Global Forum’s capacity-building and outreach activities carried out throughout 2022 in support of the global implementation of the tax transparency standards that relate to the exchange of information on request (EOIR) and automatic exchange of financial account information (AEOI).

Hong Kong Feb 10, 2023

The Inland Revenue Department of Hong Kong publishes an announcement on the Automatic Exchange of Information (AEOI) Portal stating that the system will be under maintenance on February 11, 2023, and that all services will be suspended during this period.

South Africa Feb 10, 2023

The South African Revenue Service (SARS) releases a clarification on FATCA TIN reporting. The updated version of the document has been aligned with the US IRS’ Notice 2023-11, which provides additional codes that must be used to report missing US TINs.

South Africa Feb 10, 2023

The South African Revenue Service (SARS) publishes a participating list of jurisdictions for purposes of the CRS. This list must be read as including any other jurisdiction listed by the OECD as "CRS MCAA activated" in relation to exchanges from South Africa in its database.

India Feb 10, 2023

The Ministry of Finance in India releases the text of the Finance Bill (No. 17 of 2023) and a memorandum explaining the provisions of the Bill. Among several amendment proposals, Clause 114 - "Penalty for furnishing an inaccurate statement of a financial transaction or reportable account," has been proposed for amendment. The proposed amendment imposes an additional penalty of INR 5,000 on RFIs for each inaccurate/false information furnished by a reportable account holder - specifically, self-certifications, which in turn lead to the furnishing of an incorrect statement. The proposed additional penalty is a supplement to the existing penalty of INR 50,000 imposed on RFIs and therefore empowers RFIs to recover the sum so paid, on behalf of any such reportable account holder, or to retain amounts equal to the sum so paid from account holders amounts that may be in its possession or may come to it from each such account holder. The proposed amendments take effect on April 1, 2023.

United States Feb 10, 2023

NEW - Jurisdictional Debrief Now Available (Week Ending February 10, 2023)

Barbados Feb 9, 2023

'The Barbados Revenue Authority (BRA) publishes a notice informing RFIs that the AEOI web portal will be under maintenance from February 10 to February 15, 2023. During this period, all correspondence and queries should be sent to the Global Relations Unit of the Authority via email at - compauth@bra.gov.bb

Iceland Feb 8, 2023

The OECD publishes information on Tax Residency rules for Iceland.

IRS Feb 8, 2023

The IRS publishes an updated Publication 1220 on specifications for e-filing of various forms, including Form 1099. Updates have been made to the participating states and codes in the CF/SF program.

Poland Feb 8, 2023

The Ministry of Finance in Poland opened a consultation on a draft law to transpose EU Council Directive 2021/514 (DAC7), which will implement the mandatory automatic exchange of financial account information (AEOI) for digital platform operators; comments are due by March 1.

Sweden Feb 7, 2023

The Swedish Tax Agency releases its first newsletter of 2023, reminding RFIs of the availability of the draft versions of the FATCA and CRS technical descriptions to facilitate TY2022 reporting. The newsletter also informs RFIs that a hyphen or plus must be used when reporting a Swedish social security number, coordination number, or organization number in place of the TIN and IN. It further informs that the Swedish Tax Agency’s e-service reporting module is currently closed, but it is still possible to upload the files via the e-service to receive technical feedback without submitting data to the Tax Agency. Lastly, the newsletter also includes the treatment of the value of distributed shares in the event of Lex ASEA dividends while submitting TY2022 FATCA and CRS reporting information.

Finland Feb 7, 2023

The Finland Tax Administration publishes a communication informing RFIs of the new version of their AEOI reporting portal (Ilmoitin.fi). It also publishes a notice regarding the recently published IRS Issue Number 2023-11, which provides additional codes that must be used to report missing US TINs.

Benin Feb 7, 2023

The General Directorate of Taxes of Benin publishes a document that includes the text of the amended Multilateral Convention on Mutual Administrative Assistance (MCAA) in Tax Matters, signed on November 27, 2019.

United Arab Emirates Feb 3, 2023

The DIFC (Dubai International Financial Centre) has been scheduling virtual audit conferences with RFIs registered with them based on the questionnaire submitted by them on the UAE AEOI portal. This would help the DIFC better understand the documentation, policies, and procedures with respect to its CRS compliance and reporting. As a reminder, the UAE MOF has recently asked regulators to carry out FATCA and CRS audits on certain FIs.

United Kingdom Feb 3, 2023

The United Kingdom’s HMRC updates the Reportable Information: Tax Identification Number webpage to include the recently published US IRS Issue Number 2023-11. The update informs RFIs that Model 1 IGA FFIs (including UK FFIs) must use the newly updated codes for reporting with respect to calendar years 2023 and 2024 to be eligible for the relief in cases where US TINs have not been obtained for pre-existing accounts that are US reportable accounts.

IRS Feb 2, 2023

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool, with the FIs that are in approved status as of January 25, 2023.

British Virgin Islands Feb 2, 2023

The International Tax Authority (ITA) of the BVI publishes a notice informing all RFIs and Constituent Entities of the availability of the BVIFARs AEOI reporting system portal. It also reminds RFIs of the upcoming enrolment and submission deadlines. The deadlines are as follows: (1) Annual Enrolment deadline for US FATCA is: April 1, 2023. (2) Annual Enrolment/Notification deadline for CRS is: April 30, 2023. (3) Annual Reporting Submission deadline for FATCA and CRS is: May 31, 2023.

Guernsey Feb 2, 2023

The Revenue Service of the States of Guernsey issues a notice on FATCA and CRS reporting deadlines and requirements. One of the important reminders for RFIs is the registration requirement for all financial institutions with the Revenue Service, the reporting classification, and the 2022 Compliance Assurance Statement Questions. All financial institutions (as defined in the CRS or FATCA Regulations) were required to register with the Revenue Service by February 28, 2022. With effect from the date of this notice, by each February 28 until further notice, there is an annual requirement for Reporting Guernsey Financial Institutions, (“RGFIs”) to register with the Revenue Service all newly incorporated, established or transfer-in of a financial institutions via IGOR regarding the previous reporting period.

Singapore Feb 1, 2023

The Inland Revenue Authority of Singapore (IRAS) publishes an updated list of TY2022 CRS reportable jurisdictions. Ghana, Jamaica and Maldives have been added to the list. It also reminds RFIs that the CRS reporting deadline is May 31, 2023.

Switzerland Jan 31, 2023

The Federal Tax Administration (FTA) of Switzerland publishes a notification on the issuance of its final decisions for the banking relationship concerned by FATCA Group Requests as of January 31, 2023, in accordance with Article 12 paragraph 1 of the FATCA Act and Article 5 paragraph 3 of the FATCA Agreement.

Sweden Jan 31, 2023

The Swedish Tax Agency publishes an updated FATCA Technical guidance (edition 9) along with the draft CRS Technical guidance (edition 7). Apart from several minor changes, it informs RFIs that a new e-service for submitting XML files with FATCA and CRS control information will be launched later in the spring or winter of 2023. It also informs that the test service used for FATCA and CRS reporting will be unavailable until further notice. Further, it also publishes example files for CRS and FATCA XML.

Bermuda Jan 31, 2023

The Ministry of Finance in Bermuda publishes an updated list of TY2022 CRS reportable jurisdictions. Ghana, Jamaica, and Maldives have been added to the list of reportable jurisdictions, while Costa Rica has been removed from the list.

IRS Jan 31, 2023

The IRS publishes Issue Number 2023-02 informing of the updated QI/WP/WT system FAQs. FAQs 9 and 10, are updated under Certifications and Periodic reviews. As per FAQ 9, all QI/WP/WT entities with a periodic certification due date of July 1, 2023, which includes entities with an agreement effective date of later than January 1, 2019, and earlier than January 2, 2020, must select the periodic review year of their certification period by July 1, 2023. As per FAQ 10, the certification due date for QI/WP/WT entities that selected 2022 for its periodic review is December 31, 2023.

Andorra Jan 31, 2023

The Government of Andorra publishes Law No. 5/2023, consisting of measures for the reform of direct taxation and modification of other tax and customs regulations. Specifically, Annex VI has been added to AEOI Law 19/2016, informing RFIs of the addition of Ecuador, Hong Kong, Macau, Maldives, Morocco, Peru, and Samoa as CRS reportable jurisdictions for TY2022 reporting.

Netherlands Jan 30, 2023

The Tax and Customs Administration of Netherlands (TCA) publishes an update informing RFIs of the changes made to the Banking and Investment Products Import IBB application. Specific changes include: (1) Namespace issue in the exported XML file has been fixed to set to correct year. (2) A file created with IBB 2022.1 that received an error message when submitting can import the created data file into IBB version 2022.2; and (3) The newly created xml file that contains the correct namespace can be offered to Digiport or the Data Portal.

United States Jan 27, 2023

NEW - Jurisdictional Debrief Now Available (Week Ending January 27, 2023)

Belgium Jan 27, 2023

The Ministry of Finance in Belgium informs RFIs that due to planned IT maintenance, all e-services including AEOI reporting services will be unavailable from February 3, 2023, to February 5, 2023.

IRS Jan 27, 2023

The IRS updates FATCA FAQs. FAQ6 under the Reporting section has been updated following the release of Notice 2023-11, which provides an updated series of codes that may be used by a reporting Model 1 FFI to populate the TIN field where the US TIN has not been obtained in specified scenarios. It informs that reporting for calendar year 2022, due by September 30, 2023, is considered to be a transition year, and to be eligible for relief Model 1 FFIs must either use the TIN codes issued in May 2021 or the following updated TIN codes. It further informs that for reporting on calendar years 2023 and 2024, due by September 30, 2024, and September 30, 2025, respectively. Additionally, a reporting Model 1 FFI must use the updated codes that identify features of these accounts that may explain why the reporting Model 1 FFI cannot report a U.S. TIN. The expectation is that the use of these codes will allow tax administrations to better understand the facts and circumstances behind missing U.S. TINs, both in general and with respect to a specific reporting Model 1 FFI.

Spain Jan 27, 2023

The Spanish Lower House of Parliament releases a bill (121/000139) modifying the existing AEOI Law, to implement the mandatory automatic exchange of financial account information for digital platform operators (DAC7). Specific updates include: (1) Establishment of information exchange requirements from digital platforms between EU countries and tax authorities, (2) specify relevant information for platform operators to share with the tax authorities, (3) Establish due diligence rules and procedures for the information declared by the platform operators, (4) Provide a framework for competent authorities to conduct joint audits, (5) Require financial institutions, intermediaries, and platform operators to provide notice of information exchange to natural persons, who are subject to personal data protection; and (6) Establish penalties for non-compliance. The law entered into force on January 1, 2023, for the due diligence rules and procedures, while the applicable sanctions for breach of the obligations of registration and provision of information provided would enter into force on January 1, 2024.

Romania Jan 25, 2023

The National Agency for Fiscal Administration (ANAF) of Romania makes publicly available an updated list of CRS reportable and participating jurisdictions. Jamaica has been added to the list of reportable jurisdictions, whereas no changes have been made to the list of participating jurisdictions. It also publishes a guide on FATCA and CRS reporting obligations that is intended to provide a general framework to guide RFIs that have the obligation to comply with the reporting and tax due diligence rules regarding the financial accounts of non-resident taxpayers. Additionally, it also publishes Residence and Citizenship by investment (CBI/RBI) schemes guidelines informing that RFIs must take the outcome of the OECD's analysis of high-risk CBI/RBI schemes into account when performing their CRS due diligence obligations.

IRS Jan 25, 2023

The IRS publishes Issue Number IR-2023-14, informing taxpayers that businesses can now file Form 1099 series information returns using a new online portal, which is available free from the IRS. The portal is known as the Information Returns Intake System (IRIS). The IRIS filing service is secure, accurate and requires no special software. Currently, IRIS accepts Form 1099's only for the tax year 2022 and later. Enrollment for the IRIS filing platform is now open. Filers should begin the enrollment process immediately. The Filing Information Returns Electronically (FIRE) system will remain available for bulk filing Form 1099 series and the other information returns through at least the 2023 filing season.

Slovak Republic Jan 25, 2023

The Financial Directorate of the Slovak Republic publishes updated sample XMLs and an updated technical guide for DAC2/CRS filings.

Malta Jan 25, 2023

The Office of the Commissioner for Revenue in Malta releases an updated version of their AEOI Guidance Notes (version 4.2). Specific updates include: (1) Appendix 1 is updated to include Ghana, Jamaica, and Maldives as reportable jurisdictions, while Costa Rica has been removed from the list; and (2) Appendix 2 is updated to include Jamaica, Kenya, Moldova, Montenegro, Thailand, and Uganda as participating jurisdictions, while Bonaire, Sint Eustatius and Saba has been removed from the list.

IRS Jan 24, 2023

The IRS releases updated instructions for the 2022 version of Form 1042 with the addition of a section “Paid preparers”. If the form is completed by a paid preparer with a valid preparer tax identification number (PTIN), the paid preparer should complete the paid preparer's section. Electronic filing of Form 1042 is available in 2023.

New Zealand Jan 24, 2023

The Inland Revenue Department (IRD) in New Zealand releases a communication regarding the recently published Issue Number 2023-11 by the IRS. It informs that the temporary relief of U.S. TIN requirements for FATCA should allow New Zealand FIs to continue to undertake business with U.S. citizens that have not provided a U.S. TIN without being identified as significantly non-compliant by the IRS. The notice also provides guidance to help encourage U.S. citizens to provide their U.S. TIN when requested. Further, it is recommended that the FATCA Responsible Officer consider the effect of Section 3 of the Notice, as it may impact the March 31, 2023, FATCA reporting, due June 30, 2023.

Czech Republic Jan 24, 2023

The Ministry of Finance of the Czech Republic updates its FATCA agreement to include the recently published US IRS Issue Number 2023-11 that provides newly updated codes for TIN reporting with respect to calendar years 2023 and 2024 to be eligible for the relief in cases where US TINs have not been obtained for pre-existing accounts that are US reportable accounts.

Czech Republic Jan 24, 2023

The Ministry of Finance of the Czech Republic publishes the text of the DAC7 Law, amending the EU directive on the mandatory automatic exchange of information (AEOI) as notified by platform operators (DAC7). The first notification and exchange of information shall take place in 2024 with respect to calendar year 2023 data.

Australia Jan 23, 2023

The Australian Taxation Office (ATO) publishes a FATCA Stakeholder update, informing RFIs of the interim measure provided by the US IRS where Foreign Financial Institutions (FFI) will not be treated as non-compliant if they fail to report a US TIN, with respect to a pre-existing account if they meet certain requirements. The requirements are in accordance with the US IRS’ Notice 2023-11, published in December 2022. For further clarity, while reporting for the calendar year 2022 – due in 2023, RFIs can use the TIN codes issued by the IRS in May 2021 or, the updated TIN codes to be issued by the IRS in early 2023. While reporting for calendar year 2023 – due in 2024 and onwards, the most recent TIN codes issued by the US IRS need to be used. Additionally, as a reminder, in order to establish compliance requirements, FFIs must retain records of the aforementioned policies and procedures and, documentation that proves that the aforementioned policies and procedures were followed, until the end of calendar year 2028.

Argentina Jan 23, 2023

The Argentine Federal Public Revenue Administration makes publicly available, the text of the General Resolution 5303/2022, modifying the previous resolution on the automatic exchange of information (AEOI). The modified resolution now includes FATCA due diligence and reporting requirements, in accordance with the recent Model 1 IGA signed between Argentina and the United States. Beginning calendar year 2023, the FATCA reporting deadline is expected to be on June 30, every year.

Russia Jan 23, 2023

The Federal Tax Service (FTS) of Russia publishes an updated version of the technical reporting format (vRU: 5.06) that describes the requirements of the structure and content for the electronic transmission of information on financial accounts of FIs residents in foreign States (territories). It also releases formats for the report on foreign residents (version 5.06) and XSD schemes for data control in CRS reporting to be used by RFIs while reporting information to the FTS.

OECD Jan 23, 2023

The OECD publishes an updated list of the AEOI status of commitments as of January 18,2023. Rwanda has been added to the list of countries undertaking the first exchange by 2025 from the previous intended exchange year of 2024.

Mauritius Jan 20, 2023

The Mauritius Revenue Authority (MRA) publishes an updated list of TY2022 CRS reportable jurisdictions. Georgia, Montenegro, Rwanda, Thailand and Ukraine have been added to the list of reportable jurisdictions.

IRS Jan 20, 2023

The IRS publishes an alert informing Qualifying Intermediaries (QI’s) that it is extending the due date to renew QI agreements under Revenue Procedure 2022-43 to May 1, 2023. Revenue Procedure 2022-43 (which includes the 2023 QI Agreement) previously provided that, a QI that seeks to renew its QI agreement with an effective date of January 1, 2023, must do so between January 1, 2023, and March 31, 2023. Accordingly, a QI that seeks to renew its QI agreement with an effective date of January 1, 2023, must now, do so through the Qualified Intermediary Application and Account Management System (QAAMS) by May 1, 2023. Additionally, the IRS is aware that the renewal link is not available for some QIs on QAAMS. The IRS is working on restoring the link and will provide an update shortly. As a reminder, Withholding Foreign Partnerships (WPs) and Withholding Foreign Trusts (WTs) are not required to submit requests to renew their WP/WT agreements at this time. The IRS will treat existing WP/WT agreements as remaining in effect until December 31, 2023.

OECD Jan 20, 2023

The OECD publishes an update informing taxpayers of the third edition of OECD Tax and Development Days. This event will provide an update on some of the OECD's initiatives to strengthen tax capacity and improve tax policy and compliance in developing countries and explore future challenges that includes sessions on Digitalization of Tax Administrations and Global Forum on Transparency and Exchange of Information for Tax Purposes. It also informs that all meetings are open to the public and will take place virtually.

IRS Jan 20, 2023

The IRS publishes updated specifications for electronic filing of Form 1042-S - Foreign Persons U.S. Source Income Subject to Withholding for Tax Year 2022 (Publication 1187). Updates made to the guide are noted in Part E, Exhibit 1 of the guide.

Iceland Jan 20, 2023

The Directorate of Internal Revenue of Iceland publishes updated technical support for electronic IDs for submitting tax returns inclusive of FATCA and CRS returns.

France Jan 20, 2023

The French Tax Authority (DGFiP) releases an updated version of the CRS Technical Guide (v2.8). AEOI reporting potal related system updates have been made to the guidance. It also informs about Remitting company ID number, a blocking check is carried out to check that the user has the authorization to file the CRS/DAC2 file and the valuation of the warning tag. Additionally, it includes a Provisional calendar for 2023 confirming: (1) the availability of FATCA/CRS services for testing files would be available March 9, 2023, (2) the FATCA/CRS submission environment would be available beginning May 3, 2023, (3) Deadline to submit FATCA/CRS reports is July 31, 2023, and (4) the FATCA/CRS reporting services would close by August 2, 2023.

Latvia Jan 20, 2023

The Saeima (Parliament of the Latvian Republic) releases an official gazette on the amendments to the DAC7 (AEOI for digital platform operators) Regulations. Among other amendments, the gazette establishes obligations for the Latvian State Revenue Service to notify the EU commission by January 1, 2024 - of the four types of income and capital categories that will then be exchanged with the competent authorities of EU member states beginning calendar year 2026.

IRS Jan 19, 2023

The IRS publishes a quick alert for tax professionals, informing that the current version of the Publication 1220 (Rev. 10-2022) consisting of tax year 2022 specifications, for the electronic filing of Forms 1097, 1098, 1099, 3921, 3922, 5498, and W-2G, contains incorrect information. It further informs that corrections are being made to the publication and that the revised publication will be published shortly. Specifically, corrections are being made to Exhibit 2 of the revised publication.

Curaçao Jan 19, 2023

The Ministry of Finance in Curacao publishes an updated list of CRS reportable jurisdictions for TY2022. There are no updates in the list when compared with the previous year list. Additionally, it publishes an AEOI activity calendar for 2023, reminding RFIs that the deadline for TY2022 FATCA and CRS reporting is March 31, 2023.

Denmark Jan 19, 2023

The Ministry of Taxation in Denmark makes publicly available, a proposal to amend the EU Directive on Administrative Cooperation 2011/16/EU on AEOI – intended to impose new tax transparency rules for crypto-asset service providers. The proposal is open for public comments until February 23, 2023.

Guernsey Jan 18, 2023

The Revenue Service of the States of Guernsey publishes an updated list of CRS reportable and participating jurisdictions. Jordon, Moldova, Montenegro, Thailand, Uganda, and Ukraine have been added to the list of reportable jurisdictions for TY2022 reporting, while Morocco has been removed from the list. Sint Maarten, Trinidad & Tobago, and Tunisia have been added to the list of participating jurisdictions beginning TY2023. Additionally, it also includes a provisional list of CRS reportable jurisdictions for TY2023 with the addition of Georgia, Rwanda, and Tunisia.

United Kingdom Jan 17, 2023

The United Kingdom’s HMRC publishes a policy paper on Mandatory Disclosure Rules (MDR) that informs RFIs of the new rules that will require promoters and advisors to disclose details of certain types of arrangements to HMRC. An arrangement will be reportable if it involves the use of opaque offshore structures or if it avoids reporting under the Common Reporting Standard (CRS). New rules are being introduced to avoid arrangements that evade CRS reporting or involve the use of opaque offshore structures arrangements that can be used to hide beneficial ownership of assets from the tax authorities. HMRC also believes that mandatory reporting will discourage people from entering into arrangements in the first place if they are intending to use the arrangements to evade tax.

Malaysia Jan 16, 2023

The Inland Revenue Board of Malaysia (IRBM) publishes an updated list of CRS reportable jurisdictions. Ghana, Jamaica, Maldives and Peru have been added to the list, while Costa Rica has been removed from the list. Additionally, it also publishes important dates with respect to CRS reporting. The production environment will open, to receive CRS submissions from January 20, 2023, and will accept submissions until the deadline of June 30, 2023.

Luxembourg Jan 16, 2023

The Grand Duchy of Luxembourg makes publicly available an updated list of TY2022 CRS participating and reportable jurisdictions. Jamaica, Moldova, Montenegro, Uganda and Thailand have been added to the list of participating and reportable jurisdictions.

United States Jan 13, 2023

NEW - Jurisdictional Debrief Now Available (Week Ending January 13, 2023)

Netherlands Jan 13, 2023

The Tax and Customs Administration of the Netherlands publishes an update informing taxpayers of the availability of the DAC6 specifications version 2.1.2. The manual includes the filing process and the specifications for DAC6 reporting. It also publishes an updated version of the Product Overview Mandatory Disclosure Rules as per the updated DAC6 specifications.

Japan Jan 12, 2023

The National Tax Agency (NTA) of Japan releases updated AEOI reporting FAQs. Updates include: (1) Q-1. Identification of country of residence based on nationality, such as your current address or place of residence; (2) Q-2. Provide the country of residence in the identity verification document; (3) Q-3. No First Name (NFN) should only be used if you do not know the full first name; and (4) Q-4. A series of specific letters or numbers can be entered in case of absence of foreign taxpayer identification number, even after carrying out the required procedures.

France Jan 11, 2023

The French Tax Authority (DGFiP) publishes the text of the DAC7 Law, amending the tax cooperation law and transposing the EU directive 2021/514, which will impose new reporting and information obligations on platform operators. It will apply to transactions carried out from January 1, 2023, and will need to be reported in 2024. It also informs that a new title "Obligations of operators of electronic matchmaking platforms" is created and the division dedicated to agreements for the automatic exchange of financial account information is renamed to "Agreements and automatic exchange of information". It further publishes links to AEOI related documents.

Saint Kitts and Nevis Jan 11, 2023

'The Inland Revenue Department (IRD) of Saint Kitts and Nevis publishes an advisory note informing all RFIs that are registered for FATCA and CRS reporting, that they need to submit the TY21 AEOI Compliance form to the IRD via e-services or email at aeoi.skn@ird.gov.kn, by February 28, 2023. It also publishes the AEOI Compliance form (v.02) along with the AEOI Compliance form guidelines (v.02).

Switzerland Jan 10, 2023

The Federal Tax Administration (FTA) of Switzerland publishes a notification on the issuance of its final decisions for the banking relationship concerned by FATCA Group Requests as of January 10, 2023, in accordance with Article 5 paragraph 3 of the FATCA Agreement.

Jersey Jan 9, 2023

The International Taxation Department of the Government of Jersey publishes an update informing RFIs of the 2023 compliance program set to commence during 2023 in accordance with its compliance strategy based on the Promote, Prevent, and Respond model: (1) Under Promote, the focus is on identifying entities that have incorrectly classified themselves for FATCA and CRS reporting with a view to improve data quality and accuracy; (2) Under Prevent, it reviews the justification for FATCA/CRS reporting by service providers along with the enhancement of FATCA and CRS validations for Jersey's AEOI portal in order to improve the quality of the information provided; and (3) Under Respond, it emphasizes on compliance interventions with RFIs which present the highest risk of not complying with the FATCA and CRS rules.

IRS Jan 6, 2023

The IRS releases updated version of 2022 Form 1042 with minor formatting updates.

Luxembourg Jan 6, 2023

The Luxembourg’s Tax Administration (ACD) updates its FATCA page to remind RFIs that MyGuichet (Guichet's secure interactive platform) allows Luxembourg Reporting Financial Institutions or their filing entity to report an FATCA zero-value message using an input assistant. Submission of a zero-value message in XML format is not possible. The transmission of a message with zero value remains always possible via the existing companies (transmitters), either by means of their input form, or by an XML deposit.

United Kingdom Jan 5, 2023

The United Kingdom’s HMRC publishes an updated list of CRS participating and reportable jurisdictions for TY22 reporting. Moldova, Montenegro, Sint Maarten, Thailand, and Uganda have been added to the list of participating jurisdictions, while Morocco has been removed from the list. Additionally, Moldova, Montenegro, Thailand, and Uganda have been added to the list of reportable jurisdictions, while Morocco has been removed from the list.

Lithuania Jan 5, 2023

The Seimas (Parliament of the Lithuanian Republic) gazettes the DAC7 Law – implementing the mandatory automatic exchange of financial account information (AEOI) for digital platform operators (DAC7). The law entered into force on January 1, 2023.

Isle of Man Jan 4, 2023

The Income Tax Division of Isle of Man publishes an updated list of CRS reportable and participating jurisdictions. Russia and Morocco have been removed from the list of reportable jurisdictions for TY2022 reporting. Sint Maarten and Tunisia have been added to the list of participating jurisdictions beginning TY2023. It also includes a provisional list of CRS reportable jurisdictions for TY2023 with the addition of Rwanda, Georgia, and Tunisia. Additionally, it informs RFIs that an updated version of the CRS guidance notes will be available soon.

United States Jan 3, 2023

The U.S. Department of Treasury updated the FATCA IGA status of Argentina to “In Force (1-1-2023)” from the previous status of “Signed”.

United Arab Emirates Jan 3, 2023

The Abu Dhabi Global Market (ADGM) in the UAE makes publicly available the FATCA regulations and FATCA guidance along with the CRS (Amendment) Regulations 2022. The key objectives of these guidances are to provide direction to UAE FIs subject to the provisions of the Agreement and the FATCA and CRS regulations. An FI subject to the Agreement and the FATCA and CRS regulations shall have regard to these guidance for the purposes of ensuring compliance.

IRS Jan 2, 2023

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool, with the FIs that are in approved status as of December 23, 2022.

Antigua and Barbuda Dec 31, 2022

The Inland Revenue Department of Antigua and Barbuda makes publicly available its Automatic exchange of financial account information (Amendment) Act 2022, to reflect the modifications made to the definitions and terms derived from the Automatic Exchange of Information (CRS).

IRS Dec 30, 2022

The IRS publishes Notice 2023-11 in order to provide FATCA reporting relief to Model 1 FFIs who have been unable to obtain US TINs for their pre-existing accounts that are US reportable accounts. As part of the relief, the FFIs will also provide information that the IRS can evaluate to determine why these TINs are missing.

Slovenia Dec 30, 2022

The Financial Administration of the Republic of Slovenia (FURS) publishes implementing EU Council Directive 2021/514 (DAC7) for administrative cooperation in the field of taxation, and for the mandatory automatic exchange of financial account information (AEOI) for digital platform operators (DAC7). It also informs that reporting platform operators need to report to FURS by January 31, 2024, for reporting periods beginning January 1, 2023. Further, it also publishes XML schema along with an updated Schema user manual (v2.3) for mandatory automatic exchange of financial account information (AEOI) for digital platform operators (DAC7).

IRS Dec 29, 2022

The IRS issues an alert that provides an update on the deadline for all Qualified Intermediaries (QIs), including QIs acting as Qualified Derivatives Dealers (QDDs), to renew their QI agreements covering the 2023 through 2028 years. All QIs (including QDDs) that want to renew their QI agreement for years 2023 through 2028 must submit a request to renew their agreement between January 1, 2023 and March 31, 2023 through the QI/WFP/WFT Application and Account Management System (QAAMS). The renewal request link will be available on the QAAMS homepage on January 1, 2023. If an application is submitted between January 1, 2023 and March 31, 2023, and approved, the new QI agreement will be effective as of January 1, 2023. Withholding Foreign Partnerships (WPs) and Withholding Foreign Trusts (WTs) are not required to submit requests to renew their agreements at this time. The IRS will treat existing WP and WT agreements as remaining in effect until December 31, 2023.

Russia Dec 29, 2022

The Federal Tax Service (FTS) of Russia publishes the final approved version of the technical reporting format (vRU: 5.06) with minor technical updates. It describes the requirements of the structure and content for the electronic transmission of information on financial accounts of FIs residents in foreign States (territories).

Japan Dec 28, 2022

The National Tax Agency (NTA) of Japan publishes updated AEOI FAQs. FAQ 1-1-12 has been added which provides information on how to check whether the CRS reporting on the portal is complete. FAQ 3-2 has been updated that lists updated two-digit standardized country codes.

Germany Dec 28, 2022

The Federal Law Gazette of Germany publishes an official Gazette implementing EU Council Directive 2021/514 (DAC7) for administrative cooperation in the field of taxation, and for the mandatory automatic exchange of financial account information (AEOI) for digital platform operators (DAC7). The law includes measures establishing: (1) Registration and Notification obligations for platform operators; (2) Due-diligence procedures and reporting requirements; (3) Notification requirements and communication procedures for the tax administration; (4) Verification procedures and penalties for non-compliance; (5) Provisions on confidentiality and protection of personal data; and (6) Provisions for joint supervision by competent authorities. It further informs that the law enters into force beginning January 1, 2023.

France Dec 27, 2022

The French Tax Authority (DGFiP) publishes FAQs related to requirements and general know-how of self-certifications which are helpful for account holders along with the RFIs. One of the FAQs confirms that any account holder who has not submitted a self-certification following the second request sent by the financial institutions is likely to be sanctioned by the tax authorities with a fine of 1,500 euros.

Japan Dec 27, 2022

The National Tax Agency (NTA) of Japan publishes an updated list of CRS reportable jurisdictions for 2022 reporting. Jordan, Moldova, Montenegro, Uganda, Ukraine, and Thailand have been added to the list of reportable jurisdictions, while Niue has been removed from the list.

IRS Dec 23, 2022

The Treasury Department and the IRS provide transitional guidance for broker reporting on digital assets. As per the update, brokers are not required to report additional information with respect to dispositions of digital assets until final regulations are issued under sections 6045 and 6045A. Brokers are still required to comply with existing laws and regulations. This transitional guidance applies only to information returns filed or furnished by brokers. In contrast, taxpayers are still required to report any income they receive from transactions involving digital assets.

IRS Dec 23, 2022

The IRS publishes Issue Number IR-2022-226 informing taxpayers of the delay in implementation of $600 reporting threshold for third-party payment platforms’ Forms 1099-K. As a result of this delay, third-party settlement organizations will not be required to report tax year 2022 transactions on a Form 1099-K to the IRS or the payee for the lower $600 threshold amount enacted as part of the American Rescue Plan of 2021. It also releases guidance outlining that calendar year 2022 will be a transition period for implementation of the lowered threshold reporting for third-party settlement organizations. It also reminds that previously, Form 1099-K was issued for third party payment network transactions only if the total number of transactions exceeded 200 for the year and the aggregate amount of these transactions exceeded $20,000; but now a single transaction exceeding $600 can trigger a filing of Form 1099-K.

Hungary Dec 23, 2022

The National Tax and Customs Administration of Hungary publishes an updated version of the CRS technical guide for the electronic submission of data. The Guide includes an updated list of CRS reportable jurisdictions with the addition of Jamaica, Kenya, Maldives, Morocco, Moldova, Montenegro, Peru, Thailand, and Uganda beginning TY2022. It also reminds RFIs that the deadline for CRS reporting is June 30, 2023. Additionally, it also publishes supporting applications: 2022 AEOI Form Filing program (v1.0) and Active help (v1.0).

Hungary Dec 23, 2022

The National Tax and Customs Administration of Hungary publishes an updated version of the 2022 FATCA filing instructions for the electronic submission of data with no major changes. Additionally, it also publishes a supporting application that contains XML information - 2022 FATCA Active Help (v1.0).

Germany Dec 22, 2022

The Federal Ministry of Finance in Germany (Bzst) releases FATCA newsletter 02/2022 and thus informing RFIs that the US IRS intends to publish a document outlining procedures and actions to be followed that do not consider a financial institution to be considered "significantly noncompliant" with FATCA obligations simply because certain accounts could not report a U.S. TIN. This is intended to counteract the still existing, general problem in obtaining a valid US-TIN from account holders, especially the so-called "accidental Americans". Against the background of these new developments, it is requested to refrain from account terminations. In the presence of so-called "accidental Americans", which are carried out solely for precautionary reasons, because a US TIN cannot be specified for the respective reportable person.

OECD Dec 21, 2022

The OECD publishes an updated list of jurisdictions participating in the Convention on Mutual Administrative Assistance in Tax Matters with the addition of Honduras and Madagascar, thus taking the tally of participating jurisdictions to 146. The Convention is the primary instrument for the implementation of the Standard for Automatic Exchange of Financial Account Information in Tax Matters (CRS).

Singapore Dec 20, 2022

The Inland Revenue Authority of Singapore (IRAS) releases an updated version (v2.0) of its FATCA Fillable PDF Form to include the TIN issued by under Section B. Reporting SGFIs that intend to file their FATCA return via the Fillable PDF Forms are strongly encouraged to use this updated version.

IRS Dec 20, 2022

The IRS publishes updated Publication 1220 on specifications for e-filing of various Forms, including From 1099, changes have been made to the participating states and codes in the CF/SF program. It also releases the instructions for Form 1099-R and 5498 (Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.) for the year 2023. Additionally, the IRS also releases the 2023 version of Form 1042-S.

Switzerland Dec 19, 2022

The Federal Tax Administration (FTA) of Switzerland updates its list of CRS reportable jurisdictions. Ecuador and Jamaica have now been identified as reciprocal jurisdictions beginning January 1, 2023, while New Caledonia has been identified as a permanently non-reciprocal jurisdiction beginning January 1, 2023.

Netherlands Dec 16, 2022

The Tax and Customs Administration of the Netherlands publishes an updated list of CRS reportable jurisdictions with the addition of Montenegro, Uganda, and Thailand beginning TY2022 reporting.

United States Dec 16, 2022

NEW - Jurisdictional Debrief Now Available (Week Ending December 16, 2022)

Bulgaria Dec 16, 2022

The Bulgarian Official Gazette publishes Decree No. 288, modifying tax procedure laws to transpose EU Directive 2021/514 (DAC7) on administrative cooperation in the field of taxation to combat tax evasion. The specific updates include: 1) expanding the AEOI scope for digital platform operators providing specific services; 2) defining “presumptive significance” as it relates to requested information and according to internationally recognized standards; 3) providing requirements for “group requests” for information; 4) requesting that royalty income to be included for information exchanges; 5) setting data collection requirements for platform operators; 6) establishing a 60-day deadline for competent authority to respond to a proposal for a parallel check; 7) allowing the use of exchanged information for administrative reasons; and 8) prescribing procedures for cases of data breach related to information exchanges.

OECD Dec 15, 2022

The OECD publishes the English version of the 2022 Annual Report of Tax Inspectors without Borders (TIWB). The report describes the efforts of the TIWB in setting up pilot programs on the effective use of AEOI that complement the work of the OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes. A pilot program was launched in September 2021, with the goal of building capacity in the use of the data received under the CRS. A Digitalization of Tax Administrations (TIWB-DTA) pilot program was also launched during the reporting period. The report also informs that these programs will be guided by high level, strategic advice from TIWB experts to senior tax administration officials of multiple jurisdictions.

Germany Dec 15, 2022

The Federal Tax Office of Germany (BZSt) publishes CRS Newsletter 06/2022 reminding RFIs of the recent addition of a new section on questions about AEOI checks to help RFIs better understand the process of AEOI examination. It also informs RFIs that the CRS test manual has been removed from the website and that it now includes an explanatory text on the existing test option. Additionally, it also informs RFIs, that as a result of the recent amendments to the CRS regulations, some products were removed from the list of exempt accounts under CRS and the due diligence requirements for such accounts that would be now be reportable must be completed as follows: (1) For accounts opened before January 1, 2023, the due-diligence requirements of pre-existing accounts should be applied; and (2) For accounts opened on/after January 1, 2023, the due-diligence requirements of new accounts should be applied.

India Dec 15, 2022

The Income Tax Department of India publishes several updated documents related to AEOI reporting, such as: (1) Reporting Portal User Guide (v4.1); (2) Reporting Portal – FAQs (v5.3); and (3) Report Generation and Validation Utility User Guide - Form 61A (v5.3) for Form 61A. All three documents have been updated to address two new errors recognized for Form 61A.

Argentina Dec 14, 2022

The U.S. Department of Treasury updates its FATCA Page to include IGA - Model 1 agreement between the United States of America and Argentina to Improve International Tax Compliance and to Implement FATCA. The agreement was signed on December 5, 2022.

Switzerland Dec 14, 2022

The Federal Tax Administration (FTA) of Switzerland published a press release informing that officials from Switzerland and the U.S. had a discussion on the revisions of the 1996 tax treaty between the two countries, as well as a new FATCA agreement and other matters. Government officials discuss a plan for the new FATCA agreement, which envisages the automatic and reciprocal exchange of information. They also discussed multilateral topics, such as the new Crypto-Asset Reporting Framework of the OECD.

Switzerland Dec 13, 2022

The Federal Tax Administration (FTA) of Switzerland publishes a notification on the issuance of its final decisions for the banking relationship concerned by FATCA Group Requests as of December 13, 2022, in accordance with Article 12 paragraph 1 of the FATCA Act and Article 5 paragraph 3 of the FATCA Agreement.

IRS Dec 13, 2022

The IRS publishes Revenue Procedure 2022-43 that sets forth proposed changes to the final qualified intermediary (QI) withholding agreement (QI agreement) entered into by the IRS and certain foreign persons under Treas. Reg. Section 1.1441-1(e)(5) that applies beginning January 1, 2023. The 2023 QI Agreement allows foreign persons to enter into the agreement for purposes of the withholding and reporting required under sections 1446 (a) and (f) with respect to their account holders holding interests in publicly traded partnerships. It also informs that the QI agreement currently in effect, as provided in Rev. Proc. 2017-15, expires on December 31, 2022.

Canada Dec 13, 2022

The Canadian Revenue Agency (CRA) publishes updated AEOI Tax Residency Declaration Forms for individuals and entities in accordance with Part XVIII and XIX of Income Tax Act; minor updates have been made to the form instructions.

Hong Kong Dec 12, 2022

The Inland Revenue Department (IRD) of Hong Kong releases the Annual Report for 2021-22. The Annual Report acknowledges, among several other topics, the milestones achieved by the IRD with respect to the successful implementation and adoption of the AEOI standards.

IRS Dec 12, 2022

The IRS updates the FATCA General FAQs with the addition of a new section on Conversions to Model 1 IGA and FFI Agreement Renewals that provides clarifications on FFI agreement renewals.

Hong Kong Dec 9, 2022

The Inland Revenue Department of Hong Kong publishes an announcement on the Automatic Exchange of Information (AEOI) Portal stating that the system will be under maintenance on December 17, 2022, and that all services will be suspended during this period.

IRS Dec 8, 2022

The IRS releases the 2023 version of Form 1099-B (Proceeds From Broker and Barter Exchange Transactions).

OECD Dec 8, 2022

The OECD publishes information on Tax Identification Numbers (TINs) for Guernsey.

EU Dec 8, 2022

The Council of the European Union publishes FAQs on DAC8 that include provisions on reporting and exchange of information on crypto-assets for direct tax purposes. This update of the Directive on Administrative Cooperation (DAC) will expand the reporting and exchange of information between tax authorities within the EU to cover income or revenue generated by users residing in the EU while operating with crypto-assets.

United States Dec 7, 2022

The US Department of the Treasury has announced the entry into force of Tax Treaty protocols with Croatia. The treaty covers Croatian Profit Tax, Income Tax, and Local Income Tax. It also covers US Federal Income Taxes imposed by the IRC and the Federal Taxes imposed on the investment of income of foreign private foundations. The new Tax Treaty will enter into force after the US and Croatia have notified each other that the requisite domestic procedures have been completed.

Liechtenstein Dec 7, 2022

The Tax Administration (STV) of the Principality of Liechtenstein releases an updated version of the CRS bulk reporting compression tool guide. Specific updates include: (1) System requirements and steps to download the current version of the software; (2) Steps to start the application directly or via command prompt; and (3) Service section specifies that the files in XML format cannot be transmitted and only the zip files that have been previously compressed and encrypted with this application can be transmitted.

Czech Republic Dec 7, 2022

The Interior Ministry of the Czech Republic publishes the text of the DAC7 Law - amending the tax cooperation law, and transposing the EU directive on the mandatory automatic exchange of information (AEOI) as notified by platform operators (DAC7). The law enters into force on January 1, 2023.

Slovenia Dec 7, 2022

The Financial Administration of the Republic of Slovenia publishes guidance on the international taxation of dividends, interest and property rights income between EU jurisdictions and the Swiss confederation related to AEOI, to improve tax compliance. The guidance lists out the conditions such as: (1) dividends paid by subsidiaries to parent companies are not taxable in the source country (Sec 1.5); (2) payments of interest and royalties between related companies or their permanent business units are not taxable in the source country (Sec 2.5); and (3) interest and royalty payments between related parties or their permanent establishments in the source country are not taxable (Sec 3.5). Additionally, the method of claiming tax exemption, or refund in case the above types of income are taxed, despite fulfilling the conditions of exemption, are described in the guidance after each of the aforementioned sections.

IRS Dec 6, 2022

The IRS publishes the 2022 version of Form 1042 - Schedule Q (Tax Liability of Qualified Derivatives Dealer (QDD)). It also releases the revised Publication 1220 on specifications for e-filing of various forms, including From 1099.

United States Dec 6, 2022

The U.S. Department of the Treasury updates its FATCA Page to include the Memorandum of Understanding between the USA and Hungary to improve international tax compliance and to implement FATCA.

IRS Dec 5, 2022

The IRS publishes the 2023 version of the form 1099-PATR (Taxable Distributions Received From Cooperatives).

Cyprus Dec 5, 2022

The Cyprus Tax Department publishes a notice informing RFIs of its observations during the on-site audits to examine FIs compliance with the due diligence procedures as defined in the relevant legislation on CRS/DAC2. It provides clarifications on how to submit return correctly: (1) Information declared in CRS reports must be accurate and factual, (2) Undocumented accounts are only referred to existing accounts and not to new accounts, (3) During the process of due diligence on new accounts, in case a valid self-certification is not obtained within the first 90 days, then the tax authority must proceed with account closure, (4) It is mandatory to provide TIN and DOB information in the CRS XML return, (5) “Address Fix” field of the XML must be used in all the returns unless the FI does not hold the complete address of the account holder in which case “Address Free” field should be used, It also confirms that the city is mandatory and must be filled in. (6) All the negative and nil balances must be reported as zero in the CRS return, (7) With respect to a joint account, each co-beneficiary will be treated as an account holder for purposes of determining whether the account is a reportable account. When more than one reportable person is a joint owner, each reportable person is treated as an account holder and is assigned the entire balance or value of the joint account, as well as all amounts paid or credited to the joint account, (8) In case the FI ceases to be active, then the FI must request for deletion of the registration from FATCA/CRS and then subsequently be deactivated from the tax authority portal, (9) For submissions made by June 30, final submission files per country will be considered for exchange of information with the partner jurisdiction. (10) For submissions made after June 30, for the immediate preceding tax year or previous tax years, inclusive of corrected/amended/late reports, final submission files per country and per day will be considered for exchange of information with the partner jurisdiction.

Argentina Dec 5, 2022

The United States Embassy in Argentina publishes an update, on the signing of the Intergovernmental Agreement (IGA) between Argentina and the USA, to facilitate implementation of the U.S. Foreign Account Tax Compliance Act (FATCA). The Model 1 – reciprocal exchange agreement has been signed and the text of the agreement is due to be released shortly.

South Korea Dec 5, 2022

The National Tax Service of South Korea releases 2022 briefing materials for a presentation on AEOI, which is scheduled from December 5, 2022 to December 7, 2022.

Russia Dec 5, 2022

The Federal Tax Service (FTS) of Russia publishes an updated list of jurisdictions with which Russia will exchange information related to CRS. Kazakhstan, Maldives, and Oman have been added to the list, while Cayman Islands and Switzerland have been removed from the list. As a reminder, Russia has adopted a wider approach for CRS reporting.

Spain Dec 3, 2022

The Spanish Tax Agency (Agencia Tributaria) publishes an updated list of CRS reportable and participating jurisdictions for 2023 reporting. Moldova, Montenegro, Thailand, Ukraine and Uganda have been identified as both reportable and participating jurisdictions.

IRS Dec 2, 2022

The IRS releases the 2022 instructions for Schedule A of the Form 8804. The purpose of this form is to determine the Penalty for Underpayment of Estimated Section 1446 Tax for Partnerships.

United States Dec 2, 2022

NEW - Jurisdictional Debrief Now Available (Week Ending December 2, 2022)

IRS Dec 1, 2022

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool, with the FIs that are in approved status as of November 23, 2022.

IRS Dec 1, 2022

The IRS releases the 2023 version of Form 1099-R (Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.) along with its instructions. It informs that the Copy A of the form should not be printed and filed, as a penalty may be imposed for filing with the IRS information return forms. Copy B and other copies of the form may be printed and used to satisfy the requirement to provide the information to the recipient. Information returns may also be filed using the IRS Filing Information Returns Electronically (FIRE) system. It also releases the instructions for Form 1099-B (Proceeds from Broker and Barter Exchange Transactions) and Form 1099-PATR (Taxable Distributions Received From Cooperatives) for the year 2023. Additionally, the IRS also releases a Notice (797) for possible Federal Tax Refund due to Earned Income Credit (EIC). The EIC is a refundable tax credit for certain workers. This notice is to make taxpayers aware of an important federal tax benefit. Even if the taxpayers had no income tax withheld from the wages during the year, they may be eligible for the EIC.

Slovak Republic Dec 1, 2022

The Financial Directorate of the Slovak Republic publishes an updated list of CRS participating and reportable jurisdictions for 2023. Montenegro, Jamaica, Kazakhstan, Kenya, Sint Maarten, and Uganda have been added to the reportable jurisdictions list; while Maldives, Mauritania, Rwanda, and Thailand have been added to the participating jurisdictions list.

OECD Dec 1, 2022

The OECD publishes information on Tax Identification Numbers (TINs) and Tax Residency rules for Indonesia.

Austria Dec 1, 2022

The Federal Ministry of Finance of Austria publishes a notice on the suspension of data exchange with Belarus and Russia.

Malaysia Nov 30, 2022

The Inland Revenue Board of Malaysia (IRBM) publishes an update, confirming that FATCA submissions by RFIs should be completed via IDES. For additional information, the IRBM also makes available and requests RFIs to refer to the IDES Data preparation guide for further guidance. It also provides a link to the IRS FAQs page to prepare and submit an FATCA XML document using the IDES reporting platform. As a reminder, the date for submitting the TY2014 - TY2022 reportable information and nil returns under FATCA, to the IRBM is June 30, 2023.

Slovak Republic Nov 30, 2022

The Financial Directorate of the Slovak Republic publishes an update on DAC7 (DPI- Digital platform operators information) with respect to the automatic exchange of information. It also releases an FAQs document, which consists of generic questions about the AEOI notified by the platform operators exchange legislative framework.

Brunei Darussalam Nov 30, 2022

The Ministry of Finance and Economy of Brunei Darussalam makes publicly available an updated list of TY2022 CRS reportable jurisdictions with the addition of Albania, Ecuador, India, Kazakhstan, Nigeria, and Peru.

IRS Nov 29, 2022

The IRS publishes updated QI/WP/WT system FAQs. FAQs 1-12, are newly added under QI/WP/WT System Account Creation and Access using Login.gov, to assist users with the new Sign-In options.

Canada Nov 29, 2022

The Canadian Revenue Agency (CRA) releases an updated AEOI XML schema version 1-23-1 for filing information returns in 2023.

IRS Nov 28, 2022

The IRS publishes the 2023 version of Form 1099-QA (Distributions From ABLE Accounts).

Russia Nov 25, 2022

'The Federal Tax Service (FTS) of Russia publishes a draft version of the technical reporting format (vRU: 5.06) that describes the requirements of the structure and content for the electronic transmission of information on financial accounts of FIs residents in foreign States (territories). It also releases draft formats for the report on foreign residents (version 5.06) and XSD schemes for data control in CRS reporting to be used by RFIs while reporting information to the FTS. The draft documents are open for public proposals and comments until December 26, 2022, and the proposals/comments can be sent to the email ID: aeoi@tax.gov.ru

Switzerland Nov 24, 2022

The Federal Tax Administration (FTA) of Switzerland publishes a notification on the issuance of its final decisions for the banking relationship concerned by FATCA Group Requests as of November 24, 2022, in accordance with Article 12 paragraph 1 of the FATCA Act and Article 5 paragraph 3 of the FATCA Agreement.

France Nov 24, 2022

The French Tax Authority (DGFiP) publishes an updated version of the CRS technical specifications (v2023-1). Section 4.3.3 has been updated, to inform RFIs that in case of a passive NFE, the controlling persons are only to be declared, when they are known to the RFI and are in possession of the required validation documents with regard to the obligation of self-certification. Otherwise , the value “03 - The entity is a passive non-financial entity with unknown controlling person(s)" should be indicated.

Turks and Caicos Nov 23, 2022

The Turks and Caicos Islands Exchange of Information Unit publishes a draft version of the CRS Compliance Form. The CRS Compliance Form is an additional measure to verify compliance with FATCA and CRS reporting to be completed by RFIs.

IRS Nov 22, 2022

The IRS releases 2023 instructions for Form 8804-W (Worksheet) for partnerships that have effectively connected taxable income (ECTI) allocable to foreign partners. This form can be used to determine the proper estimated section 1446 tax payments.

IRS Nov 22, 2022

The IRS publishes Issue Number IR-2022-203 preparing taxpayers for the 2022 federal income tax return filing: (1) Taxpayers are encouraged to develop an electronic or paper recordkeeping system to store tax-related information in one place for easy access; (2) Reminder that most income is taxable inclusive of unemployment income, refund interest and income from the gig economy and digital assets; and (3) Reminder that previously, Form 1099-K was issued for third party payment network transactions only if the total number of transactions exceeded 200 for the year and the aggregate amount of these transactions exceeded $20,000; but now a single transaction exceeding $600 can trigger a filing of Form 1099-K. Further, it also encourages taxpayers to use tools available on IRS.gov to get key information about tax accounts and for a convenient way to pay taxes.

OECD Nov 22, 2022

The OECD releases an updated list of CRS signatories with the addition of Ukraine, taking the tally of CRS MCAA signatories to 119, with the intended first exchange expected to be in September 2024.

Spain Nov 21, 2022

The Spanish Tax Agency (Agencia Tributaria) makes publicly available an updated FATCA technical manual (v2.15). Updated Guidance includes an addition of Annex-1 to help RFIs understand how to respond to an IRS notice. It also provides a link to the IRS FAQs page to have a greater detail on both the definition and the implications of the error.

United States Nov 18, 2022

NEW - Jurisdictional Debrief Now Available (Week Ending November 18, 2022)

Hong Kong Nov 18, 2022

The Inland Revenue Department of Hong Kong publishes an announcement on the Automatic Exchange of Information (AEOI) Portal stating that the system will be under maintenance on November 21, 2022, and that all services will be suspended during this period.

France Nov 18, 2022

The French Tax Authority (DGFiP) publishes updated technical specifications regarding the transfer of self-certification information. Apart from several formatting and technical updates progress points for the 2023 campaign has been updated to inform RFIs that in order to strengthen the security of data transmission to the DGFiP by third-party service providers, the procedure for filing declarations have been updated and are now accessible from the professional space of the site. It also informs that the remitter who deposits the file must first ensure that they have access to the secure professional space and that they are authorized to make submission of files on behalf of the RFI.

Sweden Nov 17, 2022

'The Swedish Tax Agency publishes an update informing RFIs that if they would like to test FATCA and CRS files when the testing service is unavailable, they can contact the tax authority via email - finansiella.konton@skatteverket.se

IRS Nov 15, 2022

The IRS releases 2023 instructions for Forms 1099-QA and 5498-QA (Distributions From ABLE Accounts and ABLE Account Contribution Information).

OECD Nov 14, 2022

The OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes (the Global Forum) releases an annual report that contains effective use of new ways of working, including in relation to the exchange of information at a member level and activities at a Global Forum level. This relates both to the exchange of information on request (EOIR) with respect to particular tax investigations and the automatic exchange of information (AEOI) in relation to financial accounts.

Jersey Nov 14, 2022

The International Taxation Department of the Government of Jersey publishes an update informing that Jersey has received the highest rating available in an assessment of its practical implementation of the Common Reporting Standard (CRS) in a report issued by the OECD. The assessment examined whether jurisdictions have the necessary law, processes and systems in place to ensure that RFIs are complying with the OECD standard.

Slovak Republic Nov 12, 2022

The Financial Directorate of the Slovak Republic publishes the XML schema along with an updated Schema user manual (v2.3) for mandatory automatic exchange of financial account information (AEOI) for digital platform operators (DAC7). The objective of DAC7 reporting is to provide the financial administration with information about sellers who provide services or sell goods through digital platforms.

Malaysia Nov 11, 2022

The Inland Revenue Board of Malaysia (IRBM) publishes an update on the first reporting of FATCA information. It reminds RFIs that the deadline for submitting 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021 and, 2022 reportable information including Nil returns under FATCA to the IRBM is on June 30, 2023.

Finland Nov 11, 2022

The Finnish Parliament (Eduskunta Riksdagen) publishes a Bill, accepted for consideration, to implement DAC7 reporting for digital platform operators. The Bill intends to: (1) establish requirements for digital platform operators to collect and annually submit information on sellers and activities carried out using digital platforms; (2) establish reporting and due diligence procedures for platform operators; (3) establish registration requirements for non-EU platform operators enabling sale of goods or services to persons in member jurisdictions, or holders of rentals of real estate, or living in member jurisdictions; (4) provide penalties for non-compliance; (5) establish procedures for verification and penalties for non-compliance; and (6) establish provisions on confidentiality and data protection. The law enters into force on January 1, 2023.

Liechtenstein Nov 11, 2022

The Tax Administration (STV) of the Principality of Liechtenstein publishes an updated list of CRS reportable jurisdictions. Qatar has now been identified as a reciprocal jurisdiction from the previous status of permanently non-reciprocal jurisdiction. It also publishes a Gazette informing the activation of the automatic exchange of financial account information (AEOI) with Moldova, Rwanda, and Tunisia beginning 2024 for the 2023 reporting period. The law enters into force November 12, 2022.

OECD Nov 10, 2022

The OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes publishes an update, informing stakeholders that 28 jurisdictions have taken new steps to strengthen and expand co-operation in tax matters, by signing the international tax agreements to exchange information with respect to income earned on digital platforms and offshore financial assets. In addition, 15 jurisdictions signed a separate MCAA supporting the Model Mandatory Disclosure Rules on Common Reporting Standard Avoidance Arrangements and Opaque Offshore Structures (CRS Mandatory Disclosure Rules). Additionally, it published a list of 23 MCAA-AEOI signatories on income derived through digital platforms.

South Korea Nov 10, 2022

The National Tax Service of South Korea publishes several technical documents related to CRS and FATCA reporting and XML encryption program that includes: (1) FATCA XML Upload Manual (v3.2); (2) CRS XML Upload Manual (v3.2); (3) FATCA Direct Input Re-report (Modified by Request) Manual (v1.2); (4) FATCA Direct Input Re-report (Voluntary Correction) Manual (v1.2); and (5) CRS Direct Input Re-report (Voluntary Correction) Manual v(1.1).

OECD Nov 10, 2022

The OECD releases an updated list of updated CRS signatories with the addition of Georgia, taking the tally of CRS MCAA signatories to 118, with the intended first exchange expected to be in September 2024.

IRS Nov 9, 2022

The IRS publishes updated specifications for electronic filing of Form 1042-S - Foreign Persons U.S. Source Income Subject to Withholding for Tax Year 2022 (Publication 1187). Updates made to the guide are noted in Part A, Section 3 of the guide.

Sweden Nov 9, 2022

The Swedish Tax Agency publishes an update informing RFIs that the test service used for FATCA and CRS reporting will be unavailable until further notice.

OECD Nov 9, 2022

The OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes publishes a report on Peer Review of the Automatic Exchange of Financial Account Information 2022 to ensure the effective implementation of the AEOI standard. The report includes the first peer reviews with effectiveness ratings for the 99 countries and jurisdictions that committed to starting AEOI in 2017 or 2018 to show that virtually all jurisdictions have put in place the necessary legal frameworks and have successfully started exchanges, and are exchanging information without significant timing or technical issues.

Iceland Nov 8, 2022

The Directorate of Internal Revenue of Iceland publishes a Risk Assessment form that is to be completed by the RFIs with respect to the financial information submitted through FATCA and CRS reporting.

IRS Nov 7, 2022

The IRS publishes revised Publication 1220 on specifications for E-Filing of various Forms including From 1099.

United States Nov 4, 2022

NEW - Jurisdictional Debrief Now Available (Week Ending November 4, 2022)

Hungary Nov 4, 2022

The Ministry of Justice of Hungary publishes a gazette amending existing tax laws, to include DAC7 reporting, applicable for digital platform operators. The gazette establishes: (1) mandatory requirements for digital platform operators to provide data by January 31 of every year after the reportable period, and to inform reportable sellers of the amounts paid or credited during the reportable period; (2) a mandatory 10 year record keeping requirement, of information related to due diligence and data provided, for platform operators; (3) a requirement for reportable digital platform operators to notify the tax authority of data quality within 15 days of its creation; (4) a provision to allow platform operators to apply for an exemption from the tax authority, for providing data by November 30 of the year before the relevant reportable period, or before the commencement of platform activities and annually thereafter; and (5) rules for due diligence, reporting, transmission and AEOI applicable for platform operators inclusive of financial information. The law enters into force on January 1, 2023.

OECD Nov 3, 2022

The OECD publishes information on Tax Identification Numbers (TINs) for Singapore.

France Nov 3, 2022

The French Tax Authority (DGFiP) publishes updated technical specifications regarding the transfer of self-certification information. Specific updates include: (1) modifications made to general technical principles following the migration from TeleTD to Space professional; (2) addition of sub-sections 3.1 to 3.5 under file control; and (3) progress points for the 2023 campaign.

IRS Nov 2, 2022

The IRS publishes an updated version of the Form 8804 (Rev. November 2022) along with the updated instructions for the Forms 8804, 8805, and 8813. Updated version includes the addition of lines 6f and 6g for the partnership name, as mentioned on line 1a, to report tax withheld from it under section 1446(f)(1) on the transfer of an interest in a partnership engaged in a trade or business in the United States.

Gibraltar Nov 2, 2022

The Commissioner of Income Tax of Gibraltar publishes an updated list of CRS reportable jurisdictions. No updates were made to the list of reportable jurisdictions, however the notes include addition of two new sections: (1) CRS: reporting corrections of historical errors - informing RFIs that want to file correction for the historical data filed through Gibraltar’s previous AEOI portal will need to submit the corrections as new data files instead of correction files, since the original data file is not available in the current platform; (2) CRS: deletion of historical files - informing RFIs that are seeking to delete historical data files will need to provide the Competent Authority with a list of those DocRefIDs that are to be deleted, because it is not possible to submit this data as a deletion file since the original data file is not available in the current platform. Both the sections notify that this only applies to corrections of CRS data that are applicable to reporting periods ended December 31, 2018, and earlier.

IRS Nov 1, 2022

The U.S. Department of Treasury updates the FATCA IGA status of Malaysia to “In Force (10-3-2022)” from the previous status “Agreement in Substance”.

IRS Nov 1, 2022

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool, with the FIs that are in approved status as of October 25, 2022.

IRS Oct 31, 2022

The IRS hosted two live webinars on August 4, 2022, and September 26, 2022, for tax practitioners and withholding agents, on understanding the Foreign Person's U.S. Source Income Subject to Withholding, including Form 1042-S, which are now available on the IRS Video Portal. Specific objectives of the webinar include: (1) Overview of each section of Form 1042, (2) Overview of each section of the Form 1042-S, (3) Common Errors on each form; and (4) Q&A session.

Bahamas Oct 30, 2022

The Bahamas Competent Authority announces key dates on the AEOI portal availability for FATCA and CRS registration and submissions. It reminds RFIs that the AEOI portal opens for registrations and submissions on November 1, 2022, and would close on November 25, 2022.

IRS Oct 28, 2022

The IRS updates FAQs on the QI/WP/WT’s FAQ Page with the addition of FAQ Q20 under the section New Applications/Renewals. The FAQ informs that entities that have agreed to the provisions of a WP/WT agreement in Revenue Procedure 2017-21, 2017-6 I.R.B. 791, are not required to renew their agreements in 2023, as the aforementioned agreements remain in effect until December 31, 2023. It also publishes a Bulletin as a reminder, informing taxpayers earning income from selling goods and/or providing services, that they may receive Form 1099-K’s, for payment card transactions and third-party payment network transactions of more than $600 for the year. Additionally, there would be no change to the taxability of income; the only change is to the reporting rules for Form 1099-K, which can be found on the new Form 1099-K FAQs page.

OECD Oct 28, 2022

The OECD publishes updated activated relationships for CRS information. The document includes all bilateral exchange relationships that are currently in place for the automatic exchange of CRS information under Article 6 of the Multilateral Convention and the CRS MCAA, as well as under the EU framework. As of October 2022, there are over 4900 bilateral exchange relationships activated with respect to more than 110 jurisdictions committed to the CRS, with the next exchanges between these jurisdictions set to take place at the end of September 2022.

Lithuania Oct 27, 2022

The Ministry of Finance of the Republic of Lithuania makes publicly available, a Bill presented to the Lithuanian Parliament, amending Articles of the existing Tax Administration Law, to implement the EU Council Directive 2021/514 on mandatory AEOI for digital platform operators (DAC7). The Bill, once approved as Law would enter into force on January 1, 2023.

Ukraine Oct 27, 2022

The Parliament of Ukraine publishes a draft Law on the amendments to the tax code of Ukraine, intended to facilitate the implementation of the AEOI - CRS. The draft CRS law once ratified, specifically: (1) intends to establish the first reporting period beginning January 1, 2023 to December 31, 2023; (2) apply due diligence procedures for RFIs to identify reportable accounts beginning January 1, 2023; (3) clarifies that if the first reporting period falls within the period of martial law currently in effect, the first reporting period will be postponed to a later date; (4) further elaborates the aforementioned statement to clarify that the central executive body ensuring implementation of the law will reconvene on or after July 1, 2024, to set a revised first reporting period and deadline; (5) establishes the thresholds and dates for pre-existing, individual and entity accounts review and, thresholds and dates for new, individual and entity accounts review; (6) informs FIs that categorize as reportable financial institutions (RFIs), of the obligation to register with the supervisory body by December 31, 2023; and (7) clarifies that the penalties applicable for non-compliance by RFIs are not applicable until December 31, 2024, while only half of the corresponding penalties are applicable for violations committed during the period of January 1, 2025 to December 31, 2025.

British Virgin Islands Oct 27, 2022

The International Tax Authority (ITA) of the BVI issues a notice informing RFIs that the BVIFARs Portal fee implementation is on course for 2023. It informs that there has been a change in the deadline and that the portal will now go live by the end of the 1st quarter in 2023. It also informs that once the portal is available details about the process of making payments through the portal as well as the other options will be made available. Additionally, all relevant entities with reporting obligations are required to enroll in the BVIFARs portal to satisfy their respective obligations in relation to FATCA, CRS, and CbCr. The intended fee covers portal enrollment, review, and transmission of reporting submissions to partner jurisdictions, support, and maintenance. Also, a subsequent update will be provided closer to the implementation period.

Switzerland Oct 27, 2022

The Federal Tax Administration (FTA) of Switzerland publishes a notification on the issuance of its final decisions for the banking relationship concerned by FATCA Group Requests as of September 28, 2022, in accordance with Article 12 paragraph 1 of the FATCA Act and Article 5 paragraph 3 of the FATCA Agreement.

Germany Oct 27, 2022

The Federal Tax Office of Germany (BZSt) updates its FAQs page to include a new section on questions about AEOI checks to help RFIs better understand the process of AEOI examination. It informs that the responsibility of the AEOI examinations aligns with the procedures of Common Reporting Standard (CRS) and Foreign Account Tax Compliance Act (FATCA).

Israel Oct 26, 2022

The Tax Authority of Israel publishes a list of TY2022 CRS participating and reportable jurisdictions. Jamaica, Maldives, Oman and Peru have been added to the participating list, while Trinidad and Tobago has been removed from the list. Additionally, Albania, Croatia, Ghana, Grenada, Jamaica, Kazakhstan, Maldives, Nigeria and Peru have been added to the list of reportable jurisdictions, while Costa Rica has been removed from the list. It also reminds that Financial Institutions are required to report the CRS information to the Tax Authority for TY2022 by September 8, 2023.

IRS Oct 25, 2022

The IRS updates its list of approved KYC rules. Lithuania has been added to the list of countries whose know-your-customer rules have been approved related to the Qualified Intermediary agreement.

EU Oct 25, 2022

The Council of the European Union publishes an updated list of tax deficiencies identified by the EU in non-cooperative jurisdictions (Annex I) and committed jurisdictions (Annex II). Armenia and Eswatini have been added to the list of tax deficiencies, while Bermuda and Tunisia have been removed from the list.

IRS Oct 24, 2022

The IRS reminds taxpayers earning income from selling goods and/or providing services that they may receive Form 1099-K for payment through card transactions and third-party network transactions of more than $600 for the year. Previously, Form 1099-K was issued for third party payment network transactions only if the total number of transactions exceeded 200 for the year and the aggregate amount of these transactions exceeded $20,000; but now a single transaction exceeding $600 can trigger a filing of Form 1099-K. Further, the IRS clarifies that money received from friends and relatives via third parties for personal expenses will not be taxable.

United States Oct 21, 2022

NEW - Jurisdictional Debrief Now Available (Week Ending October 21, 2022)

Australia Oct 21, 2022

The Australian Taxation Office (ATO) publishes CRS stakeholder update #21 informing RFIs of the availability of the CRS corrections guide that provides different examples on the most common correction and deletion scenarios in order to assist RFIs and the third-party service providers.

New Zealand Oct 20, 2022

The Inland Revenue Department (IRD) in New Zealand releases a communication regarding the recently published Issue Number 2022-05 by the IRS. It informs that the Sponsoring Entities that have been impacted by this notice will be contacted by a message posted on their FATCA registration system message board and if no action is taken within 60 days of notification, the entity will be removed from the published FFI List and may be subject to 30% withholding. Further, it provides clarification that a reporting NZFI cannot be a Sponsoring Entity for itself and that it should be reporting under its own FI GIIN. It also informs that a Sponsoring Entity GIIN (SE GIIN) needs to be obtained via the U.S. IRS's FATCA portal.

Norway Oct 19, 2022

The Tax Administration of Norway publishes an updated version of the Guidance on International Reporting (FATCA and CRS). Section 1.6 on Confidentiality obligations and the Norwegian Tax Administration’s exchange of account information has been updated to revise the reference to Sec 3-3 of the Tax Administration Act instead of Sec 3-1 previously. Additionally, it also updated its Guidance for completion and submission - International reporting CRS/FATCA page. Sec 2.2 on Reporting via Schemes, has been updated to clarify that no reporting can be done, through the usual third-party arrangement i.e., share savings accounts, financial products, fund accounts, deposits, loans and interest, life insurance and securities fund options, from and including tax year 2023 information, beginning reporting deadlines January and February 2024. Also, Sec 6.2, on reporting procedure when an account closes has been updated to clarify that, an account that is no longer subject to reporting, without the account being closed, should not be marked as closed. This is also applicable in cases where the account holder is no longer considered a tax resident/homeowner outside of Norway, the account holder has expired, or if the account holder has renounced his American citizenship and documented this to a financial institution subject to reporting obligations.

IRS Oct 15, 2022

The IRS publishes updated QI/WP/WT system FAQs. The FAQs 1-23 under QI/WP/WT System Account Creation and Access using ID.me have been added to assist users with the new Sign-In options coming in fall 2022. Also, the IRS publishes Issue Number 2022-06 reminding taxpayers that the IRS is updating its login methods on a number of online applications and that the IRS will soon transition the Qualified Intermediary, Withholding Foreign Partnership, Withholding Foreign Trust Application and Account Management System (QAAMS) to a new sign-in system that requires new users to register or sign in with ID.me, the current IRS credential service provider. Further, existing users with an active IRS username may continue to sign in even after the transition until further notice, and might later be required to use the new sign-in system to access QAAMS. However, new users will be required to create an ID.me account prior to accessing QAAMS. The account creation process will include verifying an email address, creating a password, and setting up multi-factor authentication to secure their account. Additionally, it informs that TINs are not required to access QAAMS.

IRS Oct 13, 2022

The IRS publishes revised Publication 1220 on specifications for E-Filing of certain forms, including Form 1099. The Publication informs taxpayers, that the IRS is continuing its transition to the new Information Returns Transmitter Control Code (IR-TCC) - Application for Filing Information Returns Electronically (FIRE), for customers who received their TCC(s) prior to September 26, 2021. Customers must take action to keep their existing TCCs active. Beginning September 2022, FIRE TCC holders who submitted their TCC Application, prior to September 26, 2021, will need to submit and complete the IR-TCC Application. This application can be done at any time between September 25, 2022, and August 1, 2023. The TCC will remain active, for use until August 1, 2023. After that date, any FIRE TCC that does not have a completed IR-TCC application, will be dropped and will not be available for e-filing.

IRS Oct 13, 2022

The IRS publishes a bulletin informing of updates made to the Qualified Intermediary (QI), Withholding Foreign Partnership (WP), and Withholding Foreign Trust (WT) Frequently Asked Questions (FAQs). FAQs 21 and 22 have been updated under the Certifications and Periodic Reviews section. FAQ 21 has been updated to include the French version of the Webinar on the QI/WP/WT certification and periodic review process. FAQ 22 has been updated to include additional guidance on actions required to be taken by a QI/WP/WT when its legal name changes. It also publishes a quick alert for Software Developers and Transmitters, who are interested in developing software for Modernized e-File (MeF). The alert further notifies that New Modernized e-File (MeF) Business Returns Schemas and business rules are available for TY22 Form 1042 and Form 7004.

Sweden Oct 12, 2022

The Swedish Tax Agency releases an October newsletter informing RFIs that feedback has been received on the TY2021 FATCA reports exchanged with the US’ IRS. Based on the received feedback, a physical letter from the Swedish Tax Agency can be expected to be sent to the postal address on records and not to specific persons, representing the information to be corrected and reported.

IRS Oct 12, 2022

The IRS publishes an updated 2022 version of Form 1042-T (Annual Summary and Transmittal of Forms 1042-S) with minor formatting updates to the form.

Slovenia Oct 12, 2022

The Financial Administration of the Republic of Slovenia publishes technical instructions for RFIs related to the delivery of information on financial accounts under FATCA reporting to the Tax Authority.

New Zealand Oct 11, 2022

The Inland Revenue Department (IRD) in New Zealand releases a communication regarding the recently published amendments to the Common Reporting Standard (CRS) and the New Crypto-Asset Reporting Framework (CARF). It informs the NZ Financial Institutions (NZFIs) of the substantial work to be carried out over the next year that includes: (1) Completion of a full implementation package to ensure consistency between domestic and international application; (2) Synchronized implementation timelines for both the amended CRS and the CARF; and (3) Updates to the domestic law where required. It also informs that these changes are predicted to be in effect by January 2025.

IRS Oct 11, 2022

The IRS publishes an announcement informing that Sponsoring Entities that have not registered any sponsored FFIs or sponsored direct NFFEs in the FATCA registration system and therefore are not performing the obligations of a sponsoring entity will be contacted by a message posted on their FATCA registration system message board. It also requests that the Sponsoring Entities cancel their FATCA agreement if they do not meet the requirements for being a Sponsoring Entity of Sponsored FFIs or Sponsored Direct Reporting NFFEs. Further, if no action is taken within 60 days of notification, the entity will be removed from the published FFI List and may be subject to 30% withholding.

Uruguay Oct 11, 2022

The General Taxation Directorate of Uruguay publishes a notice, informing RFIs of the availability of the system for sending CRS reports through the AEOI portal, until November 30, 2022. RFIs are expected to submit any omitted reports as new reports using the Message type indicator CRS701, while corrections to existing reports can be submitted via the CRS Modification Reports option using the Message type indicator CRS702. As a reminder, RFIs are also expected to submit Form 3915 (Declaration of CRS Report submissions) after report submissions, as applicable.

OECD Oct 10, 2022

The OECD publishes Crypto-Asset Reporting Framework (CARF) that includes proposed amendments to the common reporting standard (CRS) for the automatic exchange of information between countries with respect to crypto-assets. The new transparency initiative, developed together with G20 countries, comes against the background of a rapid adoption of the use of crypto-assets for a wide range of investments that can be transferred and held without the intervention of traditional financial intermediaries. The CARF will ensure transparency with respect to crypto-asset transactions, via automatically exchanging such information with the tax residency of the taxpayers on an annual basis through the adoption of the CRS.

India Oct 10, 2022

The Income Tax Department of India publishes a notification informing RFIs of the modifications made to the secondary legislation, rule 114F. Sub-rule (5) has been updated under clauses (i), (j) and (k) to provide further clarification on the definition of non-reporting FIs. It also amends clause (D) under explanations to provide clarifications on the definition of Treaty Qualified Retirement Fund.

Switzerland Oct 10, 2022

The Federal Tax Administration (FTA) of Switzerland publishes a press release providing statistical information regarding the automatic exchange of information (AEOI). It informs that the FTA has exchanged financial information on approximately 3.4 million financial accounts. It further informs that this information will be used by tax authorities to check whether taxpayers have correctly declared the financial accounts they hold in a foreign country.

IRS Oct 7, 2022

The IRS publishes a reminder to U.S. citizens, resident aliens, and domestic legal entities that the extended deadline to file their annual Report of Foreign Bank and Financial Accounts (FBAR) is October 15, 2022. Filers who missed April 15, 2022 annual due date received an automatic extension to file the FBAR without requesting an extension.

United States Oct 7, 2022

NEW - Jurisdictional Debrief Now Available (Week Ending October 7, 2022)

Bulgaria Oct 7, 2022

The Bulgarian Ministry of Finance publishes a draft law intended to amend the Tax and Insurance Procedural Code. The proposed amendments intend to: (1) expand the scope of AEOI to include data reported by operators of digital platforms for EU sellers renting out real estate or means of transport, providing personal services, or selling goods; (2) elaborate requirements for “group requests” of information; (3) set a mandatory requirement to exchange information related to income from Royalties; (4) set data collection requirements for digital platform operators on seller information; (5) permit the competent authority to use the exchanged information for internal administrative due diligence, determine tax liability, implement tax and indirect tax provisions; and (6) elaborate procedures on data breaches related to such types of information exchanges. The draft law is open for public comments until October 30, 2022.

Jersey Oct 6, 2022

The International Taxation Department of the Government of Jersey releases a communication informing RFIs of the availability of the AEOI Portal for FATCA and CRS report submissions beginning October 7, 2022.

Liechtenstein Oct 6, 2022

The Tax Administration (STV) of the Principality of Liechtenstein publishes an updated version of the FATCA reporting guidance. Along with several formatting updates, Sec 4.3 has been updated to clarify that in the case of a non-US entity, “NA” must be included in the TIN field, while “LI” should be the country code used in the TIN issued by field. Additionally, Secs 10.1 to 10.3 have been added to further clarify the reporting procedure for corrected data, indicating void data and reporting amended data.

OECD Oct 5, 2022

The OECD publishes an updated list of jurisdictions participating in the MCAA in tax matters. Honduras has been added to the list with a signature date of July 7, 2022, while the date of deposit of the instrument of ratification for Rwanda has been added as August 29, 2022, along with the date of entry into force as December 1, 2022. Additionally, the OECD also releases an updated list of the AEOI status of commitments. Morocco has been added to the list of countries undertaking the first exchange by 2022 from the previous intended exchange year of 2025. Also, the Republic of Congo and Uzbekistan are added to the list of developing countries that are not asked to commit to AEOI and have not set a date for first exchanges.

EU Oct 4, 2022

The EU council updates the Common EU list of non-cooperative third-country jurisdictions for tax purposes. Anguilla, Bahamas and Turks and Caicos have been moved from the grey to the black list. Bermuda and Tunisia have been removed from the grey list while Armenia and Eswatini have been added to the grey list.

Gibraltar Oct 4, 2022

The Commissioner of Income Tax of Gibraltar publishes an updated list of CRS reportable jurisdictions. Jamaica has now been identified as a reciprocal jurisdiction beginning 2023, while Maldives have been moved to temporarily non-reciprocal jurisdictions from the previous reciprocal status. Additionally, Sint Maarten has been removed from the list of temporary non-reciprocal jurisdictions.

Slovak Republic Oct 3, 2022

The Financial Directorate of the Slovak Republic publishes an updated list of CRS reportable jurisdictions for 2022. Russia has been removed from the list of reportable jurisdictions.

IRS Oct 3, 2022

The IRS publishes Issue Number 2022-04 informing taxpayers that the IRS is updating its login methods on a number of online applications and that the IRS will soon transition the Qualified Intermediary, Withholding Foreign Partnership, Withholding Foreign Trust Application and Account Management System (QAAMS) to a new sign-in system that requires new users to register or sign in with ID.me, the current IRS credential service provider. Further, existing users with an active IRS username may continue to sign in even after the transition until further notice, and might later be required to use the new sign-in system to access QAAMS. However, new users will be required to create an ID.me account prior to accessing QAAMS. The account creation process will include verifying an email address, creating a password, and setting up multi-factor authentication to secure their account.

IRS Oct 1, 2022

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool, with the FIs that are in approved status as of September 26, 2022.

Costa Rica Sep 30, 2022

The Legislative Assembly of the Republic of Costa Rica makes publicly available AEOI Resolution No. DGT-R-23-2022. The resolution amends AEOI-CRS due diligence provisions by: (1) imposing a mandatory five-year record keeping requirement on CRS documentation for RFIs; (2) clarification on the timeline that the period of record-keeping begins from the day following the last day of the period in which the information is required to be provided; and (3) clarification that the five year period will be extended in case the account remains open following those reporting periods. The Resolution entered into force on August 24, 2022.

British Virgin Islands Sep 30, 2022

'The International Tax Authority of the British Virgin Islands releases an updated version of its CRS Guidance Notes. Specific updates include: (1) Section 2.3 is updated to inform the RFIs that are tax resident in other jurisdictions must notify the ITA by sending an email to info@bviita.vg; (2) Section 2.4.1 on registration process is updated to inform RFIs on requirement to register with the ITA by April 30 in the first calendar year following the year in which it became an FI; (3) Addition of section 2.4.2 on appointment of Primary Users and Third Parties; (4) Addition of section 2.4.3 on FI deregistration process informing that the RFIs are required to provide information to the compliance team before the final deactivation approval, which might take around 60 days; (5) Addition of section 2.4.4 on annual CRS reporting informing that the accounts must include TINs, Account Number, Date and Place of Birth; (6) Addition of section 10 on the treatment of undocumented accounts; and (7) Section 2.9, 2.10 and Annex 1 including CRS commentary have been removed from the guidance.

IRS Sep 28, 2022

The IRS publishes Issue Number 2022-04 reminding taxpayers of the expiration of the IRS public key for FATCA filings. It also informs that the IRS has a new key that will replace the existing key on October 14, 2022. It is suggested to download the new IRS Public Key from IDES to file FATCA Reports beginning October 14, 2022. Additionally, it reminds that when purchasing a new digital certificate or replacing the one that is about to expire, IDES only recognizes and accepts digital certificates issued by IRS-approved Certificate Authorities (CA).

Sweden Sep 27, 2022

The Swedish Tax Agency publishes an example of FATCA XML for RFIs that need to file a correction for TY2021 returns.

Switzerland Sep 27, 2022

The Federal Tax Administration of Switzerland publishes a notification on the issuance of its final decisions for the banking relationship concerned by FATCA Group Requests as of September 27, 2022, in accordance with Article 12 paragraph 1 of the FATCA Act.

Saint Vincent and the Grenadines Sep 27, 2022

The Inland Revenue Department of St. Vincent and the Grenadines further extends the FATCA and CRS reporting deadlines to September 28, 2022.

Ireland Sep 26, 2022

The Ireland Revenue Commissioners releases Tax and Duty Manual. The manual describes Ireland’s Double Taxation Agreements, Tax Information Exchange Agreements, and the OECD/Council of Europe Convention on Mutual Administrative Assistance in Tax Matters. Specific updates include: (1) Section 2 has been updated to include compliance intervention framework (CIF) under exchange of information on request; and (2) Section 3.7 has been added to include mandatory automatic exchange of information in the field of taxation (DAC6).

Germany Sep 26, 2022

The German Upper House of Parliament (Bundesrat) releases a Bill to implement the mandatory automatic exchange of financial account information (AEOI) for digital platform operators (DAC7). The bill intends to establish: (1) registration/notification requirements, due diligence requirements and reporting obligations for digital platform operators; (2) procedures for verification and sanctions for non-compliance; and (3) provision for data communication procedures and joint supervision by competent authorities. It also includes various applicable dates for the commencement of reporting obligations, with the law expected to enter into force on January 1, 2023.

Finland Sep 26, 2022

The Finland Tax Administration publishes updated FATCA technical guidance (v2.9). Section 5 of the guidance has been updated on making corrections to the FATCA return.

Thailand Sep 22, 2022

The Revenue Department of Thailand releases the new Public Key for receiving and sending simulated FATCA data. This public key is available from July 12, 2022, through July 11, 2024.

Switzerland Sep 22, 2022

The Federal Tax Administration (FTA) of Switzerland updates a footnote on the list of CRS reportable jurisdictions informing RFIs of the suspension of data transmission with Russia until further notice.

United States Sep 22, 2022

NEW - Jurisdictional Debrief Now Available (Week Ending September 22, 2022)

Netherlands Sep 20, 2022

The Tax and Customs Administration of Netherlands (TCA) publishes an update informing RFIs of the availability of the IBB application. It also confirms that the IBB application does not pose a security risk if it is located within its own network.

Gibraltar Sep 20, 2022

The Commissioner of Income Tax of Gibraltar publishes an updated list of CRS reportable jurisdictions. Maldives has now been identified as a reciprocal jurisdiction beginning 2024 from the previous temporary non-reciprocal status. It also includes the addition of Sint Maarten as a temporary non-reciprocal status beginning 2023.

Saint Vincent and the Grenadines Sep 20, 2022

The Inland Revenue Department of St. Vincent and the Grenadines extends the FATCA and CRS reporting deadlines to September 27, 2022.

IRS Sep 15, 2022

The IRS publishes Issue Number 2022-03 reminding that the deadline for all Qualified Intermediary (QI) (including Qualified Derivatives Dealer), Withholding Foreign Partnership (WP), and Withholding Foreign Trust (WT) applications for the year 2022 is September 30, 2022. All applicants that desire to have an agreement in effect for 2022 must submit their applications through the Qualified Intermediary, Withholding Foreign Partnership, Withholding Foreign Trust Application & Account Management System (QAAMS). It also reminds that the applicants must have obtained a GIIN prior to submitting their applications, if required. Additionally, applicants that could not submit an application before the deadline, should wait until January 1, 2023, to submit the application for the year 2023.

Cayman Islands Sep 15, 2022

The Department for International Tax Cooperation of Cayman Islands issues a reminder that the CRS Compliance Form is mandatory for all FIs with CRS reporting obligations, and failure to submit a 2021 CRS Compliance Form by September 15, 2022 may attract administrative penalties. FIs are also advised to submit any outstanding 2021 CRS Filing Declarations as soon as possible to avoid possible administrative penalties.

Malaysia Sep 15, 2022

The Malaysian Official Gazette publishes rules and regulations to implement FATCA requirements for Malaysian FIs. The regulations include measures: (1) clarifying a deadline of June 30, 2023, for submitting FATCA reports for the reporting years between 2014 to 2022 and reporting of payments made to non-participating financial institutions for the financial years 2015 and 2016; (2) explaining due diligence procedures for the RFIs; (3) clarifying the annual reportable deadline of June 30 for subsequent years to submit reports under the FATCA; (4) explaining FATCA registration requirements; (5) exempting non-reporting FIs and beneficial owners from reporting obligations; (6) explaining record-keeping requirements for the RFIs; (7) allowing the RFIs to appoint a third party to perform the reporting obligations; (8) imposing penalties for non-compliance; and (9) combating tax evasion.

Sweden Sep 14, 2022

The Ministry of Finance of Sweden publishes an ordinance thus amending the list of CRS participating and reportable jurisdictions. Ecuador, Kazakhstan, Maldives and, Sint Maarten have been added to the list of participating jurisdictions, while Ecuador and Kazakhstan have been added to the list of reportable jurisdictions. The regulation enters into force on September 15, 2022. As a reminder, Sweden follows a wider approach to reporting.

Malta Sep 12, 2022

The Office of the Commissioner for Revenue in Malta launches an AEOI Questionnaire requesting feedback for the purposes of monitoring the implementation and application of FATCA and CRS by RFIs with a view of achieving a better understanding how Malta RFIs are applying AEOI in practice.

IRS Sep 9, 2022

NEW - Jurisdictional Debrief Now Available (Week Ending September 9, 2022)

Samoa Sep 9, 2022

The Ministry of Customs and Revenue in Samoa makes publicly available its recently published list of 2022 CRS reportable jurisdictions with the addition of Nigeria, Switzerland and Uruguay.

Malaysia Sep 9, 2022

The Malaysian Official Gazette publishes Order No. P.U.(A) 278, informing that the intergovernmental agreement (IGA) to facilitate reporting under the U.S. Foreign Account Tax Compliance Act (FATCA), signed July 21, 2021; will be into force beginning September 1. The order also includes the text of the agreement and its protocols.

Netherlands Sep 9, 2022

The Tax and Customs Administration of the Netherlands (TCA) makes publicly available, a letter from the Dutch Secretary of State for Finance, regarding ongoing discussions on FATCA compliance for Dutch RFIs, on the basis of the clarification from the U.S. Department of the Treasury. The letter clarifies that in conjunction with the clarification from the U.S. Department of the Treasury, RFIs are no longer required to close bank accounts of U.S. citizens who are residents of the Netherlands and have limited ties to the U.S.A, in case of failure to provide U.S TINs. The letter further states that based on clarification from the U.S. Department of the Treasury, Dutch RFIs will not close the accounts of accidental Americans beginning September 13, 2022.

United States Sep 9, 2022

NEW - Jurisdictional Debrief Now Available (Week Ending September 9, 2022)

Australia Sep 8, 2022

The Australian Taxation Office (ATO) releases CRS Stakeholder update #20 informing RFIs of the non-reportable jurisdictions that have been identified in 2021 CRS reports. RFIs are recommended to prevent account holders from selecting ISO codes of these jurisdictions during CRS reporting. It also informs that the RFIs that may have used these codes will have to correct the tax residencies and re-submit the 2021 CRS reports with the correct country code. Further, it informs that the undocumented accounts must be reported using Australia's country code, i.e. "AU" only, and similarly account holders that have used country code other than “AU” must re-submit the 2021 CRS report ensuring it contains all undocumented accounts with an “AU” country code.

Switzerland Sep 8, 2022

The Federal Tax Administration (FTA) of Switzerland updates its list of CRS reportable jurisdictions. Maldives has now been identified as a reciprocal jurisdiction from the previous status of non-reciprocal jurisdiction.

IRS Sep 8, 2022

The IRS will be hosting a live webinar for taxpayers and withholding agents on September 22, 2022, on understanding the Foreign Person's U.S. Source Income Subject to Withholding, including Form 1042-S. Specific objectives of the webinar include: (1) Overview of Form 1042-S, (2) Overview of each section of the Form 1042-S, (3) Common Errors on Form 1042-S, (4) Overview of Form 1042-T, and (5) Live Q&A session.

British Virgin Islands Sep 8, 2022

The International Tax Authority (ITA) of the BVI would like to remind all Virgin Islands Financial Institutions (VIFI) of the following: (1) as per Mutual Legal Assistance (Tax Matters) Act (MLA), VIFI are required to provide the name, address etc. of their principal point of contact for all purposes of compliance with the standard. This person is identified as the “Primary User” within the BVIFARs portal. It is expected that the primary user does not change and has a permanent position within the VIFI. (2) A VIFI is allowed to appoint an agent to carry out their duties and obligations imposed on the VIFI by MLA. Since these duties and obligations will remain the responsibility of the VIFI, this person cannot be the Primary User within the BVIFARs portal. This person must be given “Secondary User” access on behalf of the VIFI. The Secondary User does not have to be communicated to the ITA, as secondary user privileges can be given to that user by the Primary user within the portal. (3) Any registered VIFI that has an appointed Primary User who does not have a permanent position within the Financial Institution is required to update the Primary User Information within BVIFARS by no later than December 31, 2022. Failure to update this information by the specified time is an offense under CRS Legislation. For assistance in updating the Primary User Information please refer BVIFARS User Guide.

Barbados Sep 7, 2022

'The Barbados Revenue Authority (BRA) publishes a guidance note informing RFIs of the further extension until September 12, 2022, to facilitate FATCA and CRS reporting or to make any corrections for the reporting period 2021. It also reminds RFIs that failure to file is considered an offense that can incur a penalty or/and imprisonment or both. Any queries should be directed to the International Relations Unit of the Authority via email at compauth@bra.gov.bb

Ireland Sep 7, 2022

The Revenue Online Service (ROS) of the Irish Tax and Customs releases an updated Tax and Duty manual, Part 35-00-01. This manual describes the Revenue Arrangements for Implementing EU and OECD Exchange of Information Requirements in respect of Tax Rulings. Specific updates include the addition of Mauritania, Samoa, and Togo to the list of jurisdictions covered by the OECD Framework with which Ireland has a legal basis to exchange information.

Belgium Sep 6, 2022

The Ministry of Finance in Belgium informs RFIs that due to planned IT maintenance, all e-services including FATCA and CRS reporting services will be unavailable from September 10, 2022, to September 11, 2022.

Gibraltar Sep 5, 2022

The Commissioner of Income Tax of Gibraltar publishes an updated list of CRS reportable jurisdictions. Qatar has now been identified as a temporary non-reciprocal jurisdiction beginning TY2021 from the previous permanent non-reciprocal status. It also provides additional information on the administrative compliance framework to ensure the correct implementation of the AEOI Standard in Gibraltar by carrying out verification procedures on the self-certification process along with the controlling persons of a trust.

Netherlands Sep 2, 2022

The Tax and Customs Administration of Netherlands (TCA) publishes an update informing RFIs of the unavailability of the IBB application due to maintenance.

IRS Sep 1, 2022

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool, with the FIs that are in approved status as of August 25, 2022.

Romania Sep 1, 2022

The National Agency for Fiscal Administration (ANAF) of Romania publishes a notice informing RFIs of the introduction of a new section dedicated to the automatic exchange of information (AEOI). This has been introduced in order to achieve the exchange of information under the legal instruments of international law by to applying the reporting related rules and due-diligence, such as: (1) Guides that include detailed aspects related to CRS and FATCA agreement; (2) FAQs related to CRS and FATCA reporting; (3) List of partners for automatic exchange of information on accounts financial statements of non-resident taxpayers; (4) Samples of "self-certification" forms; and (5) CRS participating and reportable jurisdictions list. Sint Maarten, Kazakhstan and Ecuador have been added to the list of reportable jurisdictions, along with the addition of a footnote to Bahamas, Bahrain, United Arab Emirates, Cayman Islands, Marshall Islands, Turks and Caicos Islands, British Virgin Islands, Kuwait, Nauru, Qatar indicating that these jurisdictions will remain non-reciprocal until further notice.

Japan Sep 1, 2022

The National Tax Agency (NTA) of Japan publishes an updated version of the CRS FAQs. Specific updates include: (1) FAQ21 has been updated to provide explanation on documentary evidence under which RFIs provide confirmation to the matters provided in the voluntary notification form; (2) FAQ34 has been modified to include the updated reportable jurisdictions number to 101 as per the latest list published as on December 28, 2021; and (3) FAQ51 has been updated to provide further clarification regarding the requirement when a special purpose company becomes an RFI.

Cayman Islands Sep 1, 2022

The Cayman Islands Department for International Tax Cooperation (DITC) publishes an updated version of the CRS Enforcement Guidelines (v1.3). Section 8.3 on Receipt of payment has been added confirming that the tax authority will issue a receipt of payment to the entity once payment has been verified. It also includes a sample of the payment invoice (Appendix A and B) as a reference.

Bermuda Aug 31, 2022

The Ministry of Finance in Bermuda publishes an update reminding RFIs that the TY2021 CRS compliance certification form submission deadline is September 30, 2022. It also informs RFIs that in the case of failure to submit the forms, penalties may be applicable.

Saint Kitts and Nevis Aug 31, 2022

The Inland Revenue Department (IRD) of Saint Kitts and Nevis publishes an advisory note informing all RFIs that the TY2021 FATCA and CRS reporting deadlines have been extended from August 29, 2022, to September 15, 2022, due to technical difficulties with the AEOI Portal’s upload functionality. It also informs RFIs that the technical team is actively working on resolving the issue to facilitate timely submissions.

Czech Republic Aug 31, 2022

The Ministry of Finance of the Czech Republic publishes a newsletter containing an updated list of jurisdictions with which the tax administration intends to exchange the CRS information with the addition of Liberia. As a reminder, the Czech Republic follows a wider approach to CRS reporting.

Liechtenstein Aug 30, 2022

The Tax Administration (STV) of the Principality of Liechtenstein publishes an update informing RFIs of the government's approval of the report and proposal for activating the automatic exchange of financial account information (AEOI) with Moldova, Rwanda, and Tunisia. The first exchange is intended to take place in September 2024 for the 2023 reporting period.

Switzerland Aug 26, 2022

The Federal Tax Administration of Switzerland publishes a notification on the issuance of its final decisions for the banking relationship concerned by FATCA Group Requests as of August 26, 2022, in accordance with Article 5 paragraph 3 of the FATCA Agreement.

Ukraine Aug 26, 2022

The Ministry of Finance in Ukraine releases an update informing RFIs that Ukraine will be joining the Multilateral Competent Authority Agreement (MCAA) on Automatic Exchange of Financial Account Information which will help in the creation of a more transparent tax environment. It also informs that the first exchange of information has been postponed from September 2023 to September 2024. Further, it informs that the MCAA Agreement will not be sufficient for the introduction of AEOI, and therefore, Ukraine needs to adopt the legislation necessary for the implementation of the Common Reporting Standard (CRS) as per OECD.

United States Aug 25, 2022

NEW - Jurisdictional Debrief Now Available (Week Ending August 26, 2022)

United States Aug 24, 2022

The United States Senate’s Committee on Finance releases findings of the year-long investigation called the Mirabaud Report, uncovering the “shell bank” loophole in FATCA. The shell bank loophole allows offshore banks to accept funds from US persons without reporting them to the US IRS. The report consists of statistics on the number of IRS approved entities with GIINs in 9 select tax haven jurisdictions, while recommending that immediate action be taken to curb tax evasion, with measures including stricter due diligence requirements for foreign banks, enhanced scrutiny of offshore entities registering with the IRS as financial institutions and the need to increase IRS enforcement resources to conduct complex audits involving high-net worth accounts and partnerships.

Gibraltar Aug 24, 2022

The Commissioner of Income Tax of Gibraltar publishes updated notes on the list of CRS reportable jurisdictions. No updates were made to the list of reportable jurisdictions. However, the notes include further guidance on the series of codes provided by the IRS that are used to populate TIN fields in cases of ‘no TINs’ for FATCA reporting. It provides clarification that the use of such codes on FATCA reports will continue to issue error messages, advising the RFI that an appropriate TIN should be provided within 120 days. The IRS has advised that these codes were created to assist RFIs in documenting and explaining their attempts to fulfill FATCA reporting requirements. It also informs that in the event that RFIs are unable to obtain a TIN, it should make sure to provide sufficient evidence demonstrating that all the necessary due diligence procedures have been carried out. It further explains that the IRS will take account of the facts and circumstances leading to the absence of a TIN, and therefore, it is imperative that RFIs continue to follow the applicable due diligence procedures in order to obtain TINs for those account holders for which the TIN is missing or should document the inability to obtain TIN. Additionally, it informs that the failure to comply with these requirements will result in a determination by the IRS of significant non-compliance.

Slovak Republic Aug 23, 2022

The Financial Directorate of the Slovak Republic publishes updated instructions for submitting the GIIN Assignment Notification (Cancelation) Form for FATCA reporting that provides further clarification on canceling GIIN assignment notification for SeGIINs (GIIN of the sponsored entity). If an RFI wishes to cancel only one SeGIINs, they will have to do so by leaving the GIIN field blank and entering the SeGIIN they request to cancel in the GIIN field of the sponsored entity. Further, if the RFI requests to cancel multiple SeGIINs at once, they will do so by filing multiple GIIN Assignment Notification (Cancelation) Form, with each form listing only one SeGIIN that the RFI is requesting to cancel. Additionally, RFIs are also informed that upon dissolution, the RFI must submit a FATCA Notification to the registered GIIN for the given calendar year so that the GIIN can be canceled on the IRS portal as well as the PFS portal, and this must be done before the dissolution of the RFI.

Bulgaria Aug 23, 2022

The Bulgarian Ministry of Finance publishes a draft consultation document on the implementation of proposed changes to the AEOI regulations. The document proposes to include digital platform operators reporting intended to provide information on sellers. The document is open for public comments until September 6, 2022.

Switzerland Aug 22, 2022

The Federal Tax Administration (FTA) of Switzerland updates its list of CRS reportable jurisdictions. Ghana has now been identified as a reciprocal jurisdiction from the previous status of non-reciprocal jurisdiction. Also, Sint-Maarten has been updated to include the date of entry into force by January 2023; however, it still remains a non-reciprocal jurisdiction.

Barbados Aug 22, 2022

The Barbados Revenue Authority (BRA) publishes a Guidance Note reminding RFIs that the AEOI web portal remains open for the filing of FATCA and CRS reports for the reporting year 2021 until August 31, 2022. Additionally, the BRA reminds RFIs of applicable penalties in the case of failure to submit the reports. It also reminds RFIs that in October 2022, the BRA will facilitate the filing of pending prior year FATCA/CRS reports including corrections to reports submitted previously.

Ireland Aug 22, 2022

The Revenue Online Service (ROS) of the Irish Tax and Customs releases an updated version of the reporting entity registration form. The new form has been updated to include a revised postal address. All the completed forms must be submitted to the new postal address.

Ukraine Aug 18, 2022

The Ministry of Finance in Ukraine releases an update on an indicative plan for the implementation of the CRS in Ukraine. It includes links to the presentation of the draft CRS law along with the draft law on the implementation of the CRS Standard. Additionally, it includes links to the OECD guidance and web portal on automatic exchange of information.

Hong Kong Aug 18, 2022

The Inland Revenue Department (IRD) of Hong Kong updates its penalty policy to provide further clarifications on the applicability of a second or subsequent penalty for an offense exposed during an audit/investigation. Specific updates include: (1) second offense within 5 years will be determined according to paragraphs 2 to 9 of Section 82A with an upward adjustment of 10%; and (2) third or subsequent offenses within 5 years will be determined according to paragraphs 2 to 9 of Section 82A with an upward adjustment of 25%. It also provides clarification that the term “offense” means that an RFI has been issued a warning letter, a compound, a court fine, or a section 82A penalty assessment on conviction of evading tax.

Hong Kong Aug 18, 2022

The Inland Revenue Department of Hong Kong releases a new version of the AEOI Encryption Tool, this tool can be used for encrypting the data files.

Germany Aug 17, 2022

The Federal Ministry of Finance in Germany (BZSt) publishes a decree amending the list of jurisdictions participating in AEOI under the CRS MCAA. 35 additional jurisdictions have been added as CRS MCAA partner jurisdictions. The decree is in force form August 18, 2022.

Taiwan Aug 16, 2022

The Ministry of Finance in Taiwan publishes statistics of 2021 CRS data reported by Financial Institutions that was completed on August 1, 2022. The announcement also contains a reporting summary comprising the statistics on the number of accounts reported for the reportable jurisdictions - Australia, Japan, and United Kingdom. It also informs that the CRS reports will be examined to ensure the accuracy of reporting data, and will assist RFIs in making corrections if necessary in order to improve the quality of data to be provided under the exchange of information.

Netherlands Aug 16, 2022

The Netherlands’ Tax and Customs Administration (TCA) publishes a new version of Part 1 of the General of the Manual Banking and Investment Products for 2022 with minor updates. It also publishes an updated version of the Product Overview Banking and Investment Products for 2022 (v04).

Croatia Aug 16, 2022

The Ministry of Finance in Croatia publishes draft amendments to the law on administrative cooperation in the area of tax (AEOI). The draft amendments include: (1) adding measures to prescribe the competence of the Ministry of Finance and the tax administration for supervising the due diligence obligations carried out by RFIs and digital platform operators, (2) to stipulate the possibility of AEOI information being shared with member states without the need for a mandatory request for such information, (3) measures to regulate the protection of data exchanged by RFIs, intermediaries and digital reporting platform operators and obligation to notify the reportable persons of data exchange, (4) measures to empower the Tax administration to suspend data exchange with member states in case of data breach, (5) proposal to replace the Croatian Kuna with the Euro, (6) establishing the first reporting period for data reported by digital platform operators as January 1, 2023, and to complete registrations within 90 days before the first reporting deadline of January 31, 2024, (7) establishing the deadline for first exchange of information with member states as Feb 28, 2024, (8) establishing January 1, 2024, as the deadline for the Tax Administration to report to the European Commission - through AEOI, at least four categories of income, (9) include under AEOI, royalties in the categories of income and property, and (10) amendments to penalties for non-compliance. The draft law is open for public comments until August 30, 2022, and would enter into force on January 1, 2023.

Finland Aug 15, 2022

The Finnish Tax Administration publishes updated FATCA and CRS (DAC2) FAQs modifying an FAQ under fulfilling reporting obligations section clarifying that new accounts cannot be reported as undocumented. It also informs that individual account holders must use the characters “FI” under the country code to denote that the account must be reported as an undocumented account.

Ukraine Aug 12, 2022

The Ministry of Finance in Ukraine publishes a notice informing RFIs of the recently held presentation of the draft law on the implementation of the international standard for the Automatic Exchange of Information on Financial Accounts for Tax Purposes (CRS Standard). Presentation representatives familiarized the recipients with the main provisions of the draft law and measures that businesses need to take to prepare for meeting the requirements of the CRS standard.

Macau Aug 12, 2022

'The Financial Services Bureau of Macau publishes a communication notifying that the RFIs that are found to be involved in any transactions or arrangements intended to evade CRS reporting and due diligence procedures for Financial Account Information should file a report that includes the name and contact information of the RFI, account holders to be reported and the reason for failure to file a CRS report on the original deadline along with any relevant documents or information to be disclosed. Further, it informs that both recognized and anonymous complaints for such evasions are accepted via email on aeoi_info@dsf.gov.mo. Under the terms of the MSAR legislation, anyone who gives false statements must assume the corresponding responsibilities including criminal ones, under the terms of articles 323 to 330 of the Penal Code.

United States Aug 12, 2022

NEW - Jurisdictional Debrief Now Available (Week Ending August 12, 2022)

Ireland Aug 9, 2022

The Office of the Revenue Commissioners in Ireland releases an updated list of CRS participating jurisdictions with the addition of Jamaica, Kenya, Moldova, Morocco and Uganda. As a reminder, Ireland follows a wider approach for CRS reporting.

Jersey Aug 9, 2022

The States of Jersey updates its CRS and FATCA penalties page to provide clarification on penalties for cases where RFIs failed to report or submitted erroneous reports. Specific penalties include: (1) In case of failure to comply with any CRS or FATCA regulations RFIs will be imposed a penalty of 300 Jersey pounds, (2) Daily penalty of 60 Jersey pounds on failure to comply after being notified of a penalty, (3) In case of providing incorrect data knowingly RFI will be liable of a penalty up to 3,000 Jersey pounds, and (4) A penalty of 250 Jersey pounds for failure to file the FATCA return timely. Additionally, it also includes penalties for the late filing of CRS and FATCA returns in relation to Trustee Documented Trusts (TDTs). Trustees affected by this change can expect to receive these revised penalty notices and, if applicable, a refund of amounts overpaid by October 30, 2022. Further, the suspended penalty notices issued for TY2019 will be revised and issued by October 30, 2022, which will be due and payable immediately.

Ukraine Aug 5, 2022

The Ministry of Finance in Ukraine publishes a notice inviting RFIs to the presentation of the draft law on the implementation of the international standard for the Automatic Exchange of Information on Financial Accounts for Tax Purposes (CRS Standard) on August 12, 2022.

Hungary Aug 5, 2022

The National Tax and Customs Administration of Hungary publishes an updated version of the 2021 FATCA technical guide for the electronic submission of data with updated contact information. Additionally, it also publishes a supporting application - 2021 FATCA Active Help (v4.0).

IRS Aug 3, 2022

The IRS publishes Issue number 2022-02 informing that the deadline for all Qualified Intermediary (QI) (including Qualified Derivatives Dealer), Withholding Foreign Partnership (WP), and Withholding Foreign Trust (WT) applications is September 30, 2022. It also informs that the applicants must have obtained a GIIN prior to submitting their applications, if required. Additionally, applicants that could not submit an application before the deadline, should wait until January 1, 2023, to submit the application for the year 2023.

EU Aug 3, 2022

The Council of the European Union publishes a list of tax deficiencies identified by the EU in non-cooperative jurisdictions (Annex I) and committed jurisdictions (Annex II). The purpose of this table is to facilitate tax due diligence by EU implementing partners, to compile the tax deficiencies identified by the EU in jurisdictions committed to address these deficiencies (Annex II) and non-cooperative jurisdictions (Annex I).

Slovenia Aug 2, 2022

The Financial Administration of the Republic of Slovenia publishes a list of FAQs on the implementation of the OECD Standard and Council Directive 2014/107/EU. It includes detailed information on due diligence procedures and reporting of financial accounts.

South Korea Aug 2, 2022

'The National Tax Service (NTS) of South Korea publishes an update informing RFIs of the availability of the AEOI reporting portal for TY2021 FATCA and CRS pending/correction reports. In cases where RFIs failed to report or submitted erroneous reports during the original reporting period due on June 30, 2022, such RFIs are permitted to file new/corrected reports from August 22, 2022, to August 31, 2022. It also informs RFIs that after August 31, 2022, the NTS plans to investigate the reasons for RFIs failing to report by the original deadline of June 30, 2022, to avoid such instances in the future. Also, in the case of late reporting, RFIs may be subject to penalties for negligence, in the absence of a reasonable excuse for delayed reporting. Additionally, it publishes a VPN Login Failure Response Guide for AXIS portal users for manual installation, in case of failures again, RFIs are advised to contact axis@nts.go.kr or 044-204-4827.

OECD Aug 2, 2022

The OECD releases an updated list of updated CRS signatories with the addition of Thailand, taking the tally of CRS MCAA signatories to 117, with the intended first exchange expected to be in September 2023.

IRS Aug 1, 2022

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool, with the FIs that are in approved status as of July 25, 2022.

OECD Aug 1, 2022

The OECD publishes information on Tax Identification Numbers (TINs) and Tax Residency rules for Brazil.

Luxembourg Jul 31, 2022

The Luxembourg Chamber of deputies makes publicly available the Bill concerning the automatic and compulsory exchange of information declared by Platform Operators, modifying the amended law of December 18, 2015, relating to the Common Reporting Standard. Specific updates include amendments made to the General Data Protection Regulation.

Ecuador Jul 29, 2022

The Internal Revenue Service (SRI) of Ecuador publishes a Format of the Responsibility agreement; it is a form for Reporting Financial Institutions to ensure good use of the information requested by the taxpayer.

IRS Jul 29, 2022

The IRS releases a 2022 version of the Form 1099-C (Cancelation of Debt) with minor formatting updates to the form.

United States Jul 29, 2022

NEW - Jurisdictional Debrief Now Available (Week Ending July 29, 2022)

OECD Jul 28, 2022

The OECD releases an updated list of CRS signatories that now has 117 jurisdictions. Thailand has been added to the list, with the intended first exchange expected to be in September 2023.

IRS Jul 27, 2022

The IRS publishes updated QI/WP/WT system FAQs under Certifications and Periodic Reviews. FAQ 21 has been updated to inform taxpayers of the availability of the IRS webinar in other languages.

Cayman Islands Jul 26, 2022

'The Cayman Islands Department for International Tax Cooperation (DITC) publishes an updated version of the CRS Enforcement Guidelines (v1.2). Minor formatting updates have been made to Section 8.1, Section 8.2, and to Appendix 1 - related to payments of penalties and interest to emphasize the importance of the inclusion of a compliance reference number for any correspondence with DITC.Payment@gov.ky related to payments.

IRS Jul 26, 2022

The IRS updates its list of approved KYC rules. Saudi Arabia has been added to the list of countries whose know-your-customer rules have been approved related to the Qualified Intermediary agreement.

Switzerland Jul 26, 2022

The Federal Tax Administration of Switzerland publishes a notification on the issuance of its final decisions for the banking relationship concerned by FATCA Group Requests as of July 26, 2022, in accordance with Article 5 paragraph 3 of the FATCA Agreement.

British Virgin Islands Jul 26, 2022

The International Tax Authority (ITA) of the BVI issues a press release announcing that is has published 2022 amendments for The Mutual Legal Assistance (Tax Matters) Act and The International Tax Authority Act. Specifically, Section 4I of the International Tax Authority Act has been amended to require legal entities to establish and maintain adequate systems and controls for ensuring compliance with the requirements and obligations under the Act. As currently drafted, this includes the entity establishing and maintaining a compliance procedure manual. Legal entities are expected to have their manuals established and implemented by the end of 2023. To assist the implementation process, the ITA intends to publish advance guidance on the requirements and mechanisms that would suffice to demonstrate compliance with the elements of section 4L.

United Arab Emirates Jul 25, 2022

The Ministry of Finance of the United Arab Emirates (UAE) publishes AEOI – FATCA/CRS Portal FAQs on registration and reporting.

Gibraltar Jul 25, 2022

The Commissioner of Income Tax of Gibraltar publishes an updated list of CRS reportable jurisdictions. Ghana has now been identified as a reciprocal jurisdiction beginning TY2023 from the previous temporary non-reciprocal status. It also provides clarification to RFIs on the suspension of CRS data exchanges with Russia, including domestic reporting in Gibraltar. Further, it confirms that no exchanges will take place with the non-intended exchange partners that include Niue and Oman.

France Jul 25, 2022

The French Tax Authority (DGFiP) makes publicly available the updated technical specifications regarding the transfer of self-certification information. Specific updates include the addition of a statement under Reference technical documentation clarifying that the order of the sections indicated in the specifications may differ from that defined in the XSD schema.

IRS Jul 23, 2022

The IRS publishes a bulletin informing tax practitioners and withholding agents that it will be holding a live webinar on Understanding Form 1042 – Annual Withholding Tax Return for U.S. Source Income of Foreign Persons on August 4, 2022. The Bulletin further explains that the webinar will cover the topics: Overview of Form 1042, common errors on the Form, and a Q&A session. The registration link has been included in the bulletin.

Singapore Jul 21, 2022

The Inland Revenue Authority of Singapore (IRAS) releases an updated list of IRAS FATCA File and Record Level Validations with the addition of an error code 1036 on Reporting FI TIN.

United Arab Emirates Jul 20, 2022

The Ministry of Finance of the United Arab Emirates (UAE) publishes an alert informing RFIs of the further extension of the TY2021 FATCA and CRS reporting deadline from July 20, 2022, to August 15, 2022.

Russia Jul 19, 2022

The Federal Tax Service (FTS) of Russia publishes an updated list of jurisdictions with which Russia will exchange information related to CRS. The updated list includes Albania, Brunei Darussalam, Ecuador, and Peru. As a reminder, Russia has adopted the wider approach for CRS reporting.

OECD Jul 19, 2022

The OECD publishes updated information on Tax Identification Numbers (TINs) for Guernsey.

Netherlands Jul 18, 2022

The Netherlands’ Tax and Customs Administration (TCA) publishes the data supplies for Banking and Investment Products for the 2023 data period. The updates can be found in the Product Overview Banking and Investment (v01) document. Also, the TCA will send a second message once the Validation Test Service is available for the validation of XML messages based on these updated specifications.

Australia Jul 15, 2022

The Australian Taxation Office (ATO) publishes FATCA and CRS Stakeholder updates informing RFIs of the availability of the new AEOI self-review guide and toolkit on how to conduct a self-review of the AEOI framework. The guide and toolkit outlines three core elements and areas of compliance namely AEOI governance, Due diligence obligations and, Reporting systems to facilitate Australian RFIs to prepare for an AEOI review, review the design and operation of AEOI framework and to undertake a review of existing AEOI reporting systems and data testing to ensure that business systems are accurately recording and reporting AEOI information. The ATO also informs RFIs that TY2021 FATCA and CRS reports are due on July 31, 2022, but the ATO will be accepting reports until Monday, August 1, 2022.

United States Jul 15, 2022

NEW - Jurisdictional Debrief Now Available (Week Ending July 15, 2022)

Vietnam Jul 15, 2022

The State Bank Of Vietnam publishes updated FATCA FAQs that provide clarification to the RFIs on how to report TIN in case a non-US account holder is a substantial US owner (or vice versa) and no foreign TIN is available. It informs that in such cases the characters “NA” can be provided under the “TIN issues by” element. It also informs RFIs that if the TIN field is left completely blank then the RFI will receive an error “TIN Not Populated”. Additionally, it also provides a reference to the IRS FATCA FAQ 3 that provides guidance on Populating the TIN Field.

Russia Jul 14, 2022

The Federal Tax Service (FTS) of Russia publishes an updated version of the technical reporting format (vRU: 5.05) that describes the requirements of the structure and content for the electronic transmission of information on financial accounts of FIs residents in foreign States (territories). It also releases updated formats for the report on foreign residents (version 5.05) and XSD schemes for data control in CRS reporting to be used by RFIs while reporting information to the FTS.

Australia Jul 13, 2022

The Australian Taxation Office publishes a newsletter informing RFIs and Digital Service Providers (DSPs) of the availability of the updated CRS 2021 specifications (v1.1) and FATCA specifications (v1.10) packages. The packages contain updated validation rule excel spreadsheets and schema to facilitate FATCA and CRS reporting.

Cayman Islands Jul 8, 2022

The Ministry of Financial Services of Cayman Islands publishes an alert informing RFIs that the DITC will accept FATCA and CRS submissions up to Monday, 1 August 2022 as the deadline of 31 July 2022 falls on a Sunday.

Cayman Islands Jul 8, 2022

'The Cayman Islands Department for International Tax Cooperation (DITC) releases an updated version of the CRS Enforcement Guidelines (Version 1.1). Section 8.2 on Payment account details has been added as an example to clarify the format and specifications of payments of penalties and interest along with the email ID: DITC.Payment@gov.ky that must be used for correspondence related to payments of penalties and interest.

OECD Jul 7, 2022

The OECD releases an updated list of jurisdictions participating in the convention on Mutual Administrative Assistance in Tax Matters (MCAA). The updated list specifies the date of signing the Amended Convention (AC) as July 7, 2022, for Madagascar. It also releases an updated list of CRS signatories that now has 116 jurisdictions, Montenegro has been added to the list with the intended first exchange expected to be in September 2023.

Romania Jul 7, 2022

The National Agency for Fiscal Administration of Romania publishes Legislative News Bulletin 24 of 2022. The Bulletin, in addition to a number of other legislative changes, includes amendments made to Romania’s AEOI-CRS legislation (Emergency Ordinance No. 102/2022). A high level overview of the amendments include: (1) Article 62, which includes details on the reporting obligations for financial institutions; (2) Article 71, which covers the administrative process the government follows when dealing with AEOI issues; (3) Article 291, Paragraph 3, covering the ability of Romania to select the categories of income and capital it wishes to receive, and Paragraph 4, which includes the types of information that is to be provided for accounts subject to reporting; (4) Article 294, Paragraph 2, covering the investigations made by Member States of individuals within Romania; (5) Article 336, including the addition of bullet points listing out the penalties for their respective deed of non-compliance; and (6) Annexes no. 1 and 2 have been amended and replaced with the annexes provided within the Emergency Ordinance.

Taiwan Jul 6, 2022

The Ministry of Finance in Taiwan publishes an updated list of CRS participating jurisdictions for the implementation of reporting and due diligence review measures. Albania, Ecuador, Ghana, Kazakhstan, Kuwait, New Caledonia, Nigeria, Oman, and Peru have been added to the list of participating jurisdictions. Additionally, as a reminder, the Ministry of Finance advises RFIs to complete TY2021 CRS reporting before August 1, 2022.

Germany Jul 5, 2022

The Federal Tax Office of Germany (BZSt) publishes CRS Newsletter 05/2022 informing RFIs of the publication of the final CRS reportable jurisdictions list for TY2021. Due to the change in the status of exchange agreements, Albania and Nigeria have now been added as reciprocal jurisdictions beginning TY2021 from the previous status of non-reciprocal along with Ecuador and Kazakhstan with whom Germany will exchange information reciprocally beginning TY2021. Meanwhile, Maldives, New Caledonia, and Qatar will be exchanging information with Germany but will not receive information but RFIs are advised to report information on Maldivian, New Caledonian and Qatar residents to the German BZSt. Additionally, contrary to the provisional list, Ghana remains a non-reciprocal jurisdiction for TY2021 while Jamaica, Kenya, Liberia, Morocco, Sint Maarten, and Trinidad and Tobago have not been added to the TY2021 list. Further, the list also informs that there will be no exchange of information with Russia but RFIs are required to report information to the BZSt. Lastly, the BMF application letter amends the list of non-reportable FIs, excluded financial accounts and clarifications on the collection of a valid self-certification.

IRS Jul 1, 2022

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool, with the FIs that are in approved status as of June 24, 2022.

United States Jul 1, 2022

NEW - Jurisdictional Debrief Now Available (Week Ending July 1, 2022)

Australia Jul 1, 2022

The Australian Taxation Office (ATO) publishes alerts on the completion of the consultation activity to improve the newly proposed draft AEOI self-review guide and toolkit for RFIs and foreign tax resident reporting webpage to facilitate AEOI reporting. The consultation was carried out with tax practitioners and financial institutions as participants and the feedback received was considered and will be incorporated into the self-review guide and toolkit which will be published soon. The foreign tax resident reporting webpage covers how the AEOI affects applicable parties and a description of TIN equivalents and tax authorities of a few jurisdictions along with other information related to AEOI reporting.

China Jun 30, 2022

'The State Administration of Taxation in China publishes an update informing RFIs that the CRS reports submitted through different channels have been processed and the submission results are now available on the portal. It further informs RFIs that if the submission has failed, but the verification report is not received, please contact crsreportingsupport@chinatax.gov.cn.

Bahamas Jun 30, 2022

The Bahamas Competent Authority publishes an updated list of CRS reportable jurisdictions. Curacao, Ecuador and Peru have been added to the reportable list, while Costa Rica has been removed from the list.

Germany Jun 29, 2022

The Federal Tax Office of Germany (BZSt) publishes CRS Newsletter 04/2022 informing RFIs of availability of the reporting channel via the BZSt Online portal to report a missing self-certification. Further, a new version of the communication manual 5 for reporting a missing self-certification via the BZSt Online has been made available. One of the many changes to the specifications for reporting a missing self-certification via the BZStOnline portal is that several forms can now be uploaded together as a PDF file. One form must still be filled out for each customer; however, several forms can be merged into one PDF file and uploaded as one attachment. The Newsletter also reminds RFIs that beginning TY2021 reporting, legally required data such as the TIN field including other fields, must always be completed even if the field is marked as optional.

IRS Jun 28, 2022

The IRS publishes 2022 instructions for the requester of Forms W-8BEN, W-8BEN-E, W-8ECI, W-8EXP, and W-8IMY.

Finland Jun 24, 2022

The Finland Tax Administration publishes an updated CRS technical guidance (v2.7) that includes updates to the payments element under Section 6.3.1.7. It also publishes updated FATCA technical guidance (v2.8). Section 7 of the guidance includes modifications to the MessageRefId element.

Jersey Jun 23, 2022

The International Taxation Department of the Government of Jersey releases a communication reminding RFIs that the 2021 FATCA and CRS reporting deadline is June 30, 2022, and that penalties will be applied to reports submitted after this date. It also provides several other updates: (1) In case of multiple late reports in relation to the TDTs, a single penalty for failure to comply with either the CRS or the FATCA Regulations will be levied to the trustee and not to each of the trusts whose return was filed late, as it was earlier; (2) Individual Account Holders or the Controlling Persons of Entity Account Holders of a pre-existing account need not report under FATCA, unless either an electronic record search or the self-certification provided indicates the presence of US indicia; (3) The CRS regulation will not be updated by June 30, 2022, to reflect the addition of Jamaica, Kenya and New Caledonia therefore account holders resident in these jurisdictions should not be included in 2022; and (4) RFIs are reminded that a report submitted on behalf of a TDT or Investment Entity must show the name of that entity in the ReportingFI field in order to comply with the CRS Regulations.

United Arab Emirates Jun 21, 2022

The Ministry of Finance of the United Arab Emirates (UAE) publishes an announcement informing RFIs of the extension of the TY2021 FATCA and CRS reporting deadline from June 30, 2022, to July 20, 2022. It also releases updated guidance to help RFIs with registration and reporting. Lastly, it reminds RFIs that UAE has launched a new AEOI portal in 2022 and all the RFIs need to re-register on the new AEOI portal.

Sweden Jun 21, 2022

The Swedish Tax Agency releases a June newsletter to inform RFIs of the various repetitive errors noticed in FATCA and CRS reports, such as: (1) A lot of reports contain duplicate data under different DocRefId, which must be corrected; (2) Some FATCA reports are missing US TIN, IRS may request for a reason for missing US TIN; (3) Many CRS reports include incorrect TINs, if the correct TIN is missing, the element must not be included in the report; (4) For CRS reports, Swedish entities are to be reported only if the entity is a Passive non-financial entity (NFE) with controlling persons domiciled in any other jurisdiction other than Sweden or the United States; (5) Many records have DOB as 1900-01-01 with Swedish TIN, if there is information about the DOB, it must be specified; and (6) Many CRS reports include US domicile which is incorrect and must not occur.

Czech Republic Jun 21, 2022

The Ministry of Finance of the Czech Republic publishes additional FAQs related to reportable cross-border tax arrangements (DAC6).

OECD Jun 20, 2022

Republic of the Congo joins the Global Forum thus becoming the 165th member of the Global Forum on Transparency and Exchange of Information for Tax Purposes. Republic of the Congo, like all other Global Forum members, has committed to combatting tax evasion through the implementation of the internationally agreed standards of transparency and exchange of information for tax purposes - both exchange of information on request (EOIR) and automatic exchange of information (AEOI).

Italy Jun 20, 2022

The Ministry of Economy and Finance in Italy publishes a press release on the operational guidelines and 2022 guidelines for preventing and combating tax evasion. The Guidelines provide a brief summary of the scope of AEOI and highlight the efforts of the Tax Agency in improving CRS compliance by improving, developing tools and entrusting the training activities for RFIs to the Regional Tax Departments.

Germany Jun 15, 2022

The Federal Tax Office of Germany (BZSt) publishes amendments to the BMF letter of February 1, 2017 regarding application issues with regards to CRS and FATCA agreement. The amended guidance provides updated information related to FATCA and CRS regulations in Germany. The amendment will be effective beginning January 1, 2023.

Switzerland Jun 14, 2022

The Federal Tax Administration of Switzerland publishes a notification on the issuance of its final decisions for the banking relationship concerned by FATCA Group Requests as of June 14, 2022, in accordance with Article 12 paragraph 1 of the FATCA Act.

Uganda Jun 14, 2022

The Ministry of Finance and Planning and Economic Development of the Republic of Uganda publishes the Budget Speech for the financial year 2022-2023. Among several other updates, the document briefly informs that amendments have been made to the Tax Procedures Code Act to introduce penalties for failure to provide information for the purposes of Automatic Exchange of Information (AEOI) to improve compliance.

Russia Jun 10, 2022

The Federal Tax Service (FTS) of Russia publishes updated protocols describing the technology for the exchange of information on financial accounts between RFIs and the FTS of Russia in an electronic form.

New Zealand Jun 8, 2022

The Inland Revenue Department (IRD) in New Zealand releases a communication regarding the recently published Issue Number 2022-03 by IRS that reminds NZ Financial Institutions (NZFIs) registered for FATCA that the Responsible Officer (RO) Certifications for the reporting period ended 31 December 2021 are due by 1 July 2022.

British Virgin Islands Jun 8, 2022

The BVI Government publishes a notice informing all relevant entities that are required to report under FATCA, CRS, and CbCr that the intended annual fee for use of the BVIFARS portal, will be implemented later this year and not September 1, 2022, as previously stated.

IRS Jun 7, 2022

The IRS publishes issue number 2022-03 reminding taxpayers that the FATCA Responsible Officer (RO) Certifications for the period ending December 31, 2021, are due by July 1, 2022. The consequences of being non-compliant may include the revocation of an entity’s FATCA status and, ultimately, the entity’s GIIN being removed from the FFI list.

Malaysia Jun 7, 2022

The Inland Revenue Board of Malaysia (IRBM) publishes an IRBM Public Key for FATCA reporting that will remain valid until January 25, 2023. As a reminder, the date for submitting the 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021 and 2022 reportable information and nil returns under FATCA to IRBM has been tentatively deferred to 2023.

Switzerland Jun 7, 2022

The Federal Tribunal of Switzerland publishes an Order on the suspension of international administrative assistance in tax matters with Russia until the end of September 2022.

Netherlands Jun 2, 2022

The Tax and Customs Administration of the Netherlands releases a notice informing taxpayers that DAC6 reports based on version 2.1 of the specifications are now possible. It also informs taxpayers that the reports as per version 1.5 of the specifications can still be submitted until further notice.

Belgium Jun 2, 2022

The Ministry of Finance in Belgium publishes a communication informing RFIs that due to planned IT maintenance, all e-services including FATCA and CRS reporting services will be unavailable from June 5, 2022, to June 6, 2022.

IRS Jun 1, 2022

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool, with the FIs that are in approved status as of May 24, 2022.

South Africa Jun 1, 2022

The South African Revenue Service (SARS) publishes an update that the SARS AEOI Third Party Data Annual Submissions process for the 2022 reporting period has now closed (31 May 2022). As of June 1, SARS has received 99% of the expected submissions. For RFIs that have not yet been submitted, the submissions are late, and should be submitted without any further delay as RFIs may be liable for penalties.

Liechtenstein Jun 1, 2022

The Tax Administration (STV) of the Principality of Liechtenstein publishes the final version of the FATCA reporting guidance. Along with several formatting updates, Section 10 has been updated that includes information regarding the correct document type indicator while submitting corrected, void or amended returns.

EU May 31, 2022

The UAE’s Ministry of Finance confirms the availability of the AEOI Portal for FATCA and CRS reporting. As a reminder, the deadline for FATCA and CRS for TY21 reporting is June 30, 2022.

Pakistan May 31, 2022

The Federal Board of Revenue (FBR) in Pakistan publishes Circular No. 14 that includes an AEOI Implementation Manual as per the AEOI standards issued by OECD, that will help FBR to standardize and improve the process of compliance and effective exchange of CRS reportable data. The FBR will conduct compliance audits and inspections of financial institutions to ensure their compliance with the CRS for Exchange of Financial Accounts Information of taxpayers with other tax jurisdictions.

Pakistan May 31, 2022

The Federal Board of Revenue (FBR) of Pakistan publishes Circular No. 1, 2021-22, thus extending the AEOI reporting deadline from May 31, 2022, to June 15, 2022.

United States May 31, 2022

NEW - Jurisdictional Debrief Now Available (Week Ending May 31, 2022)

Saint Lucia May 31, 2022

The Inland Revenue Department of Saint Lucia releases an updated version of the FATCA Guidance Notes (v8.0) with minor formatting updates.

Greece May 30, 2022

The Independent Public Revenue Authority of Greece publishes Decision No. A.1065, amending the list of CRS reportable jurisdictions. Albania, Ecuador, Kazakhstan, and Nigeria have been added as reportable jurisdictions, while Costa Rica is considered as non-reportable jurisdiction for TY2021.

Barbados May 29, 2022

The Barbados Revenue Authority (BRA) publishes a Guidance Note informing RFIs that the FATCA and CRS reporting deadline has been extended from July 31, 2022, to August 31, 2022. It also informs RFIs that the AEOI portal is now available for submissions for 2021 reporting. It also reminds RFIs that failure to file would be considered an offense that can incur a fine of $50,000 or/and imprisonment for a term of 10 years or both. The Revenue Commissioner may also impose a pecuniary penalty of $10,000 on the RFI. Additionally, the BRA will be facilitating the filing of prior year CRS and/or FATCA reports and corrections to reports previously submitted in October.

South Africa May 26, 2022

The South African Revenue Service (SARS) publishes an announcement reminding that the deadline for Third-Party Data Annual Submission process, inclusive of FATCA and CRS is May 31, 2022. RFIs are advised to make timely submissions, as incomplete, late or non-submissions may be liable for penalties.

Albania May 26, 2022

The General Directorate of Taxes in Albania publishes an announcement reminding RFIs that the deadline to submit information related to Automatic Exchange of Information on Financial Accounts is May 30, 2022.

Slovenia May 25, 2022

The Financial Administration of the Republic of Slovenia publishes updated FATCA technical instructions for RFIs on the delivery of information of financial accounts to the Tax Authority that includes an Annex to the Technical Protocol for the transmission of data to FURS for the purposes of implementing the FATCA agreement.

OECD May 25, 2022

The OECD releases an updated list of jurisdictions participating in the convention on Mutual Administrative Assistance in Tax Matters (MCAA). The updated list specifies the date of acceptance of the Amended Convention (AC) as April 29, 2022, and the entry into force of the AC as August 1, 2022, for Mauritania. Also, the date of acceptance of the AC by Thailand has been stated as December 22, 2021, while the date of entry into force of the AC is stated as April 1, 2022.

Austria May 24, 2022

The Federal Ministry of Finance in Austria publishes an updated list of TY2021 CRS reportable and participating jurisdictions. Albania, Ecuador, Grenada, Kazakhstan, and Nigeria have been identified as reportable jurisdictions, while Jamaica, Kenya, Liberia, Maldives, Moldova, and Uganda have been added to the participating list.

Italy May 24, 2022

The Ministry of Economy and Finance in Italy publishes a Decree amending the list of CRS reportable and participating jurisdictions. Albania, Ecuador, Nigeria, and Kenya have been added to the list of reportable jurisdictions, while Jamaica, Kenya, Moldova, and Uganda have been added to the list of participating jurisdictions.

Cayman Islands May 23, 2022

The Cayman Islands Department for International Tax Cooperation (DITC) publishes an updated version of the DITC portal User Guide (v9.2). Among several other updates, under the CRS and FATCA section, the DITC portal FATCA validation rules and the DITC portal CRS validation rules have been added. While the DITC portal CRS validation rules consist of minor formatting updates, the DITC portal FATCA validation rules have been updated to reflect the latest updates included on the basis of updated US IRS FATCA reporting FAQs.

Russia May 23, 2022

The Federal Tax Service (FTS) of Russia publishes Decree No. 928 informing RFIs that the deadline to submit financial information related to CRS reporting has been extended by 2 months i.e., from May 31, 2022, to July 31, 2022. Additionally, it also publishes an updated protocols describing the technology for the exchange of information on financial accounts between an RFI and the Federal Tax Service of Russia.

IRS May 23, 2022

The IRS publishes an announcement informing taxpayers that the link for questions about Form 8809-I has been updated and can now be accessed through FATCA FAQs General under “Request for Additional Extension of Time to File Form 8966 for Tax Year 2014”.

South Korea May 20, 2022

The Ministry of Finance in South Korea publishes an updated list of CRS reportable jurisdictions. Morocco has been added to the list, while 19 jurisdictions have been removed from the list.

Saint Lucia May 20, 2022

'The Inland Revenue Department of Saint Lucia releases an updated version of the CRS Guidelines (v6.0) that includes an updated list of CRS reportable and participating jurisdictions with the addition of Ecuador, and Peru. The guidance includes several other updates, such as: (1) Section 3 includes addition of a link to the compliance questionnaire, sample included under section 13.10, (2) Section 8.3.7 has been updated to inform that undocumented accounts must be reported on the spreadsheet format as provided by the competent authority and should be encrypted and e-mailed to: aeoisupport@ird.gov.lc by July 31 every year, sample included under section 13.11, (3) Section 8.3.9 has been added to include the countries that offer high risk Citizenship by Investment (CBI) and Residence by Investment (RBI) programs, (4) Section 8.3.10 has been added to provide instructions on the treatment of entities categorized as Active NFEs, (5) Section 8.3.11 has been added to provide details on Special Insurance Vehicles Zero Cash Value and Irrevocable Insurance Policies, and (6) Section 10 has been updated to include questionnaires as an tool to monitor reporting activities.

Cyprus May 20, 2022

The Cyprus Tax Department publishes an updated list of CRS participating and reportable jurisdictions with an addition of Ecuador. Further, the first exchange of information with Nigeria has now been updated to 2021, from 2020 earlier. Additionally, it also publishes an intended CRS exchange partners list.

Taiwan May 19, 2022

The Ministry of Finance in Taiwan publishes an announcement informing RFIs that due to the prevailing Covid-19 pandemic situation, the TY2021 CRS reporting deadline has been extended from June 30, 2022, to August 1, 2022.

Switzerland May 19, 2022

The Federal Tax Administration (FTA) of Switzerland updates its list of CRS participating jurisdictions. The updated list would include: 1) Ecuador; 2) Georgia; 3) Jamaica; 4) Jordan; 5) Kenya; 6) Morocco; 7) Moldova; 8) Montenegro; 9) New Caledonia; 10) Thailand; 11) Uganda; and 12) Ukraine. The law amending the participating list would enter into force Jan 1, 2023, with the first exchange for the additional jurisdictions occurring in 2024. The FTA also updates its list of CRS reportable jurisdictions. Bulgaria and Romania have now been identified as temporary non-reciprocal jurisdictions, which means that RFIs must continue to collect the relevant data and transmit it to the Federal Tax Administration within the specified time, which will then be exchanged with these jurisdictions once the activation of the exchange of information agreement (EAR) is completed. Also, Niue, Sint Maarten, Trinidad and Tobago have now been identified as states that do not qualify yet for EAR activation, which means that RFIs are not required to collect financial account information and report it to the FTA for these jurisdictions.

Germany May 19, 2022

The Federal Tax Office of Germany (BZSt) publishes a notice informing RFIs that the FATCA production environment is now available until July 31, 2022, for the 2021 reporting period. RFIs are informed that this applies both to sending via the mass data interface ELMA and to sending via the BZSt online portal (BOP).

Germany May 19, 2022

The Federal Tax Office of Germany (BZSt) publishes FATCA Newsletter 01/2022 that provides clarification on the use of nine A’s. RFIs are informed that nine A’s must be used only when the codes developed by the IRS are not applicable to an entity. Additionally, the incorrectly used code "AAAAAAAAA" must be replaced with the relevant code in order to validate the reason for the missing TIN requirement. If needed, an adjustment of the previous self-declarations should also be considered if the reasons for the missing TIN can be better documented. It further reminds RFIs of the availability of the updated communication manuals Part 2 and Part 3. It also includes a newsletter published by the IRS on January 20, 2022, on the FATCA Certification Period.

OECD May 18, 2022

Uzbekistan joins the Global Forum thus becoming the 164th member of the Global Forum on Transparency and Exchange of Information for Tax Purposes. Uzbekistan, like all other Global Forum members, has committed to combatting tax evasion through the implementation of the internationally agreed standards of transparency and exchange of information for tax purposes - both exchange of information on request and automatic exchange of information.

Poland May 18, 2022

The Ministry of Finance in Poland publishes an updated user guide that includes the description of the elements of CRS reporting forms and instructions on how to file CRS forms. Section 8.1.14 and 8.1.15 have been added to the guidance under Reporting Errors section that explains certain types of errors that causes file rejection.

Bulgaria May 18, 2022

The National Revenue Agency of Bulgaria (NRA) releases an updated list of CRS reportable jurisdictions. Albania, Ecuador and Nigeria have been added to the list beginning TY2021 reporting.

Mauritius May 17, 2022

The Mauritius Revenue Authority (MRA) publishes an updated list of TY2021 CRS reportable jurisdictions. Jamaica, Kenya, Moldova, New Caledonia, and Uganda have been added to the list of reportable jurisdictions.

Poland May 17, 2022

The Ministry of Finance in Poland publishes an updated FATCA user guide that includes the description of the elements of FATCA reporting forms and instructions on how to file FATCA forms.

Denmark May 15, 2022

The Ministry of Taxation in Denmark publishes an updated list of CRS reportable and participating jurisdictions. Jordan, Moldova, Montenegro, Thailand, Uganda, and Ukraine have been added as reportable and participating jurisdictions for TY2022, while Georgia, Rwanda, and Tunisia have been added as reportable and participating jurisdictions for TY2023. Additionally, Kenya has been removed from the list of reportable and participating jurisdictions.

Gibraltar May 15, 2022

The Commissioner of Income Tax of Gibraltar releases an updated list of TY2021 CRS reportable jurisdictions. Maldives has now been identified as a temporary non-reciprocal jurisdiction, while exchange of information with Costa Rica has been withheld due to a data breach until further notice.

Israel May 15, 2022

The Tax Authority of Israel publishes an announcement informing RFIs of an update to the HMA portal communication system related to Automatic exchange of information.

Switzerland May 12, 2022

The Federal Tax Administration of Switzerland publishes a notification on the issuance of its final decisions for the banking relationship concerned by FATCA Group Requests as of May 12, 2022.

Moldova (the Republic of) May 12, 2022

The Ministry of Finance in Moldova publishes an update describing key features of the earlier released draft CRS Law No. 45/2022. The document describes the implementation of the Law and key dates and penalties for non-compliance, such as: (1) the deadline for reporting by RFIs via electronic format will be May 31 of every calendar year, with the procedure for collecting information for the current calendar year to be initiated from July 1, 2022; (2) accounts opened on or after July 1, 2022, will be considered New with the exchange of information with partner jurisdictions to commence in September 2023; (3) accounts maintained by an RFI prior to June 30, 2022, will be considered pre-existing with the exchange of information for high value accounts scheduled for September 2023 and low value accounts scheduled for September 2024; and (4) sanctions to be imposed due to non-compliance include penalties ranging from Moldovan Leu 3000 to 5000 per violation.

Germany May 11, 2022

The Federal Tax Office of Germany (BZSt) publishes an updated FATCA technical communication manual Part 3 (v2.10) for data transmission via the mass data interface ELMA for mass data reporting according to XML schema 2.0 and an updated FATCA technical communication manual Part 2 (v2.6) for data transmission via the BZSt Online Portal (BOP) for individual data reporters using the FATCA form. Both the guidance include updates made to the structure of MessageRefId and DocRefId.

Italy May 11, 2022

The Ministry of Economy and Finance in Italy makes publicly available the updated FATCA technical guidance that includes instructions for the compilation and transmission of data under FATCA reporting. Specific updates include: (1) Explanations for different Document type indicator (DocTypeIndic), (2) Information regarding the elements of the GIIN of a Sponsoring entity, and (3) Instructions on how to fill in the US TIN field in the case of an account holder that is a Passive Non-Financial Entity with substantial US owner.

South Korea May 11, 2022

The National Tax Service of South Korea publishes an update informing RFIs of the availability of the pre-test service beginning May 16, 2022, to May 25, 2022. It also provides information regarding different reporting methods.

United Arab Emirates May 10, 2022

The Abu Dhabi Global Market (ADGM) in the UAE publishes a notice emphasizing the importance of obtaining complete and accurate TIN information from the account holders. It reminds RFIs that it is mandatory to report accurate TINs for CRS purposes and that they must utilize the OECD TIN guidance to ensure that the TIN provided meets the prescribed criteria. It also includes a link to the OECD TINs information webpage. Additionally, failure to comply with the above may subject the RFI to administrative sanctions.

Slovenia May 9, 2022

The Financial Administration of the Republic of Slovenia (FURS) releases notices regarding the exchange of information under FATCA and CRS for reporting year 2021. The notice reminds RFIs that the deadline for FATCA and CRS reporting is May 31, 2022, and it also includes instructions for RFIs to initiate an exchange of FATCA and CRS messages with the FURS. The notice also includes links to technical documents containing more detailed information on the implementation of the procedures for due diligence and reporting of financial accounts. Additionally, it also releases a document on the procedure for reporting missing US TINs under FATCA reporting. It includes a series of codes introduced by the IRS that would allow tax administrations to better understand the facts and circumstances behind missing US TINs. It also informs RFIs that the use of nine A’s is no longer permitted.

China May 7, 2022

The State Administration of Taxation in China publishes a notice informing private fund managers who fill in the written report in the AMBERS system, that they do not need to send emails to submit it.

United States May 6, 2022

NEW - Jurisdictional Debrief Now Available (Week Ending May 6, 2022)

Belgium May 6, 2022

The Ministry of Finance in Belgium publishes an updated list of CRS reportable and participating jurisdictions. New Caledonia has been identified as a non-reciprocal jurisdiction from the previous state of reciprocal jurisdiction. It also publishes a notice informing RFIs of the availability of the MyMinfin CRS portal for testing and submission of CRS reports. As a reminder, FIs subject to reporting that do not have reportable accounts must submit a 'nil' statement to the FPS Finance by entering the MyMinfin portal and clicking on the appropriate box.

IRS May 5, 2022

The IRS publishes a revised version of Publication-1187: Specifications for electronic filing of Forms 1042-S for Tax Year 2021.

China May 5, 2022

The State Administration of Taxation in China publishes an update informing RFIs that the deadline for TY2021 CRS data submission has been tentatively extended to June 30, 2022, from May 31, 2022. It also informs RFIs that the deadline for submission of zero declarations remains May 31, 2022.

Costa Rica May 4, 2022

The Legislative Assembly of Costa Rica publishes a consideration Bill No. 23088, to amend the tax law that implemented the automatic exchange of financial account information (AEOI). The bill includes measures to: (1) establish reporting obligations and requirements for FIs, (2) expand the scope of approaches for the exchange of tax information; (3) impose penalties for non-compliance, (4) establish that the payment of penalties doesn’t exempt entities from their reporting obligations, and (5) authorize the tax administration to supervise, verify, and monitor entities subject to reporting, and establish procedures for reporting.

New Zealand May 4, 2022

The Inland Revenue Department (IRD) in New Zealand publishes Tax Information Bulletin that includes an updated list of CRS participating jurisdictions with the addition of Andorra, Ecuador, Kazakhstan, and Oman.

IRS May 3, 2022

The IRS publishes a notice informing about the release of Notice 2022-23 that sets forth proposed changes to the qualified intermediary (QI) withholding agreement (QI agreement) described in §1.1441-1(e)(5) and (6) that will permit a QI to assume withholding and reporting responsibilities for purposes of sections 1446(a) and (f). Specifically, this notice sets forth proposed changes to the QI agreement that apply to a QI effecting a transfer of an interest in a publicly traded partnership (PTP) or receiving a distribution made by a PTP on behalf of an account holder of the QI. The proposed changes subject to modifications based on comments received, will be included in the Revenue Procedure containing the final QI agreement and will be applicable for QI agreements that are in effect on or after January 1, 2023.

IRS May 1, 2022

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool, with the FIs that are in approved status as of April 25, 2022.

Aruba Apr 30, 2022

The Tax Department of Aruba releases CRS guidelines that provide technical explanations of the application of the CRS regulations.

IRS Apr 30, 2022

The IRS publishes a Memorandum reissuing Interim Guidance Memorandum LB&I-04-0120-0002, which provides guidance for procedures for FATCA Certification Event of Default Notices. The guidance in the memorandum remains unchanged, but will be incorporated into IRM 4.65.3, FATCA Foreign Financial Institution (FFI) Operational Procedures and Compliance, by October 22, 2023.

Oman Apr 30, 2022

The Tax Authority of Oman releases an updated list of CRS reportable jurisdictions. While 16 jurisdictions have been added to the list, Bulgaria, India and, Romania have been removed from the list for TY2021.

Gibraltar Apr 29, 2022

The Commissioner of Income Tax of Gibraltar releases an updated list of TY2021 CRS reportable jurisdictions informing RFIs that the CRS data exchanges with the Russian Federation have been suspended until further notice. No other updates have been made to the existing list.

Switzerland Apr 29, 2022

The Federal Tax Administration (FTA) of Switzerland updates its list of CRS reportable jurisdictions. Costa Rica has now been identified as a temporary non-reciprocal jurisdiction from the previous status of a reciprocal jurisdiction.

Malta Apr 29, 2022

The Office of the Commissioner for Revenue in Malta publishes FAQs on Mandatory Automatic Exchange of Information on Cross-Border Arrangements (DAC6) version 1.0.

Malta Apr 28, 2022

The Office of the Commissioner for Revenue in Malta releases an updated version of their AEOI Guidance Notes (version 4.1) with minor formatting updates.

IRS Apr 28, 2022

The IRS releases an updated IDES user guide (Pub 5190) with minor formatting updates.

Bermuda Apr 28, 2022

The Ministry of Finance in Bermuda publishes a notice informing RFIs that due to an unplanned technical maintenance requirement to the Bermuda Tax Information Reporting Portal, the CRS reporting deadline for the 2021 reporting period, has been extended from May 31, 2022 to June 15, 2022, while the CRS registration deadline has been extended from April 30, 2022, to May 31, 2022. Additionally, strict enforcement measures will apply to any filings submitted after the extended deadlines. It also publishes several reminders, such as: (1) RFIs are expected to refer to the published TIN guidance and to ensure all TINs submitted align to the formatting requirements outlined by the respective jurisdiction, (2) RFIs must ensure that dates of birth are included in the report in line with the due diligence requirements outlined in the CRS, (3) RFIs must provide full addresses for all account holders where available within the RFI’s systems or account holder documentation/self-certifications, and (4) RFIs must take the outcome of the OECD's analysis of high-risk CBI/RBI schemes into account when performing their CRS due diligence obligations, such as opening a Financial Account for a new Account Holder.

IRS Apr 27, 2022

The IRS publishes Issue Number 2022-02 informing taxpayers that the FATCA International Data Exchange Service (IDES) will open for testing from June 6, 2022, to July 1, 2022. The test session will be open to users that have completed IDES enrollment by June 2, 2022. It also informs that all eligible testers will receive an e-mail with specific instructions to connect to the test site by June 6, 2022. Additionally, the test environment only supports the FATCA XML Schema v2.0, Notification XML Schema v2.5 and test data document types such as FATCA11 and FATCA12.

United Kingdom Apr 27, 2022

The United Kingdom’s HMRC updates its list of CRS reportable jurisdictions for TY21 reporting. While no updates were made to the existing reportable jurisdictions list, it reminds RFIs that Jamaica, Kenya, Maldives, and Morocco have been added to the list of reportable jurisdictions. It also informs RFIs that arrangements have also been entered into with Moldova and Uganda, but these are not yet reportable. Further, it reminds RFIs that Kuwait and Romania are still non-reportable for TY21 reporting.

Sweden Apr 27, 2022

The Ministry of Finance of Sweden publishes an ordinance thus amending the list of CRS participating and reportable jurisdictions. Russia has been removed from the list of participating and reportable jurisdictions for TY2021 reporting. The regulation enters into force on May 24, 2022. As a reminder, Sweden follows Wider Approach to reporting.

Panama Apr 26, 2022

The Ministry of Economy and Finance of Panama makes publicly available Decree No.16 that includes an updated list of TY2021 CRS reportable jurisdictions with the addition of Andorra, Ecuador, Kazakhstan, Nigeria, and Peru.

Switzerland Apr 25, 2022

The Federal Tax Administration of Switzerland publishes a notification on the issuance of final decisions as of April 25, 2022, in accordance with Article 5 No. 3 of the FATCA Agreement for each banking relationship.

Singapore Apr 25, 2022

The Inland Revenue Authority of Singapore (IRAS) publishes an update reminding RFIs that the deadline for TY2021 FATCA and CRS filings is May 31, 2022. Reporting SGFIs are advised to submit their FATCA and CRS return(s) early, to allow sufficient time to resolve any unexpected issues. Further, it informs that enforcement actions will be taken against Reporting SGFIs that do not submit their FATCA and CRS returns on time.

United States Apr 22, 2022

NEW - Jurisdictional Debrief Now Available (Week Ending April 22, 2022)

Slovak Republic Apr 22, 2022

The Financial Directorate of the Slovak Republic publishes updated CRS FAQs. FAQ 11 includes updated information on how to report undocumented accounts. It also publishes several other updated documents related to FATCA and CRS reporting namely: (1) Business validation guide for CRS reporting, (2) Document on the reporting procedures for CRS undocumented accounts, (3) Instructions for submitting the GIIN Assignment Notification (Cancelation) Form for FATCA reporting, and (4) Instructions for submitting the FATCA Notification Form.

Uruguay Apr 21, 2022

The General Taxation Directorate of Uruguay publishes a notice recommending RFIs to refer to the OECD's page on Tax Identification Numbers while taking into account the reporting obligations as mentioned under article 16 of the Decree No. 77/017 along with the general description of the national regulations of the different jurisdictions that govern the issuance, structure, use and validity of tax identification numbers or their functional equivalents.

Lithuania Apr 21, 2022

The Ministry of Finance of the Republic of Lithuania publishes an update informing RFIs of the availability of the new STI (State Tax Inspectorate) public key beginning April 16, 2022. It also informs RFIs that if the file is rejected with error message ‘20002’, it denotes that the new public key has not yet been retrieved from the TIES portal.

Greece Apr 21, 2022

The Independent Public Revenue Authority of Greece makes publicly available the notice that includes information on undocumented accounts under CRS. It reminds RFIs that the undocumented status applies only to pre-existing individual accounts with only "hold mail" or "in care of" address in a foreign jurisdiction. It also reminds that the RFIs must keep re-examining the set procedures to declare the status of undocumented accounts. Further, the undocumented accounts must be submitted to the tax authority only with its use of Greek country code "GR".

United States Apr 20, 2022

The U.S. Department of Treasury updates its FATCA Page to include the updated IGA status of Kazakhstan of “In Force (4-5-2022)” from the previous status of “Signed”.

South Korea Apr 20, 2022

The National Tax Service of South Korea publishes updated 2022 AEOI regulations. Specific updates include: (1) Part 2 provides confirmation that there will soon be an update to the list of reportable jurisdictions in 2022, (2) Part 3 includes updated information on the use of AXIS portal’s main functions on FATCA and CRS reporting, (3) Part 4 includes updated International tax coordination act and enforcement regulations under AEOI, and (4) Addition of Appendix that contains AEOI FAQs, examples as per different scenarios and TIN structure references.

Cayman Islands Apr 18, 2022

The Cayman Islands Department for International Tax Cooperation (DITC) publishes an alert informing RFIs that the DITC portal is offline for schedule maintenance until April 19, 2022. It also makes publicly available, updated versions of the CRS Guidelines (v4.1), and DITC portal User Guide (v9.1). Apart from minor formatting updates, Section 7 on Compliance and Enforcement has been removed from the CRS Guidelines in lieu of the earlier released new CRS Enforcement Guidelines which contains Compliance and Enforcement Guidelines in detail. The DITC portal User Guide has been updated to include an additional section on “Correcting a FATCA Error indicated by the IRS”.

IRS Apr 15, 2022

The IRS publishes Issue Number IR-2022-87 as a reminder that CP2100 and CP2100A notices will be sent to financial institutions, businesses or payers who filed certain types of information returns that do not match the IRS records. Among other information returns, these include notices for various Form 1099s specifying missing information or incorrect information.

Guernsey Apr 13, 2022

The Revenue Service of the States of Guernsey issues Bulletin 2022/3, reminding RFIs that the FATCA and CRS reporting deadlines for TY2021 is June 30, 2022. It also reminds RFIs to obtain GIINs in advance of the reporting deadline.

South Korea Apr 11, 2022

The National Tax Service of South Korea publishes information related to how to reset the VPN for RFIs for CRS and FATCA reporting along with the supporting installation files to help RFIs reset VPN.

OECD Apr 11, 2022

The OECD publishes updated information on Tax Identification Numbers (TINs) for Colombia.

United States Apr 8, 2022

NEW - Jurisdictional Debrief Now Available (Week Ending April 8, 2022)

Liechtenstein Apr 8, 2022

The Tax Administration (STV) of the Principality of Liechtenstein publishes a draft FATCA reporting guidance. Specific updates include: (1) Section 4 has been updated to include TIN information for individual and non-individual account holder along with TINs for special cases such as Non-US entity as an account holder, and (2) Section 8 and 9 includes updated reference images as per the new design of the reporting portal.

United Kingdom Apr 7, 2022

The United Kingdom’s HMRC issues an alert on AEOI reporting to the registered customers of the HMRC. The alert includes the following reminders: (1) The FATCA and CRS reporting deadline for TY2021 reporting is May 31, 2022, (2) No penalties are applicable for late submissions where there is a reasonable excuse for delay, (3) Since undocumented accounts are often misrepresented, a link to the reporting guidance has been included along with the link to the schema guidance and supporting documents, (4) Ensuring the inclusion of TINs for account holders where available and a reminder for reasonable efforts to be made to obtain the outstanding TINs has been included, and (5) For FATCA reporting if US TINs are not available for pre-existing accounts, then a valid date of birth (DOB) must be provided. There are special codes that can be used in the TIN field where a US TIN is not held.

Luxembourg Apr 7, 2022

The Tax Administration (ACD) of Luxembourg updates its FATCA page to include a link to the recently released US IRS ICMM FAQ on new instructions for populating the TIN field. As per the ICMM FAQs the TIN field of a passive non-financial entity with a foreign TIN or in the absence of foreign TIN, the characters "NA" should be used. Further, it should be noted that these provisions are complementary to the instructions under Section 3.6.6 and not a replacement.

IRS Apr 7, 2022

The IRS publishes Issue Number 2022-14, among several updates it also informs taxpayers that money received through crowdfunding money may be taxable. It also informs that the distributions of money raised through crowdfunding will be required to be reported by filing Form 1099-K with the IRS, if the amount distributed meets certain reporting thresholds.

United States Apr 7, 2022

The Office of the US Treasury Inspector General for Tax Administration (TIGTA) publishes a report presenting the results of a review to evaluate the Internal Revenue Service’s efforts to use information collected under the Foreign Account Tax Compliance Act (FATCA) to improve taxpayer compliance. The report concludes that additional actions are needed to address non-filing and non-reporting compliance under FATCA and provides recommendations on two of the Large Business and International (LB&I) divisions FATCA compliance campaigns and the limitations with FATCA data.

India Apr 7, 2022

The Income Tax Department of India publishes several updated documents related to AEOI reporting: (1) Reporting Portal – FAQs (v5.2); (2) Compliance Check for Section 206AB and 206CCA- FAQs (v1.1); and (3) Quick Reference Guide on Submission of response to Reporting Compliance Communication Letter (v1.0).

New Zealand Apr 6, 2022

The Inland Revenue Authority of New Zealand informs RFIs of the availability of the FATCA Excel file template on myIR Secure Online Services beginning April 5, 2022. The template is to be used for filing New, Amended, or Corrected records. It also informs RFIs that the system updates now allow NZFIs to use the alternative US TIN codes where the TIN is ‘Unknown’ for Account Holders and Substantial US Owners/Controlling Persons in the FATCA Excel template, also in the case of Passive NFFEs (FATCA102 organization type) account holders can now be filed with a non-US tax residency and characters “NA” in the TIN field. Additionally, it reminds RFIs of the correct Document type indicators to be used during FATCA reporting. It also informs RFIs that in scenarios where the TIN, Name, Address, and/or DOB of the account holder or Substantial US Owner/Controlling Person needs to be corrected, RFIs must void the existing record and then submit a new record in order to replace the existing submission.

Sweden Apr 6, 2022

The Ministry of Finance of Sweden publishes a press release on the removal of Russia from the list of countries to which Sweden provides information under the CRS. Additionally, though there is no CRS exchange between Belarus and Sweden, no other exchange of information in the field of taxation will take place with Belarus.

Luxembourg Apr 4, 2022

The Tax Administration (ACD) of Luxembourg publishes an updated version of the CRS FAQs. Specific updates include (1) the addition of FAQ 2.3 which provides clarification on entities that are within the scope of the definition of Investment Entity, and (2) the addition of FAQ 2.4 which explains that the status of exempt undertaking for collective investment can only be chosen by undertakings for collective investment themselves subject to the supervision of the CSSF, and only if the other conditions for this status are met.

Uruguay Apr 4, 2022

The General Taxation Directorate of Uruguay publishes a notice informing RFIs of the availability of the production environment for sending CRS reports as well as corrections for the previously submitted reports from April 1, 2022, until June 30, 2022. It also reminds that the FIs obliged to report will have additional 30 days beginning July 1 for exclusively sending any correction reports. Further, it informs that the simulation environment will remain available simultaneously with the availability of the production environment.

IRS Apr 1, 2022

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool, with the FIs that are in approved status as of March 25, 2022.

Netherlands Apr 1, 2022

The Tax and Customs Administration of the Netherlands publishes several documents related to FATCA and CRS that includes reports and action points on the Technical Consultation Information (TOR) of September 30, 2021, and December 9, 2021. The reports are open to discussion and RFIs can send in their comments through their account manager of the Tax Authorities.

British Virgin Islands Apr 1, 2022

The International Tax Authority (ITA) of the BVI publishes an updated list of CRS reportable and participating jurisdictions. Albania, Ecuador, Grenada, and Nigeria have been added to the list of reportable jurisdictions beginning TY2021 reporting while several jurisdictions have been added to the list of participating jurisdictions. Also, New Caledonia, Saint Lucia, and Trinidad and Tobago have been removed from the list of participating jurisdictions.

Australia Apr 1, 2022

The Australian Taxation Office (ATO) releases a draft Self-review guide and toolkit for CRS and FATCA obligations. The guide provides practical information about how to conduct a self-review of CRS and FACTA reports and how RFIs can self-assess their internal control framework for AEOI obligations. The guide is open for consultation and comments are due by April 29, 2022.

Nigeria Apr 1, 2022

The Federal Inland Revenue Service (FIRS) of Nigeria makes publicly available an updated list of intended AEOI-CRS exchange partners.

Poland Apr 1, 2022

The Ministry of Finance in Poland publishes an updated list of CRS reportable jurisdictions. While 34 jurisdictions have been added, Peru has been removed from the list for TY2021 reporting.

Germany Mar 31, 2022

The Federal Tax Office of Germany (BZSt) publishes CRS Newsletter 03/2022 informing RFIs of a non-compliant decree issued by the Federal Ministry of Finance under which refugees from Ukraine can open an account without providing a self-certification. The requirement to obtain self-disclosures within 90-days of opening a new account has been relaxed tentatively for refugees from Ukraine until further notice since the extraordinary situation in Ukraine represents an actual reason for the impossibility to obtain documentation/self-disclosure. The relaxation is applicable beginning March 16, 2022.

IRS Mar 31, 2022

The IRS publishes a reminder to U.S. citizens, resident aliens, and any domestic legal entity that the deadline to file their TY2021 annual Report of Foreign Bank and Financial Accounts (FBAR) is April 15, 2022. An automatic six-month extension until October 15, 2022, is granted to filers that fail to meet the original due date. A separate extension request is not required. It also reminds taxpayers of who must file an FBAR and the significant civil and criminal penalties that are levied on those who don't file an FBAR. Further, it also publishes an FBAR reference guide to assist U.S. citizens with FBAR reporting.

Cayman Islands Mar 31, 2022

The Cayman Islands Department for International Tax Cooperation (DITC) releases an industry advisory informing RFIs of the CRS and Economic Substance (ES) Enforcement Guidelines. The guidelines describe the Authority’s process for taking enforcement action under the administrative penalties regime of the CRS Regulation and it applies to all persons within the scope of the Authority’s compliance monitoring and enforcement powers under the CRS Regulations. The CRS and ES Guidelines should be read in conjunction with the CRS Regulations and the ES Act.

Guernsey Mar 31, 2022

The Revenue Service of the States of Guernsey publishes CRS and FATCA Compliance Information Notice No. 2. The purpose of the Compliance Information Notice is to provide pointers and links to sources of information regarding CRS and FATCA. Among several reminders on the exchange of information compliance pointers, links to the OECD’s public consultation document concerning a new global tax transparency framework to include crypto assets in the AEOI and other proposed CRS amendments have been included. It also informs RFIs of the 2022 thematic review to be carried out by the Revenue Service on a cross-section of FIs to gain information on the governance. The objective of the thematic review is to obtain information on the degree of managerial involvement and the approach taken to prevent the risk of non-compliance. Finally, it reminds RFIs to ensure that Outsourced Service providers using the IGOR reporting service are establishing an “Organisation” for each Guernsey FI that they are reporting on behalf of and that the naming convention of each “Organisation” should identify on whose behalf the outsourced service provider is reporting.

Antigua and Barbuda Mar 31, 2022

The Inland Revenue Department of Antigua and Barbuda publishes an advisory notice announcing the introduction of an Automatic Exchange of Information (AEOI) Common Reporting Standard (CRS) Compliance Form. The AEOI CRS Compliance Form must be submitted by October 30 every year, therefore RFIs must complete and submit the AEOI CRS Compliance Form by October 30, 2022, for the 2021 reporting period. It also reminds RFIs that the submission deadline for FATCA and CRS reports is August 15, 2022. Additionally, along with the AEOI CRS Compliance Form (v1.0), it publishes several guidelines to assist RFIs with the preparation of the AEOI CRS Compliance Form such as: (1) Standard Operating Procedures (SOP) Manual Automatic Exchange of Financial Account Information (AEOI) CRS Manual (v1.0) that includes general reporting and due diligence requirements. It also includes an updated CRS reportable and participating jurisdictions list, there has been no new addition while Albania has been removed from the list, and (2) AEOI CRS Compliance Form Guide (v1.0) that provides an overview of the AEOI CRS Compliance Form, including instructions on how to complete each section within the form. Further, it also publishes a proposed legislative amendment to the Automatic Exchange of Financial Account Information Act 2016, No.11 of 2016, and Automatic Exchange of Financial Account Information Regulations, 2017, No. 18 of 2017.

Ireland Mar 31, 2022

The Office of the Revenue Commissioners in Ireland publishes an updated Tax and Duty Manual (Part 33-03-03) on EU Mandatory Disclosure of Reportable Cross-Border Arrangements (DAC6). Sections 2, 4, and 5 have been updated to reflect changes introduced by Finance Act 2021 and to provide additional guidance on the various hallmarks, filing obligations, nexus, and the main benefit test.

IRS Mar 31, 2022

The IRS publishes updated 2021 Instructions for Form 1042-S. Specific updates include: (1) Penalties section has been updated to reflect the cost of living adjusted dollar amounts as specified in Revenue Procedure 2020-45, (2) Instruction for boxes 12b and 12c have been added to clarify that the withholding agents that are US. government entities or U.S. tax-exempt entities, and other U.S. tax-exempt entities under the Internal Revenue Code other than under section 501(c) may use chapter 3 status code 20 (tax-exempt organization (section 501(c) entities) for box 12b. (3) It also informs that the withholding agent should select the chapter 3 status code that most closely applies to its status based on the available codes.

Bahrain Mar 31, 2022

The Central Bank of Bahrain (CBB) publishes a directive announcing that the CRS and FATCA reporting for the year ending December 31, 2021, will start beginning April 3, 2022, and must be submitted by May 12, 2022. It also releases an updated list of TY2021 CRS reportable jurisdictions with the addition of Ecuador, Israel, and Nigeria.

Croatia Mar 30, 2022

The Ministry of Finance in Croatia publishes an updated list of TY2021 CRS reportable jurisdictions. Albania, Ecuador, Kazakhstan, Kuwait, and Nigeria have been added to the list.

United States Mar 29, 2022

The United States Treasury Department releases General Explanations of the Administration’s FY 2023 Revenue Proposals, which includes two proposals to modernize the rules including those for digital assets. Reasonings behind the proposals can be located within the General Explanations, a general summary of what the proposals include: (1) Provide for information reporting by certain financial institutions and digital asset brokers for purposes of exchange of information: The administration proposes to expand US financial institution reporting obligations on non-US account holders. This proposal is aimed at accomplishing a more robust reciprocal tax information exchange between the US and jurisdictions with which it maintains reciprocal income tax treaties or intergovernmental agreements under the Foreign Account Tax Compliance Act (FATCA). Additionally, the proposal would require digital asset exchanges—defined as brokers under the amended section 6045—to report substantial foreign owners of passive entities. (2) Require reporting by certain taxpayers of foreign digital asset accounts: The administration proposes to require individuals and certain domestic entities to disclose digital assets maintained in a “foreign digital asset account,” defined as “any account that holds digital assets maintained by a foreign digital asset exchange or other foreign digital asset service provider.” Taxpayers report this information on IRS Form 8938, Statement of Specified Foreign Financial Assets, and disclosure would only be required where a taxpayer holds an aggregate of foreign accounts or assets exceeding $50,000. The amendments are proposed to be effective for returns required to be filed after December 31, 2022.

OECD Mar 29, 2022

The OECD releases Model Rules for Reporting by Digital Platform Operators XML Schema and User Guide for Tax Administrations to support the electronic reporting and automatic exchange of information. Under the Model Rules, operators of digital platforms are required to report on the income realized by those offering accommodation, transport, and personal services, as well as those selling goods through platforms, and to report the information to tax authorities.

South Korea Mar 29, 2022

The National Tax Service of South Korea publishes several updated documents related to CRS and FATCA reporting, that provide detailed instructions on how to change the reporting officer or reset the VPN for reporting to FIs. Specific guidance includes: (1) AXIS system user registration manual for FIs requiring GIIN issuance v3.0, (2) AXIS system user registration manual for FIs with GIIN v3.0, and (3) Mutual FIs registration manual v1.4.

Netherlands Mar 29, 2022

The Tax and Customs Administration of the Netherlands releases a notice informing taxpayers that the effective date for submitting DAC6 reports based on version 2.1 of the specification has been further deferred to June 14, 2022. It also informs taxpayers that the reports as per version 1.5 of the specifications can be submitted until further notice. Further, it also publishes updated overview versions document to reflect the change in effective date.

United States Mar 25, 2022

NEW - Jurisdictional Debrief Now Available (Week Ending March 25, 2022)

Moldova (the Republic of) Mar 25, 2022

The Ministry of Finance of Moldova publishes an update in their official Gazette thus adopting The Multilateral Agreement of the competent authorities for the automatic exchange of information on financial accounts under the common reporting standard (CRS).

Italy Mar 24, 2022

The Ministry of Economy and Finance in Italy publishes an additional FAQ on the possibility to check the accuracy of a Foreign TIN. It includes links to EU and OECD websites where one can check the correctness of a tax identification number.

Bermuda Mar 24, 2022

The Ministry of Finance in Bermuda publishes FAQs on CRS Independent Compliance Reviews to help RFIs better understand the CRS Compliance Activities planned by the Ministry in order to provide further assurance that Bermuda RFIs are applying the CRS rules correctly. It also publishes two letter templates: (1) CRS Independent Compliance Reviews - Certification Letter Template, and (2) CRS Independent Compliance Reviews - Reviewer Approval Letter Template. These letters are to be considered recommended templates and may be amended as deemed necessary prior to submission.

Saint Vincent and the Grenadines Mar 24, 2022

The Inland Revenue Department of Saint Vincent and The Grenadines publishes a notice informing RFIs of the availability of the AEOI portal from March 24, 2022 to March 29, 2022, for receiving TY2019 and TY2020 FATCA and CRS submissions.

IRS Mar 23, 2022

The IRS updates FAQ (Q22) on the FATCA - FAQs General page under the FATCA Certification section, clarifying how to submit FATCA certification if the registration status has been changed to under review with a message indicating to contact Treasury Department Office of Foreign Asset and Control (OFAC) for more information.

IRS Mar 23, 2022

The IRS updates the FATCA IDES Technical FAQs, FAQ E6 under the Data Encryption and Security section has been updated clarifying the requirements for digital certification. It also includes a link to the list of acceptable certificate authorities and products.

Netherlands Mar 23, 2022

The Ministry of Finance in Netherlands presents a bill on transparency about income from digital platforms (also known as DAC7) to the House of Representatives. With this bill, digital platforms will be obliged from January 1, 2023 to annually provide information to the tax authorities about sellers who earn money through their platforms. This information is automatically exchanged with the tax authorities of the EU Member States for which this information is of interest. This prevents people from (unintentionally) avoiding tax via these platforms.

OECD Mar 22, 2022

The OECD releases a Public Consultation Document on the crypto-assets reporting framework which, among other things, aims to expand the scope of the Common Reporting Standard by introducing products such as: (a) e-money products, (b) central bank digital currencies, and (c) derivatives referencing crypto-assets. Additionally, the document also includes proposed amendments to the Common Reporting Standard (CRS) for the automatic exchange of financial account information between countries, with a view to enhancing the quality and usability of CRS reporting by reporting additional information such as: (1) the type of financial account, (2) joint account information, and (3) controlling person role in passive NFEs. Note that the consultation will close on April 29, 2022.

United States Mar 22, 2022

The U.S. Department of the Treasury updates its FATCA Page to include Related Agreements between the United States of America and the Republic of Costa Rica to improve international tax compliance and to implement FATCA.

Sweden Mar 22, 2022

The Swedish Tax Agency publishes final FATCA technical guidance (edition 8) and CRS technical guidance (edition 6) with minor technical and formatting updates.

Brunei Darussalam Mar 18, 2022

The Ministry of Finance and Economy of Brunei Darussalam publishes an updated list of TY2021 CRS reportable and participating jurisdictions. Colombia, Greenland, and San Marino have been added to the list of reportable jurisdictions whereas New Caledonia, Jamaica, Kenya, Liberia, Moldova, Morocco, and Uganda have been added to the list of participating jurisdictions while Trinidad and Tobago has been removed from the list.

South Africa Mar 17, 2022

The South African Revenue Service (SARS) publishes a clarification document on the procedure to report missing US TINs under FATCA reporting. It includes a series of codes introduced by the IRS that would allow the tax administrations to better understand the facts and circumstances behind the missing US TINs. However, the use of these codes is not mandatory and does not mean that an RFI will not be at risk for being found significantly non-compliant due to a failure to report each required US TIN.

Uruguay Mar 17, 2022

The General Taxation Directorate of Uruguay publishes a notice recommending RFIs to refer to the OECD's report titled “Citizenship or Residence by Investment Scheme identified by the OECD” while applying the due diligence procedures established by updated Decree No. 77/017 on account holders from jurisdictions identified as potentially risky.

United Kingdom Mar 17, 2022

The United Kingdom’s HMRC publishes an announcement that it is suspending the exchange of tax information with Russia and Belarus. This means that Russia will not receive tax information under any of the UK’s applicable exchange of information agreements such as Exchange of Information on Request (EoIR), Common Reporting Standard (CRS), or Country-by-country Reporting (CBCR).

Brunei Darussalam Mar 17, 2022

The Ministry of Finance and Economy of Brunei Darussalam publishes CRS Compliance Guidelines in order to ensure that RFIs comply with their CRS obligations. The guide includes a number of risk-based approaches adopted by the Revenue Division for implementing a CRS compliance review process. RFIs are encouraged to use the CRS Entity Self-Review Classification Toolkit to help entities in Brunei Darussalam determine their CRS classification status in Brunei Darussalam and the corresponding CRS requirements. The guide also informs RFIs that for a high probability risk of non-compliance, the identified RFI will be requested to complete a CRS Compliance Review Questionnaire within a reasonable timeframe to determine the areas of incompliance. Therefore, the RFIs are strongly recommended to use this guide to assess their level of CRS compliance and to address any breaches in their implementation of CRS in Brunei Darussalam.

India Mar 16, 2022

The Income Tax Department of India publishes several updated documents related to AEOI reporting: (1) Dividend Income- Report Preparation Utility (v1.3), (2) Interest Income- Report Preparation Utility (v1.3), and (3) Dividend and Interest-Generic Submission Utility (v1.08).

Bahamas Mar 15, 2022

The Bahamas Competent Authority publishes key dates on the AEOI portal availability for TY2021 FATCA and CRS registration and submissions. It reminds RFIs that the AEOI portal opens for registrations and submissions on July 18, 2022, and would close on August 26, 2022.

IRS Mar 15, 2022

The IRS releases an updated IDES user guide (Pub 5190), specific updates include: (1) Section 2.4 has updated information on supported browsers under system availability, (2) Section 13 includes updated items under IDES report including examples of Transmission Alerts under Section 13.7.4, and (3) Appendix F on IDES Testing Window is updated to inform taxpayers of one annual testing window per year regardless of whether there have been changes to the FATCA Reporting process.

Curaçao Mar 14, 2022

The Ministry of Finance in Curacao publishes a notice informing RFIs that the MDES portal is open for accepting TY2021 FATCA and CRS reports. As a reminder, the deadline for submission is March 31, 2022.

Luxembourg Mar 14, 2022

The Tax Administration (ACD) of Luxembourg publishes a newsletter informing RFIs of the new instructions for populating the TIN field to implement the provisions introduced by the IRS through the ICMM FAQs, in addition to the instructions as mentioned under Section 3.6.6 of ECHA 3. Additionally, it also introduces the possibility to populate the TIN field of a passive non-financial entity with a foreign TIN or, in the absence of foreign TIN, with the characters "NA". Further, these implementations might take place during April 2022, the exact date will be communicated in an upcoming newsletter.

Indonesia Mar 11, 2022

The Directorate General of Taxation (DJP) in Indonesia publishes an updated list of TY2021 CRS Reportable and Participating jurisdictions. Albania, Jamaica, Kazakhstan, Kenya, Maldives, Morocco, Nigeria, and Niue have been added to the list of reportable jurisdictions while Jamaica, Kenya, Maldives, Moldova, and Uganda have been added to the list of participating jurisdictions.

Monaco Mar 11, 2022

The Principality of Monaco publishes updated AEOI FAQs that include an updated list of TY2021 CRS reportable jurisdictions as per the Ministerial order - 2021-783. Albania, Ecuador, Hong Kong, and Nigeria have been added to the reportable list, while Anguilla has been added to the list of the non-reciprocal jurisdictions. It also informs RFIs that for all pre-existing and new accounts opened on or after January 1, 2017, that have been subject to a self-certification request and collection, the TIN must be reported. Also, for other pre-existing accounts for which a self-certification was not requested and/or obtained. The RFI must provide evidence that it has made reasonable efforts to obtain the TIN. Additionally, It also publishes an updated AEOI practical guide (v6) for FIs with regards to the implementation of AEOI.

EU Mar 11, 2022

The Council of the European Union publishes a non-binding resolution of the EU Parliament endorsing a proposal for the amendment and better implementation of the EU tax information exchange requirements. The resolution includes proposals that would: (1) Strengthen existing rules to combat tax evasion, tax avoidance, and tax fraud through the reporting of Beneficial Ownerships along with various types of income and assets, (2) Expansion of the FIs and their accounts reporting obligations under the EU directives on the mandatory automatic exchange of information in tax matters (DAC2), the Common Reporting Standard (CRS), and the Cross Border Arrangements (DAC6), and 3) Expansion of the framework for the exchange of information on tax matters to include digital currency.

United States Mar 11, 2022

NEW - Jurisdictional Debrief Now Available (Week Ending March 11, 2022)

Jersey Mar 10, 2022

The International Taxation Department of the Government of Jersey published AEOI practical guidance for 2022. Specific updates to the FATCA practical guidance are – (1) update to Sec 2.5 on account holder type example to reflect a valid TIN format and, (2) updates to Sec 2.7 on Acceptable default TINs to include the additional default TINs. Specific updates to the CRS practical guidance are – (1) updates to Secs 7 and 11.6 on reporting the date of birth (DOB). If a date of birth is unknown, the Birth Date element can now be removed entirely. Financial Institutions should no longer report default date of birth where a correct one is not held. Although the Jersey AEOI portal will accept reports containing dates of birth from 1 January 1900 onwards in 2022, Financial Institutions should prepare their processes and systems for dates of birth earlier than 1908 to be prohibited from 2023. As a reminder, the deadline for submitting TY2021 FATCA and CRS reports is June 30, 2022, and FATCA reports will not be accepted without a valid US GIIN.

Belgium Mar 10, 2022

The Ministry of Finance in Belgium publishes communications informing RFIs that due to planned IT maintenance, all e-services including AEOI services will be unavailable from March 12, 2022, to March 13, 2022.

Guernsey Mar 10, 2022

The Revenue Service of the States of Guernsey publishes a series of Supplementary FAQs (v1.0) in order to assist further with the FATCA and CRS Compliance Information Notice. The purpose of these FAQs is to provide practical guidance to financial institutions. It also includes the implementation timeline that supersedes the deadlines previously set in Bulletin 2021/6: (1) Where the requirement or authorization to obtain a self-certification for a pre-existing account occurred, and a valid self-certification is still not obtained then in such cases RFIs must report these accounts to the Revenue service by March 31, 2022, (2) In case of pre-existing accounts where the trigger event occurred prior to January 1, 2022, and the self-certification remains unresolved then the report must be submitted by March 31, 2022, (3) In case of self-certification of accounts opened after January 1, 2022, validation must be completed within 90-days of the account opening. If it is not verified within 90 days then the requirement to report the account will be the 31 March of the following year. Also, If a Reporting Financial Institution has no information to report then there is no requirement to submit a “nil” Self-Certification Report nor a “nil” email confirmation message via IGOR.

Canada Mar 10, 2022

The Canadian Revenue Agency (CRA) publishes updated FATCA and CRS Guidance Notes. Both the guides provide clarification of the reporting requirements when multiple FIs maintain the same financial account that is subject to FATCA and CRS due diligence and reporting requirements. It also informs that the changes to the administrative procedures applicable to multiple FIs structures apply from January 1, 2023, and do not require any remediation of existing accounts except when there is a change in circumstances that occurs on or after January 1, 2023. Lastly, the FATCA guide also includes a series of codes developed by the IRS in order to better understand the reasons why an RFI has not been able to obtain a U.S. TIN, beginning reporting period 2020.

United Arab Emirates Mar 10, 2022

The UAE’s Dubai International Financial Centre (DIFC) publishes amendments to DIFC CRS law. Specific amendments made to the CRS Law of 2018 include: (1) Updated administrative fine amounts, issued under Article 62(2), found in Schedule 2 Contraventions and Fines; (2) Contravention notices will now contain a description of the alleged contravention, including the date the contravention occurred and the reason why the fine is being issued; (3) RFIs can no longer appeal fines by disputing the amount of the fine, the grounds or reasons for the fine, or the validity of actions ordered by the Relevant Authority. Instead, RFIs may now appeal fines or orders on the grounds that it did not commit the contravention, the fine imposed is not proportionate to the contravention, or the fine exceeds the limit set forth in the Law; (4) The timeline to appeal against any fine imposed or action ordered under Articles 19 or 20, one the grounds that it did not commit the contravention, the fine imposed is not proportionate to the contravention, or the fine exceeds the limit set forth in the Law, has been reduced. RFIs now must appeal within 20 days of receiving the contravention notice, reduced from 30 days; (5) The Relevant Authority will the appeal and notify the RFI, Account Holder, or Controlling Person in writing that it has received the appeal and will issue its decision within the period specified in the Relevant Authority’s notification, which shall not exceed 60 business days of said notification; (6) Fines or ordered actions should be carried out within 15 days of receiving the final contravention notice. Note, that the obligation deadline will move to the next business day if it falls on a weekend or an official public holiday; and (7) The Relevant Authority now has the power to seek Court enforcement of penalties if payment or the ordered action has not been carried out within 30 days of receiving the notice.

Germany Mar 9, 2022

The Federal Tax Office of Germany (BZSt) publishes CRS Newsletter 02/2022. Specific updates include: (1) Confirming the availability of the provisional list of TY2021 CRS reportable jurisdictions. Albania, Ecuador, Ghana, Jamaica, Kazakhstan, Qatar, Kenya, Liberia, Maldives, Morocco, New Caledonia, Sint Maarten, and Trinidad and Tobago have been provisionally identified as reportable jurisdictions. (2) It also informs RFIs that the new jurisdictions will only be activated in the CRS system once the final TY2021 CRS reportable and participating jurisdictions list is released, expected to be released in June 2022. (3) Beginning April 2022, the postal transitional solution for reporting a missing self-certification will be replaced by a secure electronic report via the BZStOnline portal (BOP). (4) Informing RFIs that the contact via the BOP using the CRS procedure will also be possible in April 2022, and (5) The new test for the Plausibility check on the "IN" field of the financial institution that only applies to first and empty deliveries and will be carried out for the first time in the 2022 calendar year, i.e. from the 2021 reporting period.

Spain Mar 9, 2022

The Spanish Tax Agency (Agencia Tributaria) publishes updated FATCA technical manual (v2.14) and CRS technical manual (v2.5). Both the guidance include updated technical information on the presentation of Form 290 (FATCA) and Form 289 (CRS) through Web Service.

Anguilla Mar 7, 2022

The Government of Anguilla publishes a notice reminding RFIs that the FATCA and CRS reporting deadlines for the reporting year 2021 is May 31, 2022.

Slovak Republic Mar 7, 2022

The Financial Directorate of the Slovak Republic publishes updated FAQs related to DAC6 reporting. The FAQs would help RFIs with general questions related to the DAC6 notifications.

Bahamas Mar 4, 2022

The Bahamas Competent Authority publishes an announcement informing RFIs that its AEOI Portal will open for registrations and submissions on July 18, 2022, and will close on August 26, 2022.

Antigua and Barbuda Mar 4, 2022

The Inland Revenue Department of Antigua and Barbuda has made its AEOI Webpage available to the public.

OECD Mar 4, 2022

The OECD publishes information on Tax Identification Numbers (TINs) for Panama.

Luxembourg Mar 3, 2022

The Tax Administration of Luxembourg (ACD) has been issuing notices to Luxembourg financial institutions requesting the following: (1) information about their FATCA/CRS status between 2016 and 2021, (2) Written explanation and documentation on the status of non-reporting FI status, (3) Written justifications from RFIs on the reasons of not filing FATCA/CRS reports (including Nil reports) and, (4) Copies of FATCA/CRS self-certification provided to other financial institutions. The deadline to submit this information to the ACD is March 31, 2022.

OECD Mar 3, 2022

The OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes publishes an article informing of the new e-learning course released to help tax officials better understand the Standard for Automatic Exchange of Financial Account Information in Tax Matters (CRS-AEOI).

IRS Mar 1, 2022

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool, with the FIs that are in approved status as of February 22, 2022.

South Africa Mar 1, 2022

The South African Revenue Service (SARS) publishes an announcement informing that the Third-Party Data Annual Submission process, inclusive of FATCA and CRS for the period March 1, 2021, to February 28, 2022, will be available beginning April 1, 2022, until May 31, 2022. Both the Test and Production environments will remain open during this time. Further, it reminds the RFIs that with respect to FATCA and the CRS submissions, in case there were no financial accounts to report, then they must submit a NIL report and a declaration form as proof that the required due diligence has been done and that they have no financial accounts to declare. RFIs are encouraged to make timely submissions as late or non-submission may be liable for penalties.

IRS Feb 28, 2022

The IRS updates its list of approved KYC rules. Seychelles has been added to the list of countries whose know-your-customer rules have been approved related to the Qualified Intermediary agreement.

Barbados Feb 26, 2022

'The Barbados Revenue Authority (BRA) publishes a guidance note informing RFIs of the further extension until April 15, 2022, to facilitate prior year report(s) for the FATCA/CRS or to make any necessary corrections. It also informs that the Barbados RFIs with outstanding reports must first notify the Tax Authority if they will be filing a prior-year FATCA/CRS reports or if they intend to make a correction to a previously submitted report by sending an email to compauth@bra.gov.bb. While submitting the late reports, a written notice must be submitted to the Tax Authority indicating the reason for the failure to submit the reports. Further, RFIs are reminded that failure to file is considered an offense that can incur a fine of $50,000 or/and imprisonment for a term of 10 years or both. The Revenue Commissioner may also impose a pecuniary penalty of $10,000 on the RFI.

Costa Rica Feb 25, 2022

The Ministry of Finance of the Republic of Costa Rica publishes an updated list of TY2021 CRS reportable jurisdictions with the addition of Albania, Ecuador, and Nigeria.

Saint Kitts and Nevis Feb 25, 2022

The Inland Revenue Department (IRD) of Saint Kitts and Nevis publishes an advisory note informing all RFIs of the mandatory requirement to register through its AEOI portal for FATCA and CRS reporting. Failure to register and report the information required may result in administrative penalties being imposed on the RFI. Also, a financial institution that is registered and wishes to deregister may complete an AEOI portal deregistration form for the Department’s review and consideration.

United States Feb 25, 2022

NEW - Jurisdictional Debrief Now Available (Week Ending February 25, 2022)

India Feb 25, 2022

The Income Tax Department of India publishes an updated version of its report generation and validation utility tool (v2.8) for Form 61B.

EU Feb 24, 2022

The EU council updates the Common EU list of non-cooperative third-country jurisdictions for tax purposes. Bahamas, Belize, Bermuda, British Virgin Islands, Israel, Monserrat, Russia, Tunisia, Turks and Caicos Islands, and Vietnam have been added to its grey list.

Ecuador Feb 24, 2022

The Internal Revenue Service (SRI) of Ecuador publishes an updated Format of the Accreditation Form which must be used by RFIs to notify the tax administration of their status (in accordance with CRS Annex). It also publishes an updated Format of Authorization which is a Form for RFIs to seek an extension from the tax administration to allow them to submit late CRS or out of date. Lastly, it also publishes the Form of Exclusion which is a Form for RFIs to notify the tax administration of the year from which it ceased to meet the condition to file the CRS returns.

British Virgin Islands Feb 24, 2022

The International Tax Authority (ITA) of the BVI publishes a notice informing RFIs that the BVIFARs portal updates have now been completed with regards to the updated functionality to allow an “ISSUED BY” option that can be used where the account holder that is not assigned a TIN or is not a holder of a TIN but has a substantial US owner. Further, the RFIs with FATCA reporting obligations are reminded of the steps to report under the “ISSUED BY” option as outlined in their previous press release dated February 21, 2022.

Curaçao Feb 23, 2022

The Ministry of Finance in Curacao publishes an updated AEOI activity calendar for 2022. As a reminder, the activity calendar confirms the FATCA and CRS reporting deadline of March 31, 2022.

Singapore Feb 23, 2022

'The Inland Revenue Authority of Singapore (IRAS) publishes an updated supplementary FATCA XML Schema User Guide (v4.0). Section 7.3 has been updated to provide clarification on populating foreign TIN for Entity Account Holder that is not a US Person (e.g. in the case of Passive NFFE) along with updated FATCA FAQs with the addition of FAQ B.7 which provides clarification on how a Reporting SGFI should report TINs of Foreign Entity Account Holders that is not a US Person (such as in the case of a Passive NFFE). To avoid receiving a record-level error from the U.S. IRS where the Entity Account Holder is not a U.S. Person, SGFI should populate the ORG_TIN data element with the foreign TIN (with the “TIN Issued by” element populated with the issuing country code) for the foreign Entity Account Holder. If there is no foreign TIN available for the foreign Entity Account Holder, Reporting SGFI may include your country code in the “TIN Issued by” element and the characters “NA” (to indicate “Not Available”) in the ORG_TIN data element (e.g. <sfa:TIN issuedBy="SG">NA</sfa:TIN>).

Germany Feb 23, 2022

The Federal Tax Office of Germany (BZSt) publishes a provisional list of TY2021 CRS exchange partners with which the BZSt would exchange CRS information. Ecuador, Jamaica, Kazakhstan, Kenya, Liberia, Maldives, Morocco, Sint Maarten, and Trinidad and Tobago have been provisionally added to the list.

France Feb 22, 2022

The French Tax Authority (DGFiP) releases an updated version of the CRS Technical Guide (v2.7). The guidance includes an updated list of TY2021 CRS reportable jurisdictions. Albania, Ecuador, Kazakhstan, and Nigeria have been added to the list of CRS reportable jurisdictions. It also provides clarifications regarding reporting of accounts with Controlling Persons and informs RFIs that files will get rejected in case of duplicate DocRefId. It also publishes an updated FATCA Technical Guide (v4.5) that reminds RFIs that in case of missing US TINs a series of codes released by the IRS must be used, for different types of scenarios. However, It would still generate an error notice that will provide 120 days to RFIs to obtain and report the missing TINs. Additionally, it also publishes an updated version of the CRS Technical Guide (v1.3) for New Caledonian financial institutions that includes clarifications regarding reporting of accounts with Controlling Person. All the three guides include a Provisional calendar for 2022 confirming: (1) the availability of FATCA/CRS services for testing files would be available March 8, 2022, (2) the FATCA/CRS submission environment would be available beginning May 3, 2022, (3) Deadline to submit FATCA/CRS reports is July 31, 2022, and (4)the FATCA/CRS reporting services would close by August 2, 2022.

IRS Feb 22, 2022

The IRS updates QI/WP/WT FAQs under the Certifications and Periodic Reviews. Specifically updated FAQs are: (1) FAQ9 has been updated that provides information on the deadline for QI/WP/WT entities, with a periodic certification due date of July 1, 2022. (2) FAQ10 has been updated that provides information on the due dates for submitting QI/WP/WT Periodic Certifications covering a 3 full calendar year certification period ending December 31, 2021.

Ecuador Feb 22, 2022

The Internal Revenue Service of Ecuador publishes an updated training information document as per the latest CRS regulations. Specific updates include the following new validations as per updates made to the earlier released CRS annex catalog (v4.1): (1) Reporting the account balance as zero in case of account closure, (2) specification that the account number must start with “EC” for OECD601 and, OECD 603 account types, (3) instruction to refrain from using “IN” type attribute in the TIN field and, (4) instruction to edit spaces to avoid double spacing and for special characters.

Belgium Feb 22, 2022

The Ministry of Finance in Belgium publishes communications informing RFIs that due to IT maintenance, all e-services including AEOI services will be unavailable from February 25, 2022, to February 27, 2022.

British Virgin Islands Feb 21, 2022

The International Tax Authority (ITA) of the BVI publishes a notice informing RFIs of the availability of an updated functionality on the BVIFARs portal to allow an “ISSUED BY” option that can be used where the account holder that is not assigned a TIN or is not a holder of a TIN but has a substantial US owner. If the FI omits the TIN element entirely for either the Account Holder or Substantial Owner, or insert blank spaces in the “TINelement” field, the FI will receive a “TIN Not Populated” error, regardless of whether the other TIN field is populated with a US TIN. The notice also informs that the BVIFARs portal would be unavailable beginning February 21, 2022, and that the ITA would provide an update on when the portal would be available for submitting updated filings.

Saint Kitts and Nevis Feb 21, 2022

The Inland Revenue Department (IRD) of Saint Kitts and Nevis publishes an Industry Advisory informing RFIs of the mandatory requirement to obtain and report the Date of Birth (D.O.B) for all pre-existing and new accounts of reportable persons. The D.O.B should be in the YYYY-MM-DD format as per the CRS XML Schema. Failure to report the D.O.B where required may result in administrative penalties being imposed on the RFI.

Russia Feb 18, 2022

The Federal Tax Service (FTS) of Russia publishes an updated version of the technical reporting format (vRU: 5.05) that describes the requirements of the structure and content for the electronic transmission of information on financial accounts of FIs residents in foreign States (territories). It also releases an updated protocol of information describing the technology for the exchange of information on financial accounts between an RFI and the Federal Tax Service of Russia. Further, it also informs that beginning March 4, 2022, the system will stop accepting reports based on vRU: 5.04 and will switch to vRU:5.05.

IRS Feb 17, 2022

The IRS releases 2022 General Instructions for Certain Information Returns which also includes Form 1099. As per the updated instructions, Form 1099-A, 1099-C, 1099-DIV, 1099-G, 1099-INT, 1099-K, 1099-MISC, 1099-NEC, and 1099-S along with their instructions have been converted from annual updates to continuous use.

IRS Feb 16, 2022

The IRS publishes the 2022 version of the form 1099-PATR (Taxable Distributions Received From Cooperatives).

Ireland Feb 16, 2022

The Office of the Revenue Commissioners in Ireland publishes an updated Tax and Duty Manual on Filing Guidelines for DAC2-Common Reporting Standard (CRS). The updated guidelines include a new section (Section 7.6) that provides a link to the sample CRS Correction XML files.

OECD Feb 15, 2022

The OECD publishes information on Tax Identification Numbers (TINs) for Sint Maarten.

United States Feb 14, 2022

The U.S. Department of Treasury updated the FATCA IGA status of Turkey to “In Force (6-14-2021)” from the previous status “Signed”.

Kuwait Feb 14, 2022

The Ministry of Finance in Kuwait publishes an updated list of TY21 CRS reportable jurisdictions with the addition of Albania, Costa Rica, Curacao, Ecuador, Grenada, Nigeria and, the Slovak Republic.

Japan Feb 12, 2022

The National Tax Agency (NTA) of Japan publishes updated AEOI reporting system FAQs. Minor updates have been made to the following FAQs: (1) FAQ 2-9 provides information on how to report an undocumented account, (2) FAQ 2-14 provides clarification on how to report closed accounts, (3) FAQ 3-2 includes country codes for transmission of data, (4) FAQ 3-4 provides clarification that a reportable account must be reported every year until it gets terminated, and (5) FAQ3-5 reminds that in case of no reportable accounts there is no reporting requirement.

United States Feb 11, 2022

NEW - Jurisdictional Debrief Now Available (Week Ending February 11, 2022)

Macau Feb 11, 2022

The Financial Services Bureau of Macau publishes an updated list of CRS reportable and participating jurisdictions. Kenya, Maldives, Moldova, and Uganda have been added to the list of reportable jurisdictions beginning TY2021, while Kenya and Maldives have been added to the list of participating jurisdictions.

Switzerland Feb 11, 2022

The Federal Tax Administration of Switzerland publishes a notification on the issuance of its final decisions for the banking relationship concerned by FATCA Group Requests as of February 11, 2022.

British Virgin Islands Feb 11, 2022

The International Tax Authority (ITA) of the BVI publishes a notice informing all relevant entities that are required to report under FATCA, CRS, and CbCr that the ITA intends to introduce an annual fee of $185, effective September 1, 2022, for each entity enrolled in the BVIFARS Portal. The intended fee covers enrolment in the portal, review, and transmission of reporting submissions to partner jurisdictions, support, and maintenance.

Switzerland Feb 10, 2022

The Federal Tax Administration of Switzerland publishes a notification on the issuance of its final decisions for the banking relationship concerned by FATCA Group Requests as of February 10, 2022.

Netherlands Feb 9, 2022

The Tax and Customs Administration of Netherlands releases a notice informing taxpayers that the effective date for submitting reports based on version 2.1 of the specification will be effective beginning April 26, 2022. It also informs taxpayers that the reports as per version 1.5 of the specifications can be submitted until further notice.

IRS Feb 9, 2022

The IRS publishes an updated 2022 version of Form 1099-MISC (Miscellaneous Income) with minor formatting updates to the form.

India Feb 8, 2022

The Income Tax Department of India publishes an updated version of its report generation and validation utility tool (v2.7) for Form 61B.

Sweden Feb 7, 2022

The Swedish Tax Agency publishes a newsletter informing RFIs of the availability of the draft versions of the FATCA and CRS technical descriptions for TY2021 reporting. The Newsletter reminds RFIs to refer to Sections 5.7.1 and 5.8.2 of the FATCA technical description on how to report in case of missing US TINs, subject to receiving an error notification to find and report the correct missing US TINs within 120 days from the date of the notice. Additionally, it also informs and reminds RFIs of the various repetitive errors noticed in FATCA and CRS reports and the availability of the testing facility and, the due diligence obligations of RFIs before submitting reports. RFIs that do not wish to use the testing facility are instructed to upload the files via the e-Service system. Finally, the CRS guidance contains examples of how and when accounts should be reported in the case of dividend payments.

Cayman Islands Feb 7, 2022

The Department for International Tax Cooperation (DITC) of the Cayman Islands publishes an Updates Bulletin, informing RFIs that the DITC Portal has been updated to allow FIs to deactivate their registration when they are no longer a Cayman FI. The Principal Point of Contact (PPoC) of a registered FI can submit an FI Deactivation Form along with the required evidence for each FI that needs to be deactivated. Further, the DITC will consider the request and inform the PPoC once it is approved or declined. It also publishes an updated DITC Portal User Guide (v9.0) to be better aligned with the OECD’s CRS User Guide with the addition of instructions on how to deactivate FI on the DITC portal along with the updated validation rules for submitting corrected CRS returns. The guidance also includes technical updates of the content of the CRS XML Returns containing corrections. Also, users who are not using the CRS XML Generator Tool are informed to update their processes and/or systems to ensure the reporting of corrections and deletions can be done as per the latest technical guidance. Additionally, it publishes an updated TY2021 CRS reportable list with the addition of Jamaica, Kenya, and Morocco, while Kuwait has been removed from the list. Lastly, the Cayman Islands competent authority has started sending notices to Cayman Island' entities via their registered address (generally Maples) in cases where the DITC has observed a mismatch between the IRS FFI list and the DITC Portal registration (i.e. the entity is listed in the IRS FFI list and holds an active GIIN as of December 23, 2021 but is not registered as a Financial Institution in the DITC Portal).

Germany Feb 7, 2022

The Federal Tax Office of Germany (BZSt) publishes several FATCA technical documents, namely: (1) an updated FATCA technical communication manual Part 2 (v2.5) for data transmission via the BZSt Online Portal (BOP), (2) an updated FATCA technical communication manual Part 3 (v2.9) for data transmission via mass data, (3) an updated FATCA test procedure manual (v2.0) that can be done via the mass data interface ELMA, and (4) an updated list of abbreviations/glossary that includes definitions of the terms used in the technical documents.

Macau Feb 7, 2022

The Government of Macau Special Administrative Region publishes Law No. 1/2022, amending Law No. 5/2017 on a legal framework for the automatic exchange of financial account information (AEOI) in tax matters. Specific amendments include: (1) Article 10 and Article 11 provide additional guidance on due diligence activities, (2) Article 14 provides information on administrative penalties, and (3) it also reminds RFIs that the CRS filing deadline is June 30. The law enters into force on April 1, 2022.

Hong Kong Feb 4, 2022

The Inland Revenue Department of Hong Kong publishes an announcement on the Automatic Exchange of Information (AEOI) Portal stating that the system will be under maintenance on February 9, 2022, and that all services will be suspended during this period.

Singapore Feb 3, 2022

The Inland Revenue Authority of Singapore (IRAS) publishes an updated list of TY2021 CRS reportable and participating jurisdictions. Albania, Andorra, Ecuador, Grenada, Kazakhstan, Nigeria and, Saint Lucia have been added to the list of reportable jurisdictions while Jamaica, Kenya, and Morocco have been added to the list of participating jurisdictions. It also reminds RFIs that the CRS registration deadline is March 31, 2022, and the CRS reporting deadline is May 31, 2022.

OECD Feb 3, 2022

The OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes publishes a report that highlights ten years of successful activities such as capacity-building to support the global implementation of the two international standards on exchange of information on request (EOIR) and automatic exchange of financial account information (AEOI).

IRS Feb 1, 2022

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool, with the FIs that are in approved status as of January 25, 2022.

Malaysia Jan 31, 2022

The Inland Revenue Board of Malaysia (IRBM) publishes an update on the first reporting of FATCA information. The date for submitting 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021 and, 2022 reportable information including Nil returns under FATCA to the IRBM has now been tentatively deferred to 2023.

Bermuda Jan 31, 2022

The Ministry of Finance in Bermuda publishes an updated list of TY2021 CRS reportable jurisdictions. Albania, Bonaire, Saint Eustatius and Saba, Costa Rica, Curacao, Ecuador, Gibraltar, Grenada, Kazakhstan, Nigeria, and Peru have been added reportable jurisdictions.

Sweden Jan 31, 2022

The Swedish Tax Agency publishes an update informing RFIs that TY2021 CRS and FATCA reporting deadline would be May 16, 2022, as May 15 falls on a weekend. It also publishes draft FATCA technical guidance (edition 8) and CRS technical guidance (edition 6) with no major and significant changes in content. However, the FATCA guide reminds RFIs that along with the permissibility to use nine A’s and nine 0’s in place of missing US TINs, nine identical numbers without a hyphen or any other special characters can be entered. Further, it also publishes example files for CRS and FATCA XML.

OECD Jan 31, 2022

The OECD releases an updated list of CRS signatories that now has 115 jurisdictions. Jamaica and Maldives have been added to the list with the intended first exchange expected to be in September 2022, while Moldova and Uganda have been added to the list with the intended first exchange expected to be in September 2023.

India Jan 31, 2022

The Income Tax Department of India publishes a circular informing RFIs to revise TY2020 FATCA reports based on the availability of the series of codes released by the IRS. These codes would allow the tax administrations to better understand the facts and circumstances behind the missing US TINs. However, the usage of these codes along with the entry of nine A’s or nine 0’s in the TIN field would still generate an error notice that will provide RFIs 120 days to correct the issue.

Ireland Jan 31, 2022

The Office of the Revenue Commissioners in Ireland publishes an updated Revenue Guide to AEOI for Financial Account Holders with minor formatting updates.

Isle of Man Jan 28, 2022

The Income Tax Division of Isle of Man publishes updated FATCA and CRS guidance notes. Both documents now include new sections pertaining to penalties, enforcement, imposition of fines, and appeal rights and procedures. The FATCA Guidance notes received further updates, including modification of Section 18.3.2.1 to inform taxpayers of the updated codes that can be used if there are missing US TINs; and an update to Section 19.4.7.1 to include the list of updated codes to use as default TINs if a US TIN is missing.

Turkey Jan 28, 2022

The Revenue Administration of Turkey publishes an AEOI leaflet providing an overview of: (1) the scope of the AEOI within Turkey, (2) an overview of Turkey’s participation in the inclusive framework of the OECD, and (3) the expected deadline for the automatic exchange of information between the Turkish tax authority and partner tax authorities. The leaflet informs RFIs that it is foreseen that the exchange of TY2021 information is expected to be shared by September 30th, 2022.

United States Jan 28, 2022

NEW - Jurisdictional Debrief Now Available (Week Ending January 28, 2022)

Guernsey Jan 27, 2022

The Revenue Service of the States of Guernsey publishes Bulletin 2022/02 thus providing an update to RFIs on reporting requirements under Section 171F of the Guernsey Income Tax law. Section 171F of the law deals with failure to obtain a valid self-certification and the possible issue of freezing orders. Where a valid self-certification is not held in respect of new accounts, the first report was due to be submitted on or before January 31, 2022, pursuant to the relevant reporting deadline in Bulletin 2021/6. In view of the concerns raised in relation to this reporting requirement, the authority has decided to extend the first reporting date to March 31, 2022, for both new and pre-existing accounts.

Moldova (the Republic of) Jan 26, 2022

The Moldovan Ministry of Finance publishes a notice announcing the approval of a draft bill to ratify the Multilateral Competent Authority Agreement (MCAA) on the automatic exchange of financial account information (AEOI) under the common reporting standard (CRS), signed on October 29, 2014. The exchange of information is expected to start in September 2023.

Czech Republic Jan 25, 2022

The Ministry of Finance of the Czech Republic publishes a newsletter comprising an updated list of CRS exchange partners. As a reminder, the Czech Republic follows a wider approach to CRS reporting.

Hong Kong Jan 24, 2022

The Inland Revenue Department of Hong Kong publishes an alert on its AEOI portal webpage informing RFIs that beginning December 6, 2021, the AEOI portal would no longer be able to support the Internet Explorer browser. RFIs are advised to use the current versions of other web browsers (including Firefox, Edge, Chrome, and Safari) to access the AEOI Portal.

Malta Jan 24, 2022

The Office of the Commissioner for Revenue in Malta releases an updated version of their AEOI Guidance Notes. The recent updates confirm that Albania and Grenada have been reportable jurisdictions since TY2017, Nigeria has been a reportable jurisdiction since TY2018, Kazakhstan has been a reportable jurisdiction since TY2019, and Ecuador has been a reportable jurisdiction since TY2020. Additionally, the Guidelines have been updated to include Brunei and New Caledonia as participating jurisdictions.

OECD Jan 24, 2022

The OECD publishes information on Tax Identification Numbers (TINs) for Ecuador, including information as to when a TIN must be obtained.

IRS Jan 20, 2022

The IRS publishes a reminder that the FATCA Responsible Officer (RO) Certifications for the period ending December 31, 2021, are due by July 1, 2022.

IRS Jan 19, 2022

The IRS publishes a reminder on important wage statement deadlines. The deadline for the information return such as Forms 1099-NEC (Nonemployee Compensation) and 1099-MISC (Miscellaneous Information) is January 31, 2022.

Switzerland Jan 18, 2022

The Federal Tax Administration of Switzerland publishes a notification on the issuance of its final decisions for the banking relationship concerned by FATCA Group Requests as of January 18, 2022. It also publishes a Review on international financial and tax matters that includes statistical information on the Automatic Exchange of information for tax purposes.

Taiwan Jan 18, 2022

The Ministry of Finance in Taiwan publishes a 2021 CRS implementation summary comprising the statistics on the number of accounts reported for the reportable jurisdictions - Australia, Japan, and the United Kingdom.

British Virgin Islands Jan 17, 2022

The International Tax Authority (ITA) of the BVI publishes a notice informing all RFIs and Constituent Entities of the availability of the BVIFARs AEOI reporting system portal.

Malaysia Jan 14, 2022

The Inland Revenue Board of Malaysia (IRBM) publishes an updated list of CRS reportable jurisdictions. Albania, Ecuador, Grenada, Kazakhstan, and Nigeria have been added to the list.

United Kingdom Jan 13, 2022

The United Kingdom’s HMRC publishes an updated list of CRS participating and reportable jurisdictions for TY21 reporting. Jamaica, Kenya, Morocco, and New Caledonia have been added to the list of participating jurisdictions, while Sint Maarten has been removed from the list. Additionally, Jamaica, Kenya, Maldives, and Morocco have been added to the list of reportable jurisdictions, while Kuwait and Romania have been removed from the list.

Malaysia Jan 13, 2022

The Inland Revenue Board of Malaysia (IRBM) publishes updated CRS submission timelines for 2022. The production environment will be accepting CRS submissions beginning January 20, 2022, until June 30, 2022. It also publishes an updated IRBM Public Key for the CRS production environment.

IRS Jan 13, 2022

The IRS publishes a reminder on important reporting backup withholding deadlines. The deadline for the information returns that are used to report backup withholding for the tax year 2021, except Form 1099-NEC is February 28, 2022, for paper filers and March 31, 2022, for electronic filers. For Form 1099-NEC the deadline is January 31, 2022, for both paper and electronically filed returns.

Mexico Jan 13, 2022

The Mexican Tax Authority publishes an amendment to Annex 25-Bis of the Miscellaneous Tax Resolution for 2020. The amendment modifies the FATCA and CRS deadline from August 15 to August 31 of each year. In addition, the SAT has published an updated Annex 25-Bis to the Miscellaneous Tax Resolution, which modifies the list of excluded accounts for CRS purposes.

Ecuador Jan 12, 2022

The Internal Revenue Service of Ecuador publishes an updated CRS annex catalog (v4.1), and the CRS technical sheet (v4.1) containing the updated description of fields that are used to complete the CRS reports. The updated annex catalog includes new validation rules on the Account number section.

Guernsey Jan 12, 2022

The Revenue Service of the States of Guernsey makes available the template for reporting non-compliant self-certification reports as per the earlier released Bulletin 2021/6. The template has been distributed to all IGOR points of contact via the IGOR messaging service. Additionally, the message informs that if there is a need to provide further information regarding any new self-certification non-compliance, then the RFIs must update and resubmit the entire template, and must avoid creating a new one.

Germany Jan 11, 2022

The Federal Tax Office of Germany (BZSt) publishes CRS Newsletter 01/2022 informing RFIs: (1) the postponement of the electronic transmission of reports on missing self-certifications previously due beginning January 1, 2022, due to technical difficulties. (2) the availability of an updated version of the form for reporting missing self-certifications effective immediately subject to disclosure of when the request for self-certification is sent and, (3) availability of an explanation for reporting a missing self-certification permissible under local law. It further states that only under exceptional circumstances and if the RFI can prove that obtaining a self-certification is not possible due to legal or factual reasons, then the effort to obtain a self-certification or confirm the plausibility can be made immediately after the account has been opened.

Barbados Jan 11, 2022

'The Barbados Revenue Authority (BRA) publishes a note informing of the availability of the AEOI Portal to facilitate reporting by RFIs that may have outstanding reports or to submit corrections/amendments to previous filings beginning January 12, 2022, to February 28, 2022. As a reminder, the new version of the CRS Schema (v2.0) must be used for these submissions. It also informs that reports for TY2021 cannot be submitted during this time. Further, it informs that the BRA has observed a few entities that are missing the correct date of birth for reportable persons and that a few entities are missing valid TINs. Such RFIs are advised to make all necessary corrections to their data and file a corrected report with the Authority by February 28, 2022. Additionally, It also reminds RFIs of the availability of a series of codes that have been introduced by the IRS that can be used by the RFI to populate the TIN field along with the permissibility to use nine A’s or nine 0’s. However, the absence of valid US TINs will result in an error notification from IRS that will provide 120 days to RFIs to obtain and report the missing TINs. Correspondence with the tax administration should be sent via e-mail to compauth@bra.gov.bb

Panama Jan 10, 2022

The Ministry of Economy and Finance of Panama makes publicly available Law No. 254, amending transparency measures and imposing penalties for incorrect CRS and FATCA reporting. Specific measures include: (1) expanding the scope for maintaining accounting records and supporting documents, (2) modifying reporting requirements for CRS and FATCA compliance and, (3) imposing the penalties upto $50,000 for account holders disclosing false information to the FIs and $100,000 for failure to comply with the information requests. These measures are effective beginning November 12, 2021.

OECD Jan 10, 2022

The OECD publishes information on Tax Identification Numbers (TINs) for Dominica, Grenada, Oman, Qatar, and Vanuatu.

Guernsey Jan 7, 2022

The Revenue Service of the States of Guernsey publishes Bulletin 2022/1, informing RFIs of the updated list of CRS reportable and participating jurisdictions. Jamaica, Kenya, Maldives and, Trinidad and Tobago have been added to the list of reportable jurisdictions for TY2021 reporting, while Liberia has been removed from the list. Additionally, Jamaica, Moldova, Rwanda, Uganda, and Ukraine have been added to the list of participating jurisdictions beginning TY2022, while Liberia, Sint Maarten and, Trinidad and Tobago have been removed from the list. It also includes a provisional list of CRS reportable jurisdictions for TY2022 with the addition of Jordan, Moldova, Montenegro, Thailand, Uganda and, Ukraine.

British Virgin Islands Jan 7, 2022

The International Tax Authority (ITA) of the BVI publishes a notice informing all RFIs of the unavailability of the BVIFARs AEOI reporting system portal. It also informs that the ITA is cognizant of the filing deadlines for corrections and as such, informs that the unavailability of the portal will be considered when the portal is available.

United States Jan 7, 2022

NEW - Jurisdictional Debrief Now Available (Week Ending January 7, 2022)

OECD Jan 5, 2022

The OECD releases an updated list of the AEOI status of commitments as of January 5, 2022. Tunisia has committed to implement the International Automatic Exchange of Information (AEOI) by the year 2024.

Isle of Man Jan 4, 2022

The Income Tax Division of Isle of Man publishes an updated list of CRS reportable and participating jurisdictions. Jamaica has been added to the list of reportable jurisdictions for TY2021 reporting. Jamaica, Moldova, Rwanda, Uganda and, Ukraine have been added to the list of participating jurisdictions beginning TY2022. It also includes a provisional list of CRS reportable jurisdictions for TY2022 with the addition of Jordon, Moldova, Montenegro, Thailand, Uganda, and Ukraine. Additionally, it informs RFIs that an updated version of the CRS guidance notes will be available soon.

Singapore Jan 4, 2022

The Inland Revenue Authority of Singapore (IRAS) releases an AEOI Profile User Guide for a better understanding of how to view or update a Financial Institution’s AEOI profile.

IRS Jan 3, 2022

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool, with the FIs that are in approved status as of December 23, 2021.

OECD Jan 3, 2022

The OECD publishes information on Tax Identification Numbers (TINs) for Anguilla, Austria, Barbados, Belize, British Virgin Islands, Ghana, Kazakhstan, Maldives, Monaco, Panama, Peru, and Saint Kitts and Nevis.

United Arab Emirates Jan 3, 2022

The Abu Dhabi Global Market (ADGM) in the UAE publishes CRS (Amendment) Regulations 2021. Specific updates include: (1) The term ‘Account Holder’ of a Reportable Account has been replaced with ‘Controlling Person’ of a Reportable Account. (2) Section 9 – Enforcement now includes language stating that notice of contravention will be sent to the Controlling Persons e-mail address if the Regulatory Authority has access to it. If no e-mail address is available, then the notice will be sent to the registered mailing address. (3) Section 10 – Appeals now states that appeals sent after the 20-day deadline will not be considered by the Regulatory Authority unless there is an exceptional circumstance to justify the late submission. Additionally, any decisions regarding appeal notices will be sent out within 60 days (previously 40) of receiving the appeal notice. Finally, this section now states that penalties or administrative fees confirmed by the Regulatory Authority must be paid within 15 days of receipt of the notice. (4) Several updates have been made to the sanctions and fees section. In addition, a statement has been added to the Regulations indicating that the Regulatory Authority may use its discretion to impose additional penalties if it deems it necessary.

IRS Jan 3, 2022

The IRS releases an updated version of Form 1099-NEC (Non-Employee Compensation) along with the updated instructions for Forms 1099-MISC and 1099-NEC, thus informing filers that both the Forms and instructions have been converted from an annual revision to continuous use. Other updates include: (1) the addition of a FATCA filing requirement check box to Box 13, (2) old box numbers 13 through 17 have been renumbered to new box numbers 14 through 18, respectively. Also, the instructions inform filers of the possibility of Regulations being passed to reduce the electronic filing requirement for entities filing 250 returns. In case of the Regulations are finalized, they will be effective for filing requirements beginning 2023.

Hungary Jan 3, 2022

The National Tax and Customs Administration of Hungary publishes an updated version of the 2021 AEOI technical guide for the electronic submission of data. It also includes a CRS reportable jurisdictions list with no additions or exclusions made to the existing list. It also publishes an updated version of the 2021 FATCA technical guide for the electronic submission of data. Apart from several technical updates both the guides also remind RFIs that the deadline for AEOI reporting is June 30, 2022. Additionally, it also publishes supporting applications - 2021 AEOI and 2021 FATCA Form Filing programs (v1.0) and Active help (v1.0).

Liechtenstein Jan 1, 2022

The Tax Administration (STV) of the Principality of Liechtenstein publishes an updated list of CRS reportable jurisdictions. Oman and, Trinidad and Tobago have been updated as reciprocal jurisdictions beginning TY2021 from the previous status of non-reciprocal jurisdiction for TY2020.

Italy Dec 31, 2021

The Ministry of Economy and Finance in Italy publishes Resolution No. 78, subject to cross-border arrangements (DAC6) providing clarification regarding the correct application of the discipline referred to in Legislative Decree no. 100, of July 30, 2020.

IRS Dec 29, 2021

The IRS publishes the updated version of 2021 Form 1042 along with its instructions.

Japan Dec 28, 2021

The National Tax Agency (NTA) of Japan publishes an updated list of CRS reportable jurisdictions with the addition of Qatar, Kenya, Jamaica, Morocco, and Maldives. It also publishes updated AEOI reporting system FAQs that include an updated list of CRS reportable jurisdictions under FAQ 3-2 along with the country codes.

Netherlands Dec 27, 2021

The Tax and Customs Administration of Netherlands releases a notice informing the availability of the Validation Test Service (VTS) for Banking and Investment products as per the updated CRS reportable jurisdictions list. It also publishes another notice informing taxpayers of the availability of the Validation Test Service (VTS) for DAC6 reporting along with the updated specifications for VTS.

Guernsey Dec 24, 2021

The Revenue Service of the States of Guernsey publishes Bulletin 2021/7, informing RFIs of the implementation of new controls and compliance requirements. Specific updates include: (1) Additional information on the requirement of all the Guernsey RFIs (as defined under the CRS or FATCA) to register their reporting classification with the Revenue Service beginning January 1, 2022, and prior to February 28, 2022. All FIs must register with the Revenue Service regardless of whether they have a reporting obligation. (2) RFIs must also submit the 2022 Compliance Assurance Statement Questions to the Revenue Service. (3) A revised list of questions under the 2021 Compliance assurance statement for CRS and FATCA is made available. (5) Non-reporting financial institutions will only be required to answer the Non-Reporting Financial Institution Compliance Assurance Statement question.

Taiwan Dec 24, 2021

The Ministry of Finance in Taiwan releases a notice thus updating the list of Financial Accounts that Present a Low Risk of Being Used to Evade Tax Under the CRS. Following accounts are added to the list: (1) Microinsurance, and (2) An account held on behalf of a party involved in connection with a settlement or mediation transcript, the court’s approval of a mediation agreement conducted by a township or county-administered city’s mediation committee, or an arbitration award, all of which have the same effect as a final court judgment with binding effect. The updated list is effective beginning TY21 reporting.

Russia Dec 24, 2021

The Federal Tax Service (FTS) of Russia publishes an updated version of the technical reporting format (vRU: 5.05) that describes the requirements of the structure and content for the electronic transmission of information on financial accounts of FIs residents in foreign States (territories). It also releases an updated version 5.05 of the XSD Schema for data control in CRS reports submitted by the financial market organizations to the FTS.

United Kingdom Dec 24, 2021

The United Kingdom’s HMRC publishes an update on the Pre-Existing Entity Accounts Thresholds for FATCA purposes. The $1million threshold for review under FATCA is effectively lost where the review under CRS identifies US Specified Persons for FATCA and the accounts become reportable once identified as such. For CRS, accounts become reviewable once the balance has been established as exceeding $250,000 at the review date. All accounts exceeding that threshold must be subjected to due diligence and the process is the same under both regimes.

Netherlands Dec 23, 2021

The Tax and Customs Administration of Netherlands releases an updated version of the Input Application for Banking and Investment Products (v2021.1). Apart from technical updates, it reminds taxpayers of the availability of an updated CRS reportable list for TY2021 reporting with the addition of Albania, Jamaica, Kazakhstan, Kenya, Morocco, New Caledonia, and Oman.

Czech Republic Dec 22, 2021

The Ministry of Finance of the Czech Republic publishes a newsletter comprising an updated list of jurisdictions with which the tax administration intends to exchange the CRS information. Maldives has been added to the list and is expected to begin exchange in 2023 with respect to TY2022 data. As a reminder, the Czech Republic follows a wider approach to CRS reporting.

Iceland Dec 22, 2021

The Directorate of Internal Revenue of Iceland publishes updated technical information for submitting tax returns inclusive of FATCA and CRS returns beginning 2022.

Bulgaria Dec 22, 2021

The National Revenue Agency of Bulgaria (NRA) publishes guidelines on how to establish tax residency of account holders under CBI/RBI schemes for the purpose of automatic exchange of information. Guidelines also include a study of the comprehensive inspection made by the financial institutions in relation to the CBI/RBI schemes.

IRS Dec 21, 2021

The IRS publishes a notice informing Taxpayers that beginning January 1, 2022, Filing Information Returns Electronically (FIRE) user ID format will change, and if the current User ID does not meet the new criteria then the users will be prompted to create a new User ID. It also provides the criteria listed for the new User ID. Additionally, it informs taxpayers of the FIRE file status change to improve system response time and simplify customer file status reporting. The ‘Good, Not Released’ and ‘Good, Released’ file status will be combined and users will only see ‘Good’ status change. Further, on the Test System, ‘Good, Federal Reporting’ status has also been changed to ‘Good’ while the Combined Federal State Reporting status of ‘Good, Federal/State Reporting’ remains unchanged.

IRS Dec 21, 2021

The IRS releases an updated version of TY2021 Form 8804 - Annual Return for Partnership Withholding Tax (Section 1446).

Curaçao Dec 21, 2021

The Ministry of Finance in Curacao publishes an updated list of reportable jurisdictions for TY2021 with the addition of Albania, Ecuador, Grenada, Nigeria, and Peru. It also reminds RFIs that the CRS reporting deadline is March 31, 2022.

Canada Dec 20, 2021

The Canadian Revenue Agency (CRA) publishes updated AEOI filing instructions, informing RFIs of the availability of an updated AEOI XML schema version 1-22-3 for filing TY2021 information returns. It also informs RFIs that the threshold for mandatory electronic filing of income tax information returns will be lowered from 50 to 5 returns.

IRS Dec 20, 2021

The IRS releases updated instructions for the 2022 version of Form 1042-S.

Japan Dec 18, 2021

The National Tax Agency (NTA) of Japan publishes updated AEOI FAQs with the following changes: (1) addition of FAQ 25, which provides information on the procedure for identifying the country of an RFI when submitting a new notification form in case of change in circumstance; (2) addition of FAQ 35, which provides an expanded definition of undocumented accounts and their treatments; and (3) removal of FAQs 26, 30-32, and 53.

United States Dec 17, 2021

NEW - Jurisdictional Debrief Now Available (Week Ending December 17, 2021)

IRS Dec 17, 2021

The IRS releases updated instructions for the 2022 version of Form 1099-G (Certain Government Payments).

Guernsey Dec 17, 2021

The Revenue Service of the States of Guernsey publishes Bulletin 2021/6, informing RFIs of the additional compliance measures in relation to CRS and FATCA. Specific updates include: (1) Amendments made to the Income Tax (Guernsey) Law concerning CRS and FATCA in order to implement strong compliance measures, (2) In case of disclosure or discovery of any Non-compliance, RFIs must provide full details of the compliance issue, it also provides a list of factors that will be taken into consideration as a part of the decision process when reviewing areas of non-compliance, (3) Directions on how to secure compliance in accordance with section 171D of the law, (4) Appointment of qualified inspectors to review an RFI's potential significant non-compliance with FATCA/CRS obligations, (5) Validation of self-certification of accounts opened after January 1, 2022, must be completed within 90-days of the account opening. If it is not verified within 90 days then the requirement to report the account will occur immediately after the expiry of the period permitted to obtain the self-certification, (6) Where the requirement or authorization to obtain a self-certification for a pre-existing account occurred, and a valid self-certification is still not obtained then in such cases RFIs must report these accounts to the Revenue service by March 31, 2022, (7) Additional information on how to report self-certification failures to Revenue Service, (8) Inclusion of a provision empowering the Revenue Service to issue a “Freezing Order” to an RFI, effectively stopping any further transactions on an account where a self-certification has not been obtained or is suspected to be unreliable or incorrect, The Revenue service will closely analyze each case and will freeze accounts only if necessary. The provisions mentioned in the bulletin will come into force beginning January 1, 2022. It also publishes a timeline and FAQs related to compliance measures mentioned in the Bulletin. Additionally, an RFI wishing to make an appeal against any of these provisions must do so by writing to the Revenue Service within 30-days from when the decision was made public, stating the grounds of appeal.

IRS Dec 16, 2021

The IRS releases the 2022 version of Form 1099-G (Certain Government Payments). It also releases instructions for the 2022 version of Form 1099-DIV (Dividends and Distributions).

Switzerland Dec 16, 2021

The Federal Tax Administration of Switzerland publishes a notification on the issuance of its final decisions for the banking relationship concerned by FATCA Group Requests as of December 16, 2021.

Netherlands Dec 16, 2021

The Tax and Customs Administration of the Netherlands publishes an updated list of CRS reportable jurisdictions with the addition of Albania, Jamaica, Kazakhstan, Kenya, Morocco, New Caledonia, and Oman beginning TY2021 reporting.

Liechtenstein Dec 15, 2021

The Tax Administration (STV) of the Principality of Liechtenstein publishes AEOI Newsletter 09/2021 informing RFIs that beginning TY2021, Maldives will be considered a reciprocal jurisdiction. It also reminds RFIs of the seven new jurisdictions Georgia, Jamaica, Jordan, Montenegro, Thailand, Uganda, and Ukraine with which the first exchange of information will take place in 2023 for the 2022 reporting period. Further, it also reminds RFIs that reclassification of Liechtenstein passive NFEs that have so far been voluntarily classified as investment companies (financial institutions; “opt-in”) under the AEOI and have not met the criteria of the Common Reporting Standard (CRS) for an investment company. In the event of a change in the classification, the respective reporting Liechtenstein financial institutions must be notified by 31 December 2021. Lastly, the registration obligation for all reporting Liechtenstein financial institutions in accordance with Paragraph 4 of the transitional provisions to the CRS and FATCA Act, regardless of whether or not reportable accounts have been identified.

Denmark Dec 15, 2021

The Ministry of Taxation in Denmark publishes an updated list of CRS reportable jurisdictions. Jamaica has been added to the list of reportable jurisdictions, while Liberia has been removed from the list.

IRS Dec 14, 2021

The IRS releases the 2022 version of Form 1099-NEC (Nonemployee Compensation).

Uruguay Dec 14, 2021

The General Taxation Directorate of Uruguay publishes a notice informing RFIs that due to maintenance tasks in computer services on December 16, 2021, Automatic Financial Information Exchange services will be interrupted.

IRS Dec 13, 2021

The IRS releases the 2022 version of Form 1042-S.

Luxembourg Dec 13, 2021

The Grand Duchy of Luxembourg publishes an updated list of TY2021 CRS participating and reportable jurisdictions. Kenya and Maldives have been added to the list of participating and reportable jurisdictions.

IRS Dec 12, 2021

The IRS releases the 2022 version of Form 1099-MISC (Miscellaneous Information) and Form 1099-R (Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.).

Singapore Dec 9, 2021

The Singapore Government Agency releases: (1) a feedback form on potential FATCA/CRS non-compliance - this form would allow SGFIs to share information on potential CRS/FATCA non-compliance through the use of schemes, products, and/or structures to circumvent reporting under the CRS/FATCA with IRAS, and (2) a form on voluntary disclosure of FATCA/CRS errors – this form is designed for Reporting SGFIs to disclose errors in their CRS or FATCA reports.

Germany Dec 9, 2021

The Federal Tax Office of Germany (BZSt) publishes CRS Newsletter 07/2021 informing RFIs that due to the plausibility check, they must refrain from making any submissions for the reporting period 2021 before April 2022. It also informs RFIs that the new test environment, which only applies to first and empty deliveries and will be carried out for the first time in the calendar year 2022 for the 2021 reporting period. Additionally, it reminds RFIs of the introduction of the plausibility check on the ‘IN’ field of the financial institution and that the specification of the tax number to be entered has been updated from the standard schema of the countries to the 13-digit unified federal scheme for the electronic transmission, also called the ELSTER schema. Further, it also publishes Communication Manuals Part 2 (v2.3) and Part 4 (v2.4), which have been adapted as per the new plausibility check.

Australia Dec 9, 2021

The Australian Taxation Office publishes an alert notifying RFIs that increased penalties for failure to lodge on time (FTL) imposed on Significant Global Entities (SGE) will also apply to AEOI reporting requirements that comprise of statements required to be lodge in an approved form, i.e. FATCA and CRS reporting. The base penalty amount for an FTL penalty is multiplied by five hundred when the entity is an SGE.

Canada Dec 8, 2021

The Canadian Revenue Agency (CRA) makes publicly available the updated AEOI filing instructions published on November 5, 2021, informing RFIs of the updated AEOI XML schema version 1-22-2 for filing TY2021 information returns. It also releases an updated CRS Individual Tax Residency Declaration Form - RC520.

IRS Dec 7, 2021

The IRS publishes the 2021 version of Form 1042 - Schedule Q (Tax Liability of Qualified Derivatives Dealer (QDD)), and the 2022 version of Form 1099-S (Proceeds From Real Estate Transactions).

Brazil Dec 7, 2021

The Department of Federal Revenue in Brazil releases an updated version of its e-Finance Manual (e-Financeira v1.1.7). Among several other updates additional guidance has been provided on how to report TINs. It also provides a link to a presentation video of the main changes to the manual.

Gibraltar Dec 7, 2021

The Commissioner of Income Tax of Gibraltar publishes an updated list of TY2021 CRS reportable jurisdictions. Specific updates include: (1) the addition of Albania and Nigeria for reciprocal exchange from previously non-reciprocal status beginning 2022, (2) the addition of Ecuador and Kazakhstan to the list of reportable jurisdictions beginning 2022 and, (3) the addition of Maldives for exchange of information beginning 2024. It also informs RFIs of the updates made to the AEOI portal in order to ensure consistency across the user interface. Further, it provides additional guidance on the treatment of trusts in the Common Reporting Standard (CRS).

France Dec 6, 2021

The French Tax Authority (DGFiP) publishes an updated version of the recalcitrant account holder's FAQs with minor formatting updates and also confirms the reporting deadline of March 31.

Belgium Dec 6, 2021

The Ministry of Finance in Belgium publishes an updated version of Belgian validation rules for FATCA XML Schema based on the recommendations received from the IRS on how to report TINs for an account with a US Substantial Owner but a non-US Account Holder (or vice versa). It also informs RFIs that in case of missing TINs of the non-US person, ‘NA’ must be entered in the TIN element and the country code ‘BE’ in the 'Issued by' attribute.

Singapore Dec 6, 2021

The Inland Revenue Authority of Singapore (IRAS) releases an updated CRS e-Tax Guide (second edition) to help RFIs with CRS compliance requirements. The updated guide includes amendments made to paragraph 9.4.1 to expand the list of excluded accounts to include accounts in which money is deposited from maintenance funds, managed funds, and sinking funds regulated under the Building Maintenance and Strata Management Act (Cap. 30C). Additionally, minor updates have been made to paragraph 10.5.6, updated the contact information in paragraph 13, and paragraph 3 (Glossary).

Malta Dec 6, 2021

'The Office of the Commissioner for Revenue in Malta publishes a notice informing RFIs of the unavailability of the SFTP server for the submission of CRS and FATCA reports. It also informs that the server will be available again by December 20, 2021, only to limited known public IP addresses. Therefore, RFIs are requested to send their public IP addresses to eoi-admin.cfr@gov.mt by December 10, 2021, to be granted access to the SFTP server. Further, any communication regarding access or amendments to the IP address must be directed to eoi-admin.cfr@gov.mt

Dominica Dec 5, 2021

The National Bank of Dominica (NBD) has published a notice informing taxpayers of the introduction of the Common Reporting Standard (CRS), which provides for the automatic exchange of financial account information with reporting partners on request and assistance in tax collection. Further, to comply with the Dominican CRS Law, as of November 2021, the NBD will begin the process of collecting relevant information from all NBD account holders, including the Self-Certification Form which will allow the bank to obtain the necessary information for reporting purposes when opening or updating an account. In this regard, all existing account holders will be required to complete applicable CRS forms. The Bank will contact customers in the following months to fulfill this obligation.

IRS Dec 4, 2021

The IRS releases the 2022 version of Form 1099-B (Proceeds From Broker and Barter Exchange Transactions) along with its instructions. It also releases instructions for the 2022 version of Forms 1099-A and 1099-C (Acquisition or Abandonment of Secured Property and Cancellation of Debt).

Spain Dec 4, 2021

The Spanish Tax Agency (Agencia Tributaria) publishes a Legislative Order thus amending several tax agency regulations inclusive of CRS regulations. Specific updates to the CRS regulations include: (1) the addition of Jamaica, Kenya, and the Maldives as participating and reportable jurisdictions beginning TY2021 and, (2) the mandatory requirement for RFIs to submit Nil reports beginning TY2021.

Switzerland Dec 3, 2021

The Federal Council of Switzerland publishes a notice on the consultation on the introduction of automatic exchange of information (AEOI) between the Federal Council of Switzerland and twelve additional partner states scheduled for entry into force from January 1, 2023, and the first exchange of information in 2024. The Federal Council proposes to agree on the AEOI with the following twelve jurisdictions: Ecuador, Georgia, Jamaica, Jordan, Kenya, Montenegro, Morocco, Moldova, New -Caledonia, Uganda, Thailand, and Ukraine. The consultation will end on March 18, 2022.

IRS Dec 3, 2021

The IRS releases the 2022 version of Form 1099-K (Payment Card and Third Party Network Transactions) and 1099-DIV (Dividends and Distributions). It also releases instructions for the 2022 version of Form 1099-K.

Bermuda Dec 3, 2021

The Ministry of Finance in Bermuda publishes an updated Reporting Portal FAQs v6.0. Specific updates include: (1) Addition of FAQ12 informing RFIs that they must notify the authority via the portal in case the service provider or Primary User changes, (2) Addition of FAQ25 to inform RFIs that test submissions are not permitted within the portal and, (3) Addition of FAQs 26-41 under a new section related to Annual CRS Compliance Certification Form. It also publishes an updated Annual CRS Compliance Certification Form Guidelines v4.0 that provides additional section-specific guidance on Due Diligence and Excluded and Non-Reportable accounts. Additionally, it publishes an updated CRS Independent Compliance Review Guidelines v1.2.

South Korea Dec 3, 2021

The National Tax Service of South Korea publishes several technical documents related to CRS and FATCA re-reporting and encryption program that includes: (1) FATCA XML Upload Manual (v3.0), (2) CRS XML Upload Manual (v3.0), (3) FATCA Direct Input Re-report (Modified by Request) Manual (v1.0), (4) FATCA Direct Input Re-report (Voluntary Correction) Manual (v1.0), and (5) CRS Direct Input Re-report (Voluntary Correction) Manual (v1.0).

Taiwan Dec 3, 2021

The Ministry of Finance in Taiwan publishes an announcement informing RFIs of the amendment to financial accounts are listed as “Financial accounts that present a low risk of being used to evade tax”. Microinsurance accounts and accounts held on behalf of a party involved in connection with a settlement or mediation transcript, the court’s approval of a mediation agreement conducted by a township or county-administered city’s mediation committee, or an arbitration award, all of which have the same effect as a final court judgment with binding effect are the two new types of accounts added to the list. The amendments are effective beginning 2021 and are to be reported beginning 2022.

Italy Dec 3, 2021

The Ministry of Economy and Finance in Italy publishes technical guidance on correcting FATCA reporting error notifications.

OECD Dec 3, 2021

The OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes organized a workshop on the effectiveness of the AEOI review process with a focus on ensuring compliance by financial institutions in relation to the Automatic Exchange of Financial Account Information (AEOI). It was held virtually on 1-2 December 2021, it was attended by over 420 participants from 84 jurisdictions. Through presentations from members of the AEOI assessment panel, the Chair of the AEOI Peer Review Group, the Global Forum Secretariat, as well as experience sharing from various jurisdictions.

Singapore Dec 2, 2021

The IRAS publishes updated information on its FATCA and CRS webpages, thus reconfirming the recent updates on the increased penalties published in the FATCA and CRS amended regulations. As a reminder, effective November 16, 2021, the penalties for the non-regulation and non-filing offenses have been increased to $5,000 upon conviction, and a further fine of $100 per day for a continuing offense. It also updates the list of excluded accounts for CRS purposes with the addition of - accounts in which money is deposited from maintenance funds (established by developers), management funds, or sinking funds (established by management corporations or subsidiary management corporations) that are regulated under the Building Maintenance and Strata Management Act (BMSMA) will be treated as excluded accounts for the purposes of CRS, it is effective December 1, 2021. Lastly, it also publishes an alert informing RFIs of the upcoming webinar organized by the Tax Academy of Singapore on various topics inclusive of the exchange of information and mutual legal assistance regimes for tax professionals to be held on December 21, 2021.

Switzerland Dec 2, 2021

The Federal Tax Administration (FTA) of Switzerland updates its list of CRS reportable jurisdictions. Beginning January 1, 2022 - Kazakhstan has been identified as a reciprocal jurisdiction from the previous status of not meeting the criteria for automatic exchange of information while Maldives and Oman have now been identified as temporary non-reciprocal jurisdictions from the previous status of not meeting the criteria for automatic exchange of information.

Barbados Dec 2, 2021

The Barbados Revenue Authority (BRA) publishes a press release on its collaboration with the Canada Revenue Agency (CRA) to enhance the Authority’s capacity in tax administration. Along with technical assistance on tax statutes administered by the BRA, the revenue authorities of both jurisdictions have completed a knowledge-sharing event on the Exchange of Information (EOI) and the role that the EOI tool plays in tackling tax avoidance while learning events on small and medium-sized enterprises and international and large business compliance, are ongoing.

IRS Dec 2, 2021

The IRS releases the 2022 version of Form 1099-INT.

IRS Dec 1, 2021

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool, with the FIs that are in approved status as of November 23, 2021.

Thailand Dec 1, 2021

The Revenue Department of Thailand publishes explanations provided by the Ministry of Finance on the automatic exchange of financial account information (AEOI) rules. Among explanations on several topics, the following explanations related to AEOI rules are provided: 1) collection of tax-related information from taxpayers and the exchange of information under DTA guidelines; 2) the definition of individuals and entities subject to AEOI; 3) the responsibilities of competent authorities under various bilateral and multilateral agreements, and 4) instructions for the submission of requests to competent authorities. The regulation entered into force on November 9, 2021.

United Kingdom Dec 1, 2021

The United Kingdom’s HMRC publishes an announcement that it is seeking comments from the public on the implementation of the OECD Mandatory Disclosure Rules, under the common reporting standard (CRS) for tax-avoidance arrangements and opaque offshore structures that will cover topic related to: (1) the implementation of draft regulations based on the OECD model rules and its guidance, (2) the withdrawal of the present regulations on DAC6 once the new disclosure rules enter into force, (3) guidance on reporting obligations, (4) penalties for non-compliance, (5) transitional provisions and, (6) potential reporting methods. It also publishes Consultation document and Draft Regulations. Note that the consultation will close on February 8, 2022.

United States Nov 30, 2021

NEW - Jurisdictional Debrief Now Available (Week Ending November 30, 2021)

IRS Nov 29, 2021

The IRS releases 2022 instructions for Forms 1099-QA and 5498-QA (Distributions From ABLE Accounts and ABLE Account Contribution Information).

Ireland Nov 29, 2021

The Office of the Revenue Commissioners in Ireland releases updated Common Reporting Standard (DAC2-CRS) and Foreign Account Tax Compliance Act (FATCA) Compliance Policy Manual (Part 38-03-28) however the material is either exempt from or not required to be published under the Freedom of Information Act 2014.

Slovak Republic Nov 26, 2021

The Financial Directorate of the Slovak Republic publishes an updated list of CRS participating and reportable jurisdictions for 2022. Brunei, Dominica, Ecuador, New Caledonia, and Peru are added to the reportable list.

Japan Nov 25, 2021

The National Tax Agency (NTA) of Japan publishes updated AEOI reporting system FAQs. FAQ Q2-16 has been added to provide information on how to report TIN in case the TIN is unknown, while FAQ Q3-7 has been deleted.

Russia Nov 24, 2021

'The Federal Tax Service (FTS) of Russia publishes a draft version of the CRS reporting format for clients/tax residents of foreign countries v5.05 and the XSD-scheme for controlling data in CRS reporting for TY2021 reporting. These documents are open for public comments and suggestions, to be sent to the email address: aeoi@tax.gov.ru until December 24, 2021.

IRS Nov 23, 2021

The IRS releases updated 2022 instructions for Form 1099-PATR (Taxable Distributions Received From Cooperatives).

IRS Nov 23, 2021

The IRS releases the 2021 version of Schedule A of Form 8804 along with its instructions.

IRS Nov 22, 2021

The IRS publishes Issue Number 2021-05 reminding that the deadline for all Qualified Intermediary (QI) (including Qualified Derivatives Dealer), Withholding Foreign Partnership (WP), and Withholding Foreign Trust (WT) applications for the year 2021 is November 26, 2021. All applicants that desire to have an agreement in effect in 2021 must submit their applications through the Qualified Intermediary, Withholding Foreign Partnership, Withholding Foreign Trust Application & Account Management System (QAAMS). It also reminds that the applicants must have obtained a GIIN prior to submitting their applications, if required.

Cyprus Nov 22, 2021

The Cyprus Tax Department publishes a notice informing RFIs that there will be no imposition of administrative fines for late submission of information related to DAC6 reporting until January 31, 2022.

Ukraine Nov 22, 2021

The Ministry of Finance in Ukraine publishes the Draft Order on Amendments to the Procedure for Completing and Submitting Reporting on Accounts by Financial Agents in accordance with the agreement between the Government of Ukraine and the Government of the United States of America to Improve Tax Compliance and enforce FATCA. This order would come into force from the date of its official publication.

South Africa Nov 22, 2021

The South African Revenue Service (SARS) releases an article on Africa Initiative and OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes’ continued collaboration towards tax transparency through the exchange of information. It also releases data on the CRS exchanges that SARS took in 2021.

Cayman Islands Nov 22, 2021

The Cayman Department for International Tax Cooperation (DITC) publishes an updated DITC Portal User Guide (v8.0) with minor technical and formatting updates.

IRS Nov 19, 2021

The IRS releases an updated version of the Form W-8IMY (Rev. October 2021).

IRS Nov 19, 2021

The IRS publishes the 2022 version of Form 1099-QA (Distributions From ABLE Accounts).

Switzerland Nov 19, 2021

The Federal Tax Administration of Switzerland publishes a notification on the issuance of its final decisions for the banking relationship concerned by FATCA Group Requests as of November 19, 2021.

United States Nov 19, 2021

NEW - Jurisdictional Debrief Now Available (Week Ending November 19, 2021)

IRS Nov 18, 2021

The IRS publishes FATCA and QI newsletters reminding the availability of the Form 1042-S Data Integrity Tool. It is a software program providing a no-cost standalone tool to withholding agents that will assist them in complying with their reporting and withholding responsibilities with respect to Form 1042-S.

Liechtenstein Nov 18, 2021

The Tax Administration (STV) of the Principality of Liechtenstein publishes notices approving and expanding the list of partner jurisdictions under the Multilateral Competent Authority Agreement (MCAA) on the Automatic Exchange of financial account information under the Common Reporting Standard (CRS). The list is expanded to include six new jurisdictions namely Georgia, Jamaica, Jordan, Montenegro, Thailand, and Uganda. The first exchange with the new jurisdictions takes place in 2023 for the 2022 reporting period. The notices enter into force on November 19, 2021.

IRS Nov 17, 2021

The IRS publishes Issue Number 2021-05 reminding taxpayers of the expiration of the IRS public key for FATCA filings. The IRS has a new key and will replace the existing key on December 3, 2021. It is suggested to download the new IRS Public Key from IDES to file FATCA Reports beginning December 3, 2021. Additionally, it reminds that when purchasing a new digital certificate or replacing the one that is about to expire, IDES only recognizes and accepts digital certificates issued by IRS-approved Certificate Authorities (CA).

Malta Nov 17, 2021

The Office of the Commissioner for Revenue in Malta publishes an updated Guidelines on the Mandatory Automatic Exchange of Information on Cross-Border Arrangements (DAC6) v1.1. Specific updates relate to the annual notification of non-disclosing intermediaries under section 6.5.1 and Annex I of the Guidelines.

OECD Nov 17, 2021

The OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes publishes a toolkit for the Implementation of the Standard for Automatic Exchange of Financial Account Information. The toolkit aims to assist developing countries that wish to implement the Standard for the automatic exchange of financial account information (CRS AEOI standard or Standard) by providing practical guidance on the necessary steps to build a comprehensive implementation strategy.

OECD Nov 17, 2021

The OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes publishes key documents as per the ongoing 2021 Global Forum Plenary Meeting. It also publishes a Peer Review of the Automatic Exchange of Financial Account Information 2021 to ensure the effective implementation of the AEOI standard. Key areas covered in Peer Reviews include: Confidentiality and data safeguards, Domestic and international legal frameworks and, Effectiveness in practice. Several other key documents include: (1) Building Effective Beneficial Ownership Frameworks - A joint Global Forum and IDB Toolkit, (2) Women leaders in tax Transparency – Pilot Programme 2022, (3) 2021 Global Forum Annual Report, and (4) Unleashing the potential of automatic exchange of information for developing countries - 2021 Strategy.

Aruba Nov 17, 2021

The Tax Department of Aruba publishes an updated list of CRS reportable jurisdictions with no new additional jurisdictions identified for TY2021 reporting. It also publishes an updated list of CRS Non-reporting FIs with the removal of Cooperativa di Ahorro Y Prestamento Aruba, and Cooperatieve Spaar- en Kredietvereniging Douane Aruba (Cooperative related to Savings and Credit Association Customs of Aruba) while Pension Fund Tourism Sector Aruba and, Stichting Algemeen Pensioenfonds Aruba have been re-confirmed as Non-reporting FIs.

United States Nov 16, 2021

Deloitte Insight: Infrastructure Bill - Reporting of Digital Assets: a new Bipartisan Infrastructure Bill has been passed by the US House of Representatives on November 5, 2021. Section 80603 of the Bill includes language modifying the Internal Revenue Code to explicitly include Digital Assets for Form 1099 reporting and transfer statement purposes and to include digital assets in the definition of “cash” for transaction reporting purposes. No amendments made by the Bill are intended to interfere with the current scope of Section 6045. In terms of timing, the requirement to report on Form 1099 will apply to all impacted transactions occurring in the tax year 2023 and for transaction reporting on statements to be furnished after December 31, 2023.

OECD Nov 16, 2021

The OECD releases an updated list of the AEOI status of commitments as of November 16, 2021. Georgia is now expected to undertake the first exchange of information in 2024 as opposed to the earlier expectation of 2023.

Uruguay Nov 16, 2021

The General Taxation Directorate of Uruguay releases information on the updated browser versions that can be used to maintain the increased security of web portals and applications inclusive of the AEOI portals and applications.

IRS Nov 16, 2021

The IRS releases draft instructions for the draft version of 2021 Form 1042.

Singapore Nov 16, 2021

The Inland Revenue Authority of Singapore (IRAS) releases the Income Tax Amendment Act 2021, which also includes amendments to the FATCA and CRS regulations. Specific amendments to the CRS Regulations (Amendment No. 2) include clarifications that the failure to neglect or comply with additional requirements on registration, due diligence and reporting obligations in relation to financial accounts will now be considered an offence under section 105 (M)(1) of the Income Tax Amendment Act 2021. Specific amendments to the FATCA Regulations (Amendment No. 3) include clarifications that the failure to neglect or comply with additional requirements on identification obligations, and reporting obligations in relation to financial accounts and, the identification and disclosure obligations in relation to payments to non-participating financial institutions will now be considered an offense under section 105 (M)(1) of the Income Tax Amendment Act 2021.

IRS Nov 15, 2021

The IRS publishes Issue number 2022-1 informing of the availability of the Form 1042-S Data Integrity Tool. The tool would help the withholding agents in complying with their reporting and withholding responsibilities with respect to IRS Form 1042-S. It performs a quality review of data before submitting it to the IRS. It also informs that the use of the tool does not change a withholding agent’s obligations to file Forms 1042-S with the IRS and furnish a copy of Form 1042-S to the payee.

OECD Nov 15, 2021

The OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes publishes a notice informing that the Pacific Islands Tax Administrators Association (PITAA) joins international efforts for tax transparency as Global Forum’s 21st observer. As an observer to the Global Forum, PITAA will participate in plenary meetings and other events. It will contribute to the promotion of the international exchange of information among tax administrations as a powerful tool to tackle cross-border tax evasion and improve domestic resource mobilization.

Hong Kong Nov 12, 2021

The Inland Revenue Department of Hong Kong publishes an announcement on the Automatic Exchange of Information (AEOI) Portal availability informing that the system will be under maintenance on November 14, 2021.

Uruguay Nov 12, 2021

The General Taxation Directorate of Uruguay publishes a notice informing RFIs that due to maintenance tasks in computer services on November 16, 2021, there would be partial unavailability of the applications.

Bahamas Nov 11, 2021

The Bahamas Competent Authority publishes an updated list of CRS reportable jurisdictions, South Korea has been added to the reportable list.

Malta Nov 11, 2021

The Office of the Commissioner for Revenue in Malta publishes a notice informing that the deadline for submitting the DAC6 - Annual Notification by Non-Disclosing Intermediaries is February 28, 2022.

Brazil Nov 11, 2021

The Department of Federal Revenue in Brazil publishes a notice informing RFIs of the planned maintenance shutdown of the e-financial system on November 13, 2021. While the system is in maintenance, no files can be transmitted and, no query will be working.

Saudi Arabia Nov 11, 2021

The General Authority of Zakat and Tax of Saudi Arabia makes publicly available, the Common Reporting Standard (CRS) Guidance Notes published in April 2021.

IRS Nov 10, 2021

The IRS publishes Issue number 2021-02 informing that the deadline for all Qualified Intermediary (QI) (including Qualified Derivatives Dealer), Withholding Foreign Partnership (WP), and Withholding Foreign Trust (WT) applications is November 26th, 2021. It also informs that the applicants must have obtained a GIIN prior to submitting their applications, if required.

IRS Nov 10, 2021

The IRS releases draft instructions for the draft version of 2022 Forms 1099-INT (Interest Income) and 1099-OID (Original Issue Discount).

IRS Nov 10, 2021

The IRS releases Revenue Procedure 2021-45: Inflation-Adjusted items for 2022. The document includes TY2022 inflation increases for W-2/1099 potential reporting penalties for a failure to file a correct information return. Further, if an incorrect form is filed but corrected before the filing deadline, the IRS will not assess a penalty.

Switzerland Nov 9, 2021

The Federal Tax Administration (FTA) of Switzerland publishes an updated document on the FATCA group request update rules for SEI and FATCA XML informing that update deliveries must be limited to the cases where such update is required.

France Nov 9, 2021

The French Tax Authority (DGFiP) publishes updated technical specifications regarding the transfer of self-certification information. Apart from minor formatting and technical updates, the deadlines have been refreshed to reflect the filing deadlines for TY2021. As a reminder, the deadline to transmit the information is March 31, 2022.

Cyprus Nov 8, 2021

The Cyprus Tax Department publishes a notice informing RFIs of the unavailability of the e-services system for FATCA/CRS reporting on November 9, 2021.

Netherlands Nov 8, 2021

The Tax and Customs Administration of Netherlands publishes several documents related to DAC6 that also include a report and action points on the Technical Consultation Information (TOR). It also publishes updated Mandatory Disclosure Rules, Feedback from EWLS session from June 17, 2021, and a document with key data notifications on DAC6.

Spain Nov 6, 2021

The Spanish Tax Agency (Agencia Tributaria) reminds RFIs that the period for submitting CRS and FATCA returns (Modelo 289 and 290 respectively) is January 1, 2022, to May 31, 2022.

United States Nov 5, 2021

NEW - Jurisdictional Debrief Now Available (Week Ending November 5, 2021)

Finland Nov 4, 2021

The Finnish Tax Administration publishes an updated FATCA technical guidance (v2.6). Specific updates include modifications to Section 6.3.3.1 on Account holder structures/Individual TIN and Section 6.3.3.2 on Account holder structures/Organisation TIN along with minor formatting updates to Section 5 on making corrections and Section 8 on messages from Ilmoitin.

IRS Nov 3, 2021

The IRS releases updated instructions for the Form W-8IMY (Rev. October 2021) with minor formatting updates.

Bermuda Nov 3, 2021

The Ministry of Finance in Bermuda publishes an updated Reporting Portal User Guide v6.0 with the addition of Section 4.6 that provides information on how to create and submit a CRS Compliance Certification Form. It also updates section 14 to provide additional guidance on how to deactivate a reporting entity. Further, it also publishes an updated CRS Compliance Form Guidelines v3.0 with the addition of section 4.2 that informs RFIs that a separate CRS Compliance Form must be completed annually for every Bermuda Trustee-Documented Trusts (TDTs). Section 1.4 is also updated to remind RFIs that the deadline for Annual CRS Compliance Certification Form has been extended to January 15, 2022

IRS Nov 3, 2021

The IRS releases draft instructions for the draft version of 2022 Forms 1099-A (Acquisition or Abandonment of Secured Property) and 1099-C (Cancellation of Debt).

IRS Nov 2, 2021

The IRS publishes updated specifications for the Electronic Filing of various Forms, including Form 1099 (Publication 1220), for the Tax Year 2021.

IRS Nov 1, 2021

The IRS releases draft instructions for the draft version of the 2022 Form 1099-R (Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.)

IRS Nov 1, 2021

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool, with the FIs that are in approved status as of October 25, 2021.

Cyprus Nov 1, 2021

The Cyprus Tax Department publishes a notice on the Decree regarding the manner of implementation and regulation of issues of DAC6 reporting along with the Decree.

Netherlands Oct 29, 2021

The Netherlands’ Tax and Customs Administration publishes a communication informing RFIs that they can log in to the DAC6 portal using DigiD (or eHerkenning) beginning January 1, 2022. It also publishes an updated DAC6 Portal - User instruction guide.

Netherlands Oct 28, 2021

The Tax and Customs Administration of the Netherlands publishes an updated version (v3.0) of the Newsletter regarding the procedure to report missing US TINs in FATCA reports. The newsletter informs RFIs that in case of missing US TINs that were reported using the IRS-provided series of codes or any other codes, will have until January 2023 to retrieve the missing US TINs from reportable persons. In case the missing US TIN cannot be obtained by January 2023, RFIs can receive additional time until July 2024, subject to permission from the Dutch Tax Authority. The efforts made by an RFI to obtain the missing US TINs will be considered as an important factor in assessing whether an FI will be removed from the IRS GIIN list. In addition, it also publishes an updated Product overview for Banking and Investment Products 2020 (v14) and, Product Overview for Banking and Investment Products 2021 (v06) to include the updated version v(3.0) of the aforementioned Newsletter.

Brazil Oct 28, 2021

The Department of Federal Revenue in Brazil publishes a notice informing RFIs of the planned maintenance shutdown of the e-financial system from November 1, 2021, to November 2, 2021. While the system is in maintenance, no files can be transmitted and, no query will be working.

IRS Oct 28, 2021

The IRS releases draft instructions for the draft version of 2022 Form 1042-S.

OECD Oct 27, 2021

The OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes publishes a notice informing of the 2021 Global Forum plenary meeting that will be held virtually from November 17, 2021, to November 19, 2021. It will also include a discussion regarding the work carried out in 2021 on the Automatic Exchange of Financial Account Information and will look at future challenges. It also informs that the Peer Review of the Automatic Exchange of Financial Account Information 2021 will be available on November 17, 2021.

Canada Oct 27, 2021

The Canadian Revenue Agency (CRA) releases an updated CRS Individual Tax Residency Declaration Form - RC518. Only the guidance section has been updated to include the definition of United States person.

Switzerland Oct 26, 2021

The Federal Tax Administration (FTA) of Switzerland publishes a document on the FATCA group request - Business and Validation rules for SEI and FATCA XML. The document informs RFIs that in the case of Passive NFFE where a Foreign TIN is unavailable, the RFI may include its country code in the “TIN Issued by” element and the characters “NA” in the TIN element.

IRS Oct 26, 2021

The IRS releases an updated draft version of 2022 Form 1042-S.

Ireland Oct 26, 2021

The Office of the Revenue Commissioners in Ireland publishes updated FATCA Guidance Notes, updated CRS FAQs, and updated Revenue Guide to AEOI for Financial Account Holders, minor Formatting updates have been made to the documents.

IRS Oct 25, 2021

The IRS releases updated instructions for the Form W-8IMY (Rev. October 2021). Few notable updates include: (1) instructions on the new line 17e to allow a Non-qualified intermediary (NQI) that is to provide alternative withholding statements and beneficial owner withholding certificates for payments associated with this form to represent on the form that the information on the withholding certificates will be verified for consistency with any other account information the NQI has for the beneficial owners for determining the rate of withholding with respect to each payee. When applicable, an NQI must make this representation on the new line 17e and, (2) instructions for the new Line 9b that has been added for a QDD to indicate its FTIN on the form (with line 9, GIIN (if applicable), re-designated as line 9a).

Singapore Oct 23, 2021

The Inland Revenue Authority of Singapore (IRAS) publishes updated FATCA and CRS FAQs. FATCA FAQs have been consolidated with FAQs C.1 to G.9: merged from previously published FAQs for Account Holders, FAQs on provision of FATCA Registration Information to IRAS, FAQs - FATCA Filing Process via myTax Portal and, FATCA FAQs - General. CRS FAQs include the addition of FAQs G.1, G.4 to G.17 as well as I.1: merged from IRAS CRS Registration FAQs and FAQs on the MCAA respectively.

United States Oct 22, 2021

NEW - Jurisdictional Debrief Now Available (Week Ending October 22, 2021)

Ireland Oct 22, 2021

The Office of the Revenue Commissioners in Ireland publishes updated Guidance Notes on EU Mandatory Disclosure of Reportable Cross-Border Arrangements (DAC6).

IRS Oct 22, 2021

The IRS publishes updated Specifications for Electronic Filing of Form 1042-S, Foreign Person's U.S. Source Income Subject to Withholding for Tax Year 2021 (Publication 1187), updates made to the guide are noted in Section 3 of the guide.

Switzerland Oct 22, 2021

The Federal Tax Administration of Switzerland publishes its final decisions for the banking relationship concerned by FATCA Group Requests as of October 22, 2021.

Mexico Oct 22, 2021

The Mexican Federal Government releases the 2022 Economic package and Tax Reforms in its Parliamentary Gazette, which contains proposals to amend and repeal various Laws in the area of Exchange of Information the package introduces various proposals: (1) Strengthen the current AEOI compliance framework to make it more robust and convincing with regards to the obligation of RFIs to report the in-scope information; (2) Establish a specific system of infractions, sanctions and penalties related to AEOI non-compliance (currently the penalty regime for AEOI non-compliance is regulated by reference to the broader penalty regime applicable to other tax obligations such as keeping accounting records or similar); (3) Expand the ability of the Tax Administration (“SAT”) to coordinate its effective implementation actions in the area of AEOI with other authorities and dependencies; (4) In the area of final beneficiaries reporting, the package proposes to amend the Federal Fiscal Code (Código Fiscal de la Federación) to add articles 32-B 3rd, 32-B 4th, and 32-B 5th to establish a new requirement for certain companies, trustees, settlors or beneficiaries in the case of trusts, along with contracting parties or members in the case of other legal figures, must obtain and retain complete, reliable and updated information on their controlling persons, which must be submitted to the SAT in due time; and (5) Extend the period of time for which information and documentation related to AEOI due diligence must be kept to six years from the date in which the documentation was produced or from the date in which the returns were submitted. These proposals must be voted on by November 15, 2021, and the final bill is expected to be effective on January 1, 2022.

Bermuda Oct 21, 2021

The Ministry of Finance in Bermuda updates the notice on the CRS Compliance Form reporting requirement, informing RFIs that the implementation of the requirement has been delayed and is now anticipated to be available within the portal beginning November 5, 2021, and the TY2020 CRS Compliance Form must be submitted no later than January 15, 2022. As a reminder, all subsequent year CRS Compliance Form submissions must be submitted by September 30 following the end of the reporting period. It also publishes an updated version of the Annual CRS Compliance Certification Form Guidelines (v2.0). The Guidelines have been updated as follows: (1) Updates to Sec 3.2 (Section 2) to include the definitions of excluded accounts and, (2) Addition of a new Section 4.1, to inform RFIs that TY2020 reporting entities that have been deregistered on the portal are not required to complete the CRS Compliance Form, however, for future years, completion of the CRS Compliance Form will be a pre-requisite for deactivation along with other applicable reportable requirements and, (3) Addition of a new Section 4.2, to inform RFIs that Investment Entities that provide investment advisory or management services that meet the “solely because” test in the definition of Financial Account in Section VIII paragraph C(1) of the CRS will be regarded as not having any financial accounts, and therefore will not have any reporting obligations. However, such entities may be required to confirm to the Ministry that they do meet this classification as part of the Ministry’s compliance tracking follow-ups.

Norway Oct 20, 2021

The Tax Administration of Norway publishes updated Guidance for the completion and submission of FATCA and CRS reports. It informs RFIs of the introduction of new codes issued by the IRS that can be used to report missing US TINs under FATCA reporting beginning 2021. These codes would allow the tax administrations to better understand the facts and circumstances behind the missing US TINs. However, the usage of these codes is not mandatory and does not exempt those required to provide information from possible sanctions. Additionally, a paragraph has been added under Section 8.2 to provide additional clarification on types of account holders under CRS Reporting.

IRS Oct 20, 2021

The IRS releases draft versions of Forms 1042 and 8804 for 2021, Forms 1042-S, 1099-G, and 1099-K for 2022. It also releases draft instructions for the 2022 Forms 1099-G and 1099-K.

Sweden Oct 20, 2021

The Tax Agency of Sweden publishes an example of FATCA XML for files requiring correction.

Costa Rica Oct 20, 2021

'The Ministry of Finance of the Republic of Costa Rica publishes an amended CRS Resolution on due diligence procedures for financial and non-financial RFIs providing CRS information. Specific updates include: (1) addition of record-keeping requirements on files and records for audit and determination of tax obligations for a period of five years, (2) addition of a sanction on the failure to provide information equivalent to a pecuniary fine of 2% of the gross income of the offender, (3) addition of a clarification that the fine can be reduced by 75% in case the information is provided withing 3 days following the deadline to report, (4) clarification that as per the Presidential Directive No. 052-MP-MEIC, no new procedures, requirements or procedures are to be created by the Tax Administration for companies to follow in order to obtain permits, licenses or authorizations until May 7, 2022, (5) clarification that the record-keeping requirement can be carried out in paper or digital format, (6) RFIs that are part of a conglomerate may choose to provide information through the conglomerate to the Tax Administration and, (7) clarification that in case the reporting deadline of July 31 falling on a non-business day, the deadline moves to the next business day. Further, RFIs requiring information and assistance on this Resolution can email the tax authority at: Info-CRS@hacienda.go.cr

Cayman Islands Oct 20, 2021

The Cayman Department for International Tax Cooperation (DITC) publishes an updated DITC Portal User Guide (v7.0). The guidelines now include instructions on how to retrieve a saved CRS compliance form (Smart Form), how to view/edit/delete a submitted CRS Compliance Form for both Smart Form and Bulk Upload before the deadline, and how to correct a CRS Compliance Form Bulk Upload Validation Error. Additionally, the DITC also publishes an Updates Bulletin informing RFIs of the CRS Reporting Analysis. The DITC has identified some common themes that highlight a number of compliance issues: (1) There is a high volume of FIs who have a CRS reporting obligation but have not filed a 2020 CRS Filing Declaration or CRS Compliance Form yet, such FIs are advised to make the submissions via the DITC Portal at the earliest; (2) A significant number of CRS returns submitted for 2020 did not include the TIN and/or DOB, therefore in the coming months, the DITC will be contacting FIs where the TIN (or functional equivalent) and/or the date of birth was not provided in the 2020 CRS return. FIs are therefore advised to start examining why this data was missing from the 2020 CRS Return in addition to any prior year reporting; and (3) With regards to undocumented accounts, the bulletin reminds entities that the CRS only permits accounts to be reported as undocumented in very limited circumstances, however, the DITC has received a number of organization accounts reported as undocumented for 2020 – the bulletin clarifies that this is incorrect reporting. In this regard, the DITC will be contacting those FIs who have reported any undocumented accounts. Therefore, FIs are advised to review the submitted reports and should investigate which receiving country these accounts should have been submitted to when an error is identified. Lastly, FIs who wish to submit a correction, including the missing TIN, and/or the missing date of birth can do so via the DITC Portal now. The Updates Bulletin also provides a reference to the recently published Explanatory notes on CRS TINs, Dates of Birth, and CRS Undocumented accounts.

Spain Oct 18, 2021

The Spanish Tax Agency (Agencia Tributaria) publishes three additional FATCA FAQs to provide additional guidance on how to report US TINs. (1) The FAQs inform the RFIs of the availability of a series of codes released by the IRS to report missing US TINs under FATCA reports under certain circumstances. However, the usage of these codes would still generate an error notice with a request to obtain a valid US TIN. (2) RFIs are informed that it is mandatory to provide a US TIN and that all efforts must be made according to due diligence in order to obtain it. It also provides a reference to the recently released IRS FATCA FAQs 3 and 6 that provides guidance on the reporting of missing US TINs. (3) Additionally, it provides guidance to the RFIs on how to fill in the TIN field in case the account holder type is FATCA 101, FATCA 102, FATCA 103 and, FATCA 104.

Canada Oct 15, 2021

The Canadian Revenue Agency (CRA) releases updated CRS Entity Tax Residency Declaration Forms - RC519 and RC521 with minor formatting updates.

Netherlands Oct 13, 2021

The Tax and Customs Administration of Netherlands releases an updated version of the Product Overview Mandatory Disclosure Rules – DAC6 (v17). It also releases the Specification Processing Report (v1.5) for Validation Test Service (VTS), Manual on Filing cross-border arrangements (CBAs) (v1.5) and, a document with the overview of the version indicating data specifications.

IRS Oct 13, 2021

The IRS releases an updated version of the Form W-8BEN-E (Rev. October 2021) along with its updated instructions. Notable updates include: (1) In Line 4 under Chapter 3 status entity type, the general classification for the government has been removed and replaced with the two classifications for a foreign government: (i) an integral part of a foreign government; or (ii) an entity that is controlled by a foreign government, (2) Addition of a new Line 9c “FTIN not legally required” to indicate they are not legally required to obtain an FTIN from their jurisdiction of residence (including if the jurisdiction does not issue FTINs), (3) Under Part XXX the Capacity box is re-positioned and has been placed above the signature field.

Ireland Oct 11, 2021

The Office of the Revenue Commissioners in Ireland publishes an updated Tax and Duty Manual on EU Mandatory Disclosure of Reportable Cross-Border Arrangements (DAC6). Section 3.2 and 4.2 have been updated to include updated screenshots and guidance as per the new schema.

Switzerland Oct 11, 2021

The Federal Tax Administration (FTA) of Switzerland publishes a press release providing statistical information regarding the automatic exchange of information (AEOI). It informs that the FTA has exchanged financial information on approximately 3.3 million financial accounts. It further informs that this information will be used by tax authorities to check whether taxpayers have correctly declared the financial accounts they hold in a foreign country.

Germany Oct 8, 2021

The Federal Tax Office of Germany (BZSt) publishes Federal Law Gazette 2021 Part II No. 21, confirming the addition, and respective enforcement dates, of Botswana, Jordan, and Paraguay to the Convention on Mutual Administrative Assistance in Tax Matters.

Uruguay Oct 8, 2021

The General Taxation Directorate of Uruguay publishes a notice informing RFIs of the availability of the system for sending CRS reports, including corrections/amendments through the Automatic Exchange of Financial Information Portal until November 30, 2021. Please note that the submissions made now could be subject to sanctions.

United States Oct 8, 2021

NEW - Jurisdictional Debrief Now Available (Week Ending October 8, 2021)

OECD Oct 7, 2021

The OECD publishes information on Tax Identification Numbers (TINs) for Mauritius.

IRS Oct 7, 2021

The IRS releases draft versions of Forms 1099-C, 1099-H, 1099-INT, 1099-NEC and, 1099-MISC for 2022. It also releases draft instructions for the Forms 1099-INT, 1099-OID, 1099-MISC and, 1099-NEC.

IRS Oct 5, 2021

The IRS releases updated versions of the Forms W-8BEN, W-8 ECI, and 1042-T. It also releases updated instructions for Forms W-8BEN and W-8ECI.

EU Oct 5, 2021

The EU council updates the Common EU list of non-cooperative third-country jurisdictions for tax purposes. Anguilla, Dominica, and Seychelles have been moved from the blacklist to the grey list. Australia, Eswatini, and Maldives have been removed from the grey list while six jurisdictions have been added to the grey list.

United States Oct 5, 2021

The Financial Crimes Enforcement Network (FinCEN) issues a notice extending the filing date of Reports of Foreign Bank and Financial Account (FBARs) for victims of recent natural disasters, including Hurricane Ida, the California Wildfires, and Tropical Storm Fred. The extended deadline for filing TY2020 FBAR reports by the filers affected by the disasters is December 31, 2021. It also reminds filers that the extended deadline to file their FBAR reports otherwise is October 15, 2021.

Malaysia Oct 4, 2021

The Inland Revenue Board of Malaysia (IRBM) updates its FATCA information webpage confirming that on July 21, 2021, Malaysia and the US have signed the Model 1 IGA to implement FATCA.

IRS Oct 2, 2021

The IRS publishes a reminder to U.S. citizens, resident aliens, and any domestic legal entity that the extended deadline to file their annual Report of Foreign Bank and Financial Accounts (FBAR) is October 15, 2021. As an additional reminder, filers who missed April 15, 2021, annual due date received an automatic extension to file the FBAR without requesting an extension. Filers affected by a natural disaster may have their FBAR due date further extended.

Jersey Oct 1, 2021

The International Taxation Department of the Government of Jersey releases a communication informing RFIs of the availability of the AEOI Portal for FATCA and CRS report submissions beginning October 1, 2021.

IRS Oct 1, 2021

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool, with the FIs that are in approved status as of September 24, 2021.

Switzerland Sep 30, 2021

The Federal Tax Administration of Switzerland publishes its final decisions for the banking relationship concerned by FATCA Group Requests as of September 30, 2021.

IRS Sep 30, 2021

The IRS releases draft instructions for the draft version (Rev. October 2021) of Forms W-8BEN-E, W-8EXP, and W-8IMY.

Cyprus Sep 29, 2021

The Cyprus Tax Department publishes an updated list of CRS participating and reportable jurisdictions. Albania and Nigeria have been added to the list.

OECD Sep 28, 2021

The OECD publishes an updated list of the AEOI status of commitments as of September 27, 2021. Rwanda has committed to implement the International Automatic Exchange of Information (AEOI) by the year 2024.

IRS Sep 28, 2021

The IRS releases Revenue Procedure 2021-32, providing a current list of the jurisdictions with respect to which the reporting requirement under §§ 1.6049-4(b)(5) and 1.6049-8(a) of the Income Tax Regulations applies. Chile has been added as a resident jurisdiction for the deposit interest reporting requirement, effective January 1, 2022. Dominican Republic and Singapore have been added to the list of jurisdictions that the Treasury and the IRS have determined appropriate to have an automatic exchange relationship, with respect to information collected under Treas. Reg. §§1.6049-4(b)(5) and 1.6049-8(a).

IRS Sep 27, 2021

The IRS releases draft instructions for the 2022 draft version of Form 1099-PATR (Taxable Distributions Received From Cooperatives).

Maldives Sep 26, 2021

The Inland Revenue Authority (MIRA) of Maldives publishes a guide on Automatic Exchange of Information (AEOI) that provides guidance on CRS due diligence procedures and requirements, CRS definitions, and reporting obligations. It also publishes CRS FAQs informing RFIs that Maldives is adopting a Wider Approach for CRS reporting.

Finland Sep 24, 2021

The Finnish Tax Administration publishes additional default fees applicable to RFIs in certain cases of a failure to comply with the international exchange of information. The penalties have been updated based on the number of reportable accounts for the following conditions: (1) accounts or information not reported or incorrectly reported due to negligence and, (2) failure to comply with due diligence procedures. Additionally, it informs RFIs that extensions can be granted orally or in writing. An extension can be provided by telephone request until February 3, 2022, and if the extension is sought for a longer period, a written application is required. The additional applicable penalties and procedures to request for extension are applicable beginning January 1, 2022.

IRS Sep 24, 2021

The IRS releases a 2022 draft version of Form 1099-PATR (Taxable Distributions Received From Cooperatives) and, 2021 draft version Schedule Q (Tax Liability of Qualified Derivatives Dealer (QDD)) for Form 1042.

Bermuda Sep 24, 2021

The Ministry of Finance in Bermuda publishes an updated version of the CRS Independent Compliance Review Guidelines Version 1.1. The guidelines have been updated to inform RFIs that following the submission of the CRS Independent Compliance Review Report, the Bermuda Ministry of Finance may contact the independent reviewer to ask about the review procedures and findings contained in the report. If additional information is needed, the Ministry may direct the independent reviewer to perform additional procedures and to report on the results and/or may also inspect the FI’s documentation or records directly.

United States Sep 24, 2021

NEW - Jurisdictional Debrief Now Available (Week Ending September 24, 2021)

OECD Sep 23, 2021

The OECD publishes an updated list of the AEOI status of commitments as of September 22, 2021. Moldova has committed to implement the International Automatic Exchange of Information (AEOI) by the year 2023.

Slovenia Sep 23, 2021

The Financial Administration of the Republic of Slovenia (FURS) publishes guidance on the automatic exchange of financial account information (AEOI) in Direct Taxation. Among other updates, it includes: (1) Information on the legal basis and for automatic data exchange, (2) A list of jurisdictions that met the condition for the exchange of financial account information, (3) A table that lists the number of data received and sent under the FATCA agreement in the period 2018-2020, and (4) An explanation of the Convention on Mutual Administrative Assistance in Tax Matters.

IRS Sep 22, 2021

The IRS releases an updated version of the draft Form W-8IMY along with the updated draft instructions.

Cyprus Sep 21, 2021

The Cyprus Tax Department publishes a notice informing RFIs of the extension to the imposition of administrative fines for late submission of information related to DAC6 reporting.

Switzerland Sep 21, 2021

The Federal Tax Administration (FTA) of Switzerland updates its list of CRS reportable jurisdictions. Albania, Grenada, and Nigeria have now been identified as reciprocal jurisdiction from the previous status of temporarily non-reciprocal jurisdiction.

United Arab Emirates Sep 21, 2021

'The Abu Dhabi Global Market (ADGM) in the UAE publishes a notice regarding the AEOI-CRS compliance program. To further assist RFIs in understanding the components of the program and the actions that an RFI will need to adopt and implement, a link to the online webinar on the effective compliance of the Common Reporting Standards is included. Further, RFIs will be contacted again to provide the Self-Certification form that will need to be completed by each FI licensed by the ADGM. Additionally, any queries must be directed to the Financial and Cyber Crime Prevention Unit via email at: fatca.crs@adgm.com

Luxembourg Sep 21, 2021

Luxembourg’s Tax Administration (ACD) publishes a newsletter informing Luxembourg RFIs that have submitted FATCA declarations containing invalid/unknown TIN in their FATCA returns will receive a letter from ACD by the beginning of October if notification is received from the IRS for administrative and minor errors. In such a case, RFIs will have 120 days to provide a valid TIN for the concerned accounts. If the Luxembourg RFIs are unable to declare a valid TIN, then the IRS will subsequently assess whether there is a significant non-compliance by taking into account all the facts and circumstances, including in particular the reasons why the unknown US TINs could not be obtained, the procedures put in place by the Luxembourg RFI to obtain these unknown US TINs as well as the efforts it has made in this context. It also provides a reference to the IRS FATCA FAQs 3 and 6 that provides guidance on the reporting of missing US TINs. Further, it informs RFIs that the ACD will send the letter, notifying the error message to the RFIs head office with the Trade and Companies Register (RCS) therefore, in order to meet the 120-day deadline RFIs are suggested to practice a deadline of fewer than 120 days, taking into account the intermediation time necessary for the ACD to exchange the correction within the 120-day time frame.

British Virgin Islands Sep 20, 2021

'The International Tax Authority (ITA) of the BVI publishes a notice informing RFIs that a US TIN is mandatory for all the reportable accounts that have a FATCA reporting obligation. Beginning TY2020, in case of missing US TIN, code nine A’s, nine 2’s – 7’s will be accepted by the tax authority. However, the absence of valid US TINs will result in a notification from IRS that will provide 120 days to RFIs to obtain and report the missing TINs. Additionally, ITA has begun an internal review of filings to ensure that all RFIs with FATCA filing obligations are in compliance with the new IRS mandatory TIN requirement and will coordinate directly with those RFIs. ITA further advises RFIs that have submitted TY2020 filings without a mandatory TIN and have not been contacted by the ITA must notify the authority of the same along with a confirmation of the re-submitted filing. RFIs must send a notification to info@bviita.vg, with a subject line as “FATCA Mandatory TIN Update”.

Cook Islands Sep 17, 2021

The Revenue Management Division (RMD) of the Cook Islands publishes a press release on the Integration of International Companies into the Cook Islands domestic tax system. Apart from the other key elements they inform that the service providers need to provide a letter confirming their appointment as an agent and that the KYC identification information and Customer Due Diligence procedures are performed in compliance with the Financial Transactions Reporting Act 2017 and international standards such as CRS and FATCA. The new tax obligations require international companies to register with the Revenue Management and apply for an RMD number. It also informs International companies that are not covered by the transition period to make an application for an RMD number within 28 days of incorporation as opposed to the companies that are covered by the transition period who will have to make an application for an RMD number before or shortly after January 1, 2022.

IRS Sep 17, 2021

The IRS publishes an update informing that as part of its continuing effort to reduce paperwork and respondent burden, the IRS invites the public and other Federal agencies to provide comments on information collections for Form 1099-G, Certain Government Payments. Written comments should be submitted on or before November 16, 2021, to be assured of consideration.

Australia Sep 17, 2021

The Australian Taxation Office (ATO) publishes taxpayer alert (TA 2021/2) on measures to control the disguising of undeclared foreign income as gifts or loans from related overseas entities. The alert further explains that in order to monitor genuine gifts or loans received from related overseas entities (including family members and friends) that are sometimes used to fund business structures or to acquire income-producing assets, the ATO will be using audit and review procedure measures along with data from the Australian Transaction Reports and Analysis Centre (AUSTRAC) that identifies movements of funds into Australia as well as the data received via the Common Reporting Standard and the Foreign Account Tax Compliance Act.

Cayman Islands Sep 16, 2021

The Department for International Tax Cooperation (DITC) of the Cayman Islands publishes updated AEOI FAQs. A new FAQ has been added under the CRS Compliance form section explaining that the value of excluded accounts should not be included in determining the total value of the FIs financial accounts under question 2.1.

United Arab Emirates Sep 16, 2021

The Ministry of Finance of the United Arab Emirates (UAE) publishes information on FATCA and CRS for RFIs that are not under the supervision of any UAE Regulatory Authorities (i.e. UAE Central Bank (CB), UAE Securities and Commodities Authority (SCA), Dubai International Financial Centre (DIFC) and Abu Dhabi Global Market (ADGM)). Such unregulated RFIs must register with the UAE Ministry of Finance using the FATCA CRS Unregulated Entities Registration Form to receive an account in the UAE Filling portal (UAEDEP).

OECD Sep 16, 2021

The OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes publishes a Model Manual on Exchange of Information for Tax Purposes. This new edition includes information on a wider range of Exchange of Information tools including AEOI which can easily be tailored to address jurisdiction’s specific needs.

United Arab Emirates Sep 16, 2021

The UAE’s Ministry of Finance releases updated CRS FAQs. Five new FAQs have been added: (1) Definitions for the terms “Reportable Jurisdiction Person” and “Reportable Jurisdiction” as well as a note stating that UAE RFIs are required to report all the information on accounts held by an account holder who is a Reportable Person, if they are a resident for tax purposes in a jurisdiction other than the US, (2) Clarification that RFI’s must fulfill its reporting obligations in the case of liquidation until the date it ceases to be a Reporting FI, (3) The account closing responsibilities of Reporting UAE FI’s that are liquidated, (4) An explanation about whether Active Non-Financial Entities (“NFEs”) or Passive NFEs have reporting obligations under CRS, and (5) Instructions on how to submit a nil CRS return.

EU Sep 16, 2021

The European Parliament Committee publishes a Resolution on the implementation of the EU requirements for the exchange of tax information that endorses a draft proposal for the amendment and better implementation of the EU tax information exchange requirements. The draft proposal includes measures to: (1) Strengthen existing rules to combat tax evasion, tax avoidance, and tax fraud through the reporting of beneficial ownership, various types of income, and assets; 2) Expand the structure for the exchange of information on tax matters to include digital currencies and, (3) Redefine FIs and their accounts to extend the reporting obligations under the EU directives on the mandatory automatic exchange of information in tax matters (DAC2), cross border arrangements (DAC6), and the common reporting standard (CRS).

Germany Sep 15, 2021

'The Federal Tax Office of Germany (BZSt) publishes CRS Newsletter 06/2021 providing further clarification on this new reporting obligation applicable to FIs to notify the BZSt of instances where a self-certification could not be obtained within 90 calendar days of account opening or its validity could not be confirmed. It also publishes a form for reporting which must be used by the RFI to provide the information via post to the BZSt postal address. It further informs RFIs that sending the form via unencrypted email is not permitted under the data protection law. The BZSt upon receiving the post will send a confirmation. If the RFIs do not receive any confirmation, they must send an email to crs@bzst.bund.de Additionally, it informs RFIs that secure electronic reporting via BZStOnline Portal will be made available beginning January 2022. Lastly, it also provides a reference to the recently published communication manual 5, CRS FAQs, and CRS procedures that provide further guidance on reporting a missing self-certification.

IRS Sep 15, 2021

The IRS publishes a notice soliciting comments concerning Forms 8966, 8957, 8966-C, 8809-I, and 8508-I, these are used to obtain reporting from foreign financial institutions on the accounts held in their institutions by U.S. persons. Comments are invited on: (a) whether the collection of information is necessary for the proper performance of the functions of the agency; (b) the accuracy of the agency's estimate of the burden of the collection of information; (c) ways to enhance the quality, utility, and clarity of the information to be collected; (d) ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology; and (e) estimates of capital or start-up costs and costs of operation, maintenance, and purchase of services to provide information.

Guernsey Sep 14, 2021

The Revenue Service of the States of Guernsey publishes Bulletin 2021/5 (The Income Tax (Guernsey) (Amendment) Ordinance, 2021). The Bulletin informs RFIs of the amendments made to the Income Tax (Guernsey) Law concerning CRS and FATCA: (1) Formalizing the legal basis for the tax authority to conduct onsite visits to review FATCA/CRS compliance; (2) inclusion of a new requirement for all Guernsey Financial Institutions (RFIs and NRFIs) to register and submit an annual validation by February 28, 2022; (3) inclusion of a provision authorizing the Revenue Service to appoint independent qualified inspectors to review an RFI's potential significant non-compliance with FATCA/CRS obligations; (4) inclusion of a new provision empowering the Revenue Service to issue a “Freezing Order” to an RFI, effectively stopping any further transactions on an account where a self-certification has not been obtained or is suspected to be unreliable or incorrect, such accounts also need to be separately notified to the Revenue Service by the RFIs; and, (5) a reminder on the increased daily penalties in case of non-compliance with the FATCA/CRS reporting obligations.

Cayman Islands Sep 13, 2021

The Department for International Tax Cooperation (DITC) of the Cayman Islands releases updated AEOI FAQs. A new FAQ has been added under the CRS Compliance form section that provides clarification that the total value and as such, negative balances should be included when calculating the aggregate total of the FIs Financial Accounts. For all other questions on the CRS Compliance Form, a negative balance should be reported as zero in line with the CRS Regulations.

Germany Sep 13, 2021

The Federal Tax Office of Germany (BZSt) publishes updated CRS FAQs with the addition of four new FAQs under the Notification of a missing self-disclosure section. The FAQs provide clarification on: (1) When to report a missing self-certification, (2) How to report a missing Self-certification, (3) Which accounts do these new rules for reporting a missing self-certification apply and from when and, (4) Do accounts without a self-certification as of July 31 need to report. Additionally, it also publishes an updated version of the CRS procedure that includes additional reporting obligations of obtaining the self-assessment and confirming its plausibility when opening a new account. If no self-disclosure is available within 90 days of opening a new account or if its plausibility cannot be confirmed, the RFI must inform the BZSt of the same, stating all the information available to identify the account holder. As long as self-certification is unavailable or its plausibility could not be confirmed, the RFI must ensure that no funds are withdrawn from this account.

United States Sep 10, 2021

NEW - Jurisdictional Debrief Now Available (Week Ending September 10, 2021)

Kazakhstan Sep 10, 2021

The Parliament of the Republic of Kazakhstan publishes a notice on the ratification of the agreement between the Government of the Republic of Kazakhstan and the Government of the United States of America on improving international tax discipline, initially committed on September 11, 2017.

Bermuda Sep 8, 2021

The Ministry of Finance in Bermuda publishes a notice informing RFIs of the upcoming CRS Compliance Activities planned in order to monitor and ensure the ongoing compliance of Bermuda RFIs. An annual CRS Compliance Certification Form must be submitted by all Bermuda RFIs and Trustee-Documented Trusts ("TDTs"), to the Bermuda Tax Information Reporting Portal beginning TY2020. The compliance form will be made available by October 15, 2021, and it must be submitted by no later than December 15, 2021, for TY2020. For subsequent years the CRS Compliance Form must be submitted by September 30 following the end of the reporting period. Additionally, The Ministry of Finance in Bermuda has introduced the CRS Independent Compliance Reviews to provide further assurance that the Bermuda RFIs are applying the CRS rules accurately. The Ministry will identify a subset of Bermuda RFIs that are required to engage in an approved independent review to perform a CRS Review. The registered Primary User for the RFI would then receive a notice to undertake a CRS Independent Compliance Review via email. Further, it publishes CRS Independent Compliance Review Guidelines, Annual CRS Compliance Certification Form Guidelines and, a draft Annual CRS Compliance Certification Form.

Netherlands Sep 8, 2021

The Tax and Customs Administration of Netherlands publishes a Parliamentary paper providing statistical information regarding the missing US TIN under FATCA reporting. It is observed that the number of customers of four major banks who are US persons and who have not supplied a TIN has decreased since 2018. A meeting is planned with the Dutch Banking Association in October about the consequences for Dutch citizens of the American FATCA regulations, the findings of the report along with the actions taken in the diplomacy area would also be discussed.

Ukraine Sep 6, 2021

The Ministry of Finance in Ukraine publishes a notice informing RFIs of its commitment to implement the International Standard for Automatic Exchange of Information on Financial Accounts for Tax Purposes (CRS Standard) and it plans to make the first exchanges of information in September 2023 for the reporting year 2022.

South Africa Sep 4, 2021

'The South African Revenue Service (SARS) publishes an update informing that the Third-Party Data Bi-Annual submissions, inclusive of FATCA and CRS for the period beginning March 1, 2021, to August 31, 2021, can be submitted beginning September 1, 2021, to October 31, 2021. The test platform will be available from September 1, 2021, through September 17, 2021. Further, RFIs can email the tax authority at: Bus_Sys_CDSupport@sars.gov.za in case of any challenges faced during submissions.

Hong Kong Sep 3, 2021

The Inland Revenue Department of Hong Kong publishes an announcement on the Hong Kong Automatic Exchange of Information (AEOI) Portal informing that the site will be under maintenance on September 8, 2021, and all services will be suspended during this period.

Argentina Sep 3, 2021

The Tax Administration of Argentina (AFIP) publishes amended CRS Resolutions. Specific amendments include: (1) A paragraph has been added under Article 10 to provide further guidance on internal controls and due diligence for obligated financial institutions - including contracts or schemes that qualify as financial institutions; (2) Section D has been added to Article VII of Annex I that provides the guidelines on documenting internal control procedures; and (3) Section E has been added to Article VII of Annex I that provides guidelines applicable to residency or citizenship schemes by investment. The amended resolution would apply to the information regarding the year 2022 and subsequent years, except for the amendments made to Article 10, which would be applicable from December 1, 2021.

Singapore Sep 2, 2021

The Inland Revenue Authority of Singapore (IRAS) publishes an FY2020 Annual Report. Apart from other key elements the report also provides information on their International Engagements and Partnerships. It explains the key strategies and main building blocks that tax administration considers when they implement programs to promote compliance by their financial institutions on Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS). Also, the report provides the metrics of reports exchanged with the reciprocal partner jurisdictions.

Cayman Islands Sep 2, 2021

The Department for International Tax Cooperation (DITC) of the Cayman Islands releases updated AEOI FAQs with minor formatting updates. No additional FAQs have been added, just minor formatting updates have been made to the CRS Compliance FAQs that confirm that all RFIs are required to submit the CRS Compliance Form on an annual basis and, that the CRS Compliance Forms can be submitted using a bulk CSV file.

India Sep 2, 2021

The Income Tax Department of India publishes an updated version of its Dividend and Interest Generic Submission Utility Tool (v1.07).

IRS Sep 1, 2021

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool, with the FIs that are in approved status as of August 25, 2021.

Jersey Sep 1, 2021

The International Taxation Department of the Government of Jersey sends an e-mail notice informing RFIs that the AEOI Portal will be unavailable from close of business on September 10, 2021, in order to be able to complete the international exchange process before September 30, 2021. RFIs are advised to complete all the new, corrected and void TY2020 FATCA and CRS reports prior to September 10, 2021. Further, the re-opening of the AEOI portal to accept CRS and FATCA reports will be communicated later.

OECD Sep 1, 2021

Algeria joins the Global Forum thus becoming the 163rd member of the Global Forum on Transparency and Exchange of Information for Tax Purposes. Algeria, like all other Global Forum members, has committed to implement the internationally agreed standards of transparency and exchange of information for tax purposes - both exchange of information on request and automatic exchange of information.

Brazil Sep 1, 2021

The Department of Federal Revenue in Brazil releases updated digital certificates for the production and testing of e-financial environments (e-financeira), both the certificates are valid beginning September 2, 2021.

Liechtenstein Sep 1, 2021

The Tax Administration (STV) of the Principality of Liechtenstein publishes updated instructions for the AIA Bulk Message Compression Tool (v2) that is used to compress and encrypt XML files, which are to be transmitted to the tax administration within the frameworks of AEOI. A new section has been added to the instructions that include information on how to find the compatible version of the tool. The new version of the tool is valid beginning September 1, 2021.

Cayman Islands Aug 31, 2021

The Department for International Tax Cooperation (DITC) of the Cayman Islands publishes an Updates Bulletin informing RFIs that the deadline to submit FATCA and CRS XML returns for the TY2019 and TY2020 reporting period has now passed, but RFIs can continue to submit the pending files as soon as possible. Additionally, it reminds RFIs that the functionality to upload the CRS Compliance Form in bulk to the Portal is available beginning August 25, 2021. Also, for technical assistance with uploading the form/understanding common error messages, RFIs are advised to refer to the CRS Compliance Form FAQs and the Portal User Guide.

Cayman Islands Aug 31, 2021

The Department for International Tax Cooperation (DITC) of the Cayman Islands publishes updated AEOI FAQs. New FAQs have been added under the CRS Compliance Form section that provides: (1) Clarification on section 2.1 on the total value of the FI’s Financial Accounts; (2) Clarification on reporting the value of non-reportable accounts; (3) Guidance on section 2.3 on how to report an investor that is not a reportable person and is not in a reportable jurisdiction; (4) Clarification on section 3.1, FIs may select yes if it has been a part of consolidated audited financial statements; (5) Guidance on how to complete section 3 if an FI has been classified as Investment Entity, but does not carry on relevant financial business; and (6) Guidance on how to complete section 3 and 4 in case of multiple AML/KYC service providers.

Netherlands Aug 31, 2021

The Netherlands’ Directorate General of the Tax and Customs Administration publishes an updated version of its FATCA and CRS guidance notes. Specific amendments include: (1) A paragraph has been added to section 1.19 to clarify that the mere lack of TIN on a self-certification form is not a reason to refuse a new account or to close an account; (2) in Section 1.38 a paragraph has been added that provides further clarification on entities that classify as an investment entity; and (3) Under section 2.3 reference to section 2.3a has been replaced by section 2.4.

OECD Aug 30, 2021

The OECD publishes an updated list of the AEOI status of commitments as of August 26, 2021. Ukraine has committed to implement the International Automatic Exchange of Information (AEOI) by the year 2023.

IRS Aug 30, 2021

The IRS issues draft forms W-8BEN, W-8ECI and W-8IMY along with their corresponding instructions (draft W-8BEN Instructions, draft W-8ECI Instructions, draft W-8IMY Instructions).

United States Aug 27, 2021

NEW - Jurisdictional Debrief Now Available (Week Ending August 27, 2021)

Sweden Aug 27, 2021

The Swedish Tax Agency publishes a regulation via the official gazette consisting of an updated list of CRS participating and reportable jurisdictions. Albania, New Caledonia, Oman, and Peru have been added to the participating list, while Peru has also been added to the list of the reportable jurisdictions. The regulation enters into force on September 15, 2021. As a reminder, Sweden follows Wider Approach to reporting.

Switzerland Aug 26, 2021

The Federal Tax Administration of Switzerland publishes its final decisions for the banking relationship concerned by FATCA Group Requests as of August 26, 2021.

Brazil Aug 25, 2021

The Department of Federal Revenue in Brazil publishes an update providing clarification on the previously published certificate key for signing the e-financial XML update. The update clarifies that the certificate key for signing the e-financial XML has always been 256 bytes and, so the previously published update was an update to the guidance in the manual.

OECD Aug 25, 2021

The OECD publishes information on Tax Identification Numbers (TINs) and Tax Residency rules for Luxembourg.

Cayman Islands Aug 24, 2021

The Department for International Tax Cooperation (DITC) of the Cayman Islands publishes an updated DITC portal user guide v6.0. The updated guidelines include instructions on how to upload CRS Compliance Form in bulk by CSV. It also reminds RFIs that the deadline for filing the 2019 and 2020 CRS Compliance Forms is September 15, 2021.

Ireland Aug 24, 2021

The Office of the Revenue Commissioners in Ireland publishes an updated Tax and Duty Manual on Filing Guidelines for DAC2-Common Reporting Standard (CRS). The updated guidelines include a new section (Section 7.5) that provides clarity to Financial Institutions which are reporting Controlling Persons of Passive NFEs, and when the Controlling Persons are resident in multiple jurisdictions.

Netherlands Aug 24, 2021

The Netherlands’ Tax and Customs Administration releases an updated Product overview Banking and Investment Products 2020.4 application. The application has been updated to fix an issue where in some cases, multiple types of yield could not be specified with one account statement. Also, the updated version contains the CRS country list 2020 and it would be updated as and when a new list is available.

IRS Aug 24, 2021

The IRS publishes a notice informing RFIs that they intend to amend certain regulations under Sections 1446(a) and 1446(f) to defer the applicability date to January 1, 2023, for certain provisions relating to the following: (i) withholding under section 1446(f) on transfers of interests in publicly traded partnerships (“PTP interests”); (ii) withholding under section 1446(a) on distributions made with respect to PTP interests; and (iii) withholding under section 1446(f)(4) by partnerships on distributions to transferees.

OECD Aug 23, 2021

The OECD publishes an updated list of the AEOI status of commitments as of August 4, 2021. Jamaica and Maldives have committed to implement the Automatic Exchange of Information (AEOI) by the year 2022.

Cayman Islands Aug 22, 2021

The Department for International Tax Cooperation (DITC) of the Cayman Islands publishes updated AEOI FAQs. Four new FAQs have been added to the CRS Compliance Form section on: (1) Procedure to be followed in case of error - “Form contains invalid data. Please correct first.” (2) Troubleshooting guidance in case of the error - user does not have permission to file despite being the PPoC/Secondary user; (3) How to view the errors in case of bulk submission failures, and; (4) How to address bulk uploads in case of multiple errors.

Ukraine Aug 18, 2021

The Ministry of Finance in Ukraine publishes an announcement informing RFIs of the approved draft letter to the Global Forum of the Organization for Economic Cooperation and Development regarding the introduction of automatic exchange of information on financial accounts for tax purposes – Common Reporting Standard. It plans to make the first exchanges of information in September 2023 for the reporting year 2022. Further, it publishes an additional FATCA FAQ that that provides guidance on whether it is necessary to submit only one report for 2014, as of December 31, 2014.

United Arab Emirates Aug 18, 2021

The Abu Dhabi Global Market (ADGM) in the UAE publishes a notice informing RFIs of the additional AEOI-CRS compliance program requirement for TY2020. The notice informs RFIs that the CRS Risk-Based Approach Questionnaire is to be completed by August 26, 2021. RFIs are further informed that the failure to comply with the requirement may constitute a breach of the Cabinet Resolution and could be liable to appropriate action by the Financial Services Regulatory Authority (FSRA).

Taiwan Aug 17, 2021

The Ministry of Finance in Taiwan publishes statistics of 2020 CRS data reported by Financial Institutions that was completed on August 2, 2021. The announcement also contains a CRS reporting summary comprising the statistics on the number of accounts reported for the reportable jurisdictions - Australia, the United Kingdom and, Japan.

Ukraine Aug 17, 2021

The Ministry of Finance in Ukraine publishes updated FATCA FAQs with the addition of 7 new FAQs. Specific updates include: (1) FAQ15 is updated to inform RFIs of the currency that is to be used while providing information on reportable accounts, (2) FAQ18 has been added to provide information on the development of software for signing report XML files before they are sent to IDES, (3) FAQ19 is included to provide information on how to check the relevance of the received GIIN code, (4) FAQ20 has been added to inform RFIs if it necessary for a financial agent to register with IDES and report on accountable accounts if they do not have any foreign account, (5) FAQ21 provides information on what measures should an RFI take in case the client refuses to provide a self-certification form or a certificate of tax residency, (6) FAQ22 has been added that informs RFIs of the final receipt that indicates the complete successful submission of reports, (7) FAQ23 has been added to provide instructions on when the TIN is not identified by the RFI, and (8) FAQ24 has been added to inform RFIs if it is necessary to adhere to the threshold amount of $50,000.

Ecuador Aug 16, 2021

The Internal Revenue Service of Ecuador publishes an updated CRS annex catalog (v4), and the CRS technical sheet (v4) containing the updated description of fields that are used to complete the CRS reports. The updated annex catalog includes new validation rules for the existing files that need partial correction.

Brazil Aug 16, 2021

The Department of Federal Revenue in Brazil updates the AEOI currency codes with the addition of Code 6 – foreign currency account that can now be included in the account types. This would update the existing list of the e-financeira manual Section 4.1.4.1.141.

Slovak Republic Aug 13, 2021

The Financial Directorate of the Slovak Republic publishes an updated document on the reporting procedures for CRS undocumented accounts with minor formatting updates to the Method of reporting and verifying undocumented accounts.

United States Aug 13, 2021

NEW - Jurisdictional Debrief Now Available (Week Ending August 13, 2021)

Maldives Aug 12, 2021

The Maldivian Inland Revenue Authority publishes a press release announcing the signing of several agreements including the Convention on Multilateral Competent Authority Agreement on automatic exchange of financial account information (CRS-MCAA), according to which the first CRS filing deadline would be before 31 July 2022.

Brazil Aug 11, 2021

'The Department of Federal Revenue in Brazil publishes an update informing RFIs that have reportable accounts under FATCA to re-check the classification adopted by the reporting financial institution in the tag: Declaring Category. In Brazil, as the information is sent through the Tax Authority, the code to be used for Institutions with “BR” Tax residency must be the FATCA602 code, as described in the code table Declarant categories on the sped portal. RFIs that have reported with any other code must send a correction report immediately using the appropriate code. Further, it informs that for security reasons the certificate key for signing the e-financial XML has been updated to a 256-byte key therefore, it is no longer possible to send the data using the 128-byte key. A link to the sample digital XML signer is also provided to make any necessary adjustments. For any additional questions, please contact: e-financeira.de@rfb.gov.br

OECD Aug 11, 2021

The OECD publishes an updated list of jurisdictions participating in the Convention on Mutual Administrative Assistance in Tax Matters with the addition of Maldives, Papua New Guinea, and Rwanda, thus taking the tally of participating jurisdictions to 144. The Convention is the primary instrument for the implementation of the Standard for Automatic Exchange of Financial Account Information in Tax Matters (CRS). The OECD also publishes information on Tax Identification Numbers (TINs) for Canada.

India Aug 10, 2021

The Income Tax Department of India publishes a Quick Reference Guide on Submission of Response to Notice on Reporting Portal (version 1.0) along with an updated version of the Reporting Portal FAQs (version 5.1).

Hong Kong Aug 9, 2021

The Inland Revenue Department of Hong Kong publishes an updated Self-Certification form for controlling persons along with a document that includes the definition of the terms and expressions used in Self-Certification forms.

Ireland Aug 9, 2021

The Revenue Online Services (ROS) of Ireland publishes a revised version of the Revenue guide for Automatic Exchange of financial account information in tax matters with a minor formatting update.

Slovak Republic Aug 6, 2021

The Financial Directorate of the Slovak Republic publishes an updated XML file generation tool v4.04 to be used for DAC6 reporting beginning July 27, 2021.

Germany Aug 5, 2021

The Federal Tax Office of Germany (BZSt) publishes CRS Newsletter 05/2021 informing RFIs of the amendments made to the Financial Accounts Information Exchange Act to ward off tax avoidance and unfair tax competition. Specific amendments include: (1) Introduction of paragraph 3a on obligations of the account holder and the applicant, (2) Introduction of paragraph 2a under section 13 and 16, that informs RFIs that it must notify the Federal Central Tax Office immediately in case the self-certification cannot be obtained within 90 days of account opening or if its plausibility cannot be confirmed, stating all the available account holder identification information. The new reporting obligation applies to all accounts that have been opened since July 1, 2021. The process for submitting the reports in accordance with Section 13 (2a) and Section 16 (2a) is currently being defined and will be carried out using a form still to be provided by the BZSt. The BZSt will provide further information in early September.

IRS Aug 3, 2021

The IRS publishes a notice informing RFIs of the availability of the webinar on the QI/WP/WT certification and periodic review process. The webinar describes the QI/WP/WT certification process, including the different components of QI/WP/WT compliance and major areas of responsibility that must be reviewed during the certification process and associated periodic review. The webinar is also available in German and Spanish languages.

India Aug 3, 2021

The Income Tax Department of India publishes an updated version of its Dividend and Interest Income – Report Preparation Utility Tool (v1.2).

Barbados Aug 3, 2021

The Barbados Revenue Authority (BRA) publishes a guidance note informing RFIs that the FATCA and CRS reporting deadline has been extended to August 16, 2021, to provide additional time to RFIs for obtaining missing TINs. It also informs RFIs of the availability of a series of codes that have been introduced by the US IRS that can be used by the RFI to populate the TIN field Along with the permissibility to use nine A’s or nine 9’s. Lastly, it reminds RFIs that a genuine TIN must be provided in CRS reports for it to be processed successfully.

Panama Aug 3, 2021

The Ministry of Economy and Finance of Panama publishes a resolution informing Panamanian RFIs of the extension of the TY2020 FATCA reporting deadline from July 31, 2021, to August 15, 2021.

IRS Aug 1, 2021

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool, with the FIs that are in approved status as of July 26, 2021.

Cyprus Jul 30, 2021

The Cyprus Tax Department publishes a notice informing RFIs that the existing XML schema for submitting DAC6 information will only be in use until August 3, 2021. It also informs RFIs that the DAC6 online service will be unavailable between August 4, 2021, and August 5, 2021, due to the transition to the new XML Schema.

United States Jul 30, 2021

NEW - Jurisdictional Debrief Now Available (Week Ending July 30, 2021)

United Kingdom Jul 30, 2021

The United Kingdom’s HMRC publishes an announcement that it is seeking comments from the public on the implementation of the OECD Model Reporting Rules, which require digital platforms to report details of the income of sellers on their platform to the tax authority and also to the sellers. The new rules will improve international cooperation on the exchange of information for tax purposes. Note that the consultation will close on October 22, 2021.

Cyprus Jul 29, 2021

The Cyprus Tax Department publishes a notice informing RFIs of the availability of the updated XML schema for submitting DAC6 information beginning August 5, 2021.

Mauritius Jul 28, 2021

The Mauritius Revenue Authority (MRA) publishes a notice informing RFIs that due to the prevailing COVID-19 pandemic situation the due date for the transmission of FATCA and CRS information to the MRA has been extended from July 31, 2021, to August 16, 2021.

IRS Jul 27, 2021

The IRS publishes an updated FATCA online registration User Guide (Pub. 5118) thus informing FIs of the updated information related to a few web browsers compatibility.

Vietnam Jul 27, 2021

The State Bank Of Vietnam publishes updated FATCA FAQs informing RFIs of the availability of a series of codes released by the US IRS to report missing US TINs under FATCA reports beginning TY2020. It also provides a reference to the recently released IRS FATCA FAQs 3 and 6 that provides guidance on the reporting of missing US TINs.

Netherlands Jul 26, 2021

The Netherlands’ Tax and Customs Administration releases an updated version of the Product Overview Mandatory Disclosure Rules – DAC6 (version 16). It also publishes a document that provides an overview of all the products under Mandatory Disclosure Rules (DAC6).

Bahamas Jul 26, 2021

The Bahamas Competent Authority publishes an updated list of TY2020 CRS reportable jurisdictions. Azerbaijan and Panama have been added back to the list, both were excluded in the previously published list.

Netherlands Jul 23, 2021

The Netherlands’ Tax and Customs Administration releases an updated version of the Product overview Banking and Investment Products 2022 (v1.0). It also publishes a document on specifications for the data deliveries for Banking and investment products for the data period 2022.

Ecuador Jul 23, 2021

The Internal Revenue Service (SRI) of Ecuador publishes a Format of the Accreditation process, it is a Form for Reporting Financial Institutions to notify the tax administration of their status. The SRI also releases a Format for the authorization process, it is a Form for Reporting Financial Institutions to ask the tax administration to allow to submit late returns. In this Form, the Reporting Financial Institution needs to explain the reason why it needs to submit CRS returns late or out of date.

India Jul 23, 2021

The Income Tax Department of India publishes an updated version of its Dividend and Interest Generic Submission Utility Tool (v1.05).

Ireland Jul 20, 2021

The Office of the Revenue Commissioners in Ireland publishes an updated Tax and Duty Manual on EU Mandatory Disclosure of Reportable Cross-Border Arrangements (DAC6). Section 7.4 has been updated to include a revised date for the re-opening of the portal of August 17, 2021.

Slovak Republic Jul 20, 2021

The Financial Directorate of the Slovak Republic publishes a questionnaire for the verification of Financial Institutions for the purpose of automatic exchange of information.

OECD Jul 20, 2021

The OECD releases an updated list of CRS signatories that now has 111 jurisdictions. Kenya has been added to the list with the intended first exchange expected to be in September 2022.

Poland Jul 20, 2021

The Ministry of Finance of Poland publishes an Ordinance on the authorization to perform certain activities related to the exchange of information in the field of taxation referred to in the FATCA Agreement. Specifically, the ordinance specifies the scope of activities authorized to be performed by the head of the National Revenue Administration in order to implement FATCA.

Liechtenstein Jul 19, 2021

The Tax Administration (STV) of the Principality of Liechtenstein publishes an announcement on the approval of the notification under Section 7 of the MCAA establishing AEOI of financial accounts with Gibraltar. It reminds RFIs that due to Brexit, the AEOI data with Gibraltar will now be continued based on the MCAA agreements. It also publishes an updated list of reportable jurisdictions with the addition of Footnote #2 under Gibraltar indicating, that the AEOI of financial accounts effective beginning January 1, 2021, will continue without any interruptions based on MCAA.

Australia Jul 19, 2021

The Australian Taxation Office (ATO) publishes an updated version of the FATCA Small Reporter Tool User Guide (v1.07). RFIs are instructed to use the latest version of the Small Reporter Tool guide when preparing FATCA reports. It also updates its FATCA page to remind RFIs that for non-US entity account holders with US substantial owners, relevant country code must be included in the “TIN Issued by” element and the characters “N/A” in the TIN field for the Non-US entities. However, TIN must be provided in case of US substantial owners.

Dominica Jul 19, 2021

The Government of the Commonwealth of Dominica publishes an Automatic Exchange of Financial Account Information (Common Reporting Standard Amendment) Act 2021. Specific updates include: (1) Under CRS the Controlling ownership interest of a legal person would be threshold specified in the Anti Money laundering and Suppression of the Terrorist Financing Code of the Practice; (2) If a person enters into any arrangements or engages in a practice, and one of the purposes of which can reasonably be considered to be to avoid an obligation imposed under this Act or Regulations made under this Act, this Act, and the Regulations shall have effect as if the person had not entered into the arrangement or engaged in the practice; (3) The correct deadline for CRS reporting will be June 30 from June 31 previously; and (4) A new subsection 4 on penalties would be applicable in case of non-compliance with due diligence or reporting procedures, a fine not exceeding twenty-five thousand dollars or to imprisonment for a term not exceeding four years could be ascertained.

Germany Jul 17, 2021

The Federal Tax Office of Germany (BZSt) updates FATCA FAQs to include the updated document US acknowledgment of receiptAnFI (UEFI) version 4.0 that has been adapted as per the updated UEFI XML schema version 2.5.

Guernsey Jul 16, 2021

The Revenue Service of the States of Guernsey publishes The Income Tax FATCA and CRS Amended Regulations 2021. Both the documents include amendments made to the section on Civil penalties for contraventions of regulations: (1) Daily penalty of £50 from the date of imposition of the original penalty; (2) Where failure continues for more than 30 days since the date of the imposition of the original penalty the daily fine will be increased to £1,000; and (3) Further if the person delivers a correct and complete return, document or information, then that person shall not be liable to any penalties.

France Jul 15, 2021

The French Tax Authority (DGFiP) publishes an update informing RFIs that the DAC6 (reporting cross-border arrangements) reporting system will be suspended from July 29, 2021, until the beginning of September 2021.

Australia Jul 15, 2021

The Australian Taxation Office (ATO) releases an updated FATCA package content note (PCN) version 1.10 that has been adapted as per the new FATCA validation rule to allow any valid country code in 'issuedBy' and "N/A" in the TIN field when 'issuedBy' is not the US.

OECD Jul 15, 2021

The OECD publishes an updated list of jurisdictions participating in the Convention on Mutual Administrative Assistance in Tax Matters. The date of the deposit of the instrument of ratification of the amended convention has been updated for Paraguay.

Australia Jul 14, 2021

The Australian Taxation Office (ATO) publishes a FATCA Stakeholder Update informing that the validation rules for FATCA reporting will be updated on July 17, 2021. Specific updates include: (1) For non-US entity account holders with US substantial owners, relevant country codes must be entered in the “TIN issued by" element and "N/A" in the TIN section when reporting for Non-US entities. However, TIN must be provided in case of US substantial owners, and (2) A new version of the FATCA SRT (v1.07) will be available beginning July 17, 2021. RFIs are instructed to use the latest version of the SRT when preparing FATCA reports. Additionally, RFIs are reminded that the FATCA reporting deadline has been extended to August 31, 2021, to provide additional time to RFIs to obtain missing TINs from account holders and to modify the reporting systems to enable the reporting of the additional codes.

Bahamas Jul 14, 2021

The Bahamas Competent Authority publishes an updated AEOI portal user guide version 2.0 informing RFIs that the OECD CRS XML Schema v2.0 must be used to complete CRS returns beginning 2021. It also publishes an updated Trustee Documented Trust user guide version 2.0 with the addition of an FAQ on how to complete reporting for each Trustee Document Trust. Both the documents also include minor formatting and technical updates.

Australia Jul 13, 2021

The Australian Taxation Office (ATO) publishes CRS Stakeholder Update #18 informing RFIs of the availability of the testing of the CRS XML Schema v2.0 for both BDE and SBR via the External Vendor Testing Environment (EVTE). It also reminds RFIs that the Small Reporter Tool (SRT) and associated instructions have been updated to adapt to the updated CRS Schema version 2.0. Additionally, RFIs are instructed to complete the “Contact” element in the MessageSpec section of the CRS XML file with name and contact details so that ATO can contact them in case of any issue.

Ireland Jul 13, 2021

The Office of the Revenue Commissioners in Ireland publishes an updated Tax and Duty Manual on EU Mandatory Disclosure of Reportable Cross-Border Arrangements (DAC6). Section 7.4 has been updated to include the updated XML schema version 1.2 and the applicable migration dates.

Slovak Republic Jul 13, 2021

The Financial Directorate of the Slovak Republic publishes updated instructions for submitting the GIIN Assignment Notification (Cancellation) Form for FATCA reporting. RFIs are informed that in case they need to cancel some SeGIINs (GIIN of the sponsored entity), they will have to do so under the section "GIIN of the sponsored entity" on the Financial Management Portal (PFS) for each SeGIIN separately by using the "Add" button.

Switzerland Jul 13, 2021

The Federal Tax Administration (FTA) of Switzerland publishes a document on the FATCA group request business validation rules for SEI and FATCA XML. The document includes important technical update rules for SEI XML and FATCA XML.

Gibraltar Jul 9, 2021

The Commissioner of Income Tax of Gibraltar publishes an updated list of CRS reportable jurisdictions. While no updates have been made to the list of reportable jurisdictions, the document includes few minor formatting updates.

India Jul 8, 2021

The Income Tax Department of India publishes an updated version of its report generation and validation utility tool (v2.6) for Form 61B.

Czech Republic Jul 7, 2021

The Ministry of Finance of the Czech Republic publishes a newsletter comprising an updated list of jurisdictions with which the tax administration intends to exchange the CRS information. Bangladesh, Eswatini, Namibia, and New Caledonia have been added to the list, the information exchange with New Caledonia is expected to begin in 2021 with respect to TY20 data. As a reminder, Czech Republic follows a wider approach to CRS reporting.

Sweden Jul 7, 2021

The Swedish Tax Agency publishes updated FATCA and CRS reporting instructions thus informing RFIs that holding companies are excluded from the definition of financial institution. An entity is not a financial institution if its activities consist exclusively or almost exclusively of directly or indirectly owning all or part of the outstanding shareholding in one or more subsidiaries engaged in trading or business activities that do not constitute activities of a financial institution or that provide financing and services to one or more such subsidiaries. Holding companies are instead active non-financial entities. The guidance also provides detailed instructions on the permanent establishments of financial institutions. A Swedish financial institution's permanent place of business in another country is not considered to be a Swedish financial institution. On the other hand, a foreign financial institution is considered a Swedish financial institution if the permanent establishment is in Sweden.

Germany Jul 6, 2021

The Federal Tax Office of Germany (BZSt) publishes an updated document on FATCA processing protocols (v1.6). The specific update includes the adaptation to the admissibility of message types.

Austria Jul 6, 2021

The Federal Ministry of Finance in Austria publishes an updated CRS technical specifications user guide with minor technical and formatting updates.

Australia Jul 6, 2021

The Australian Taxation Office (ATO) releases draft legislation for consultation on implementing a reporting regime for sharing economy platform providers. It is intended that the reporting regime will apply to transactions that relate to the supply of: (1) Ride-sourcing and short-term accommodation beginning July 1, 2022, and (2) Asset sharing, food delivery, tasking-based services, and other services (except for transactions where only the title or ownership of goods or real property are exchanged, and relating to financial supplies) beginning July 1, 2023. It also publishes explanatory notes and a fact sheet, note that the consultation will end by August 2, 2021.

IRS Jul 6, 2021

The IRS publishes a revised FATCA Foreign Financial Institution (FFI) List Search and Download Tool User Guide (Pub. 5147).

Panama Jul 6, 2021

The Ministry of Economy and Finance of Panama publishes a Resolution No. 201-5674 informing RFIs of the extension of the TY2020 CRS reporting deadline from July 31, 2021, to August 31, 2021, due to the prevailing Covid-19 pandemic situation. However, the extension does not apply to FATCA reports. It also publishes Decree No.164 that includes an updated list of TY2020 CRS reportable jurisdictions with the addition of Costa Rica and Grenada.

IRS Jul 2, 2021

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool, with the FIs that are in approved status as of June 24, 2021.

Ireland Jul 2, 2021

The Office of the Revenue Commissioners in Ireland publishes an updated list of CRS participating jurisdictions with the addition of Ecuador, New Caledonia, and Liberia. As a reminder, Ireland follows a wider approach for CRS reporting.

Uruguay Jul 1, 2021

The General Taxation Directorate of Uruguay publishes updated CRS XML example files.

United Arab Emirates Jun 30, 2021

The UAE’s Dubai International Financial Centre (DIFC) publishes an announcement informing DIFC regulated RFIs of the extension of the TY2020 FATCA and CRS reporting deadline from June 30, 2021, to July 15, 2021. The extension is applicable only for DIFC regulated RFIs.

IRS Jun 30, 2021

The IRS publishes an updated version of Publication 1179 that contains General Rules and Specifications for Substitute Forms 1098, 1099, and Certain Other Information Returns including Form 1042-S. The updates made to the publication are specified under Section 1.1.5.

China Jun 29, 2021

The State Administration of Taxation in China publishes an announcement informing RFIs of the unavailability of the reporting portal. It also informs RFIs that the portal will be available again beginning July 5, 2021, for registration, CRS annual report submissions, and NIL returns. The reporting deadline has not been extended but the authority would still accept reports from RFI which are yet to submit the returns. Also, the Non-Nil reporting would re-open later.

Jersey Jun 29, 2021

The States of Jersey publishes the content of the virtual training session on the internal controls to improve the quality of data and the process by which Revenue Jersey undertakes CRS and FATCA compliance reviews along with the content of the Q&A session.

Brazil Jun 29, 2021

The Department of Federal Revenue in Brazil publishes an update informing RFIs that closed private pension entities that meet the criteria outlined in Annex II of the FATCA IGA and CRS standards (RFB 1680/2016) are exempt from FATCA and CRS reporting. However, RFIs are required to continue to present the financial operations module, but they do not need to mark the accounts as reportable while classifying entities. It also informs RFIs that in case such accounts are already classified and reported for TY2020, the accounts must be rectified without the inclusion of the reportable tag of the account group.

Czech Republic Jun 29, 2021

The Ministry of Finance of the Czech Republic publishes amended DAC7 and DAC8 legislative proposals. The DAC7 directive is amended to introduce new rules to enhance transparency concerning digital platforms via the exchange of information between member states applicable beginning January 1, 2023. The DAC8 directive that includes several amendments to the exchange of information on financial accounts, tax rulings and preliminary transfer pricing assessments, country reports, beneficial ownership, and, cross-border arrangements to be reported, has been amended to extend the scope of the directive to include the exchange of information on cryptocurrencies and electronic money. The proposal for this directive is expected to be presented in the second half of 2021.

Switzerland Jun 28, 2021

The Federal Tax Administration of Switzerland publishes its final decisions for each banking relationship concerned by FATCA Group Requests as of June 28, 2021.

Qatar Jun 28, 2021

The General Tax Authority in Qatar releases Reporting Portal User Manual v1.1, as per the newly launched “TABADOL” reporting system for FATCA and CRS reporting beginning TY2020. It also releases the FATCA and CRS training slides to help with portal features and functionality.

Switzerland Jun 26, 2021

The Federal Tax Administration (FTA) of Switzerland updates its list of CRS reportable jurisdictions. Saint Kitts and Nevis has now been identified as a temporary non-reciprocal jurisdiction from the previous status of a reciprocal jurisdiction. Thus, The reporting Swiss financial institutions must collect the relevant data as soon as the AEOI is activated and transmit it to the Federal Tax Administration within the specified time. However, the Federal Tax Administration will only transmit this data to partner states if they meet the requirements for reciprocal data exchange and if an updated audit by the Global Forum confirms the same.

Belarus Jun 25, 2021

The Ministry of Taxes and Duties of Belarus publishes updated guidelines on reporting missing US TINs. The guidance includes the addition of a new code “777777777” that can be used by the RFIs to report missing US TINs for preexisting accounts that are dormant or inactive but remain above the reporting threshold in FATCA reports beginning TY2020. It also provides a reference to the recently released IRS FATCA FAQ6.

Samoa Jun 25, 2021

The Ministry of Customs and Revenue in Samoa publishes a list of 2021 CRS reportable jurisdictions. No additions or exclusions have been made to the reportable jurisdictions from previous years.

China Jun 24, 2021

The State Administration of Taxation in China publishes an announcement informing RFIs of the end of the TY2020 CRS reporting period.

IRS Jun 24, 2021

The IRS updates its list of Jurisdictions with Approved KYC Rules to add a revised attachment for Germany.

IRS Jun 23, 2021

The IRS informs RFIs of the unavailability of the QI/WP/WT Application and Account Management System due to planned maintenance on June 26, 2021.

Germany Jun 23, 2021

The Federal Tax Office of Germany (BZSt) publishes an update informing RFIs of the availability of the updated DAC6 communication manual v2.0 as per the new EU requirements.

Isle of Man Jun 22, 2021

The Income Tax Division of Isle of Man publishes an Industry Advisory Notice. The notice reminds RFIs that: (1) The deadline for CRS and FATCA reporting is June 30, 2021, and the Isle of Man FIs filling after the deadline would be subject to penalties, and (2) To use the updated CRS XML schema v2.0 while preparing CRS returns since CRS data prepared using the old version 1.0 cannot be filed. RFIs are also reminded of the recent amendments made to the CRS and FATCA regulations on penalties provisions, enforcement, imposition of fines, and appeal rights along with the procedures to appeal in case of breach of obligations. Also, unofficial consolidated regulations are provided to assist with the reading of the amended regulations.

Belgium Jun 22, 2021

The Ministry of Finance in Belgium publishes a notice informing RFIs that due to the prevailing health crisis the TY2020 FATCA and CRS reporting deadline has been extended from June 30, 2021, to July 16, 2021.

Slovak Republic Jun 22, 2021

The Financial Directorate of the Slovak Republic publishes a document with details of the verification of financial accounts by the reporting financial institutions, in accordance with the regulations required to report such accounts as undocumented accounts.

Guernsey Jun 22, 2021

The Revenue Service of the States of Guernsey publishes an information notice on FATCA and CRS Compliance Information. The purpose of this information notice is to provide additional pointers and sources of information to provide practical support to financial institutions.

India Jun 22, 2021

The Income Tax Department of India publishes circulars regarding the use of Compliance Check Functionality under Section 206AB and 206CCA of the Income-tax Act 1961. The compliance check functionality is a new addition to the reporting system in order to facilitate tax deductors/collectors to verify if the person is a verified ‘specified person’ as per Section 206AB and 206CCA.

OECD Jun 22, 2021

The OECD releases Model Rules for Reporting by Platform Operators with respect to Sellers in the Sharing and Gig Economy. Under the Model Rules, operators of digital platforms are required to collect information on the income realized by those offering accommodation, transport, and personal services through platforms and to report the information to tax authorities.

Germany Jun 21, 2021

The Federal Tax Office of Germany (BZSt) publishes CRS and FATCA Newsletters. The CRS newsletter 04/2021 reminds RFIs of the availability of the final list of TY2020 CRS reportable and participating jurisdictions. As a reminder, Costa Rica, Curacao, Grenada, and Peru have been identified as reportable jurisdictions beginning TY2020 reporting while Albania, New Caledonia, and Oman have been identified as participating jurisdictions. Also, the RFIs are informed that there is no extension for the CRS reporting deadline in 2021 and that the submissions must be completed by July 31, 2021. The FATCA newsletter 03/2021 informs RFIs of the updates made to the document “US acknowledgment of receiptAnFI (UEFI)” due to the adaptation of the updated UEFI XML schema version 2.5.

India Jun 21, 2021

The Income Tax Department of India publishes several updated documents related to AEOI reporting: (1) Reporting Portal User Guide (v4.0); (2) Reporting Portal – FAQs (v5.0); (3) Reporting Portal Registration User Guide (v2.0); (4) Reporting Portal-Manage User Profile Guide (v2.0); (5) Interest and Dividend - Quick Reference Guide (v3.0); (6) Compliance Check for Section 206AB and 206CCA- FAQs (v1.0); (7) Compliance Check for Section 206AB and 206CCA - Quick Reference Guide (v1.0); and (8) Training material on Compliance Check for Section 206AB and 206CCA.

Liechtenstein Jun 21, 2021

The Tax Administration (STV) of the Principality of Liechtenstein publishes guidance on the 2021 CRS/FATCA control guidelines for managed legal entities of trusts, trustees, and persons who carry out activities according to Article 180a of the PGR (Personal and Company Law). It also publishes guidance on the 2021 CRS/FATCA control guidelines for banks and insurance companies. The control guidelines are risk-based controls that should be carried out by the STV or third parties assisting with CRS/FATCA reporting.

Finland Jun 21, 2021

The Finnish Tax Administration updates its Tax Administration Guide for the application of the FATCA agreement. Section 1 (National options permitted by the agreement) and, Section 5.7 (Tax Identifiers (TIN) have been updated to include an additional exception to the mandatory US TIN reporting requirement under the following conditions: (1) the personal account has been opened before July 1, 2014; (2) the balance of that account did not exceed USD 50,000 on June 30, 2014, nor at the end of any subsequent calendar year; and (3) no new accounts have been opened for that account holder since June 30, 2014. If the above conditions are met, a US TIN is not mandatory to be reported in the annual FATCA Report, provided that the reporting financial institution continues to make reasonable efforts to obtain the missing US TIN from the account holder. In the situation described above, the account must also continue to be reported as required. The transitional provisions for the missing US TIN, as set forth in the Notice 2017-46 issued by the U.S. IRS, expired on December 31, 2019.

Ireland Jun 20, 2021

The Office of the Revenue Commissioners in Ireland publishes Revenue eBrief No. 121/21 informing RFIs of the updates made to Chapter 10 of the Approved Profit Sharing Schemes Manual (APSS). Among other updates, Paragraph 10.6.10.3 has been inserted in the Manual, to confirm that a trust established for an approved profit-sharing scheme is considered an “Excluded Account” for CRS/DAC2 purposes and an “Excluded Product” for FATCA purposes.

Malaysia Jun 18, 2021

The Inland Revenue Board of Malaysia (IRBM) publishes updated CRS submission timelines for 2021 informing RFIs that the TY2020 CRS reporting deadline has been extended from June 30, 2021, to July 31, 2021. It also publishes an updated Hasil International Data Exchange Facility (HiDEF) AEOI tool v1.1 and an updated CRS XML Sample File v2.

Slovak Republic Jun 18, 2021

The Financial Directorate of the Slovak Republic publishes FATCA, CRS, and CbCR reporting testing manual.

Brazil Jun 18, 2021

The Department of Federal Revenue in Brazil releases an updated version of its e-Finance Manual (e-Financeira v1.1.6). It also provides a link to a presentation video of the main changes to the manual. Additionally, it also informs the taxpayers of the Support Program being introduced by the Federal Revenue to be compliant with the e-financial. The program has the objective of making available via electronic e-dossier extracts of automatic processing of information sent via e-financial, compared with other information available in our databases, together with evaluations of the quality of our data sent to other countries. Further information about the program can be found in the video published in the videos folder entitled Support for e-Financial Compliance.

Isle of Man Jun 18, 2021

The Income Tax Division of Isle of Man publishes The Income Tax (Common Reporting Standard) (Amendment) Regulations 2021 and The International Tax Compliance (United States Of America) (Amendment) Regulations 2021. Both the regulations include amendments related to the penalties provisions, enforcement, imposition of fines, and appeal rights along with the procedures to appeal in case of breach of obligations. It also publishes unofficial consolidated regulations to assist with the reading of the regulations.

United States Jun 18, 2021

NEW - Jurisdictional Debrief Now Available (Week Ending June 18, 2021)

India Jun 16, 2021

The Income Tax Department of India publishes an updated version of its Reporting Portal Registration User Guide (v1.1).

Chile Jun 16, 2021

The Internal Revenue Service (SII) of Chile publishes a notice informing RFIs that due to the prevailing Covid-19 pandemic situation the TY2020 CRS reporting deadline has been extended from June 30, 2021, to August 31, 2021.

Germany Jun 16, 2021

The Federal Tax Office of Germany (BZSt) publishes the final list of TY2020 CRS exchange partners with which the BZSt would exchange CRS information.

Germany Jun 16, 2021

The Federal Tax Office of Germany (BZSt) publishes a final list of TY2020 CRS reportable and participating jurisdictions. Costa Rica, Curacao, Grenada, and Peru have been identified as reportable jurisdictions beginning TY20 reporting while Albania, New Caledonia, and Oman have been identified as participating jurisdictions.

Netherlands Jun 15, 2021

The Netherlands’ Tax and Customs Administration publishes a communication informing RFIs of the effective date of schema version update for DAC6 (Mandatory Disclosure Rules) reporting.

Cyprus Jun 15, 2021

The Cyprus Tax Department publishes an updated list of TY2020 CRS reportable and participating jurisdictions. Costa Rica, Curacao, Grenada, and Peru have been added to the lists.

IRS Jun 15, 2021

The IRS publishes a notice informing RFIs of the unavailability of the FATCA systems due to planned maintenance from June 18, 2021, to June 20, 2021.

Barbados Jun 15, 2021

'The Barbados Revenue Authority publishes a notice informing RFIs that an extension has been granted until July 31, 2021, to file prior year report(s) for the FATCA/CRS or to make any necessary corrections. Any queries should be directed to the International Relations Unit of the Authority via email at compauth@bra.gov.bb. As a reminder, TY20 FATCA/CRS reporting deadline is also July 31, 2021.

India Jun 15, 2021

The Income Tax Department of India publishes an updated version of its report generation and validation utility tool (v2.5) for Form 61B. It also publishes the Interest Income and Dividend Income Utility User Guide (v2.0).

Slovak Republic Jun 15, 2021

The Financial Directorate of the Slovak Republic publishes updated instructions on submitting CRS reports and has also updated CRS FAQs. Both the documents are updated to inform RFIs that in case of no reportable accounts (Nil reporting) in the relevant calendar year, RFIs can either check the box to declare that they had no reportable accounts or can attach an XML file in which the Nil Report element is completed.

IRS Jun 15, 2021

The IRS publishes updated QI/WP/WT system FAQs. The FAQs 1-6 under General System Question have been updated and FAQ7 on alphabetic or numeric formats has been added.

Netherlands Jun 15, 2021

The Netherlands’ Tax and Customs Administration publishes FAQs on Accidental Americans providing information on their reporting requirements.

OECD Jun 15, 2021

The OECD publishes an updated list of jurisdictions participating in the Convention on Mutual Administrative Assistance in Tax Matters. The dates of the deposit of the instrument of ratification of the amended convention have been updated for Botswana and Eswatini.

Liechtenstein Jun 14, 2021

The Tax Administration (STV) of the Principality of Liechtenstein publishes Newsletter 07/2021 informing RFIs of the updates made to the FATCA FAQs. Specific updates include: (1) FAQ 1.11 is updated to provide further clarifications regarding Liechtenstein fund that have not issued any holder shares; and (2) FAQ 4.3 is updated to provide additional guidance on how to report missing US TINs. It also provides a reference to the recently published IRS FATCA FAQ6.

Austria Jun 14, 2021

The Federal Ministry of Finance in Austria publishes an updated list of TY2020 CRS reportable and participating list. Costa Rica, Curacao, and Peru have been added to the reportable list while Oman, Peru, and New Caledonia have been added to the participating list.

IRS Jun 14, 2021

The IRS releases an updated Publication 1281 (rev. 5-2021) on Backup Withholding for Missing and Incorrect Name/TIN(s). As a reminder Backup Withholding Rate is 24%, effective for all subject payments after December 31, 2017.

Lebanon Jun 14, 2021

The Ministry of Finance in Lebanon publishes an updated list of TY2020 CRS reportable jurisdictions. Costa Rica, Curacao, Grenada, and Switzerland have been added to the list.

Slovak Republic Jun 11, 2021

The Financial Directorate of the Slovak Republic publishes a notice related to DAC6 reporting thus informing RFIs submitting the DAC6 Notification via an XML file to submit their data containing the XML file in v3.02 no later than July 26, 2021. After this deadline, it will only be possible to attach an XML file in v4.04.

IRS Jun 11, 2021

The IRS publishes an updated FATCA QI/WP/WT and Account Management User Guide (Pub. 5262).

IRS Jun 11, 2021

The Department of Treasury of the US IRS publishes a revised delegation order that provides information on the Authority that acts as “Competent Authority” under certain international agreements.

Finland Jun 11, 2021

The Finnish Tax Administration published updated FATCA technical guidance (v2.5) and CRS technical guidance (v2.5). Specific updates made to the FATCA technical guidance include: (1) Inclusion of the code “777777777” that can be used to report dormant preexisting accounts in place of missing US TINs under Section 6.3.3.1 and 6.3.3.2; (2) Updated instructions on AddressFix field under Section 6.4.2.1; and (3) an updated list of automated checks that prevent the return from being sent if an error or omission is detected in the data under Section 7. The updates made to the CRS technical guidance include: (1) Updated information on AccountReport; AccountTreatment and Self-Certification element under Section 6.3.1; (2) Updated instructions on AddressFix field under Section 6.4.2.1; and (3) An updated list of automated checks under Section 7.

Australia Jun 10, 2021

The Australian Taxation Office (ATO) publishes CRS Stakeholder Update #17 thus informing RFIs that penalties may be imposed on RFIs that do not apply strong measures to obtain valid and reasonable self-certifications by the reporting deadline for the applicable reporting period.

Mauritius Jun 10, 2021

The Mauritius Revenue Authority (MRA) releases a list of common errors made by Mauritius Financial Institutions (MFIs) when submitting CRS Reports.

Germany Jun 9, 2021

The Federal Tax Office of Germany (BZSt) publishes CRS Newsletter 03/2021 informing RFIs of the requirement of completing the identification number (IN) field of the FI reports beginning TY2021 reporting period. The specification of the tax number to be entered has been updated from the standard schema of the countries to the 13-digit unified federal scheme for the electronic transmission, also called the ELSTER schema. It is also informed to the RFIs that the new check has no effect on correction/deletion or cancellation of data. In the case of correction/deletion and cancellation of data, the entries for the FI and thus also the identification number must be identical to the referenced first reporting. Additionally, a list of IN schema of the individual federal states is included.

Bahamas Jun 9, 2021

The Bahamas Competent Authority publishes an updated list of TY2020 CRS reportable jurisdictions. Costa Rica and Grenada have been added to the list, while Azerbaijan, Panama, and South Korea have been excluded from the list.

Gibraltar Jun 9, 2021

The Commissioner of Income Tax of Gibraltar publishes an updated list of CRS reportable jurisdictions. Albania has now been identified as a permanent non-reciprocal jurisdiction beginning TY2020 from the previous temporary non-reciprocal status.

Kuwait Jun 8, 2021

The Ministry of Finance in Kuwait publishes an update informing RFIs of the availability of the optional TIN codes introduced by the US IRS to report missing US TINs under FATCA reporting beginning TY2020. It provides a reference to the recently released IRS FATCA FAQ6 that provides guidance on the reporting of missing US TINs.

Luxembourg Jun 8, 2021

The Tax Administration (ACD) of Luxembourg updates its FATCA page to include a link to the recently released US IRS FAQ on reporting missing US TIN under FATCA. It reminds RFIs that for instances where the US TIN is unknown and not covered by any of the listed codes in the FAQ, code #NTA001# remains valid and must be used to report missing US TIN.

Turkey Jun 8, 2021

The Revenue Administration of Turkey publishes updated CRS FAQs that provide additional guidance to RFIs. Updates include: (1) FAQ 18 has been updated that provides information on reporting requirements of Individual retirement accounts; (2) FAQ 21 has been added that provides guidance on accounts that are considered financial accounts; (3) FAQ23 has been added that provides information on reporting requirements damage insurances or accident insurances Accounts; (4) FAQ28 has been updated that provides guidance on closed accounts reporting. The FAQs also consist of an updated list of CRS participating jurisdictions that now include Botswana, Eswatini, Jordon, Namibia, and Greece. As a reminder, Turkey follows a wider approach to CRS reporting.

Panama Jun 7, 2021

The Ministry of Economy and Finance of Panama has confirmed that it will accept the new series of codes introduced by the US IRS to report missing US TINs under FATCA reporting beginning TY2020.

Slovak Republic Jun 7, 2021

The Financial Directorate of the Slovak Republic publishes updated FATCA FAQs and a list of business validation errors for FATCA reporting. No major changes have been made to the documents, only minor formatting updates have been made.

Germany Jun 7, 2021

The Federal Tax Office of Germany (BZSt) publishes an update informing RFIs that the new DAC6DE XML schema v1.07 will be available beginning July 20, 2021.

United States Jun 4, 2021

NEW - Jurisdictional Debrief Now Available (Week Ending June 4, 2021)

Cayman Islands Jun 4, 2021

The Department for International Tax Cooperation (DITC) of the Cayman Islands publishes an Updates Bulletin. Specific Updates include: (1) Confirmation on the availability of the AEOI portal for TY2020 FATCA and CRS XML uploads; (2) RFIs are reminded to use the series of codes introduced by IRS in their FATCA XML to report missing US TINs; (3) RFIs are encouraged to make submissions by July 31, 2021, since DITC is not planning any extension; (4) All DITC email addresses and IP address must be whitelisted in order to receive communication from the authority; (5) RFIs are informed of the availability of the bulk upload CSV template for the CRS compliance form, which is designed for the users with a large number of FIs on the portal and for the users with less no of FIs it is suggested to use the previous smart form version. The template can be prepared in excel but must be submitted as a CSV file to the portal, however, this functionality is not yet available on the portal and is expected to be introduced shortly. DITC makes available the template and explanatory notes and section 5.F of the CRS guidelines to provide further detailed information; and (6) RFIs are also reminded of the importance of correct classifications, notifications, etc. under the CRS & FATCA Regulations.

Cyprus Jun 4, 2021

The Cyprus Tax Department publishes a notice informing RFIs that there will be no imposition of administrative fines for late submission of DAC6 (EU Directive on mandatory disclosure and exchange of information on cross-border arrangements) information until September 30, 2021.

Jersey Jun 3, 2021

The States of Jersey publishes an update informing RFIs of a virtual training session on AEOI to be held on June 8, 2021. This session will help RFIs and third-party reporters to understand some common issues affecting the quality of CRS and FATCA reports. It will also include a discussion on the internal controls to improve the quality of data, and the process by which Revenue Jersey undertakes CRS and FATCA compliance reviews.

China Jun 3, 2021

The State Administration of Taxation in China publishes an announcement informing RFIs of the network upgrade of the AEOI portal. RFIs are advised to submit the reports from June 4, 2021.

Barbados Jun 3, 2021

The Barbados Revenue Authority (BRA) publishes a notice advising all Reporting Barbados Financial Institutions that an extension has been granted until July 31, 2021, to file prior year reports for the FATCA and CRS or to make any necessary corrections. The Authority encourages Reporting Barbados Financial Institutions to use this opportunity to regularize their FATCA/CRS submissions via the Authority’s AEOI web portal.

Australia Jun 3, 2021

The Australian Taxation Office (ATO) makes minor formatting updates to the information on its FATCA Reporting page and it also includes the process on how to submit the data on the portal.

Mauritius Jun 1, 2021

The Mauritius Revenue Authority (MRA) publishes a communication informing RFIs of the availability of new series of codes released by the US IRS to report missing US TINs under FATCA reports beginning TY2020. It provides a reference to the recently released IRS FATCA FAQ6 that provides guidance on the reporting of missing US TINs.

IRS Jun 1, 2021

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool, with the FIs that are in approved status as of May 24, 2021.

Taiwan May 31, 2021

The Ministry of Finance in Taiwan publishes an announcement informing RFIs that due to the prevailing Covid-19 pandemic situation, the TY2020 CRS reporting deadline has been extended from June 30, 2021, to August 2, 2021.

Belgium May 31, 2021

The Ministry of Finance in Belgium publishes FATCA and CRS communications informing RFIs that the correction requests received from the US IRS with respect to TY2019 FATCA reporting have been sent to relevant financial institutions. Financial institutions that have received a correction request will be permitted a month and three working days to provide/submit corrected data. Additionally, it informs RFIs that correction requests received from partner jurisdictions related to CRS reporting have been sent to relevant RFIs and the ministry has also released an error codes description file to further assist RFIs.

China May 31, 2021

The State Administration of Taxation in China publishes a notice informing RFIs that the deadline for submitting CRS reports for private equity funds registered with the Asset Management Association of China (AMAC) in the AMBERS reporting system is June 30, 2021. It also publishes instructions on how to submit the CRS annual written reports in the AMBERS system for the aforementioned funds. It specifies: (1) that the financial institution code is the registration code of the financial institution; (2) Since it is the first time to fill out a written report in the AMBERS system, please answer each question in detail. Beginning next year, some questions can be filled in as "same as the previous year"; and (3) After the written report is submitted in the AMBERS system, there is no need to email it again.

Indonesia May 31, 2021

The Directorate General of Taxation (DJP) in Indonesia publishes a guide defining controlling persons related to financial accounts along with a list of domestic rules in various jurisdictions that regulate the issuance, structure, use, and validity of TINs.

Mexico May 31, 2021

The Mexico Tax Administration (SAT) publishes an updated FATCA/CRS reporting activity calendar to inform RFIs that the period for submission of FATCA/CRS returns would begin from July 15, 2021, to August 31, 2021.

Mexico May 31, 2021

The Mexico Tax Administration (SAT) releases various documents related to FATCA and CRS reporting. It includes: (1) Updated list of CRS reportable jurisdictions, where Costa Rica, Curacao, Grenada, and Turkey have been identified as reportable jurisdictions beginning TY20 while Bulgaria, Montserrat, and Romania have been removed from the list; (2) Updated list of CRS participating jurisdictions, where Brunei Darussalam, New Caledonia, and Peru have been Identified as participating jurisdictions; (3) Updated FATCA reporting guidance that lists a series of codes that RFIs can use to report missing US TINs; (4) Updated CRS reporting guidance; (5) Updated NIL reporting guidance that also includes a sample NIL reporting letter for TY20 in Annex 1 and 2; (6) Updated Process guidance for FATCA/CRS XML Submissions; and (6) Updated presentation on AEOI requirements for 2021. Additionally, RFIs are reminded to use the CRS XML schema v2.0 for reporting beginning 2021.

Bulgaria May 31, 2021

The National Revenue Agency of Bulgaria (NRA) publishes a TY2020 list of CRS reportable jurisdictions. Costa Rica, Curacao, Grenada, and Peru have been added to the list.

Oman May 30, 2021

The Tax Authority of Oman releases a list of CRS reportable jurisdictions.

Isle of Man May 28, 2021

'The Income Tax Division of Isle of Man publishes an Industry Advisory Notice informing RFIs of the updated instructions to report missing US TINs under FATCA reports beginning TY2020. Along with the permissibility to use nine A’s, a series of codes have been introduced by the IRS that can be used by a Reporting Model 1 FFI to populate the TIN field. It also informs that the FATCA reporting deadline for the TY2020 reports can be extended from June 30, 2021, to August 31, 2021, if an Isle of Man FI is wishing to implement the new codes. In such scenarios, RFIs need to request an extension by sending an email to aeoi.admin@itd.treasury.gov.im

United Arab Emirates May 28, 2021

The Abu Dhabi Global Market (ADGM) in the UAE publishes a notice informing RFIs that the TY20 FATCA/CRS reporting deadline is June 21, 2021, for FIs regulated by ADGM. The FATCA/CRS reporting portal would be available from May 17, 2021, to June 21, 2021.

Poland May 28, 2021

The Ministry of Finance in Poland publishes a FATCA and CRS update informing RFIs that in the event that the FATCA and CRS reportable account information is not submitted on time, entities may submit a voluntary disclosure (i.e. “czynny żal” or an act voluntarily admitting violation of tax regulations) under the provisions of the Criminal Tax Code (Act of September 10, 1999). Note that filing of the disclosure (“czynny żal”) requires the submission of the information obligation (i.e. CRS or FATCA return) to the Head of KAS along with an explanation of the lack of compliance, the voluntary disclosure is also submitted to the Head of the First Mazovian Tax Office in Warsaw.

India May 28, 2021

The Income Tax Department of India publishes updated versions of its Reporting Portal User Guide (v3.9) and Quick Reference Guide (v2.0), both the documents are updated to include the new Statement of Financial Transaction (SFT) codes – SFT 15 and SFT 16. It also publishes a Dividend and Interest-Generic Submission Utility Tool (v1.02) along with the Interest Income and Dividend Income Utility User Guide (v1.0).

United States May 28, 2021

The US Department of the Treasury releases revenue proposals and explanations in the fiscal year 2022 “Green Book” (General Explanations of the Administration’s Fiscal Year 2022 Revenue Proposals). Several of these proposals relate to information reporting and withholding and are consistent with the proposed tax compliance measures published on May 20 in the “American Families Plan Tax Compliance Agenda” report. The report includes proposals related to information reporting: (1) Introduction of a new comprehensive financial account reporting regime that requires third-party tax reporting by financial institutions to capture transaction-level detail; (2) Extension of electronic filing requirements and expansion of certified taxpayer identification number (TIN) requirements to include all reportable payments subject to backup withholding; and (3) Broadening of broker information reporting on crypto assets, including reporting on non-US account holders and substantial owners of certain passive entities.

Oman May 27, 2021

The Tax Authority of Oman publishes an announcement informing RFIs that the TY2020 CRS reporting deadline has been extended from May 31, 2021, to June 10, 2021.

IRS May 27, 2021

The IRS updates its list of approved KYC rules. The Holy See and Vatican City State have been added to the list of countries whose know-your-customer rules have been approved related to the qualified intermediary agreement.

Australia May 26, 2021

The Australian Taxation Office (ATO) publishes CRS stakeholder update #16 informing RFIs of the updates made to the CRS guidance. Section 4.10 has been updated to clarify that no self-certification is required if an RFI can reasonably determine that the account holder is not a reportable person. Additionally, it also reminds RFIs of the availability of a new webpage providing guidance on the requirement to obtain valid and reasonable self-certifications. Also, penalties may be imposed on RFIs that do not obtain self-certifications for all new accounts.

Cayman Islands May 26, 2021

The Department for International Tax Cooperation (DITC) of the Cayman Islands publishes updated AEOI FAQs. Three new FAQs have been added to the CRS Compliance Form section: (1) A FAQ on how to report a joint account has been added; (2) How to report details of a financial account where the account holder and all-controlling persons are not reportable jurisdictions persons and are in different jurisdictions; and (3) How to report a pre-existing entity account that is below the threshold for reporting.

Slovak Republic May 26, 2021

The Financial Directorate of the Slovak Republic publishes updated guidelines for RFIs, informing that the use of nine A’s to report missing US TIN in the FATCA TIN field is no longer accepted for TY2020 and subsequent years as the system does not allow reporting and will generate an invalid notification. The use of nine A’s can only be reported for the reporting period of 2019 and earlier.

IRS May 25, 2021

The IRS publishes a reminder that the Responsible Officer (RO) Certifications for the FATCA Certification period ending December 31, 2020, are due by July 1, 2021.

Thailand May 25, 2021

The Revenue Department of Thailand publishes an update informing that the IRS will open the IDES system to allow Thai FIs to receive and send FATCA simulated data to IRS from June 7, 2021, to July 7, 2021. It also informs that the FIs that have not yet registered in the IDES system, can register to participate in the trial and to submit the simulated data to the IRS by June 2, 2021. Also, if the FI has already registered in the IDES system, no new registration is required, but the password must be changed before June 2, 2021. FIs will not be able to edit passwords and upload certificates, during the testing period.

Albania May 25, 2021

The General Directorate of Taxes in Albania publishes a reminder for account holders to cooperate with the relevant FIs and to submit the self-certification form as per the set deadlines. Also, it informs that the failure to provide a self-certification form by any account holder is considered an administrative offense and is penalized under law no. 4/2020.

Brunei Darussalam May 25, 2021

The Ministry of Finance and Economy in Brunei Darussalam publishes an updated list of TY2020 CRS reportable jurisdictions. 14 jurisdictions have been added to the list.

Taiwan May 25, 2021

The Ministry of Finance in Taiwan publishes an update thus informing RFIs of the amendments made to the CRS guidance under measures for the implementation of Common Reporting Standard and Due Diligence by FIs. Specific updates include: (1) If a financial institution is inactive due to dissolution or any other reasons, there is no need to wait until the statutory declaration period (June of the next year after the elimination). The CRS reporting can be completed in advance to increase FIs flexibility in practical operations; and (2) The tax collection agency may conduct necessary inspections to ensure that the due diligence and reporting obligations for accounts with "foreign tax resident" status are completed in accordance with the CRS regulations, so as to improve compliance with laws and regulations. Further, it reminds financial institutions to report financial accounts held or controlled by the tax resident of Australia, Japan, and the United Kingdom for TY20.

Barbados May 21, 2021

The Barbados Revenue Authority (BRA) announces that it would be hosting an AEOI information session on May 25, 2021.

United States May 21, 2021

NEW - Jurisdictional Debrief Now Available (Week Ending May 21, 2021)

India May 20, 2021

The Income Tax Department of India publishes a circular announcing the extension of deadlines of various tax compliances due to the ongoing COVID-19 pandemic. Accordingly, the deadline for the statements of FATCA and CRS (Form 61B) reportable accounts under Rule 114G has been extended from May 31, 2021, to June 30, 2021.

Luxembourg May 20, 2021

Luxembourg’s Tax Administration (ACD) published updated CRS FAQs. Specific updates include: (1) FAQ 1.1 has been updated to include additional links according to the updated CRS XML schema, example XML files as well as a portal for TIN format verification; (2) FAQ 1.4 has been adjusted to remove the optional CRS Nil reporting provision (as a reminder, starting with TY20 CRS Nil filings are mandatory for Luxembourg RFIs); (3) FAQ 5.1 has been added to provide information of the new MyGuichet platform functionality that can be used to submit CRS Nil returns; (4) FAQ 5.3 has been updated to indicate that Nil reporting is mandatory for Luxembourg RFIs, and to clarify that FIs qualifying as Luxembourg Investment Advisors and Investments Managers that are considered Non-Reporting FIs under FATCA are classified as Reporting FIs under CRS since there is no equivalent status in CRS, and as such will be required to submit a CRS Nil return (whereas they are exempt from doing so under FATCA), (5) FAQ 5.13 has been added and provides a link to the detailed instructions on the updated CRS technical guidance, (6) FAQ 5.14 has been added to provide information on the modifications of the XSD schema (v2.0 for data message and v3.0 for status messages), and (5) FAQ 5.14 has been added added to include a list of UTF-8 characters that are allowed in CRS reports.

Australia May 20, 2021

The Australian Taxation Office (ATO) releases an updated CRS package content file v1.1 for Software developers and a package content note v1.1 describing modifications made to the package content file.

Mauritius May 20, 2021

The Mauritius Revenue Authority (MRA) publishes an updated list of CRS reportable jurisdictions. There are no new jurisdictions for TY20 reporting.

Cayman Islands May 19, 2021

The Cayman Islands DITC portal has commenced accepting TY2020 FATCA XML reports from May 10, 2021.

Greece May 19, 2021

The Independent Public Revenue Authority of Greece publishes Decision No. A.1107, amending the list of CRS reportable and participating jurisdictions. Costa Rica, Curacao, and Grenada are added as reportable jurisdictions from the previous status of non-reciprocal jurisdictions. Peru has been newly added as a reportable and participating jurisdiction for the exchange of data beginning TY20. Also, Gibraltar and the United Kingdom have been updated to indicate information exchange beginning TY2020 based on the CRS-MCAA agreement following Brexit.

Ireland May 18, 2021

The Office of the Revenue Commissioners in Ireland publishes updated FATCA filing guidelines. Specific updates include: Section 7.6 has been updated with guidance on the reporting of financial accounts that have no US Taxpayer Identification Number (TIN) for reporting periods from 2020 onwards. Section 7.12 has been added to give guidance on the correcting, voiding or amending of a FATCA XML filing. Links to sample XML files have been included. Section 7.13 has been added to give guidance on reporting for a passive Non-Financial Foreign Entity (NFFE) that is not a US Entity

Israel May 18, 2021

The International Taxation Department of Israel publishes an update informing RFIs of the introduction of new codes that can be used to report missing US TINs under FATCA reporting along with the use of 9A’s and nine zeroes beginning TY2020. It also informs that there is no legal obligation to use the new codes. The IRS will issue an error message even when using the codes described above, the error message will provide 120 days to make corrections.

Guernsey May 18, 2021

The Revenue Service of the States of Guernsey advises RFIs to obtain GIINs before May 25, 2021, to be able to report a new FI for FATCA on the IGOR portal by June 30, 2021.

Oman May 18, 2021

The Tax Authority of Oman publishes an announcement informing RFIs that the TY2020 CRS registrations and reporting obligations must be completed by May 31, 2021. RFIs are further advised to file a report to the Tax Authority in cases where the FIs do not maintain any reportable accounts. It also informs that no enrolment requests or information will be accepted by the AEOI portal after May 31, 2021.

Peru May 17, 2021

The Customs National Superintendence and Tax Administration of Peru (SUNAT) updates AEOI FAQ 8 thus providing additional information related to the TY2020 CRS reporting deadline extension. The deadline for accounts with the last digits of the RUC ending with 0,2,4,6 and 8, is extended to July 22, 2021, and for accounts with the last digits of the RUC ending with 1,3,5,7 and 9, is extended to July 23, 2021.

Canada May 17, 2021

The Canadian Revenue Agency (CRA) updates its Part XVIII Information Return (FATCA) filing instructions. A new document type code tag has been added (C for Cancellation).

China May 14, 2021

'The State Administration of Taxation in China publishes an update for private equity funds that have registered with AMAC ("Asset Management Association of China"), the due date for their CRS annual reports as well as how to submit the reports will be determined by AMAC. For other types of FIs, they shall still submit the CRS annual report as usual to crs@chinatax.gov.cn or crsreportingsupport@chinatax.gov.cn

Marshall Islands May 14, 2021

The Ministry of Finance of the Marshall Islands publishes a notice informing RFIs of the availability of the MDES portal for testing from May 14, 2021, to May 19, 2021, and for submissions from May 20, 2021, until May 31, 2021. It also publishes an MDES General user guide v1.0 to assist RFIs with portal functionalities. Additionally, it publishes an updated MDES FATCA CRS (FC) XML Schema user guide v2.2 according to the updated OECD CRS XML schema (v2.0).

Italy May 14, 2021

The Ministry of Economy and Finance in Italy publishes a Decree modifying the list of CRS reportable and participating jurisdictions. Curacao and Peru have been added as reportable jurisdictions for TY2020 reporting while New Caledonia and, Peru have been added as participating jurisdictions.

Saint Kitts and Nevis May 14, 2021

The Inland Revenue Department (IRD) of Saint Kitts and Nevis publishes an advisory note informing RFIs that the TY2020 CRS reporting deadline has been extended from May 31, 2021, to August 29, 2021, same as the FATCA reporting deadline to allow RFIs to meet both reporting obligations at once.

IRS May 13, 2021

The IRS publishes an updated FATCA FAQ, FAQ6 under the Reporting section has been added that provides guidance to Model 1 FFIs on availability of a series of codes that may be used by a reporting Model 1 FFI to populate the TIN field where the US TIN has not been obtained in specified scenarios. The use of these codes is not mandatory and does not mean that an FFI will not be at risk for being found significantly non-compliant due to a failure to report each required U.S. TIN. The expectation is that the use of these codes will allow our tax administrations to better understand the facts and circumstances behind the missing U.S. TINs, both in general and with respect to a specific reporting Model 1 FFI.

Peru May 13, 2021

The Customs National Superintendence and Tax Administration of Peru (SUNAT) publishes an update informing RFIs that the TY2020 CRS reporting deadline has been extended from May 31, 2021, to July 31, 2021.

Australia May 13, 2021

The Australia Taxation Office (ATO) publishes an update reminding RFIs that a valid reasonable self-certification is obtained self-certification must be obtained for all new accounts. A valid and reasonable self-certification must generally be obtained on ‘day one’ of the account opening process. In limited circumstances, where a reasonableness check of the self-certification cannot be completed because it is a ‘day two’ process undertaken by a back-office function, it must be checked within a period of 90 days and no later than the deadline for reporting. RFIs should only adopt a ‘day two’ reasonableness check if they have the functionality to apply a block to all transactions or close accounts. RFIs also need to have strong measures in place where a valid and reasonable self-certification is not obtained, strong measures include: (1) Applying a block to all customer transactions on the account. The block may only be removed when a valid and reasonable self-certification is received, and (2) Closing the account. It further informs that penalties may be imposed on RFIs that do not take these strong measures to obtain self-certifications.

Gibraltar May 13, 2021

The Commissioner of Income Tax of Gibraltar publishes updated notes on the list of CRS reportable jurisdictions. There are no updates made to the list of reportable jurisdictions however the notes includes updated information related to reporting obligations for RFIs: (1) Explanation to ownership chain leading up to trust with discretionary beneficiaries, (2) Peer input feedback from CRS partner jurisdictions, (3) Administrative Compliance Framework to help Gibraltar address key critical areas for the successful implementation of the AEOI Standard locally, and (4) OECD Disclosure Facility - key risks related to CRS circumvention. It also informs RFIs of the adaptation of the updated codes to report missing US TINs in FATCA reports beginning TY2020 along with the permissibility to use nine A’s and nine zeroes. However, usage of these series of codes would still generate an error notice that would provide RFIs 120 days to correct the issues.

Australia May 12, 2021

The Australia Taxation Office (ATO) publishes an updated list of CRS participating jurisdictions with the addition of Albania, New Caledonia, and Nigeria. Additionally, Section 3.9 is updated to include accounts held by self-managed super funds (SMSFs) and small APRA (SAFs) funds to the list of Excluded Accounts.

Singapore May 12, 2021

The Inland Revenue Authority of Singapore (IRAS) publishes an update informing the availability of Simplified CRS Registration and Filing Requirements for Qualifying Personal Investment Companies (PICs). Such Qualifying PICs can register and file returns via the simplified AEOI registration and reporting form through Singpass.

Guernsey May 12, 2021

The Revenue Service of the States of Guernsey publishes Bulletin 2021/4, informing RFIs that the FATCA and CRS reporting deadlines remain June 30, 2021. The bulletin also reminds: (1) All RFIs are expected to register and submit the FATCA and CRS reports electronically through Information Gateway Online Reporter (IGOR) ahead of the reporting deadline of June 30, 2021, (2) A new code “777777777” is being included in the IGOR system that can be used by the RFIs in the TIN field to report missing US TIN in FATCA reports beginning TY2020, (3) Reminder that all new CRS reports submitted after January 31, 2021, should be submitted using the new XML schema v2.0. Additionally, a list of compliance pointers is provided as guidance on key compliance areas to consider when preparing and completing a submission, and (4) RGFIs are also reminded that commencing with the reporting of 2020 CRS and FATCA Reporting Financial Institutions will be required to classify what type of reporting institution they are and also need to confirm that all reports submitted (inclusive of nil reports, if an RGFI has submitted a nil report) comply with the relevant Regulations by completing a Compliance Assurance Statement.

Ecuador May 12, 2021

The Internal Revenue Service (SRI) of Ecuador publishes a Resolution informing RFIs of the extension of the TY2020 CRS reporting deadlines due to an inconsistency in the production environment. The extension applies to accounts for which the submission deadline is from May 10, 2021, to May 20, 2021. The reporting for such accounts has been accordingly rescheduled between May 17, 2021, to May 27, 2021. It further informs RFIs that in case of a deadline falling on a weekend or national holiday, the next business day will be treated as the deadline.

Costa Rica May 12, 2021

The Ministry of Finance of the Republic of Costa Rica publishes an updated list of TY2020 CRS reportable jurisdictions.

South Korea May 11, 2021

The National Tax Service (NTS) of South Korea publishes several documents related to CRS and FATCA reporting, that includes: (1) updated Guidelines on submitting financial information in 2021, (2) Financial information submission template, and (3) Video on financial information submission in 2021. The Guidelines inform RFIs that a new series of codes should be used for reporting missing US TINs in FATCA reports beginning TY2020 and, that the use of nine A’s in place of missing US TINs is no longer permitted. Further, it informs that the testing period is from May 11, 2021, to May 28, 2021.

Jersey May 11, 2021

The International Taxation Department of the Government of Jersey issues an update informing RFIs of the addition of the new code “777777777” that can be used to report missing US TINs in FATCA reports beginning TY2020. It also reminds RFIs that: (1) TY2020 FATCA and CRS reports must be filed by June 30, 2021, (2) FATCA reports will not be accepted without a valid GIIN, (3) Under CRS reporting, a report submitted on behalf of a TDT or Investment Entity must show the name of that entity in the “ReportingFI” field in order to comply with the CRS Regulations, and (4) Compliance Note 2 that contains a list of common errors and hallmarks of compliance may be referred by RFIs to review their internal organization and controls.

Germany May 11, 2021

The Federal Tax Office of Germany (BZSt) publishes FATCA Newsletter 02/2021 informing RFIs that a series of new codes introduced by the IRS can be used for different types of accounts for reporting missing US TINs, along with the permissibility to use nine A’s in exceptional cases. It also informs that use of nine 0’s is no longer acceptable in the TIN field due to the new entry option “NA” that can be also be used for previous reporting periods in case of missing TINs or when TINs are in other than the permissible format. Other updates include: (1) DocRefIDs used in the FATCA messages should not contain any lower case characters for initial reports, and (2) The schema change has been postponed to the next calendar year 2022.

Barbados May 11, 2021

'The Barbados Revenue Authority (BRA) publishes a notice informing RFIs of the availability of the AEOI Portal for TY2020 FATCA and CRS submissions until July 31, 2021. It also reminds RFIs that if they operated for the full reporting year or a part of it, a report must be submitted for that particular period. Additionally, any request to have an institution deregistered from the AEOI web portal, should be submitted in writing to the Authority on the company’s letterhead along with the necessary documentation via email at - compauth@bra.gov.bb. Please note that all outstanding reports must be submitted before an entity can be deregistered.

France May 11, 2021

The French Tax Authority (DGFiP) releases an updated version of the FATCA Technical Guide (v4.4). The guidance includes an updated FATCA TY2020 missing TIN reporting guidance with the inclusion of the code “777777777” that can be used to report dormant preexisting accounts.

China May 10, 2021

'The State Administration of Taxation of China announces that Multilateral Tax Data Service Platform Technical support service can now be contacted via telephone, contact number – 15701565114 for any login issues, while all the other business related issues can be directed to: crsreporting@163.com.

IRS May 7, 2021

The IRS publishes an update informing that as part of its continuing effort to reduce paperwork and respondent burden, the IRS invites the public and other Federal agencies to provide comments on information collections for Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-sharing Plans, IRAs, Insurance Contracts, etc. Written comments should be submitted on or before July 6, 2021, to be assured of consideration.

Jersey May 7, 2021

The States of Jersey publishes Compliance Note 2 that contains a list of common errors and hallmarks of compliance under CRS and FATCA reporting. Revenue Jersey has identified a number of common themes which can lead to Financial Institutions (FIs) not complying with their obligations under the CRS and FATCA rules.

Slovak Republic May 7, 2021

The Financial Directorate of the Slovak Republic publishes an updated list of business validation errors for FATCA and CRS reporting that serves as a tool to assist FIs with data submissions and to avoid common errors while preparing the XMLs. These documents are valid for notifications beginning January 1, 2021.

United States May 7, 2021

NEW - Jurisdictional Debrief Now Available (Week Ending May 7, 2021).

Belgium May 6, 2021

The Ministry of Finance in Belgium publishes an updated list of TY2020 CRS reportable and participating jurisdictions. New Caledonia is the only addition as a participating and reportable jurisdiction. It also publishes a notice informing RFIs of the availability of the MyMinfin CRS portal for testing and submission of CRS reports. As a reminder, FIs subject to reporting that do not have reportable accounts must submit a 'nil' statement to the FPS Finance by entering the MyMinfin portal and clicking on the appropriate box.

British Virgin Islands May 5, 2021

The International Tax Authority (ITA) of the BVI publishes a revised list of CRS reportable jurisdictions for TY2020. Hong Kong has been added as a reportable jurisdiction to the revised list.

Greece May 5, 2021

The Independent Public Revenue Authority of Greece publishes Decision No. A.1094, comprising the updated list of intended exchange partners based on the Multilateral Competent Authority Agreement (MCAA). Specifically, Ecuador and Kazakhstan have been added to the 2020 intended exchange list while Morocco has been added to the 2021 intended exchange list.

Brazil May 5, 2021

The Department of Federal Revenue in Brazil updates the AEOI currency codes that can now be included in the account subtypes. This would update the existing list of the e-financeira manual Section 4.1.3.1.152.

IRS May 4, 2021

The IRS publishes an update on the IDES testing session. The FATCA International Data Exchange Service (IDES) opens for testing from June 7, 2021, to July 7, 2021. The test session will be open to users that have completed IDES enrollment by June 2, 2021.

Malaysia May 4, 2021

The Inland Revenue Board of Malaysia (IRBM) publishes an update informing RFIs that the FATCA International Data Exchange Service (IDES) will be available for testing beginning June 7, 2021, until July 7, 2021. The test session will be open to users that have completed IDES enrollment by June 2, 2021.

Bermuda May 4, 2021

The Ministry of Finance in Bermuda publishes a notice informing RFIs that due to the prevailing Covid-19 pandemic situation, the CRS reporting deadline for the period ending December 31, 2020, has been extended from May 31, 2021, to June 30, 2021, while the CRS registration deadline has been extended from April 30, 2021, to June 15, 2021. Additionally, Strict enforcement measures will apply for any filings submitted after the extended deadlines. It also reminds RFIs: (1) that OECD CRS XML Schema v2.0 is applicable; (2) Guidance on Deactivation of FIs; (3) Guidance on reporting Undocumented accounts; (4) Reporting of TINs of account holders; and (4) every reporting entity must ensure there is an active and contactable Primary User appointed at all times.

Barbados May 4, 2021

'The Barbados Revenue Authority publishes a notice informing RFIs that the AEOI Portal will be available from May 6, 2021, to June 1, 2021, to facilitate prior-year FATCA and CRS reporting. The portal has been opened to facilitate reporting by RFIs that may have outstanding reports or to submit and corrections/amendments to previous filings. RFIs with outstanding reports are required to notify the Authority of their intent to file in order to be granted access to the portal. Correspondence should be sent via electronic mail to compauth@bra.gov.bb. As a reminder, the new version of the CRS Schema (v2.0) must be used for these submissions.

Trinidad and Tobago May 3, 2021

The Inland Revenue Division (IRD) of Trinidad and Tobago publishes an update informing RFIs of the updated procedure to report missing US TINs under FATCA reports beginning TY2020. The IRD recommends the use of the new series of codes developed by the US IRS that may be used by a reporting Model 1 FFI to populate the TIN field. As a reminder, the deadline for RFIs to submit FATCA reports to the IRD is September 15, 2021.

British Virgin Islands May 1, 2021

The International Tax Authority (ITA) of the BVI publishes updated lists of CRS reportable and participating jurisdictions for TY2020. Curacao and Costa Rica have been added as reportable jurisdictions while Albania, Ecuador, Kazakhstan, Liberia, Maldives, Morocco, New Caledonia, Oman, and Peru have been added as participating jurisdictions.

IRS May 1, 2021

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool, with the FIs that are in approved status as of April 26, 2021.

United Kingdom May 1, 2021

The United Kingdom’s HMRC publishes a bulletin reminding RFIs that the deadline for FATCA and CRS reporting is May 31, 2021. The bulletin also reminds RFIs: (1) the returns filed after the deadline will not be liable to penalties if there is a reasonable excuse for the delay; (2) RFIs should ensure registration details of contacts and addresses are up-to-date; (3) the information for non-mandatory fields on the HMRC portal and in the HMRC schema may be mandatory under the FATCA and CRS requirements; (4) RFIs should ensure proper reporting of Undocumented accounts; (5) RFIs should ensure Tax Identification Numbers (TINs) for account holders are included where held, TINs should be obtained for all new accounts where a TIN has been issued. Reasonable efforts should be made to obtain outstanding TINs, and (6) for FATCA reporting if a US TIN is not held for pre-existing accounts then a valid date of birth must be provided. There are special codes that can be used in the TIN field where a US TIN is not held.

Switzerland Apr 30, 2021

The Federal Tax Administration of Switzerland publishes a notification on the issuance of final decisions as of April 30, 2021, in accordance with Article 5 No. 3 of the FATCA Agreement for each banking relationship.

Barbados Apr 30, 2021

The Barbados Revenue Authority publishes a notice informing RFIs of the early opening of the AEOI Portal for TY2020 reporting from May 1, 2021, to July 31, 2021. It further informs RFIs that fields such as DOB, TIN, and address which are mandatory (optional) and cannot be left blank under CRS and FATCA, should be represented with factual data. The Authority maintains that this additional time to submit reports will eliminate errors and allow for on-time submissions by the FIs. Reports submitted after July 31, 2021, will incur a late filing penalty.

Cayman Islands Apr 30, 2021

The Department for International Tax Cooperation (DITC) of the Cayman Islands publishes an explanatory note reminding RFIs and explaining the specific circumstances under which the financial accounts should be reported as CRS undocumented accounts.

Ecuador Apr 30, 2021

The Internal Revenue Service (SRI) of Ecuador publishes a bulletin confirming that Ecuador and the United States agreed to exchange information on tax matters to improve fiscal transparency and curb tax evasion.

Denmark Apr 30, 2021

The Ministry of Taxation in Denmark publishes an updated list of CRS reportable jurisdictions with the addition of Dominica and New Caledonia as reportable jurisdictions for TY2020, while Kenya and Morocco have been added as reportable jurisdictions for TY2021.

Iceland Apr 30, 2021

'The Directorate of Internal Revenue of Iceland publishes Notice No. 415 on FATCA reporting and Notice No. 416 on CRS reporting. The Notices remind RFIs of the TY2020 FATCA and CRS reporting deadline of May 31, 2021. Also, any inquiries about FATCA and CRS data submission can be sent to the e-mail address: gagnaskil@skatturinn.is

Qatar Apr 30, 2021

The Qatar Financial Centre announces the availability of the newly launched “TABADOL” reporting system to be used for FATCA and CRS reporting beginning TY2020. It also informs RFIs of the applicability of the updated version of the CRS Schema (v2.0) beginning TY2020 CRS reporting.

Ireland Apr 30, 2021

The Office of the Revenue Commissioners in Ireland releases the 98th Annual Report of the Revenue Commissioners for the year ended December 31, 2020. Apart from other key elements the report also provides information on FATCA and CRS statistics.

Taiwan Apr 29, 2021

The Ministry of Finance in Taiwan publishes an announcement reminding RFIs that the CRS reporting can be completed from June 1, 2021, to June 30, 2021. It also highlights the three differences regarding the reporting year 2021 from the year 2020: (1) Beginning 2021 United Kingdom would be a reportable jurisdiction, (2) FIs should report pre-existing accounts of all kinds, and (3) All the CRS reports should be submitted using the new XML schema v2.0 including any corrections to previously submitted data. Additionally, it reminds RFIs that the CRS information reporting test period is from March 1, 2021, to April 30, 2021.

Malta Apr 28, 2021

The Office of the Commissioner for Revenue in Malta publishes a notice reminding RFIs that the TY2020 FATCA and CRS reporting deadlines have been extended to June 30, 2021, due to the prevailing Covid-19 pandemic situation.

Liechtenstein Apr 28, 2021

The Tax Administration (STV) of the Principality of Liechtenstein publishes Newsletter 05/2021, informing RFIs that due to the prevailing Covid-19 pandemic situation, the TY2020 FATCA and CRS reporting deadlines have been extended from June 30, 2021, to July 31, 2021. It also informs RFIs that the AEOI documentation of Liechtenstein legal entities regarding classification and due diligence should be kept for ten years after it ceases to exist at a location to be designated by the STV. For this purpose, a revised application (Dokument-2677) has been published for obtaining a confirmation of the payment of taxes and duties or for deletion of an entity from the tax register and confirmation on the fulfillment of the obligations according to AIA, FATCA and, ASTA. Additionally, it informs RFIs that due to Brexit, the AEOI data with Gibraltar will now be continued based on the MCAA agreements.

Taiwan Apr 27, 2021

The Ministry of Finance in Taiwan publishes an announcement confirming that the first automatic exchange of financial account information with the United Kingdom will begin from September 2021. RFIs are advised to prepare in advance and to complete the filing of financial account information held or controlled by residents of the UK by June 2021. It reminds RFIs that the CRS information reporting test period is from March 1, 2021, to April 30, 2021, and that all the CRS reports should be submitted using the new XML schema v2.0 including any corrections to previously submitted data.

United Arab Emirates Apr 27, 2021

The Dubai International Financial Centre publishes an announcement informing RFIs of the availability of the new centralized UAE MOF portal that must be used for FATCA and CRS reporting from May 15, 2021, to June 30, 2021. It also informs RFIs that the DIFC portal will no longer facilitate the submission of FATCA and CRS reports. RFIs are further advised to onboard reportable entities on the new portal and provide details of two different users while onboarding.

Lithuania Apr 26, 2021

The State Tax Directorate of the Republic of Lithuania publishes an updated Order informing RFIs of the addition of a new code “777777777” that can be used by the RFIs in the TIN field to report missing US TIN in FATCA reports beginning TY2020.

Poland Apr 23, 2021

The Ministry of Finance in Poland publishes an updated document with the description of elements of the FAT-1 Form (v4) used for FATCA reporting and the instructions for filling the form along with an updated FAT-1 Form (v4) and an updated FATCA TY2020 missing TIN reporting guidance with the inclusion of the code “777777777” that can be used to report preexisting dormant accounts.

United Kingdom Apr 23, 2021

The United Kingdom’s HMRC publishes a note on the list of CRS reportable jurisdictions for TY2020. The note informs RFIs that Albania, Peru, and Taiwan have completed AEOI related agreements. It also informs RFIs that arrangements have also been entered into with Oman but it is not yet a reportable jurisdiction.

United States Apr 23, 2021

NEW - Jurisdictional Debrief Now Available (Week Ending April 23, 2021)

Spain Apr 22, 2021

The Spanish Tax Agency (Agencia Tributaria) publishes two additional CRS FAQs that clarify that – (1) Accounts whose ownership or control is held by persons whose only jurisdiction of tax residence is Spain, are not to be included in Form 289 even if it concerns undocumented accounts in respect of which the financial institution must or may know that the ownership or control corresponds to a tax resident in Spain and, (2) circumstances under which a financial account should be declared as undocumented.

Spain Apr 20, 2021

The Spanish Tax Agency (Agencia Tributaria) publishes reporting procedures for DAC6 declarations. Model 234 refers to procedures for informative declaration of cross-border mechanisms while Model 235 refers to the statement of information on updating tradable cross-border mechanisms.

Spain Apr 20, 2021

The Spanish Tax Agency (Agencia Tributaria) published four additional FATCA FAQs: (1) An FAQ was added to clarify that the requirements set forth in Annex I of the FATCA IGA (which refers to an entity being exempt from income tax in its country of residence for its consideration as a non-US entity) should be considered as a partial tax exemption; (2) An additional FAQ was added to indicate that an entity that submits Form 290 (FATCA reports) on behalf of third parties are not automatically considered sponsoring entities of said third parties. The FAQ further provides a definition of the concept of sponsoring entities; (3) In addition, an FAQ was added to clarify the cases where the rules for aggregating the accounts balance or value apply individually for each type of account or jointly for all accounts; and (4) Lastly, an FAQ was added to specify that the non-compliance with the requirement to obtain missing US TINs for preexisting accounts for the years 2017, 2018 and, 2019, will not be considered a significant breach of their obligations when: (i) the date of birth of the account holder/controlling person has been obtained and communicated; (ii) an annual request for providing the US TINs has been made to said persons; and (iii) the FI has carried out an electronic search to obtain the missing US TINs from records available prior to 2017.

British Virgin Islands Apr 20, 2021

The International Tax Authority (ITA) of the BVI publishes a notice informing RFIs and constituent entities that the TY2020 FATCA and CRS deadlines have been extended from May 31, 2021, to June 30, 2021. It also informs portal users that the issues affecting Nil filings and XML uploads have been resolved and Portal users can re-commence with their filing obligations.

Malta Apr 20, 2021

The Office of the Commissioner for Revenue in Malta publishes a notice informing RFIs of the extension of the TY2020 FATCA and CRS reporting deadlines from April 30, 2021, to June 30, 2021, due to the prevailing Covid-19 pandemic situation. It also publishes an updated version of the Automatic Exchange of Financial Account Information Guide (v4). Section 12.2 has been updated to include the addition of the code “777777777” that can be used to report missing US TINs in FATCA reports beginning TY2020, for preexisting accounts that are dormant or inactive but remain above the reporting threshold.

Indonesia Apr 20, 2021

The Directorate General of Taxation (DJP) in Indonesia publishes an updated list of TY2020 CRS reportable and participating jurisdictions. The DJP also publishes a document with an overview of changes between the CRS XML Schema v1.0 to v2.0.

Liechtenstein Apr 20, 2021

The Tax Administration (STV) of the Principality of Liechtenstein publishes an updated version of the TY2020 FATCA reporting instructions (Document #2669). Minor editorial changes have been made to the document.

Slovak Republic Apr 20, 2021

The Financial Directorate of the Slovak Republic publishes updated FATCA and CRS reporting FAQs, FATCA and CRS reporting testing manual and, instructions for completing CRS/DAC2 reporting notification form. It also publishes an updated TIN notice including the new series of codes that RFIs may while reporting missing US TINs in FATCA reports beginning TY2020.

IRS Apr 19, 2021

The IRS published updated International Compliance Management Model (ICMM) FAQs, providing further information on the notifications that may be sent from the IRS after files have been processed by the IRS System (ICMM). Specifically, the section “Populating the TIN Field” has been updated to provide information on the different “TIN not in IRS Specified format” error messages.

Luxembourg Apr 19, 2021

Luxembourg’s Tax Administration (ACD) updated both its FATCA and CRS pages to indicate that beginning May 3, 2021, the functionality allowing to submit FATCA/CRS Nil returns via MyGuichet platform will be available allowing Luxembourg RFIs or their depositing entity to make a Zero return declaration through an input assistant in a non-XML format. The ACD also reminds RFIs that the submission of a Nil return in an XML format is not possible. However the submission of a Nil return remains always possible via existing companies (transmitters) such as Fundsquare or Six Payment Services.

Lithuania Apr 19, 2021

The State Tax Directorate of the Republic of Lithuania publishes an Order informing RFIs of the requirement to use the new series of codes released by the IRS to be used for reporting missing US TINs in FATCA reports beginning TY2020.

Bahrain Apr 19, 2021

The Central Bank of Bahrain (CBB) publishes a directive announcing that the CRS and FATCA reporting for the year ending December 31, 2020, will start from April 26, 2021, and must be submitted by May 31, 2021. The CBB also releases an updated list of TY2020 CRS reportable jurisdictions with the addition of Curacao and Gibraltar.

Italy Apr 19, 2021

The Ministry of Economy and Finance in Italy publishes a letter on the treatment and reporting obligations for certain types of intermediaries within the scope of the Anti-Tax Avoidance Directive

Australia Apr 19, 2021

The Australian Taxation Office (ATO) publishes an update informing RFIs of the addition of the code “777777777” that can be used to report missing US TINs in FATCA reports beginning TY2020, for pre-existing accounts that are dormant or inactive but remain above the reporting threshold. As a reminder, the deadline for TY2020 FATCA reporting is August 31, 2021.

Ecuador Apr 18, 2021

The Internal Revenue Service of Ecuador publishes a free tool to facilitate the use of digital signatures while submitting CRS annexes. It also publishes guidelines containing instructions to facilitate the inclusion of digital signatures in CRS annexes.

Cayman Islands Apr 16, 2021

The Department for International Tax Cooperation (DITC) of the Cayman Islands publishes an Updates Bulletin. Specific updates include – (1) adoption of the new series of codes released by the IRS to report missing US TINs in FATCA reports beginning TY2020; (2) the requirement for each Cayman company, partnership, and trust, and its directors or equivalent fiduciaries, must ensure that it has been correctly classified for CRS and/or FATCA Regulations (“Regulations”) and failure to notify the correct classification will be considered an offence and attract appropriate compliance and enforcement action; (3) If the IT system of an FI’s assigned user does not permit the security measures used by the DITC Portal, it is the responsibility of the FI to assign persons who can access the DITC Portal. A user’s inability to log in and fulfil the FI’s obligations will not be regarded as a reasonable position by the FI, or by its directors or equivalents, for the FI’s failure to comply; (4) reminder that the CRS Filing Declarations are mandatory for all FIs with CRS reporting obligations, including Trustee Documented Trusts (“TDTs"); (5) reminder that the CRS Compliance Form is mandatory for all FIs with CRS reporting obligations, including TDT's; (6) information that the non-compliance with the CRS Regulations can attract an administrative penalty of up to $50,000 for a corporate body or otherwise $20,000; (7) financial accounts should only be reported as undocumented accounts in specific circumstances limited to preexisting individual accounts; (8) mandatory requirement to provide the date of birth of individuals and controlling persons irrespective of the CRS XML User Guide indicating it as an optional field; (9) clarification that the inability to log in and submit reporting will not be a defense for a failure to submit reporting. It also reminds RFIs of the reporting deadlines: (i) Registration – April 30, 2021, (ii) TY2019 and TY2020 FATCA and CRS reporting including CRS declaration – July 31, 2021; and (iii) TY2019 and TY2020 CRS compliance form – September 15, 2021.

EU Apr 16, 2021

The European Data Protection Board (EDPB) publishes a Statement on international agreements including data transfers. The statement invites Member States to assess and, where necessary, review their international agreements that involve international transfers of personal data, such as those relating to taxation and AEOI, which were concluded prior to May 24, 2016 (for the agreements relevant to the GDPR) or May 6, 2016 (for the agreements relevant to the LED), in order to determine whether further alignment with current Union legislation and case law on data protection, as well as EDPB guidance might be needed.

Greece Apr 15, 2021

The Independent Public Revenue Authority of Greece publishes an updated procedure to report missing US TINs beginning TY2020. It informs RFIs of the introduction of new codes issued by the IRS that can be used to report missing US TINs under FATCA reporting along with the permissibility to use nine A’s and nine zeroes. It also reminds RFIs that the FATCA reporting deadline is May 31.

Cayman Islands Apr 14, 2021

The Department for International Tax Cooperation (DITC) of the Cayman Islands publishes an updated DITC portal User Guide v4.0. The Guide provides updated information to RFIs on the corrections/deletions of data for a CRS XML upload. In cases where changes/corrections are required or requested by the DITC, an XML using MessageTypeIndic CRS702 must be submitted.

Singapore Apr 13, 2021

The Inland Revenue Authority of Singapore (IRAS) publishes an update informing RFIs that the FATCA Return Filings for TY2020 will commence on April 19, 2021. Reporting SGFIs are advised to submit their FATCA return(s) by May 15, 2021, to allow sufficient time to resolve any unexpected issues, and beginning April 11, 2021, RFIs are required to log in to government digital services for businesses (G2B) using Singpass instead of Corppass. It also publishes updated FATCA Supplementary XML User Guide for preparing FATCA reports (v3.1) and updated FATCA General FAQs. FAQ B.5 has been updated to include a new code “777777777” that can be used by the RFIs to report missing US TIN for Pre-existing accounts which are “dormant accounts” with account balance above the reporting threshold.

Iceland Apr 13, 2021

The Directorate of Internal Revenue of Iceland publishes updated FATCA and CRS technical description that includes additional guidance on reporting missing US TINs for FATCA reports beginning TY2020. It informs RFIs that along with the permissibility to use nine A’s in place of missing US TINs, a series of codes could be used for reporting missing US TINs for different types of accounts under FATCA which would allow the tax administrations to better understand the facts and circumstances behind the missing US TINs. Additionally, the description of when to specify the Controlling Person and when not added to the ContollingPerson section of the CRS description and also FATCA GIIN numbers must not be part of DocRefId in CRS submissions.

Japan Apr 13, 2021

The National Tax Agency (NTA) of Japan publishes an updated AEOI reporting system outline related to non-residents applicable beginning January 1, 2022. It also publishes a document informing RFIs of the requirement to confirm if a corporation is a “specified corporation” while opening an account, beginning January 1, 2022.

Singapore Apr 12, 2021

The Inland Revenue Authority of Singapore (IRAS) publishes an update informing RFIs that the CRS Return Filings for TY2020 will commence on April 19, 2021. Reporting SGFIs are advised to submit their FATCA and CRS return(s) by May 15, 2021, to allow sufficient time to resolve any unexpected issues. Additionally, it informs RFIs that beginning April 11, 2021, RFIs are required to log in to government digital services for businesses (G2B) using Singpass instead of Corppass.

Switzerland Apr 12, 2021

The Federal Tax Administration (FTA) of Switzerland updates the list of CRS reportable jurisdictions. Vanuatu has been identified as a temporary non-reciprocal jurisdiction beginning January 1, 2021, from the previous status of permanent non-reciprocal jurisdiction. The reporting Swiss financial institutions must collect the relevant data as soon as the AEOI is activated and transmit it to the Federal Tax Administration within the specified time. However, the Federal Tax Administration will only transmit this data to the partner state if it meets the requirements for reciprocal data exchange.

Finland Apr 12, 2021

The Finnish Tax Administration updated both its FATCA technical guidance (v2.4) and CRS technical guidance (v2.4) to provide further information on the e-file service (http://www.ilmoitin.fi/) used for FATCA/CRS Submissions . Specifically, both guides have been updated under Section 2 to indicate that the option of using the Katso identification and authorizations, to log-in to the e-file service will be possible until August 31, 2021. After August 31, 2021, only Suomi.fi authentication and authorizations can be used for log-in purposes.

United States Apr 9, 2021

NEW - Jurisdictional Debrief Now Available (Week Ending April 9, 2021)

Malta Apr 9, 2021

The Office of the Commissioner for Revenue in Malta publishes an updated Automatic Exchange of Financial Account Information Guide (v4). Section 12.2 has been updated that provides information to FIs on the introduction of new codes that can be used to report missing US TINs for FATCA reports beginning TY2020.

IRS Apr 9, 2021

The IRS publishes an update on the new QI/WP/WT Certification and Waiver Application due dates. For periodic certifications due in 2018 and 2019, the due date for certifications and applications to waive the periodic review requirement is December 1, 2021. For periodic certifications due in 2020 the due date is March 1, 2022. As a reminder, the periodic review year cannot be changed after it is selected and confirmed in the QI system.

Slovak Republic Apr 8, 2021

The Financial Directorate of the Slovak Republic publishes updated CRS XML sample files according to CRS XML Schema v2.0.

United States Apr 8, 2021

The U.S. Department of the Treasury updates its FATCA Page to include the IGA between the United States of America and Cabo Verde to Improve International Tax Compliance and to Implement FATCA. The agreement was signed on March 30, 2021.

Belgium Apr 8, 2021

The Ministry of Finance in Belgium publishes a notice informing RFIs of the updated procedure to report missing US TINs beginning TY2020. It informs RFIs of the introduction of new codes issued by the IRS that can be used to report missing US TINs under FATCA reporting. These codes would allow the tax administrations to better understand the facts and circumstances behind the missing US TINs. However, the usage of these codes is not mandatory and it would still generate an error notice that will provide RFIs a month and three working days to correct the issue.

Cyprus Apr 7, 2021

The Cyprus Tax Department publishes a notice informing RFIs of the addition of a new code “777777777” that can be used by the RFIs in the TIN field to report missing US TIN for Pre-existing accounts where no TIN is available and the account was inactive but remains above the reference limit. For reference, the USA defines a "dormant account" in US Treasury Regulations §1.1471-4 (d) (6) (ii).

Japan Apr 7, 2021

The National Tax Agency (NTA) of Japan publishes updated AEOI reporting system FAQs. FAQ Q3-7 has been added to provide National Tax Agency contact information to the RFIs in case of the inability to submit CRS reports by April 30, 2021, due to the unavoidable circumstances caused by the pandemic.

Switzerland Apr 7, 2021

The Federal Tax Administration (FTA) of Switzerland updates a footnote on the list of CRS reportable jurisdictions informing RFIs that the AEOI with the United Kingdom has been implemented from January 1, 2021, on the basis of the MCAA agreement.

Spain Apr 7, 2021

The Government of Spain publishes Royal Decree 243/2021 concerning the automatic and mandatory exchange of information in the field of taxation in relation to cross-border mechanisms (DAC6) subject to communication of information.

Saudi Arabia Apr 6, 2021

The General Authority of Zakat and Tax in Saudi Arabia informs RFIs of the introduction of new codes that can be used to report missing US TINs in FATCA reports beginning TY2020. The codes and instructions are already shared by the regulators with the RFIs. Also, the use of nine A’s or nine zeroes is not permitted in place of missing US TINs and the new series of codes should instead be used.

Uruguay Apr 5, 2021

The General Taxation Directorate of Uruguay publishes a notice informing RFIs of the availability of the production environment for sending CRS reports beginning April 1, 2021, to June 30, 2021. It also informs that the FIs obliged to report will have additional 30 days beginning July 1 for exclusively sending any correction reports. Additionally, it informs that the simulation environment will remain available simultaneously with the availability of the production environment.

Thailand Apr 5, 2021

The Revenue Department of Thailand publishes a document seeking public opinions under Section 178 of the Constitution of the Kingdom of Thailand. It seeks to expand the network of counterparties to exchange information in accordance with the OECD standard called Common Reporting Standard (CRS) in September 2023. The comments and suggestions can be submitted between April 5, 2021, to April 9, 2021.

Honduras Apr 5, 2021

The National Commission of Banks and Insurance in Honduras publishes a Circular informing RFIs of the extension of the TY2020 FATCA reporting deadline from April 15, 2021, to April 30, 2021, to allow RFIs sufficient time to comply with the introduction of the new IRS permitted codes to report missing US TINs in FATCA reports beginning TY2020. Also, it informs RFIs that the use of nine A’s or nine zeroes will no longer suppress the error notification for the missing US TINs which will provide RFIs with an additional 120 days to correct the problems in line with the Competent Authority Agreement.

China Apr 2, 2021

The State Administration of Taxation in China publishes notices on the reporting of non-resident financial accounts. The reporting window for tax-related information on non-resident financial accounts is from May 6, 2021, to June 16, 2021. It also informs RFIs that in the case of private equity companies that only issue contractual funds and that have nil reporting obligations, there is no requirement to register for each product.

Singapore Apr 1, 2021

The Inland Revenue Authority of Singapore (IRAS) publishes updated FATCA FAQs by updating FAQ B.5 that clarifies that an RFI is not required to immediately close or withhold on preexisting accounts in instances where the SGFI is still unable to obtain and report the U.S. TIN of the Account Holders and/or Controlling Persons of the preexisting accounts beginning January 1, 2020, along with the permissibility to use nine A’s for reporting missing US TINs. Additionally, FAQ B.6 has been updated to include the series of codes released by the IRS to be used for reporting missing US TINs. It also publishes an updated supplementary FATCA XML Schema User Guide (v3.0). The User Guide informs RFIs that beginning TY2020 FATCA reporting, the IRAS adopts additional series of codes released by the IRS to report missing US TINs.

IRS Apr 1, 2021

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool, with the FIs that are in approved status as of March 25, 2021.

Luxembourg Apr 1, 2021

Luxembourg’s Tax Administration (ACD) publishes a newsletter informing RFI of the introduction of new codes that can be used to report missing US TINs under FATCA reporting. These codes would allow the tax administrations to better understand the facts and circumstances behind the missing US TINs. It also informs that the use of these new codes is not compulsory for Luxembourg FIs reporting. However, the ACD recommends its use from the next submission of the FATCA declaration beginning TY2020. Additionally, it also informs RFIs that the absence of valid US TINs will result in a notification from IRS that will provide 120 days to RFIs to obtain and report the missing TINs. Lastly, for cases where the US TIN is unknown and not covered by any of the available codes, code #NTA001# remains valid and mandatory. Likewise, if the Luxembourg reporting financial institution decides not to use these new codes, the code #NTA001# must be entered for all reportable accounts for which the US TIN is unknown.

Turks and Caicos Apr 1, 2021

The Turks and Caicos Islands Exchange of Information Unit publishes a list of TY2020 CRS intended exchange partners.

Greece Mar 31, 2021

The Independent Public Revenue Authority of Greece publishes a note informing RFIs that the CRS XML Schema v2.0 and CRS User Guide v3.0 are applicable beginning February 1, 2021.

Cayman Islands Mar 31, 2021

The Department for International Tax Cooperation (DITC) of the Cayman Islands publishes an Updates Bulletin. Specific updates include: (1) The deadline to submit a CRS XML Return for the 2019 Reporting Period has now passed and this functionality has been disabled on the DITC Portal. An FI whose PPoC was unable to login and complete reporting prior to the deadline will not be automatically issued an Administrative Penalty, but will still be expected to submit a CRS XML Return for the 2019 reporting period by a date to be specified by the Authority upon re-enabling the CRS Reporting functionality; (2) The CRS reporting functionality on the DITC Portal has been disabled until April 2021; and (3) Reminder that the deadline to submit CRS compliance form is September 15, 2021.

Maldives Mar 31, 2021

The Parliament of Maldives publishes a notice informing that the motion on the Convention on Mutual Administrative Assistance in Tax Matters, Convention on multilateral competent authority agreement on automatic exchange of financial account information, and Multilateral competent authority agreement on the exchange of country-by-country reports has been passed.

OECD Mar 31, 2021

The OECD publishes information on Tax Identification Numbers (TINs) for Costa Rica.

Poland Mar 30, 2021

The Ministry of Finance in Poland publishes an updated list of TY2020 CRS reportable jurisdictions. Curacao, Costa Rica, Grenada and, Peru have been added to the list while Oman has been removed from the list.

Finland Mar 30, 2021

The Finnish Tax Administration publishes updated FATCA technical guidance (v2.3) and updated CRS technical guidance (v2.3). Specific updates made to the FATCA technical guidance include: (1) Updated instructions on reporting missing US TINs at the time of reporting under Section 6.3.3.1 and 6.3.3.2, and (2) Updated list of automated checks under Section 7. The CRS technical guidance includes an updated list of automated checks that prevent the return from being sent if an error or omission is detected in the data under Section 7.

Liechtenstein Mar 29, 2021

The Tax Administration (STV) of the Principality of Liechtenstein publishes Newsletter 04/2021 informing RFIs of the adjustments made to the AEOI Act, effective beginning January 1, 2021, that includes the elimination of the voluntary (opt-in) option. It also informs RFIs of the availability of the AEOI leaflet that includes clarification on “Exempt Collective Investment Vehicle” as well as on the subject of “Change in circumstances”. Additionally, it informs RFIs that the revised version of FATCA FAQs will be published shortly.

Germany Mar 29, 2021

The Federal Tax Office of Germany (BZSt) publishes a letter that helps to interpret and apply the amended law on cross-border reporting (DAC6) arrangements.

France Mar 27, 2021

The French Tax Authority (DGFiP) releases a decree that includes an updated list of TY2020 CRS participating jurisdictions. Albania, Brunei Darussalam, Nigeria, Oman, Peru, and Turkey have been added to the list. Other updates include: (1) The threshold amount for a deposit account to be considered a financial account by an FI under Article 3 has been decreased to EUR 40,700 from EUR 44,500 for TY 2021 and subsequent years, (2) The threshold amount for pre-existing entity accounts has been decreased to EUR 203,700 from EUR 222,500 for TY 2021 and subsequent years, and, (3) The threshold amount for a high-value account had been decreased to EUR 814,900 from EUR 890,200 for TY 2021 and subsequent years.

United States Mar 26, 2021

NEW - Jurisdictional Debrief Now Available (Week Ending March 26, 2021)

Slovak Republic Mar 26, 2021

The Financial Directorate of the Slovak Republic publishes updated XML file generation tool v1.12 used for DAC6 reporting.

Denmark Mar 26, 2021

The Ministry of Taxation in Denmark publishes a draft amendment to the Executive Order on the identification and reporting of financial accounts linked to foreign countries, also called the CRS Executive Order. The Order intends to update the list of CRS participating jurisdictions with the addition of New Caledonia for TY2020 while the intended exchange of information with Morocco has been delayed by a year. The draft Order is open for public comments and suggestions until April 19, 2021, and will come into force beginning April 30, 2021.

EU Mar 24, 2021

The Council of the European Union publishes an updated council directive amended to implement new rules to improve administrative cooperation for taxation and tax transparency including the scope of AEOI on digital economy transactions, including relevant businesses, and cross-border and domestic transactions.

Switzerland Mar 23, 2021

The Federal Tax Administration of Switzerland publishes its final decisions for each banking relationship concerned by FATCA Group Requests as of March 23, 2021.

Sweden Mar 23, 2021

The Swedish Tax Agency publishes an update informing RFIs that TY20 CRS and FATCA reporting deadline would be May 17, 2021, as May 15 falls on a weekend. It also publishes updated FATCA technical guidance (edition7) and CRS technical guidance (edition 5). There are no major updates when compared with the draft guidance that was released earlier this year.

Jersey Mar 23, 2021

The International Taxation Department of the Government of Jersey issues a notice informing RFIs of the updated TIN reporting guidance that replaces the advisory note issued on March 3, 2021. It informs RFIs that beginning TY2020 FATCA reporting, in order to better understand why an FFI may not have been able to obtain a US TIN, the IRS has released a series of codes that may be used by an FFI to populate the TIN field in cases where the TIN is not available. An FFI may use the default nine A’s for any other reason than those listed in the series of codes. However, the IRS will still generate an error message when the TIN field is reported with such values and a correction file along with valid US TIN will be required. Jersey’s Taxation Department expects FFIs to correct any errors within 30 days of notification, and if an FFI does not hold a US TIN at that point, and cannot, therefore, submit a corrected report, it will need to provide the Tax Department with an explanation for the same.

United Kingdom Mar 23, 2021

The United Kingdom’s HMRC publishes an announcement that it is seeking comments from the public on how the HMRC can help taxpayers with their offshore tax affairs by using data, raising taxpayer awareness, and reducing errors (including how HMRC could work with agents and intermediaries to help promote offshore tax compliance such as FATCA/CRS amongst taxpayers). Note that the consultation will close on June 15, 2021.

New Zealand Mar 22, 2021

The Inland Revenue Authority of New Zealand publishes a notice reminding RFIs that the due date for submitting the FATCA and CRS information for the period ending March 31, 2021, is June 30, 2021.

Croatia Mar 22, 2021

The Ministry of Finance in Croatia publishes an updated list of TY2020 CRS reportable jurisdictions. 8 jurisdictions have been added to the list, while Sint Maarten and Trinidad and Tobago have been removed from the list.

Poland Mar 18, 2021

The Ministry of Finance in Poland publishes a notice informing RFIs of the adaptation of the updated US IRS guidelines to report missing US TINs in FATCA reports beginning TY2020. Along with the permissibility to use nine A’s in place of missing TINs, a series of codes should be used for reporting missing US TINs for different types of accounts. The usage of the series of codes would still generate an error notice. It also publishes an updated FATCA technical user guide to include the series of codes adopted for reporting missing US TINs.

Samoa Mar 18, 2021

The Inland Revenue Department of Samoa releases important dates for TY2020 AEOI reporting. The AEOI reporting portal will open for testing and new FI registration beginning April 1, 2021, to May 14, 2021. The portal will open for reporting from May 17, 2021, to June 30, 2021, and the portal would close on July 1, 2021. It also publishes an updated MDES User Guide v2.2 that is used for FATCA and CRS reporting. The User Guide has been updated as per the new OECD CRS XML Schema v2.0.

IRS Mar 16, 2021

The IRS updates FAQ (Q23) on the FATCA - FAQs General page under the section General Compliance, extending penalty relief for the 2020 and 2021 calendar years in situations where a withholding agent withholds and reports on Forms 1042 and 1042-S by September 15, 2021 (for the 2020 calendar year) or September 15, 2022 (for the 2021 calendar year) a dividend equivalent payment made with respect to a derivative referencing a partnership.

British Virgin Islands Mar 16, 2021

The International Tax Authority (ITA) of the BVI publishes a notice informing RFIs that the BVIFARs portal used for FATCA and CRS reporting has returned online.

Russia Mar 16, 2021

The Federal Tax Service (FTS) of Russia publishes the amended decree on AEOI, to help the RFIs to collect information on beneficiaries and (or) persons directly or indirectly controlling financial accounts, information processing, including documentary fixation, and analysis, on acceptance, including documentary fixation. It also includes: (1) updated guidance on “change in circumstance”, (2) updated definition of a “managed by” entity that is an investment entity, (3) addition of 90 day period timeframe for RFIs to report changes in circumstances; and, (4) reporting obligations for beneficiaries of annuity payments and voluntary life insurance organization contracts. Lastly, it also publishes recommendations for completing the electronic formats for transmission of information by financial market organizations (v5.04).

IRS Mar 16, 2021

The IRS updates its list of jurisdictions that do not issue Foreign TINs. Japan has been added to the list.

IRS Mar 15, 2021

The IRS publishes an update informing that as part of its continuing effort to reduce paperwork and respondent burden, the IRS invites the public and other Federal agencies to provide comments on information collections for Form 1099-C. Written comments should be submitted on or before May 14, 2021, to be assured of consideration.

Bahamas Mar 15, 2021

The Bahamas Competent Authority publishes key dates on the AEOI portal availability for TY2020 FATCA and CRS registration and submissions. The AEOI portal opens for registrations and submissions on July 19, 2021, and would close on August 27, 2021.

Indonesia Mar 15, 2021

The Directorate General of Taxation in Indonesia publishes a notification informing RFIs of the implementation of the updated CRS XML Schema version 2.0.

Spain Mar 15, 2021

The Spanish Tax Agency (Agencia Tributaria) publishes an additional FATCA FAQ on the rules applicable under Section V.B of Annex I of the IGA that permit Spanish RFIs to rely on publicly available information or information existing in its files to conclude that an account holder is a non-US account other than an active NFE, Spanish FIs or Participating FIs also apply to non-reporting FIs that qualify as such under the local IGA or the local regulations applicable to the entity in question.

Australia Mar 12, 2021

The Australian Taxation Office (ATO) publishes CRS stakeholder update #15 informing RFIs that Self-Managed Superannuation Funds (SMSFs) and Small APRA Funds (SAFs) are removed from the list of CRS Non-Reporting Financial Institutions (NRFIs). SMSFs and SAFs were previously treated as NRFIs on the basis that they would generally be classified as Financial Institutions (Investment Entities). An entity must be classified as a Financial Institution before it can be considered as an NRFI. The ATO view has remained unchanged regarding the classification of these entities as Financial Institutions. The FATCA exclusion for these entities remains the same.

Taiwan Mar 12, 2021

The Ministry of Finance in Taiwan publishes an updated version of its CRS Financial Institution Portal User Guide (v1.4) with amendments made to the description of deleting account information in Section 9. The section list the procedure to be followed to delete accounts if the accounts were registered incorrectly, due to dissolution, elimination, or if the FI that not a FI post implementing due diligence procedures.

United States Mar 12, 2021

NEW - Jurisdictional Debrief Now Available (Week Ending March 12, 2021)

Cayman Islands Mar 11, 2021

The Cayman Islands’ Department for International Tax Cooperation (DITC) publishes the revised Tax Information Authority Act (2021), the revised Common Reporting Standard (CRS) Regulations 2021 and, the revised FATCA Regulations 2021.

Spain Mar 11, 2021

The Spanish Tax Agency (Agencia Tributaria) publishes an additional FATCA FAQ on the treatment of an account whose exclusive ownership corresponds to a remnant property. The FAQ explains that such accounts will not be considered a financial account if the Spanish financial institution in which it is opened has in its possession a copy of the deceased's will or death certificate.

Ecuador Mar 10, 2021

The Internal Revenue Service of Ecuador publishes an updated training information document as per the latest CRS regulations.

British Virgin Islands Mar 10, 2021

The International Tax Authority (ITA) of the BVI publishes a notice informing RFIs that the BVIFARs FATCA/CRS reporting portal will be temporarily unavailable due to maintenance activities.

Australia Mar 9, 2021

The Australian Taxation Office (ATO) publishes a newsletter for Digital Service Providers (DSPs) reminding the availability of the new codes for reporting missing US TINs under FATCA.

Ecuador Mar 9, 2021

The Internal Revenue Service of Ecuador publishes an updated CRS annex catalog (v.3.1), and the CRS technical sheet (v.3.1) containing the description of fields that are used to complete the CRS annex. The updated annex catalog includes new validation rules for the document reference identifier field (DocRefId) of the RFI.

Peru Mar 9, 2021

The Customs National Superintendence and Tax Administration of Peru (SUNAT) publishes updated AEOI FAQs. Under section V, FAQ 3 has been updated to include the information that must be provided before submitting the ECR report request to SUNAT for access to the AEOI system.

Malaysia Mar 9, 2021

The Inland Revenue Board of Malaysia (IRBM) publishes updated CRS submission timelines for 2021. The production environment will be accepting CRS submissions beginning March 10, 2021, instead of March 15, 2021.

Nigeria Mar 9, 2021

The Federal Inland Revenue Service (FIRS) of Nigeria publishes a communication informing RFIs that the CRS XML Schema v2.0 and the CRS XML Schema user guide v3.0 will be applicable for TY20 CRS reporting. It also reminds RFIs that the CRS reporting deadline is May 31, 2021, and that RFIs can submit CRS reports beginning April 1, 2021.

Liechtenstein Mar 8, 2021

The Tax Administration (STV) of the Principality of Liechtenstein publishes Newsletter 03/2021 informing RFIs that Maldives, Oman, and Trinidad and Tobago would be considered permanent non-reciprocal AEOI partner states beginning TY2020.

Slovak Republic Mar 8, 2021

The Financial Directorate of the Slovak Republic publishes a notice informing RFIs of the planned shutdown of the Central public administration portal from March 10, 2021, to March 11, 2021.

France Mar 8, 2021

The French Tax Authority (DGFiP) publishes an updated version of the CRS Technical Guide (v1.3) for New Caledonian financial institutions. Section 6.1 has been updated that lists the states and territories for the transmission of information for TY2020, eight jurisdictions have been added to the list. It also consists of an updated calendar for 2021 CRS reporting.

Czech Republic Mar 8, 2021

The Ministry of Finance of the Czech Republic publishes a newsletter comprising an updated list of jurisdictions with which the tax administration would exchange the CRS data. Botswana, Montenegro, Cape Verde, Kenya, Kyrgyzstan, Oman, and, Taiwan have been added to the list. As a reminder, Czech Republic follows a wider approach to CRS reporting.

Mexico Mar 7, 2021

The Mexico Tax Administration (SAT) releases various documents related to FATCA and CRS reporting. It includes: (1) TY2020 FATCA/CRS reporting activity calendar; (2) Procedure for the annual declaration for FATCA/CRS submissions; (3) Updated process to update the public SAT digital certificate needed for FATCA/CRS submissions; (4) Updated procedural FATCA/CRS FAQs on the submission process to the SAT and an update/validity of the existing digital certificates for submission; and (5) Updated CRS FAQs as per the Miscellaneous Tax Resolution. As per the FATCA/CRS reporting activity calendar the testing period for TY2020 FATCA/CRS returns will begin from May 1, 2021, to May 28, 2021, and the period for submission of FATCA/CRS returns is July 1, 2021, to August 31, 2021.

South Korea Mar 5, 2021

The National Tax Service of South Korea publishes a notice reminding RFIs that the CRS XML Schema has been updated from v1.0 to v2.0 and indicating that the updated file can be downloaded from the Archive.

Belarus Mar 4, 2021

The Ministry of Taxes and Duties of Belarus publishes a notice informing RFIs of the updated guidelines by the IRS for obtaining and reporting TINs and date of birth. Beginning TY2020 RFIs must include a valid US TIN and in case of missing US TINs, it must include nine A’s or nine zero’s in the TIN field. The Tax Administration also informs that the entry of nine A’s or nine zero’s in the TIN field will result in an error notice that will provide 120 days to correct the issue. The notice also includes a series of codes introduced by the IRS that FIs can include in the TIN field of their FATCA XML File, which will allow the tax administrations to better understand the facts and circumstances behind the missing US TINs for the reporting period.

Cayman Islands Mar 3, 2021

The Cayman Islands’ Department for International Tax Cooperation (DITC) publishes an updated list of TY2020 CRS reportable jurisdictions. Albania and New Caledonia have been added to the list.

Jersey Mar 3, 2021

The International Taxation Department of the Government of Jersey issues a notice informing RFIs of the TIN reporting guidance received from the IRS. It informs RFIs that beginning TY2020 FATCA reporting along with the permissibility to use nine A’s in place of missing US TINs, a series of codes could be used for reporting missing US TINs for different types of accounts under FATCA which would allow the tax administrations to better understand the facts and circumstances behind the missing US TINs. However, this will still generate an error message when the TIN field is reported with such values and a correction file along with valid US TIN will be required. Jersey’s Taxation Department indicates that FIs will have to submit by July 31, 2021, a detailed explanation of the number of account reports reported without a valid US TIN. Specifically, the breakdown of those accounts must consist of the default TIN options provided by the IRS along with the steps the FI has taken to obtain valid US TINs. The Taxation Department further specifies that it considers the collection of a valid US TIN as a standard part of the FI’s customer due diligence procedures. Lastly, it includes a timetable for obtaining valid US TINs for TY2020.

Ukraine Mar 3, 2021

The Ministry of Finance in Ukraine publishes an announcement informing of the approved plan of measures to avoid money laundering in offshore areas that includes the introduction of automatic exchange of information with tax authorities of other countries, in accordance with the CRS.

South Africa Mar 1, 2021

'The South African Revenue Service (SARS) publishes an update informing that the Third-Party Data Annual Submissions that also include FATCA and CRS for the period March 1, 2020, to February 28, 2021, can be submitted from April 16, 2021, to May 31, 2021. The test platform will be available from April 1, 2021, through April 15, 2021. Additionally, RFIs can email the tax authority at Bus_Sys_CDSupport@sars.gov.za in case of any challenges faced during submissions.

IRS Mar 1, 2021

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool, with the FIs that are in approved status as of February 22, 2021.

Ireland Mar 1, 2021

The Office of the Revenue Commissioners in Ireland publishes an updated Tax and Duty Manual on EU Mandatory Disclosure of Reportable Cross-Border Arrangements (DAC6).

Finland Mar 1, 2021

The Finnish Tax Administration publishes updated FATCA and CRS (DAC2) FAQs. FAQ under Change in customer circumstances is updated to include additional guidance on account changes in customer circumstances in FATCA and CRS reporting. An account may not be opened for a customer without a reliable self-certification from the customer. The self-certification shall require the account holder to notify the financial institution of any change in circumstances that affects the determination of the account holder's country of residence for tax purposes. The financial institution must monitor changes in the customer's circumstances. If changes are found in the customer's information, the customer must receive a reliable statement to update the certificate issued himself. The customer should be aware that the provision of incomplete information may result in the information being reported to the Tax Administration unnecessarily or incorrectly. Providing false information may result in tax or criminal penalties.

Cyprus Feb 26, 2021

The Cyprus Tax Department publishes a notice informing RFIs of the extension to the imposition of administrative fines for late submission of DAC6 information.

Taiwan Feb 26, 2021

The Ministry of Finance in Taiwan publishes updated versions of its CRS Financial Institution Portal User Guide (v1.3) with the addition of Chapter 1, Section VIII of the reporting operations.

United States Feb 26, 2021

NEW - Jurisdictional Debrief Now Available (Week Ending February 26, 2021)

IRS Feb 25, 2021

The IRS updates QI/WP/WT FAQs under the Certifications and Periodic Reviews. FAQ-Q1 has been updated to provide clarification on whether a QI that is a QDD can apply for a waiver of the periodic review with respect to its QI activities that are not QDD activities if its applicable certification period ends before the calendar year 2023 and it otherwise meets the requirements of section 10.07 of the QI agreement; and FAQ-Q9 is updated to provide information that if a QI/WP/WT entity is applying for a waiver of the periodic review when making its periodic certification, it must select 2018 for its periodic review year, complete Parts I, II, and III of the certification and submit its waiver application by July 1, 2021. The entity will not be required to perform a periodic review if its waiver application is approved. Also, this FAQ does not apply to termination certifications.

Curaçao Feb 25, 2021

The Ministry of Finance in Curacao publishes a notice informing RFIs about the availability of the MDES portal for testing data files. It also publishes an updated FATCA and CRS XML schema user guide v2.2 according to the updated OECD CRS XML schema v2.0.

New Zealand Feb 24, 2021

The Inland Revenue Department (IRD) in New Zealand informs RFIs that the error notification relating to the TIN structure field for TY2019 FATCA reports is being generated erroneously. It advises RFIs to refrain from undertaking a correction for the TIN structure field error until further clarification is provided. All other TY2019 FATCA record errors should be actioned as required.

Sweden Feb 24, 2021

The Swedish Tax Agency publishes an updated FATCA Technical guidance (edition 7), informing RFIs that along with the permissibility to use nine A’s in place of missing US TINs, nine identical numbers without a hyphen or any other special characters can be entered. Also, several other technical updates have been made to the guidance.

Panama Feb 24, 2021

The Ministry of Economy and Finance of Panama publishes an update informing RFIs that the current DGI FATCA and AEOI portal will be updated to the CTS 2.0 platform of the OECD (Common Transmission System), which as of March 1 of this year will replace CTS 1.0.

Guernsey Feb 24, 2021

The Revenue Service of the States of Guernsey publishes Bulletin 2021/3, informing RFIs of the updates to FATCA reporting and Compliance Statement Assurance. Along with the permissibility to use nine A’s in place of missing US TINs, a series of codes could be used for reporting missing US TINs for different types of accounts under FATCA. A message will be issued informing RFIs of the availability of these codes for use in the Information Gateway Online Reporter (IGOR). Lastly, similar to CRS reporting, it also informs RFIs of the requirement to complete the FATCA Compliance Assurance Statement which is subject to an annual review.

Finland Feb 24, 2021

The Finnish Tax Administration publishes an updated list of CRS participating jurisdictions. Albania, Oman and, New Caledonia have been identified as participating jurisdictions beginning January 1, 2021, while Kazakhstan, Maldives and, Peru have been removed from the list.

Australia Feb 23, 2021

The Australian Taxation Office (ATO) publishes an update informing RFIs of the extension of the TY2020 FATCA reporting deadline to August 31, 2021. The deadline has been extended to provide additional time for RFIs to obtain missing TINs and to modify the reporting systems to enable the reporting of missing TINs with additional codes. Certain additional dummy values such as nine similar digits have been allocated for different types of accounts and are to be used for TY2020 FATCA reporting. The deadline extension is not applicable for CRS reporting.

France Feb 23, 2021

The French Tax Authority (DGFiP) releases an updated version of the FATCA Technical Guide (v4.3). As per the guide (Section 4.2) for TY2020, in case of missing US TINs RFIs should use a series of dummy values such as nine similar digits, for different types of scenarios. It would still generate an error notice that will provide 120 days to RFIs to obtain and report the missing TINs.

IRS Feb 23, 2021

The IRS publishes updated 2021 instructions for Form 1042-S. The penalties section is updated to include enhanced penalty provisions in case of late filings Form 1042-S and in case of failure to furnish the correct Form 1042-S to the recipient, and notes have been updated to provide additional guidance on how to update boxes 12b and 12c.

EU Feb 22, 2021

The European Commission publishes an updated list of EU non-cooperative tax jurisdictions. Barbados has been moved from the blacklist to the grey list while Morocco, Namibia, and Saint Lucia have been removed from the grey list. Additionally, Dominica has been added to the blacklist.

Slovak Republic Feb 22, 2021

The Financial Directorate of the Slovak Republic publishes FAQs related to DAC6 reporting, the FAQs would help RFIs with general questions related to the DAC6 notifications.

France Feb 22, 2021

The French Tax Authority (DGFiP) publishes updated FATCA and CRS XML schemas for 2021.

Gibraltar Feb 22, 2021

The Commissioner of Income Tax of Gibraltar publishes an updated list of TY2020 CRS reportable jurisdictions. Specific updates include: (1) Grenada and Peru are now reciprocal jurisdictions in regards to TY20 data; (2) addition of a note informing that the data reported by Gibraltar FIs with respect to Romania will be withheld until an OECD Expert Panel approval is received regarding data safeguard action plan; (3) addition of Albania and New Caledonia as temporarily non-reciprocal jurisdictions; and (4) addition of Niue and Oman as non-intended exchange partners.

New Zealand Feb 22, 2021

The Parliamentary Counsel Office of New Zealand publishes the amended Tax Administration (Reportable jurisdictions for Application of CRS Standard) Regulations 2021. New Caledonia has been added for reporting periods beginning April 1, 2020. The amended Regulations will come into force from March 25, 2021.

Luxembourg Feb 19, 2021

Luxembourg’s Tax Administration (ACD) publishes an update for FIs providing further clarifications on the CRS Nil return requirement. The Tax Administration highlights that FIs qualifying as Luxembourg Investment Advisors and Investments Managers under FATCA, are classified as RFIs under CRS since there is no equivalent status in CRS, and as such will be required to submit a CRS Nil return (whereas they are exempt from doing so under FATCA).

Malaysia Feb 19, 2021

The Inland Revenue Board of Malaysia (IRBM) publishes CRS submission timelines for 2021. As per the update, the registration portal is open. FIs which register after the submission deadline will be considered as late registration and upon submission will be subject to a penalty. The test environment will be available beginning February 19, 2021, and the production environment will begin accepting submissions from March 15, 2021, until June 30, 2021.

Mauritius Feb 18, 2021

The Mauritius Revenue Authority (MRA) publishes a notice informing RFIs that the CRS XML Schema v2.0 and CRS User Guide v3.0 is applicable beginning February 1, 2021.

Cyprus Feb 18, 2021

The Cyprus Tax Department publishes a notice informing RFIs of the procedure to report missing US TINs. It describes a series of codes that can be used by RFIs which would allow the tax administrations to better understand the facts and circumstances behind the missing U.S. TINs. However, this will still generate an error message when the TIN field is reported with such values. Additionally, it informs that entry of nine A’s or nine zero’s will no longer be accepted for TY2020.

China Feb 18, 2021

The State Administration of Taxation in China publishes updated CRS technical specifications guidance v2.0 for data submissions in 2021.

Peru Feb 18, 2021

The Customs National Superintendence and Tax Administration of Peru (SUNAT) publishes an additional AEOI FAQ #44 that provides guidance to the RFIs with no RUC number, for registering their funds or trusts.

United Kingdom Feb 18, 2021

The United Kingdom’s HMRC publishes updated guidance informing RFIs of the series of codes introduced by the IRS that FIs can include in the TIN field of their FATCA XML File where the US TIN is not available, as an alternative to using nine zeros. The notice highlights that the use of these codes is optional and does not mean that an FFI will not be at risk of being found significantly non-compliant due to a failure to report each required U.S. TIN. The IRS will continue to generate error notices requesting corrections where the above-mentioned TIN field codes are used and will take into account the facts and circumstances leading to the absence of the U.S. TIN, such as the reasons why the TIN could not be obtained, whether the FFI has adequate procedures in place to obtain TINs, and the efforts made by the FFI to obtain TINs.

South Korea Feb 18, 2021

The National Tax Service of South Korea publishes several documents related to CRS and FATCA reporting, that includes: (1) AXIS system user registration manual for FIs requiring GIIN issuance v3.0; (2) AXIS system user registration manual for FIs with GIIN v3.0; (3) Mutual FIs registration manual v1.4; and (4) Presentation on the briefing session material on AEOI for mutual FIs. It also publishes a video on the AEOI registration process for AXIS portal users.

Liechtenstein Feb 17, 2021

The Tax Administration (STV) of the Principality of Liechtenstein publishes Newsletter 02/2021 informing RFIs of the updated procedure to report missing US TINs along with the updated instructions for TY2020 FATCA reporting (Document #2669). Along with the permissibility to use nine A’s in place of missing US TINs, the STV informs RFIs that in coherence with the US IRS’ updated FATCA FAQs, certain additional dummy values such as nine similar digits have been allocated for different types of accounts and are to be used for TY2020 FATCA reporting subject to the generation of an error message. It also informs RFIs that the additional dummy values will be available for use after March 31, 2021.

Isle of Man Feb 17, 2021

The Income Tax Division of Isle of Man publishes an updated list of CRS reportable jurisdictions for TY2020 wherein Liberia has been excluded with respect to TY2020. It also publishes a provisional list of CRS reportable jurisdictions for TY2021 with the addition of Kenya and Morocco. It further informs RFIs that the provisional list of TY2021 CRS reportable jurisdictions should only be used by Isle of Man FIs that are ceasing to be a Reporting FI and need to file a final report before cessation. Additionally, it informs RFIs that an updated version of the CRS guidance notes will be available soon.

OECD Feb 17, 2021

The OECD publishes an updated list of the AEOI status of commitments. Uganda has committed to implement the International Automatic Exchange of Information (AEOI) by September 2023. Also, Footnote #7 has been added to inform that Albania voluntarily committed to the first exchange of information in 2021, but has already started exchanges in 2020.

IRS Feb 17, 2021

The IRS publishes an update informing that as part of its continuing effort to reduce paperwork and respondent burden, the IRS invites the public and other Federal agencies to provide comments on Form W-8BEN, W-8BEN-E, W-8ECI, W-8EXP, and W-8IMY. Written comments should be received on or before April 19, 2021, to be assured of consideration.

Switzerland Feb 17, 2021

The Federal Tax Administration (FTA) of Switzerland publishes updated technical guidance, technical updates have been made to illustrations 5.3.1 and Section 7.1 to reflect the adaptation (XML header) to the XML Schema (v2.0).

Malta Feb 17, 2021

'The Office of the Commissioner for Revenue in Malta publishes a notice informing that as part of its compliance monitoring, RFIs that are in the scope of the cooperation with other Jurisdictions on Tax Matters Regulations, inclusive of AEOI, will receive a formal letter from the Commissioner for Revenue. The RFIs are expected to reply to the letter within 15 working days from the date of the letter via communications to the ‘International & Corporate Tax Unit’, AM Business Centre, Labour Road, Zejtun, or by email to eoi-admin.cfr@gov.mt

Germany Feb 15, 2021

The Federal Tax Office of Germany (BZSt) publishes CRS Newsletter 02/2021, confirming the availability of the provisional list of TY2020 CRS reportable and participating jurisdictions. It also informs RFIs that the new jurisdictions will only be activated in the CRS system once the final TY2020 CRS reportable and participating jurisdictions list is released, expected to be in June 2021. Additionally, it informs RFIs that the technical issue causing the delay in processing logs has been fixed.

United States Feb 12, 2021

NEW - Jurisdictional Debrief Now Available (Week Ending February 12, 2021)

Sweden Feb 12, 2021

The Swedish Tax Agency publishes updated documents related to CRS reporting: (1) Technical description (edition 5), (2) XML user Guide v3.0, and (3) sample files for CRS control tasks. It also reminds RFIs that CRS XML schema v2.0 will be applicable for all CRS reports beginning February 2021.

Germany Feb 12, 2021

The Federal Tax Office of Germany (BZSt) publishes a provisional list of TY20 CRS reportable and participating jurisdictions. Ecuador, Ghana, Kazakhstan, Maldives, New Caledonia, Peru, Qatar, Sint Maarten, and Trinidad and Tobago have been identified as provisional reportable jurisdictions for TY20. Albania and Oman have been provisionally identified as participating jurisdictions, the RFIs are advised to collect financial account information for these jurisdictions but are not required to report it to the BZSt. In addition, the BZSt also publishes a provisional list of TY2020 CRS exchange partners with which the BZSt would exchange CRS information.

British Virgin Islands Feb 12, 2021

The International Tax Authority (ITA) of the BVI publishes a notice informing RFIs that the BVIFARs portal used for FATCA and CRS reporting is now available. It also reminds RFIs that the FATCA and CRS reporting deadline is May 31, 2021.

France Feb 12, 2021

The French Tax Authority (DGFiP) releases an updated version of the CRS Technical Guide (v2.6). The guidance includes an updated list of TY2020 CRS reportable jurisdictions. Costa Rica, Curacao, Grenada, Peru, and Turkey have been added to the list of CRS reportable jurisdictions. It also consists of an updated provisional calendar for 2021 confirming: (1) the availability of CRS/DAC2 services for testing files would be available March 9, 2021; (2) the CRS/DAC2 submission environment would be available beginning May 10, 2021; and (3) the CRS/DAC2 reporting services would close by August 3, 2021. Additionally, it also informs RFIs that the new OECD CRS XML Schema v2.0 would be used for TY20 reporting.

OECD Feb 11, 2021

The OECD publishes information on Tax Identification Numbers (TINs) for Guernsey and the United Arab Emirates.

IRS Feb 10, 2021

The IRS updates its list of approved KYC rules. Romania has been added to the list of countries whose know-your-customer rules have been approved related to the qualified intermediary agreement.

Ecuador Feb 10, 2021

The Internal Revenue Service of Ecuador publishes updated CRS annex catalog (v.3), and the CRS technical sheet (v.3) containing the description of fields that are used to complete the CRS annex.

Italy Feb 10, 2021

The Ministry of Economy and Finance in Italy publishes clarifications regarding cross-border mechanisms subject to the reporting obligation under the DAC6 directive.

Sweden Feb 10, 2021

The Swedish Tax Agency publishes a newsletter informing RFIs that the CRS technical description and sample files would be available soon. It also informs RFIs that the FATCA technical description would be available in the week ending February 19, 2021. Additionally CRS reports will be submitted using the updated CRS XML schema version 2.0 once the e-services are available.

Denmark Feb 10, 2021

The Tax Agency of Denmark publishes an updated TY2020 FATCA reporting guide. The guide informs RFIs that the TY2020 FATCA reporting deadline is May 3, 2021, since May 1 is a Saturday. It also publishes a notice informing RFIs that the new OECD CRS Schema v2.0 is effective beginning Feb 1, 2021.

Germany Feb 9, 2021

The Federal Tax Office of Germany (BZSt) publishes CRS Newsletter 01/2021 informing RFIs that due to a technical issue there is a delay in the processing of the CRS files. The issue has been caused due to the transition to the new version of the CRS schema and that the problem has been identified and will be resolved soon. The BZSt requests RFIs to refrain from making inquiries on the status of processing.

Singapore Feb 9, 2021

The Inland Revenue Authority of Singapore (IRAS) publishes an updated list of TY2020 CRS reportable and participating jurisdictions. Costa Rica, Curacao, Peru, and Turkey have been added to the list of reportable jurisdictions while New Caledonia has been added to the list of participating jurisdictions. It also reminds RFIs that the CRS reporting deadline is May 31, 2021.

Slovak Republic Feb 8, 2021

The Financial Directorate of the Slovak Republic publishes updated instructions informing RFIs that the TIN field can be completed in accordance with the US IRS’ FATCA General Reporting FAQ3, which allows RFIs to report missing TINs with nine A’s or nine zero’s for TY2020, subject to automatic generation of error notifications. However, the error messages generated when the TIN field is reported with such values will allow RFIs an additional 120 days to obtain and report the missing TINs. It also publishes additional documents describing a series of values that will allow the tax administrations to better understand the facts and circumstances behind the missing U.S. TINs. It further advises RFIs to refer to the US IRS FAQ3 on the FATCA General Reporting page for additional information.

Estonia Feb 8, 2021

The Estonian Tax and Customs Board publishes updated technical specifications related to FATCA and CRS reporting.

Spain Feb 6, 2021

The Spanish Tax Agency (Agencia Tributaria) publishes an additional FATCA FAQ informing RFIs that beginning TY2020 FATCA reporting, nine A’s, nine 0’s, or any other numerical patterns will not be accepted in case of a missing US TIN. The only scenario in which the completion of the NIF field with AAAAAAAAA would be admitted would be in the presentation of cancellations of records from previous years (FATCA 3 type declarations), with content identical to the one intended to be canceled, if applicable. It also reminds that the date of birth is a required field that needs to be irrespective of TIN availability and it further informs RFIs to refer to the US IRS FAQ3 on the FATCA General Reporting page for additional information.

British Virgin Islands Feb 5, 2021

The International Tax Authority (ITA) of the BVI publishes a notice informing RFIs that the BVIFARs portal used for FATCA and CRS reporting is still inaccessible due to maintenance activities. The ITA informs that it will issue an update on the re-opening of the portal and reminds RFIs that the OECD CRS XML Schema v2.0 will be applicable once the portal is online.

Estonia Feb 4, 2021

The Tax and Customs Board of Estonia updates information on the FATCA reporting process. It also publishes a document that provides additional guidance on the TIN reporting requirement by Model 1 FFIs while beginning TY2020. The document describes different codes that will allow the tax administrations to better understand the facts and circumstances behind the missing U.S. TINs, both in general and with respect to a specific reporting Model 1 FFI. However, in these scenarios, an error notice will be generated that will provide 120 days to correct the issue.

Malta Feb 4, 2021

The Office of the Commissioner for Revenue in Malta publishes an updated Automatic Exchange of Financial Account Information Guide (v3). Specific updates include: (1) Section 12.1 is updated that advises RFIs to use the Standard Deflate compression method while transmitting files; (2) Appendix 1 is updated to include Costa Rica, Curacao, and Peru as reportable jurisdictions for TY2020, and (3) Appendix 2 is updated to include Maldives and Peru as participating jurisdictions.

Cyprus Feb 3, 2021

The Cyprus Tax Department publishes a notice informing RFIs of the DAC6 reporting deadline extension until March 31, 2021.

Ecuador Feb 3, 2021

The Internal Revenue Service of Ecuador publishes an updated list of TY2020 CRS reportable and participating jurisdictions. 12 jurisdictions have been added to the list of reportable jurisdictions. New Caledonia, Kazakhstan, Liberia, Morocco, and Nigeria have been added as participating jurisdictions while Trinidad and Tobago have been excluded from the list.

Slovak Republic Feb 3, 2021

The Financial Directorate of the Slovak Republic reminds RFIs that the new CRS XML schema version 2.0 is in effect beginning February 1, 2021.

Liechtenstein Feb 3, 2021

The Tax Administration (STV) of the Principality of Liechtenstein publishes updated reporting instructions (v2) according to CRS XML Schema (v2.0).

Slovak Republic Feb 2, 2021

The Financial Directorate of the Slovak Republic publishes updated FATCA and CRS XML validation files.

Malaysia Feb 2, 2021

The Inland Revenue Board of Malaysia (IRBM) publishes an update on the first reporting of FATCA information. The date for submitting 2014, 2015, 2016, 2017, 2018, 2019, and 2020 reportable information including Nil returns under FATCA to the IRBM has been tentatively deferred to 2022.

IRS Feb 1, 2021

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool, with the FIs that are in approved status as of January 25, 2021.

Singapore Feb 1, 2021

The Inland Revenue Authority of Singapore (IRAS) publishes an announcement reminding RFIs that the CRS registration deadline for the entities that became a reporting SGFI between January 1, 2020, and December 31, 2020, is March 31, 2021. It also reminds RFIs that all new, nil, or corrected reports, including returns relating to Reporting Years 2017 to 2019, must be formatted and submitted using the new CRS XML schema v2.0 which is in effect from February 1, 2021. Additionally, CRS fillable PDF form v2.0 is now available for submitting CRS returns beginning February 1, 2021.

IRS Feb 1, 2021

The IRS publishes Issue number A-2021-02 informing lenders who have filed or furnished Forms 1099-MISC (Miscellaneous Information), reporting certain payments on loans subsidized by the Administrator of the U.S. Small Business Administration (SBA) as income of the borrower, that they must file and furnish corrected Forms 1099-MISC that exclude these subsidized loan payments.

Hong Kong Feb 1, 2021

The Inland Revenue Department of Hong Kong updates AEOI FAQs. FAQ21 has been added that provides clarification on the requirement of an AEOI account if the RFI has no reportable accounts.

Sweden Feb 1, 2021

The Swedish Tax Agency reminds RFIs that the Reportable arrangements (DAC 6) deadline is changed to February 1, 2021. The new reporting time for retroactive events which according to the ordinance must be reported no later than February 28, 2021, is changed to March 1, 2021. Also, the deadline would be the next working day if it falls on a holiday.

United Arab Emirates Feb 1, 2021

The Dubai International Financial Centre (DIFC) publishes updated CRS Guidance Notes. Section 11.1 on Self-Certification for New Accounts has been updated to inform RFIs that, if an RFI opens a New Account without obtaining a valid self-certification or fails to validate such self-certification is subject to fines for such contravention under the revised Law. Additionally, an Account Holder or Controlling Person providing an inaccurate or incorrect self-certification to an RFI that the Account Holder or Controlling Person knew or ought to have known was inaccurate or incorrect will be in contravention of the Law and is also subject to newly introduced fines.

Netherlands Feb 1, 2021

The Netherlands’ Tax and Customs Administration publishes a Newsletter providing further clarifications on the procedure to report missing US TINs for TY20 onwards. The Newsletter refers to the series of codes introduced by the IRS that FIs can include in the TIN field of their FATCA XML File, which will allow the tax administrations to better understand the facts and circumstances behind the missing U.S. TINs for the reporting period. Note that while the use of these codes is optional in any case the IRS will continue to generate error notices requesting corrections where the above-mentioned TIN field codes are used and a US TIN is missing. In addition, the Tax Administration highlights that the entry of nine A’s or nine zero’s in the TIN field will also result in an error notice that will provide 120 days to correct the issue.

Bermuda Jan 31, 2021

The Ministry of Finance in Bermuda publishes an updated list of TY2020 CRS reportable jurisdictions. Cook Islands, Cyprus, Hong Kong, Israel, Jersey, Saint Lucia, and Turkey have been added as reportable jurisdictions.

Ecuador Jan 31, 2021

The Internal Revenue Service of Ecuador publishes a CRS Resolution amending the CRS Resolution (NAC-DGERCGC19-000000045) that provides updated guidance on CRS due diligence, CRS definitions, and reporting obligations. The amended resolution also contains an updated list of TY2020 CRS participating and reportable jurisdictions.

Macau Jan 31, 2021

The Financial Services Bureau of Macau publishes an updated list of CRS reportable and participating jurisdictions. Brunei Darussalam, Morocco, New Caledonia, and Peru have been added to the reportable list. Oman and Dominica have been added to the participating list while 18 jurisdictions have been removed from the list. It also publishes general reporting guidelines for CRS along with the updated AEOI FAQs. Additionally, It also publishes sample self-certification forms for Entities, Individuals, and Controlling Persons along with their guidance.

United States Jan 29, 2021

NEW - Jurisdictional Debrief Now Available (Week Ending January 29, 2021)

Portugal Jan 29, 2021

The Tax and Customs Authority of Portugal publishes a notice informing RFIs that the updated OECD CRS XML schema v2.0 and XML schema user guide v3.0 will be applicable beginning February 1, 2021.

Italy Jan 29, 2021

The Ministry of Economy and Finance in Italy publishes a communication informing of the circular containing feedback received on the implementation regulations of the EU Directive on reportable cross-border arrangements (DAC6). The circular will clarify that the sanctions provided for in the article will not be applied 12 of the legislative decree of 30 July 2020, n. 100, if the aforementioned communications will be made by February 28, 2021.

Malta Jan 29, 2021

The Office of the Commissioner for Revenue in Malta publishes a notice informing RFIs that Reportable cross-border arrangements (DAC6), the first step of which was implemented between 25 June 2018 and 30 June 2020 must be reported by March 1, 2021.

Greece Jan 28, 2021

The Independent Public Revenue Authority of Greece publishes a gazette informing of the revised deadlines for DAC6 reporting.

Germany Jan 28, 2021

The Federal Tax Office of Germany (BZSt) publishes FATCA Infobrief 01/2021. The Infobrief includes information on - (1) The FATCA production environment would be available beginning May 13, 2021; (2) The test environment for data transmissions is now available; and (3) The schema change will not take place until the second half of the Calendar year 2021. It is ensured that the reports for the reporting period 2020 until the end of the reporting period (July 31, 2021) remains unchanged according to the current Schema.

Curaçao Jan 28, 2021

The Ministry of Finance in Curaçao publishes an updated list of reportable jurisdictions for TY2020 with the addition of Barbados, Costa Rica, Monaco, and Panama. It also reminds RFIs that the CRS reporting deadline is March 31, 2021. Additionally, it informs RFIs that the OECD CRS XML schema v2.0 will be applicable from 2021.

Belgium Jan 28, 2021

The Ministry of Finance in Belgium publishes a communication informing RFIs of the postponement of the DAC6 reporting deadline to February 28, 2021. It also informs that no penalties will be imposed during this period for a late submission. Additionally, it is possible to report information regarding DAC6 via the MyMinfin DAC 6 portal.

Hungary Jan 28, 2021

The Government of Hungary publishes Reporting rules for cross-border structures (DAC6).

Ireland Jan 27, 2021

The Office of the Revenue Commissioners in Ireland publishes an updated Tax and Duty Manual on EU Mandatory Disclosure of Reportable Cross-Border Arrangements (DAC6). The manual has been updated to set out filing instructions where certain specified information in disclosure is subject to Legal Professional Privilege (LPP). In such cases, a Form DAC 6 (LPP) should be filed using MyEnquiries, setting out the identity of the relevant taxpayer and other intermediaries involved in the reportable cross-border arrangement.

Belgium Jan 27, 2021

The Ministry of Finance in Belgium publishes a communication informing RFIs of the availability of the MyMinfin Portal. It also informs that the CRS XML Tool has been updated as per the new schedule and is now available. Additionally, CRS reports can be submitted in XML format using OECD CRS XML schema v2.0.

Guernsey Jan 27, 2021

The Revenue Service of the States of Guernsey issues Bulletin 2021/2 informing RFIs of the schema change and IGOR reporting requirements. The bulletin informs: (1) OECD CRS XML Schema v2.0 and CRS schema user guide v3.0 will be applicable beginning February 1, 2021, and any CRS reports submitted thereafter should be submitted using the new XML schema v2.0 including any corrections to previously submitted data; (2) All RFIs need to classify what type of reporting institution they are beginning TY2020 and they also need to complete the compliance statement confirming that all the reports inclusive of nil reports have been submitted and are compliant with the relevant regulation. Omitting to complete the Compliance Statement will not prevent submission of the report on IGOR, but it will be identified as an incomplete submission and would require completion of the Compliance Statement; and (3) Information Gateway Online Reporter System (“IGOR”) will be available for submission of FATCA and CRS reports beginning February 1, 2021.

Malaysia Jan 27, 2021

The Inland Revenue Board of Malaysia (IRBM) publishes an update on the first reporting of FATCA information, informing RFIs that the deadline for submitting 2014, 2015, 2016, 2017, 2018, 2019, and 2020 reportable information and NIL Return under FATCA to the IRBM has been further tentatively deferred to following years from June 30, 2021, previously.

Greece Jan 27, 2021

The Independent Public Revenue Authority of Greece publishes a gazette incorporating EU Directive EU / 2018/822 (IACS-DAC6) thus amending Directive 2011/16 / EU on the automatic exchange of information in the field of taxation on declared cross-border arrangements (DAC6).

Germany Jan 27, 2021

The Federal Tax Office of Germany (BZSt) publishes a notice informing of the delayed processing between February 1 – February 5, 2021, for DAC6 reporting due to maintenance activities.

Malta Jan 26, 2021

The Office of the Commissioner for Revenue in Malta publishes a notice informing RFIs of the availability of the personalized excel spreadsheet for submission of DAC6 Reports for the entities that did not have the facility to upload an XML data file. This can be accessed through the CfR online portal for those reporting entities duly registered for DAC6 reporting purposes.

Malaysia Jan 26, 2021

The Inland Revenue Board of Malaysia (IRBM) publishes an update thus informing RFIs that an updated IRBM Public Key is now available that would be valid from January 5, 2021, to January 26, 2022.

Luxembourg Jan 26, 2021

The Grand Duchy of Luxembourg publishes an updated list of TY2020 CRS reportable and participating jurisdictions. Brunei Darussalam, New Caledonia, and Peru have been identified as reportable and participating jurisdictions while Morocco has been identified as a reportable jurisdiction.

Cayman Islands Jan 23, 2021

The Department for International Tax Cooperation (DITC) of the Cayman Islands extends the 2019 CRS Compliance Form Deadline to September 15, 2021. The deadline has been extended to accommodate the availability of a bulk upload option in CSV format, which will be released in advance of the revised deadline. The deadlines for the 2019 CRS Compliance Form and the 2020 CRS Compliance Form are now the same, i.e. September 15, 2021.

Spain Jan 23, 2021

The Spanish Tax Agency (Agencia Tributaria) publishes an additional FATCA FAQ. The FAQ explains when a sponsored entity or sponsored investment can be considered a non-reporting financial institution. It must be a sponsored investment entity, a sponsored foreign-controlled company, or a sponsored investment instrument with a small number of investors, as defined in the Sections C and D of Section II of Annex II of the Agreement and have agreed with a sponsoring entity that it meets, on their behalf, the obligations referred to in the aforementioned sections and in the terms indicated in themselves.

Malta Jan 22, 2021

The Office of the Commissioner for Revenue in Malta publishes a notice informing RFIs of the availability of the online portal for submission of DAC6 Reports in XML format.

Barbados Jan 22, 2021

The Barbados Revenue Authority publishes a notice informing RFIs that failed to submit TY2019 FATCA and CRS reports can do so, until February 15, 2021. While submitting the late reports, a written notice must be submitted to the Revenue Commissioner indicating the reason for the failure to submit the reports. It also informs that late filings and failure to file are considered offenses that can incur a fine of $50,000 or/and imprisonment for a term of 10 years or both. In addition, the Revenue Commissioner may also impose a pecuniary penalty of $10,000 on the RFI.

Austria Jan 21, 2021

The Federal Ministry of Finance in Austria publishes CRS XSD Schema technical specification updates for Bank data products.

Taiwan Jan 21, 2021

The Ministry of Finance in Taiwan publishes an announcement informing RFIs that the first automatic exchange of financial account information with the United Kingdom is scheduled for September 2021 with respect to TY2020. RFIs are advised to prepare in advance and to complete the filing of financial account information held or controlled by residents of the UK along with information on residents of Japan and Australia by the end of June 2021. It also publishes a CRS implementation summary comprising the statistics on the number of accounts reported for the reportable jurisdictions Japan and Australia for TY2019.

Lithuania Jan 21, 2021

The State Tax Directorate of the Republic of Lithuania publishes additional guidance on DAC6 Reporting deadlines.

Gibraltar Jan 21, 2021

HM Government of Gibraltar publishes Income Tax Act 2010 (Amendment) (EU Exit) Regulations 2021. The regulation amends Gibraltar's implementation of Cross-border reporting (DAC6) arrangements. The amended regulations are deemed to have come into operation on January 1, 2021.

Canada Jan 21, 2021

The Canadian Revenue Agency (CRA) publishes updated AEOI filing instructions informing RFIs of the updated AEOI XML schema version 1-21-4 for filing TY20 information returns.

Malaysia Jan 19, 2021

The Inland Revenue Board of Malaysia (IRBM) publishes an updated list of CRS participating jurisdictions. Ecuador, Kazakhstan, Liberia, Morocco, New Caledonia, Nigeria, Oman, and Peru have been added to the list whereas Trinidad and Tobago are removed from the list.

Jersey Jan 19, 2021

The States of Jersey publishes updated practical guidance for FATCA (v5.0) and CRS reporting (v5.0). Specifically updated in the FATCA guidance are validation updates on the AEOI portal for all reporting years, to identify errors as early as possible and to minimize the number of record-level errors. The CRS guidance has been updated – (1) to reflect changes in the registration process on the live and test portals; (2) to remind RFIs of applicability of the updated OECD CRS XML schema v2.0 beginning February 1, 2021; (3) to inform that NIL return filing for TY2020 is not mandatory in 2021, but the Taxation Regulations 2015 will be amended to include mandatory Nil return filing in 2022 for TY2021 shortly; and (4) Updated guidance on the Correction (OECD2) and VOID (OECD3).

Uruguay Jan 19, 2021

The Director of General Taxes (DGI) of Uruguay releases a new public key for the production and simulation environment for AEOI reporting. The new certificate will be applicable beginning January 26, 2021.

Luxembourg Jan 19, 2021

Luxembourg’s ACD publishes a newsletter informing RFIs on the requirement of submitting a zero value message (Nil Reporting) when they have no Reportable Accounts under FATCA and CRS. The Direct Contributions Administration plans to set up, via MyGuichet (the secure interactive platform of guichet.lu), a new process allowing Luxembourg financial institutions reporting or their depositing entity to make a zero-value message declaration. There is no plan to submit a zero-valued message in XML format. The transmission of a zero-value message is still possible via existing companies (transmitters) Fundsquare and Six Payment Services (SOFiE), either by means of their input form or by submitting an XML. The new MyGuichet approach will probably be available at the beginning of May 2021.

Gibraltar Jan 19, 2021

The Commissioner of Income Tax of Gibraltar publishes an updated list of CRS reportable jurisdictions. Nigeria has been identified as a temporarily non-reciprocal jurisdiction for TY2020.

Hong Kong Jan 18, 2021

The Inland Revenue Department of Hong Kong updates AEOI FAQs. FAQ34 to reflect the amended definition of controlling persons based on the Inland Revenue Ordinance (Amendment of Section 50A) Notice 2020, effective beginning January 1, 2021, that describes the changes to the ownership percentage (25% or more) of Controlling persons of entities that are partnerships/trusts/corporations.

Cyprus Jan 18, 2021

The Cyprus Tax Department publishes a notice informing RFIs of the unavailability of the e-services system for FATCA/CRS reporting from January 18, 2021, to February 5, 2021, due to the transition to the upgraded OECD CRS XML Schema v2.0. It further informs RFIs that the OECD CRS XML Schema v2.0 will be applicable for any CRS reports submitted after the e-services system is available.

India Jan 18, 2021

The Income Tax Department of India publishes several updated documents related to AEOI reporting: (1) View Request and Submit Response-Quick Reference Guide (v1.1); (2) Information Request Utility User Guide (v1.2); (3) Information Request Utility - Quick Reference Guide (v1.1); (4) Information Request - Schema Guide (v1.0); (5) Reporting Portal User Guide (v3.8); and (6) Reporting Portal – FAQs (v4.9).

Peru Jan 17, 2021

The Customs National Superintendence and Tax Administration of Peru (SUNAT) updates AEOI FAQ 8, informing RFIs that CRS reports can be submitted between January 2, 2021, to May 31, 2021. RFIs are also advised to submit data regarding (1) low-value pre-existing accounts of natural persons as of December 31, 2018; (2) new accounts of individuals and entities as of December 31, 2020; (3) high and low-value pre-existing accounts of individuals as of December 31, 2020; and (4) the pre-existing accounts of entities as of December 31, 2020. As a reminder, the deadlines vary from May 14 to May 31 depending on the last digit of the RUC.

IRS Jan 15, 2021

The IRS publishes 2021 instructions for Form 1042-S. Specific updates include: (1) the addition of a new chapter 3 exemption code – (code 24 for exemptions under section 892); (2) updated procedure for filing extension requests to provide statements to recipients; and (3) an updated Chapter 3 exemption code (code 02 for exemptions under IRC and a new footnote 7 to clarify that this exemption code is to be used when no other exemption code applies.

United States Jan 15, 2021

NEW - Jurisdictional Debrief Now Available (Week Ending January 15, 2021)

Malaysia Jan 15, 2021

The Inland Revenue Board of Malaysia (IRBM) publishes an updated list of CRS reportable jurisdictions. Costa Rica, Curacao, and Turkey have been added to the list.

IRS Jan 14, 2021

The IRS publishes a notice reminding businesses that the deadline to furnish Forms 1099-MISC (Miscellaneous Income) and 1099-NEC (Nonemployee Compensation) by February 1, 2021. Form 1099-NEC is a new form for the tax year 2020 for nonemployee compensation of $600 or more to a payee. This form should be filed with the IRS, on paper or electronically, and sent to recipients by Feb. 1, 2021. There is no automatic 30-day extension to file Form 1099-NEC. However, an extension to file may be available under certain hardship conditions.

Australia Jan 14, 2021

The Australian Taxation Office (ATO) releases an updated CRS package content file for Software developers and a package content note describing changes to the package content file.

Sweden Jan 13, 2021

The Swedish Tax Agency publishes an update reminding RFIs of the unavailability of the CRS reporting feature in the FATCA/CRS e-services system from January 11, 2021, to January 31, 2021. It further reminds RFIs that the OECD CRS XML Schema v2.0 will be applicable beginning February 2021.

Belgium Jan 13, 2021

The Ministry of Finance in Belgium publishes communications informing RFIs that due to IT maintenance, all e-services will be unavailable from January 16 until January 17, 2021.

United States Jan 13, 2021

The U.S. Department of the Treasury updates its FATCA Page to include the updated Annex II of the FATCA Intergovernmental Agreements (related agreements) for Spain. The updated agreements include certain Non-Reporting Spanish Financial Institutions that are treated as deemed-compliant FFIs (Sponsored Investment Entity and Controlled Foreign Corporation and Sponsored, Closely Held Investment Vehicle) for the purpose of section 1471 of the Internal Revenue Code.

IRS Jan 12, 2021

The IRS publishes 2021 instructions for Form 1099-R and 5498 (Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.).

Luxembourg Jan 12, 2021

Luxembourg’s ACD publishes a reminder on the applicability of the updated FATCA and CRS XSD Schemas that are effective beginning January 6, 2021.

Switzerland Jan 11, 2021

The Federal Tax Administration (FTA) of Switzerland publishes an updated version of the CRS technical directive. Apart from various minor formatting updates, other updates include: (1) Section 5.4.2 has been added that provides guidance on reporting information related to Trusts (2) Section 9 has been updated that provides information on the requirement of RFIs to keep the documents they have established and the supporting documents they have obtained to fulfill their obligations under the AEOI, as well as the documents relating to the stages of reporting.

Liechtenstein Jan 11, 2021

The Tax Administration (STV) of the Principality of Liechtenstein publishes a notice informing RFIs that due to maintenance work, the AIA Reporting Portal will be unavailable from January 11 until January 31, 2021.

IRS Jan 11, 2021

The IRS updates the FFI List FAQs. Specifically updated FAQs are: (1) FAQ 1 explaining the availability of the IRS FFI search tool and that the search results can be exported to an XML, CSV, or PDF file; and (2) FAQ 4 comprising reasons for the inability to find an FI or a branch while using the tool.

Switzerland Jan 8, 2021

The Federal Tax Administration (FTA) of Switzerland updates its AEOI FAQs with the addition of an FAQ relating to TIN requirements while opening an account. An RFI can rely on self-certification (SCF) unless the SCF is inaccurate or unreliable. There is no need to conduct an independent legal analysis and can depend on the OECD TIN guidance with respect to the issuance and formats of TINs.

Canada Jan 8, 2021

The Canadian Revenue Agency (CRA) publishes updated FATCA filing instructions informing RFIs that the due date for submitting FATCA (Part XVIII) returns is May 3, 2021. It also releases an updated FATCA and CRS tax residency declaration forms for individuals and entities in accordance with Part XVIII and Part XIX of the Income Tax Act.

United Kingdom Jan 7, 2021

The United Kingdom’s HMRC publishes an updated list of CRS participating and reportable jurisdictions for TY20 reporting. Maldives and Taiwan are added to the list of the participating jurisdictions and Albania, Peru, and Taiwan are identified as reportable jurisdictions.

OECD Jan 7, 2021

The OECD publishes information on Tax Identification Numbers (TINs) and Tax Residency rules for Bahrain.

Malta Jan 6, 2021

The Office of the Commissioner for Revenue in Malta publishes a notice informing RFIs of the availability of the registration portal for DAC6 Reporting (reportable cross-border arrangements).

IRS Jan 6, 2021

The IRS releases 2021 General Instructions for Certain Information Returns which also includes Form 1099. As per the updated instructions, Form 1099-H and its instructions have been converted from annual updates to continuous use and the title of the Form 1099-MISC has changed from Miscellaneous Income to Miscellaneous Information. Also, as a reminder Form 1099-NEC that is used to report nonemployee compensation would be due to IRS on January 31, 2022.

Cyprus Jan 5, 2021

The Cyprus Tax Department publishes announcements informing RFIs that the DAC6 legislation is expected to be transposed into national law by January 2021 and that the DAC6 registration services are available. It also informs RFIs that the submission of DAC6 information may be voluntary until it becomes mandatory with the adoption of relevant DAC6 legislation.

Czech Republic Jan 5, 2021

The Ministry of Finance of the Czech Republic publishes a notice informing RFIs of the applicability of the new OECD CRS Schema v2.0 and the new CRS User Guide v3.0, beginning February 1, 2021. It also informs RFIs that the CRS Schema v1.0 can be used until January 12, 2021.

Australia Jan 4, 2021

The Australian Taxation Office (ATO) releases an updated version of the CRS Small Reporter Tool (SRT) v2.0 and the updated CRS SRT User Guide v2.0.

Russia Jan 4, 2021

The Federal Tax Service (FTS) of Russia publishes the amended regulation to help the RFIs to collect information on beneficiaries and (or) persons directly or indirectly controlling financial accounts, it's processing, including documentary fixation, and analysis, on acceptance, including documentary fixation, justified and available in the current circumstances of measures to establish the tax residence of clients, beneficiaries and persons who directly or indirectly control them, including checking the accuracy and completeness of the information provided by the client.

Malta Jan 4, 2021

The Office of the Commissioner for Revenue in Malta publishes Guidelines on the Mandatory Automatic Exchange of Information on Cross-Border Arrangements (DAC6) v1.0.

Hong Kong Jan 4, 2021

The Inland Revenue Department of Hong Kong publishes an updated User guide of data preparation tool (v2), Guide to return filing, and a guide on account registration. Specific updates include: (1) User guide of data preparation tool include instructions on how to use the data preparation tool; (2) Return filing guide includes information on how to upload the data file, how to make amendments when misleading, false, or inaccurate information is discovered, and how to upload an amended data file; and (3) Account Registration guide includes instructions on how to register with the AEOI portal and the information required for registration.

IRS Jan 1, 2021

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool, with the FIs that are in approved status as of December 23, 2020.

Guernsey Dec 31, 2020

The Revenue Service of the States of Guernsey publishes an updated list of CRS reportable and participating jurisdictions for TY2020. Morocco and Peru have been identified as reportable jurisdictions for TY2020 while Georgia, Jordan, Kenya, Montenegro, and Thailand have been added to the list of participating jurisdictions. Additionally, a provisional list of TY2021 reportable jurisdictions has also been made available wherein Kenya, Maldives, and Trinidad and Tobago have been listed.

Brazil Dec 30, 2020

The Department of Federal Revenue in Brazil releases an updated version of its e-Finance Manual (e-Financeira v1.1.5). Technical updates have been made to several sections of the guidance

Hungary Dec 30, 2020

The National Tax and Customs Administration of Hungary publishes an updated version of the CRS technical guide for the electronic submission of data. The Guide includes an updated list of CRS reportable jurisdictions with the addition of Brunei Darussalam, Dominican Republic, Ecuador, New Caledonia, Oman, and Vanuatu for TY2020 reporting. It also reminds RFIs that the deadline for CRS reporting is June 30, 2021.

Jamaica Dec 30, 2020

The Ministry of Finance in Jamaica publishes the Revenue Administration (Amendment) Act to implement the CRS Regulations. It also includes a list of CRS reportable and participating jurisdictions. Additionally, the first reporting of CRS data is expected to begin in 2022. The expected first reporting deadline would be May 31, 2022.

Spain Dec 30, 2020

The Spanish Tax Agency (Agencia Tributaria) publishes updated FATCA technical manual (v2.9) and CRS technical manual (v2.2). The updated CRS technical manual also informs RFIs that CRS Nil reporting for TY2020 is still optional. It also releases an updated list of TY2020 CRS reportable and participating jurisdictions. Brunei Darussalam, Morocco, New Caledonia, and Peru have been added to the lists.

British Virgin Islands Dec 29, 2020

The International Tax Authority of the BVI publishes a notice informing RFIs that the BVIFARs portal will be accessible beginning January 8, 2021, and all reporting obligations must be fulfilled by 13th January 2021. It also informs RFIs that BVIFARs will undergo configuration for OECD CRS XML Schema v2.0 between January 16, 2021, to February 5, 2021, and any CRS reports submitted thereafter should be submitted using the new OECD CRS XML Schema v2.0.

Spain Dec 29, 2020

The Government of Spain modifies Directive 2011/16/EU with regard to the automatic and mandatory exchange of information in the field of taxation in relation to cross-border mechanisms (DAC6) subject to communication of information. It includes measures on providing procedures, requirements, and obligations for intermediaries to declare information and establishes penalties and sanctions for inaccurate or false information.

Japan Dec 28, 2020

The National Tax Agency (NTA) of Japan publishes updated AEOI reporting system FAQs. Minor updates have been made to FAQ3-2 containing information on the country codes for transmission of data.

Italy Dec 28, 2020

'The Ministry of Economy and Finance in Italy publishes a draft circular for public consultation on the implementation of the EU directive on the mandatory automatic exchange of information for reportable cross-border arrangements (DAC6). Interested parties have until January 15, 2021, to send their comments and proposals to the e-mail address: dc.gc.settorecontrollo@agenziaentrate.it

Japan Dec 28, 2020

The National Tax Agency of Japan publishes an updated list of CRS reportable jurisdictions for TY20. New Caledonia has been added to the list.

Taiwan Dec 24, 2020

The Ministry of Finance in Taiwan publishes a notice informing RFIs that updated CRS XML schema v2.0 will be in use beginning January 1, 2021, including corrected reports of TY19. It also publishes a CRS XML schema v2.0 user guide along with updated FAQs related to the information declaration system according to the new CRS schema v2.0.

Liechtenstein Dec 23, 2020

The Liechtenstein State Administration publishes amended FATCA Law and AEOI Law that enters into force beginning January 1, 2021. Apart from several other updates that provide guidance to RFIs on various due-diligence activities, the RFIs must keep a record of due-diligence and reporting related documentation and data for ten years.

Germany Dec 23, 2020

The Federal Tax Office of Germany (BZSt) publishes CRS Infobrief 07/2020 reminding RFIs that CRS reports of all the reporting periods can be submitted to the BZSt online portal (BOP) using the CRS XML Schema v2.0 beginning February 2021.

Russia Dec 23, 2020

The Federal Tax Service of Russia publishes information on the rules for determining Residency/Citizenship by investment for information exchange purposes. It also provides information on the structure of the tax identification numbers for some CIS countries along with a link to check the TIN assigned by the EU member states.

Kuwait Dec 23, 2020

The Ministry of Finance in Kuwait publishes an update informing RFIs that the MOF AEOI Portal will be unavailable due to scheduled maintenance from December 29, 2020, to December 31, 2020, it will be available from January 4, 2021.

Lithuania Dec 23, 2020

The State Tax Directorate of the Republic of Lithuania publishes a notice informing RFIs that for TY20 reporting a new XSD version of the OECD and European Commission (CRS-DAC2-EN v0.4) will be applicable beginning February 1, 2021.

Austria Dec 23, 2020

The Federal Ministry of Finance in Austria releases updated CRS Schema technical specifications user guide and the changes applicable according to the OECD CRS Schema v2.0 applicable beginning January 2021. It also informs the inclusion of the country code “XK” for Kosovo. Also, it publishes an error code directory.

Ireland Dec 23, 2020

The Office of the Revenue Commissioners of Ireland publishes an updated EU mandatory disclosure regime (DAC6) tax and duty manual.

Hungary Dec 23, 2020

The National Tax and Customs Administration of Hungary publishes an updated list of CRS participating jurisdictions.

Ireland Dec 22, 2020

The Office of the Revenue Commissioners of Ireland publishes Filing Guidelines for DAC6 (EU Mandatory Disclosure of Reportable Cross-Border Arrangements).

United States Dec 18, 2020

NEW - Jurisdictional Debrief Now Available (Week Ending December 18, 2020)

Ireland Dec 18, 2020

The Office of the Revenue Commissioners of Ireland publishes amended DAC6 XSD Schema, Sample XML files, and the updated technical user guide applicable beginning January 1, 2021. The DAC6 XSD file has been amended so that the DisclosureID field will not be mandatory where a DisclosureID has not been issued previously, whether by Revenue or the Competent Authority of another Member State.

Cayman Islands Dec 18, 2020

The Department for International Tax Cooperation (DITC) of the Cayman Islands publishes an Updates Bulletin informing RFIs the following: (1) The deadline to submit a CRS XML Return for the 2019 Reporting Period has now passed and this functionality has been disabled on the DITC Portal. An FI whose PPoC was unable to login and complete reporting prior to the deadline will not be automatically issued an Administrative Penalty, but will still be expected to submit a CRS XML Return for the 2019 reporting period by a date to be specified by the Authority upon re-enabling the CRS Reporting functionality in March 2021; (2) TY2019 FATCA returns are still being accepted by the portal; (3) Reporting guidance related to missing US TINs; (4) General FATCA technical issues; (5) Additional explanation on the FIs that are not migrated to the new portal; and (6) a reminder that CRS XML Schema v2.0 and CRS User Guide v3.0 are now applicable to all CRS XML Returns submitted on the DITC Portal beginning March 2021.

India Dec 18, 2020

The Income Tax Department of India publishes updated versions of its Reporting Portal FAQs (v4.8) and Reporting Portal User Guide (v3.7), both the documents are updated to include guidance on reporting of SPP Interest.

Australia Dec 17, 2020

The Australian Taxation Office (ATO) publishes CRS stakeholder update #14 containing information on the Bill proposed to amend the CRS legislation, thus aligning it with the OECD standard. Specific updates include: (1) Self-Managed Superannuation Funds (SMSFs) and Small APRA Funds (SAFs) would be removed from the definition of Non-Reporting Financial Institutions. Rather, SMSF and SAF accounts will now be excluded from CRS reporting requirements as Excluded Accounts; (2) Inclusion of intermediaries and other entities in the CRS anti-avoidance provisions. This amendment will ensure a broad application of this anti-avoidance provision, as envisaged by the CRS. Additionally, it also reminds RFIs that CRS reports lodged from January 1, 2021, must be created using the CRS XML Schema v2.0 and that the CRS Small Reported Tool (SRT) will be available in January 2021.

Slovak Republic Dec 17, 2020

The Financial Directorate of the Slovak Republic publishes updated instructions for submitting DAC6 declarations and notifications. It also publishes updated versions of the DAC6 XML Schema v3.02 and the XML file generation tool v1.11.

Finland Dec 17, 2020

The Finnish Tax Administration publishes updated FATCA technical guidance (v2.2) and updated CRS technical guidance (v2.1).

OECD Dec 16, 2020

The OECD publishes information on Tax Identification Numbers (TINs) for Colombia, Ecuador, Malaysia, Norway, and South Africa. It also publishes Tax Residency rules for Colombia, Cyprus, Ecuador, Norway, and the United Kingdom.

EU Dec 16, 2020

The General Secretariat of the European Council releases a letter addressed to the U.S. Treasury Secretary with respect to FATCA IGA’s. The Council acknowledges the recent efforts made by the IRS specifically with the publication of FAQs related to missing US TINs in 2019 along with the relief procedures for accidental Americans. The Council further provide recommendations to the U.S. Treasury requesting (1) to set up a meeting at the earliest convenience to end the issues relating to the closure of bank accounts due to obligations under the FATCA IGAs; and (2) to lower the cost of renunciation to the US citizenship along with a simplified filing process.

Sweden Dec 15, 2020

The Swedish Tax Agency publishes a draft new edition of the CRS Schema technical description (SKV260-CRS) according to the CRS Schema v2.0.

France Dec 15, 2020

The French Tax Authority (DGFiP) published an updated version of the recalcitrant account holders FAQs to revise Q1 under the Request from Financial Institutions section. Specifically, the updated FAQ clarifies that FIs have to send a first request for a self-certification to the account holder, followed by a second request if the account holder does not respond or responds inaccurately to the first request within 60 days from the date of receipt of the first request.

EU Dec 14, 2020

The European Union’s Taxation and Customs Union publish proposed amendments to the Directive on Administrative Cooperation (DAC), to extend the EU tax transparency rules to digital platforms (DAC7).

Switzerland Dec 14, 2020

The Federal Tax Administration (FTA) of Switzerland updates its list of CRS reportable jurisdictions. Albania has been identified as a temporarily non-reciprocal jurisdiction, while Costa Rica and Curacao have been re-classified as reciprocal from temporarily non-reciprocal status previously. Also, the date of entry into force of the information exchange agreement with Peru has been updated to January 1, 2021, thus indicating that Peru would be a reciprocal reportable jurisdiction beginning TY2021.

OECD Dec 14, 2020

The OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes (the Global Form) and the African Tax Administration Forum (ATAF) jointly publish a new toolkit for establishing and running an effective exchange of information function.

France Dec 14, 2020

The French Tax Authority (DGFiP) publishes an update informing that the DAC6 (reporting cross-border arrangements) reporting system is now available for reporting.

France Dec 14, 2020

The French Tax Authority (DGFiP) publishes updated versions of the DAC6 XSD Schema v3.02 and DAC6 XSD User guide v1.4.

Romania Dec 14, 2020

The National Agency for Fiscal Administration of Romania releases an updated list of CRS reportable jurisdiction with the addition of Brunei Darussalam and New Caledonia for TY2020. It also publishes an order (No. 1447) approving the updated list.

Hungary Dec 14, 2020

The National Tax and Customs Administration of Hungary publishes a guide providing general information related to FATCA reporting along with providing contact information. As a reminder, the guide informs RFIs that the deadline for FATCA reporting is June 30, 2021.

New Zealand Dec 13, 2020

The Inland Revenue Authority of New Zealand publishes an update informing RFIs that the new OECD CRS XML Schema v2.0 will be applicable for all reports filed beginning February 1, 2021, including any corrections to prior reporting periods. It also informs of the latest technical updates made to the Schema along with the inclusion of the country code “XK” for Kosovo.

Ireland Dec 11, 2020

The Office of the Revenue Commissioners in Ireland publishes updated FATCA and CRS filing guidelines. Under the FATCA filing guidelines, Section 7.11 has been added to include the US IRS’ FATCA IDES technical FAQ C19 informing that pooled reports may not be submitted by FIs in Model I IGA jurisdictions inclusive of Ireland. Under the CRS filing guidelines, Section 7.4 has been added informing RFIs that the CRS XML Schema v2.0 and User Guide v3.0 will be applicable for all DAC2/CRS reports, including corrections beginning February 1, 2021, and that the AEOI reporting portal (ROS) will be unavailable from January 15, 2021, to January 31, 2021.

Germany Dec 11, 2020

'The Federal Tax Office of Germany (BZSt) releases FATCA Infobrief 04/2020, informing that queries can now be directed to fatca@bzst.de-mail.de in an encrypted format. Alternatively, requests for encryption can be made using a public key infrastructure based on the S-MIME or PGP standard. It also informs that communication via fatca@bzst.bund.de is unencrypted. Additionally, it reminds that the FATCA certifications of the responsible officer ("RO") are due by December 15, 2020, for the certification period ending December 31, 2020.

France Dec 11, 2020

The French Tax Authority (DGFiP) publishes an updated version of the recalcitrant account holder reporting guidance and the corresponding Schema along with samples of XML files for RFIs. It also releases updated FAQs on recalcitrant account holder reporting with the addition of a Sanctions section that provides information on applicable penalties: (1) Sanction of 1,500 Euros in case of non-compliance; (2) Sanction of 200 Euros in the event of omission or late reporting of information. As a reminder, recalcitrant account holders should be reported by March 31 of each year.

Monaco Dec 11, 2020

The Principality of Monaco updates its list of CRS Reportable Jurisdictions. Anguilla and Curacao have been identified as reportable jurisdictions for 2021.

Cayman Islands Dec 10, 2020

The Department for International Tax Cooperation (DITC) of the Cayman Islands releases an update related to DITC Portal. As per the update, PPoCs who are able to register on the DITC Portal are encouraged to make their best efforts to submit any required reporting by the deadline of Dec 16, 2020. Users should note that administrative errors such as the FI name not matching to General Registry or the IRS FFI List, notifications to correct the Entity Profile, or the inability of the AP to activate their account, do not prevent the FI from submitting CRS Reports. The DITC anticipates that PPoCs who are able to access the Portal will be able to complete any required CRS reporting by the deadline of Dec 16, 2020. FIs that are unable to complete reporting prior to the December 16th deadline will not automatically be issued an Administrative Penalty. Also, CRS Reporting functionality on the DITC Portal will be disabled after Dec 16, 2020, and no reporting will be accepted until the DITC announces that it has been re-enabled, which is expected to be March 2021 due to transition to OECD CRS XML Schema v2.0. Additionally, only the CRS reporting functionality will be disabled between Dec 17, 2020, and March 2021. Users will still be able to register new FIs on the Portal, complete AP/PPoC/Secondary User updates, submit the CRS Compliance Form, and submit FATCA reporting.

OECD Dec 10, 2020

The OECD releases an updated list of CRS signatories that now has 110 jurisdictions. Peru has been added to the list with the intended first exchange expected to be in December 2020, while Ecuador’s intended first exchange is revised to September 2021.

Russia Dec 10, 2020

The Federal Tax Service (FTS) of Russia publishes an updated list of jurisdictions with which Russia will exchange CRS data (As a reminder, Russia has adopted the wider approach for CRS reporting).

IRS Dec 9, 2020

The IRS publishes a reminder that the Responsible Officer (RO) Certifications for the FATCA Certification Period Ending December 31, 2019, are due by December 15, 2020.

OECD Dec 9, 2020

The OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes publishes the Peer Review of the Automatic Exchange of Financial Account Information to ensure the effective implementation of the AEOI standard. The results relate to the 100 jurisdictions that committed to commence AEOI from 2017 or 2018, and are based on: (1) a review of each jurisdiction’s domestic and international legal frameworks to ensure they are complete, in accordance with the detailed requirements and, (2) a review of the effectiveness of each jurisdiction’s implementation of the AEOI Standard in practice, including the operational frameworks put in place to ensure compliance by Financial Institutions with the requirements.

OECD Dec 9, 2020

The OECD publishes an updated list of jurisdictions participating in the Convention on Mutual Administrative Assistance in Tax Matters. Namibia has been added to the list with the MCAA agreement expected to come into force beginning April 1, 2021.

OECD Dec 9, 2020

The OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes (the Global Forum) releases an annual report that provides further information on the Global Forum’s activities on AEOI.

Finland Dec 8, 2020

The Finnish Tax Administration publishes updated AEOI FAQs. Two new FAQs have been added under the fulfillment of due diligence obligations on: (1) the requirement for a pre-existing account holder opening a new account to obtain a reliable valid self-certification in case the previous self-certification is deemed unreliable subject to an exception for technical account openings; and (2) exception to obtain a valid self-certification for pre-existing account holders opening new accounts, in case the previous self-certification is deemed reliable.

OECD Dec 8, 2020

The OECD publishes an AEOI Compliance Guide on Promoting and Assessing Compliance by Financial Institutions. The purpose of this compliance guide is to assist government officials and financial institutions in their obligations to monitor and ensure compliance with reporting obligations under both FATCA and CRS and provide a practical overview of what a robust compliance regime could involve. The Guide is divided into two parts: Part 1 - of the compliance guide includes initiatives that tax administrations may wish to consider to promote and support compliance by FIs with their CRS obligations such as education, service initiatives, development of self-help tools, and options for the identification of the FI population; Part 2 - of the compliance guide includes the areas that could be used to review and assess compliance with the requirements under FATCA and CRS by FIs such as governance and implementation, due diligence and reporting obligations.

Switzerland Dec 8, 2020

The Federal Tax Administration (FTA) of Switzerland updates its list of CRS reportable jurisdictions. It updated footnote #5 which explains that all the partner jurisdictions that are pending the implementation of the Global Forum Action Plan in the areas of privacy and data security before the exchange of information are now classified as “temporarily non-reciprocal jurisdictions”, that is, they will initially provide financial account information, but will not receive such information until they meet the requirements of the EAR standard in the field of privacy and data security. Reporting Swiss financial institutions must collect the relevant data as soon as the AEOI is activated and send it to the FTA within the specified time. However, the FTA will only transmit this data to partner states if they meet the requirements for reciprocal data exchange and if an updated audit by the Global Forum confirms this.

Sweden Dec 5, 2020

The Swedish Tax Agency publishes an update informing RFIs that the e-service used for FATCA and CRS reporting will be unavailable beginning January 12, 2021, to the beginning of February 2021. As a reminder, CRS reporting on XML files for the income year 2019 and earlier (eg corrections or additions) can be made in the CRS XML v.1.0 until January 11, 2021.

United States Dec 4, 2020

NEW - Jurisdictional Debrief Now Available (Week Ending December 4, 2020)

IRS Dec 4, 2020

The IRS releases the 2020 versions of Form 1042, Schedule A of Form 8804, and Form 1099-H.

Liechtenstein Dec 3, 2020

The Tax Administration (STV) of the Principality of Liechtenstein publishes a newsletter informing RFIs of the revision of the AIA Act, FATCA law, and other laws, effective beginning January 1, 2021. Specific revisions include: (1) Elimination of the voluntary (opt-in) AIA classification, thus if an RFI is considered to be a reporting Liechtenstein financial institution, the classification is now until December 31, 2021. If there is no classification, such legal entities are to be treated as passive NFE in case of doubt; (2) the requirement to retain AIA/FATCA due diligence documentation, inclusive of classification documents for 10 years; (3) mandatory requirement for RFIs to register immediately after completion of AIA classification and reportable accounts independent of the identification of reportable accounts respectively; (4) the addition of Kenya, Morocco, and New Caledonia as AIA partner states beginning January 1, 2021; and (5) reminder to report missing US TINs with nine A’s (as per IRS FATCA FAQ3).

Slovak Republic Dec 3, 2020

The Financial Directorate of the Slovak Republic published an updated list of CRS reportable and participating jurisdictions for 2021. Albania, Antigua and Barbuda, Nigeria, Grenada, Saint Kitts and Nevis, and Turkey are added to the reportable list while Sint Maarten has been excluded.

IRS Dec 3, 2020

The IRS publishes a notice reminding that Form 1099-MISC (Miscellaneous Income) and Form 1099-NEC (Nonemployee Compensation) are normally due to taxpayers on Jan. 31, but this tax season they will be due on the next business day, Feb. 1, 2021. Various other due dates related to Form 1099-MISC, including dates dues to the IRS, can be found in the instructions on IRS.gov.

France Dec 2, 2020

The French Tax Authority (DGFiP) publishes an updated version of the CRS Technical Guide (v1.2) for New Caledonian financial institutions. Section 6.1 has been updated that lists the states and territories for the transmission of information for the year 2019.

OECD Dec 2, 2020

The OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes publishes a new Confidentiality and Information Security Management (ISM) toolkit to assist in the implementation of the Automatic Exchange of Information Standard (AEOI). The toolkit provides detailed guidance on implementing the building blocks of a legal and ISM framework that adheres to internationally recognized standards or best practices, as required by the AEOI Standard, and ensures the confidentiality of the exchanged information. Also, the OECD announces that the first Peer Review of the Automatic Exchange of Financial Account Information will be published during the annual meeting of the Global Forum on Transparency on December 9, 2020.

Malaysia Dec 2, 2020

The Inland Revenue Board of Malaysia (IRBM) publishes guidance on the Malaysian Tax Identification Number (TIN) and TIN registration.

IRS Dec 1, 2020

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool, with the FIs that are in approved status as of November 23, 2020.

South Africa Dec 1, 2020

The South African Revenue Service (SARS) publishes an update informing RFIs of the unavailability of third-party data environments on the 1st and 3rd of December, 2020, due to maintenance, no files should be submitted during this time.

IRS Dec 1, 2020

The IRS publishes the 2021 version of Form 1099-B (Proceeds From Broker and Barter Exchange Transactions).

Switzerland Dec 1, 2020

The Federal Tax Administration of Switzerland publishes a notice informing RFIs that the intended transfer of data on specified US persons and non-participating financial institutions affected by administrative assistance requests as well other contracting parties of the affected account relationships that are to be notified as group requests should be completed within 20 days of the receipt of the notice. It also publishes announcements for certain RFIs requesting information on accounts listed as US accounts and accounts of non-participating financial institutions to which foreign reportable amounts have been traced and identified.

IRS Nov 30, 2020

The IRS publishes a reminder via Issue Number 2020-8 on the expiration of the IRS public key for FATCA. The IRS has a new key and will replace the existing key on December 13, 2020. After December 13, it is suggested to download the new IRS Public Key from IDES to file FATCA Reports. Additionally, when purchasing a new digital certificate or replacing one that is about to expire, IDES only recognizes and accepts digital certificates issued by IRS approved Certificate Authorities (CA).

OECD Nov 30, 2020

The OECD issues an updated list of the results of its analysis of over 100 Residence and citizenship by investment (CBI/RBI) schemes in CRS jurisdictions. The analysis identifies the schemes that potentially pose a high risk to the integrity of the CRS. As per the updated results, Qatar has been removed from the updated list.

Malta Nov 30, 2020

The Office of the Commissioner for Revenue in Malta publishes a communication informing RFIs that the CRS XML Schema v2.0 will be in use beginning January 10, 2021.

Austria Nov 27, 2020

The Federal Ministry of Finance in Austria publishes information on the updated CRS XML Schema v2.0 that will be in use beginning January 5, 2021, and any reports submitted thereafter should be submitted using the new CRS XML Schema v2.0. It also informs that CRS XML Schema v1.0 can be used until December 31, 2020. The online application Finanz Online will be available for any CRS reports submissions using the new CRS XML Schema v2.0 beginning January 11, 2021.

Liechtenstein Nov 26, 2020

The Tax Administration (STV) of the Principality of Liechtenstein publishes amended AEOI regulations. Updates include: (1) Updated information as to whether a state is a permanently non-reciprocal state according to Paragraph 1. The following provisions apply to permanently non-reciprocal states: (a) The obligations according to the applicable agreements as well as the AEOI Act and this Ordinance, in particular the notification obligations of passive NFEs according to Art. 5 of the AEI Act and the AEI due diligence according to Art. 7 of the AEI Act, must be performed in full; (b) If an account holder or a controlling person who is resident in a permanently non-reciprocal country is identified, there is neither a reporting obligation according to Art. 9 of the AEOI Act nor an obligation to provide information or forwarding to the permanently non-reciprocal country according to Art. 10 of the AEOI Act; (2) Includes an updated list of partner stats: (a) Bahamans, Bahrain, Qatar, and UAE are now considered non-reciprocal jurisdictions; (b) Albania and Maldives are now considered reportable jurisdictions beginning TY2020; (3) This ordinance comes into force on January 1, 2021.

Isle of Man Nov 26, 2020

The Income Tax Division of the Isle of Man publishes updated FATCA and CRS Guidance Notes. In the FATCA Guidance Notes: (1) Section 1.8 has been added that provides information on relief procedures for certain former citizens and, (2) Section 19.6 has been added that provides technical information on the reporting files. The CRS Guidance Notes have been updated with the addition of - (1) Section 2.2.5 on Data protection, (2) Section 7.2.1 on Schema Updates, (3) Section 7.4.6 on Jurisdiction of Residence, (4) Section 7.7.1 to 7.8.4 have been added that provides technical information on the reporting files, and (5) Section 9.6 on the compliance strategy. It also publishes an industry advisory thus reminding RFIs that the new CRS Schema v2.0, will be applicable beginning December 1, 2020, regardless of the reporting period along with other schema related technical updates.

Switzerland Nov 26, 2020

The Federal Tax Administration (FTA) of Switzerland publishes updated technical guidance according to CRS XML Schema (v2.0). Minor technical updates have been made to the document to reflect the requirements of the new Schema (v2.0).

Italy Nov 26, 2020

The Italian Ministry of Economy and Finance publishes a communication informing RFIs that the first communications relating to cross-border mechanisms with notification obligation will start on January 1, 2021, as per the EU implementation of Directive no. (EU) 2018/822 (DAC6).

IRS Nov 25, 2020

The IRS publishes the 2021 version of the form 1099-PATR (Taxable Distributions Received From Cooperatives) along with its instructions.

OECD Nov 25, 2020

The OECD publishes an updated list of the AEOI status of commitments. Kazakhstan’s intended year of the first exchange of information has been revised to 2021 instead of 2020.

IRS Nov 24, 2020

The IRS publishes updated instructions for the 2021 versions of the Forms 1099-MISC (Miscellaneous Income) and 1099-NEC (Non-employee Compensation).

Australia Nov 23, 2020

The Australian Taxation Office (ATO) publishes updated versions of the FATCA Small Reporter Tool User Guide (v1.05) and the CRS Small Reporter Tool User Guide (v1.2). It also reminds RFIs with reporting obligations under FATCA that all reports submitted for the 2020 calendar year onwards, the US IRS requires a US TIN be provided for each reported account holder. If an account holder US TIN is not known at the time of reporting, the account must be reported by supplying nine As (AAAAAAAAA) in the account holder US TIN data element. This requirement applies to all account holder types: (1) individuals; (2) organizations; and (3) substantial owners (controlling persons).

IRS Nov 23, 2020

The IRS publishes updated instructions for the 2021 version of the Form 1099-DIV (Dividends and Distributions).

Netherlands Nov 23, 2020

The Dutch Ministry of Finance publishes a letter to parliament about the reaction to the black book of Accidental Americans. It informs that Dutch nationals with US citizenship are reminded to apply for a US TIN or renounce their US citizenship, as soon as possible and to try and improve the processes faced by Accidental Americans, including continued communication with the US authorities also at the EU level.

United States Nov 20, 2020

NEW - Jurisdictional Debrief Now Available (Week Ending November 20, 2020)

Jamaica Nov 20, 2020

The Ministry of Finance in Jamaica publishes a Bill amending the Revenue Administration Act to implement the CRS Regulations. It also includes a list of CRS participating and reportable jurisdictions.

Jersey Nov 19, 2020

The International Taxation Department of the Government of Jersey issues a notice informing RFIs that the AEOI Portal will be closing in December 2020 and that all the pending TY2019 FATCA and CRS reports must be submitted by November 30, 2020. It also informs that the AEOI Portal will re-open from January 18, 2021, and any CRS reports submitted after this date must be completed using the new CRS XML Schema v2.0.

IRS Nov 19, 2020

The IRS publishes a reminder that the deadline for all Qualified Intermediary (QI) (including Qualified Derivatives Dealer), Withholding Foreign Partnership (WP), and Withholding Foreign Trust (WT) applications is November 24th, 2020.

Russia Nov 19, 2020

The Federal Tax Service (FTS) of Russia publishes an updated version of the technical reporting format (vRU: 5.04) that describes the requirements of the structure and content for the electronic transmission of information on financial accounts of FIs residents in foreign States (territories). It also releases an updated version 5.04 of the XSD Schema for data control in CRS reports submitted by the financial market organizations to the FTS.

IRS Nov 19, 2020

The IRS publishes the 2021 version of the Form 1099-MISC (Miscellaneous Income) with minor formatting updates to the form along with minor updates to the instructions on the amounts shown that may be subject to self-employment (SE) tax, Box 5, Box 7, Box 11, and Box 12.

Finland Nov 18, 2020

The Finnish Tax Administration publishes a newsletter that also covers information on the FATCA and CRS/DAC2 regime updates. Specific updates include: (1) an information session would be held for persons responsible for FATCA and CRS / DAC2 due diligence and reporting obligations on December 1, 2020 (2) A new account may not be opened without a valid self-issued certificate (3) reminder that US TINs and DOB of account holders are mandatory for opening new accounts and that the FATCA and CRS/DAC2 annual declarations must be submitted by January 31, 2021 (4) With regard to annual reports, the tax ID (TIN) is required for new accounts. Also, the CRS / DAC2 annual report for 2020 shall use an updated TAXFI scheme that takes into account the updated version of the CRS scheme that will enter into force in 2021.

IRS Nov 18, 2020

The IRS publishes the 2021 version of the Form 1099-DIV (Dividends and Distributions), updates include the addition of lines 2e and 2f to include ordinary dividends and capital gain as per Sec 897 and its associated instructions.

United Kingdom Nov 18, 2020

The United Kingdom’s HMRC updates its International Exchange of Information Manual to provide additional guidance on reporting cross-border arrangements (DAC6).

Ukraine Nov 18, 2020

The Ministry of Finance in Ukraine publishes a notice about the postponement of the deadline for submission of FATCA reports on reportable accounts (for the reporting periods from 2014 to 2019) to September 1, 2021.

IRS Nov 18, 2020

The IRS publishes the 2021 version of the Form 1099-NEC (Non-employee Compensation).

IRS Nov 17, 2020

The IRS updates its list of approved KYC rules for Canada. Specifically updated under Sec 5 (vi) are the due diligence obligations that a Qualifying Intermediary (QI) must comply with, pursuant to the FINTRAC Guidance on the Know Your Client (KYC) requirements.

IRS Nov 17, 2020

The IRS publishes the 2020 version of Form 8804 (Annual Return for Partnership Withholding Tax) along with the instructions for Form 8804 and 8805.

Ecuador Nov 16, 2020

The Internal Revenue Service of Ecuador publishes CRS technical guidance to help with CRS filing and also to assist the RFIs with the portal functionalities.

Malta Nov 16, 2020

The Office of the Commissioner for Revenue in Malta publishes a communication informing RFIs that the DAC6 XML Schema should be used for filing information on reportable cross-border arrangements. It also publishes a DAC6 XML Schema user guide.

Lithuania Nov 16, 2020

The State Tax Directorate of the Republic of Lithuania publishes a notice informing RFIs that a new XSD version of the response message StatusSti_v0.4 with optional DAC6 identifiers is applicable beginning November 14, 2020.

Cayman Islands Nov 12, 2020

'The Department for International Tax Cooperation (DITC) of the Cayman Islands publishes an updated news bulletin informing RFIs of the updated email ID - no-reply@ditc.ky for Authorizing persons (APs) and Principal points of contact (PPoCs) that must be added to the safe sender's list to ensure receiving the steps on how to log into the DITC portal.

IRS Nov 11, 2020

The IRS publishes an update informing RFIs that the deadline for all Qualified Intermediary (QI) (including Qualified Derivatives Dealer), Withholding Foreign Partnership (WP), and Withholding Foreign Trust (WT) applications is November 24th, 2020.

Switzerland Nov 11, 2020

The Swiss Federal Council announced that it has adopted, on November 11, 2020, the earlier proposed amendments to the AEOI Ordinance which is set to enter into force on January 1, 2021. The aim of those amendments is to implement the recommendations of the Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum). The Swiss Federal Council also published comments on the AEOI Amendments.

Sweden Nov 11, 2020

The Swedish Tax Agency publishes an update informing RFIs that CRS reports submitted until January 11, 2021, can be submitted using the CRS XML Schema v1.0 and that any reports submitted thereafter, should be submitted using the CRS XML Schema v2.0. It also informs that the CRS XML Schema v2.0 will be adopted for e-services and testing of files beginning early February 2021 and that a new edition of the Schema technical description (SKV260-CRS) will be published in December 2020.

Bermuda Nov 9, 2020

The Ministry of Finance in Bermuda publishes an updated Tax Information Reporting Portal User Guide v5.0 and Tax Information Reporting Portal FAQs v5.0.

Australia Nov 9, 2020

The Australian Taxation Office (ATO) published a FATCA update indicating that for the 2020 FATCA reporting year and onwards, a new validation rule will be added requiring the tax resident country code to be supplied for account holders that are entities. In addition, the ATO specified that the requirements for the reporting of account holder US TINs for the 2020 reporting year onwards have been updated

Cayman Islands Nov 6, 2020

The Cayman Islands’ Department for International Tax Cooperation (DITC) AEOI reporting portal is now available. The DITC also publishes an updated DITC portal User Guide v1.0 and updated CRS Guidelines (CRS Guidance Notes) v4.0. Additionally, it also updates the AEOI reporting FAQs page to reflect the changes due to the availability of the DITC portal.

United States Nov 6, 2020

NEW - Jurisdictional Debrief Now Available (Week Ending November 6, 2020)

IRS Nov 5, 2020

The IRS publishes updated QI/WP/WT FAQs. FAQ-Q13 under the Certifications and Periodic Reviews has been updated to provide guidance on how a QI that is not acting as a QDD should take into account the good faith standard described in Notices 2016-76, 2017-42, 2018-72, and 2020-2 with respect to its section 871(m) transactions as an intermediary for purposes of its periodic review.

South Africa Nov 4, 2020

The South African Revenue Service (SARS) publishes AEOI clarification notes informing RFIs that beginning January 1, 2021, the OECD CRS user Guide v3.0, OECD CRS XML Schema v2.0, CRS Status Message XML Schema v2.0, and the CRS XML Status Schema v2.0 will be applicable.

IRS Nov 4, 2020

The IRS publishes the 2021 version of the Form 1099-QA (Distributions From ABLE Accounts).

Saint Kitts and Nevis Nov 4, 2020

The Inland Revenue Department (IRD) of St. Kitts and Nevis publishes an advisory informing RFIs: (1) Schedule 3 of the CRS Regulations has been amended to include nine new reportable jurisdictions (Austria, Azerbaijan, Barbados, Indonesia, Israel, Lithuania, Pakistan, Panama, and Slovak Republic), and (2) The applicability of the new version of the CRS XML Schema v2.0 beginning February 1, 2021.

Ireland Nov 3, 2020

The Office of the Revenue Commissioners in Ireland publishes an updated Tax and Duty Manual on EU Mandatory Disclosure of Reportable Cross-Border Arrangements that provides general guidance on the operation of the EU mandatory disclosure regime (DAC6). Appendix II, which sets out a list of exemptions and reliefs that are excluded from the scope of hallmark A.3 where certain criteria are met, has been updated.

Germany Nov 2, 2020

The Federal Tax Office of Germany (BZSt) publishes CRS Infobrief 06/2020 thus providing an update on the implementation of the CRS schema v2.0 files. The BZSt also provides an update on the current test environment for the CRS schema v1.0 that will be available until November 30, 2020, and then beginning February 1, 2021, for the testing of the data for the new CRS schema v2.0, in the meantime, the test environment will be unavailable.

Japan Nov 2, 2020

The National Tax Agency (NTA) of Japan publishes an update informing RFIs that the OECD CRS XML Schema v2.0 will be applicable beginning November 1, 2020, and any reports submitted after this date should be submitted using the OECD CRS XML Schema v2.0. It also publishes updated AEOI FAQs – (1) Q 2.1 has been updated on the procedure to create XML or CSV files, (2) Q 3.2 has been updated that provides information on the applicable reportable country codes and, (3) Q 3.3 has been updated that provides guidance on the applicable reportable currency codes. Also, Q3-7 and Q3-8 have been deleted.

Germany Nov 2, 2020

The Federal Tax Office of Germany (BZSt) publishes an updated FATCA technical communication manual Part 3 (v2.8) for data transmission via mass data interface ELMA applicable beginning November 2, 2020. Section 5.9.2 on UTF-8 coding has been specifically updated.

IRS Nov 1, 2020

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool, with the FIs that are in approved status as of October 26, 2020.

Cayman Islands Oct 30, 2020

The Cayman Islands Department for International Tax Cooperation (DITC) issued an industry advisory (see attached) indicating that the DITC Portal will open in early November 2020 for CRS and FATCA purposes, and announcing the following extensions for CRS and FATCA Reporting Deadlines: New entity registration, FATCA and CRS Reporting - December 16, 2020; CRS Compliance Form - March 31, 2021

IRS Oct 30, 2020

The IRS publishes the 2021 version of the Form 1099-S (Proceeds From Real Estate Transactions) and Form 1099-G (Certain Government Payments).

Slovenia Oct 29, 2020

Financial Administration of the Republic of Slovenia publishes technical instructions for RFIs on the delivery of information of financial accounts to the Tax Authority. It also informs RFIs that the CRS XML Schema v2.0 will be applicable beginning February 1, 2021.

Uruguay Oct 26, 2020

The Director of General Taxes (DGI) of Uruguay publishes a notice informing RFIs of the new form for CRS reporting (v4.0) and the modifications to the CRS Response Form (v3.0). Both form versions will be effective beginning January 2, 2021

United States Oct 23, 2020

NEW - Jurisdictional Debrief Now Available (Week Ending October 23, 2020)

United Kingdom Oct 23, 2020

The United Kingdom’s HMRC updated its International Exchange of Information Manual to provide further clarifications on cross-border arrangements and its corresponding obligations under DAC6.

Australia Oct 22, 2020

The Australian Taxation Office (ATO) publishes CRS stakeholder update #13 informing RFIs of the availability of the testing of the CRS XML Schema v2.0 (to be used in conjunction with the CRS User Guide v3.0) for both BDE and SBR via the External Vendor Testing Environment (EVTE). It also reminds the AEOI guidance update on the applicability of a full block on accounts opened prior to obtaining a valid self-certification.

Liechtenstein Oct 22, 2020

The Tax Administration (STV) of the Principality of Liechtenstein releases a Newsletter (6/2020) informing RFIs that the CRS XML Schema (v2.0) will be applicable beginning February 1, 2021. It also clarifies that CRS XML Schema (v1.0) can be used until December 31, 2020, while the AEOI portal will be unavailable from January 1, 2021, to January 31, 2021.

Vanuatu Oct 22, 2020

The Department of Finance and Treasury of Vanuatu publishes an updated AEOI guide for the RFIs (v2.0). Updates in this version include: (1) Section 4.11 is updated that provides guidance on Due Diligence requirements for settlors of trusts. The requirements to identify the settlor of a trust have been revised following advice from the Global Forum on Exchange of Information for Tax Purposes that allowing RFIs to rely on a self-certification by a trustee, on behalf of the settlors of the trust. RFIs should, as soon as possible (but before 30 June 2021), review self-certifications made by trustees on behalf of settlers to ensure all settlers are identified and their tax residency status is provided in accordance with the Applied Common Reporting standard in line with the current guidelines. (2) Section 6 on compliance has been updated to update record retention requirements and penalties to reflect amendments made by the Tax Administration Regulation (Amendment) Order No. 156 of 2020.

Switzerland Oct 22, 2020

The Federal Tax Administration (FTA) of Switzerland issues an updated automatic exchange of information (AEOI) portal user manual. The updates reflect recent adjustments to the portal.

Australia Oct 21, 2020

The Australian Taxation Office (ATO) publishes further clarification on the earlier released update on the CRS due diligence guidance on self-certification requirements for new individual accounts (Section 4.7). The ATO informs the RFIs that in case of accounts opened before obtaining a valid self-certification, all transactions on the account should be blocked, including stopping an initial deposit.

Austria Oct 21, 2020

The Federal Ministry of Finance in Austria publishes an Information letter on the application of the EU mandatory registration act based on the EU Directive 2018/822 amending Directive (EU) 2011/16 regarding the mandatory automatic exchange of information in the field of Taxation on reportable cross-border arrangements.

Italy Oct 21, 2020

The Italian Ministry of Finance published a notice regarding the Decree from October 16, 2020 (published in the Official Gazette on October 27, 2020) which reminds Reporting Financial Institutions that the following jurisdictions are considered as reportable for CRS for TY19: Antigua and Barbuda, Costa Rica, Grenada, Saint Kitts and Nevis, Saint Lucia and Turkey. As such, the notice indicates that Italian reporting financial institutions must report CRS information related to those jurisdictions by October 30, 2020 in order for the Italian government to be able to fulfill its international commitments. Note that these jurisdictions had already been included in the list of reportable jurisdictions for TY19 published by the Italian government earlier this year, and in effect from August 29, 2020.

OECD Oct 21, 2020

The OECD publishes information on Tax Residency rules for Pakistan.

Norway Oct 20, 2020

The Norwegian Tax Administration publishes updated Guidance for completion and submission on FATCA and CRS reportin

Faroe Islands Oct 20, 2020

The Faroe Islands’ Tax Administration publishes an updated list of CRS participating jurisdictions. As confirmed by the tax administration RFIs should also consider this list as the list of CRS reportable jurisdictions.

Sweden Oct 20, 2020

The Swedish Tax Agency releases a revised FATCA/CRS October Newsletter, replacing the earlier published Newsletter and thus providing additional clarification on the first two review points of the frequent technical errors found in the TY2019 CRS reports. The updated review points clarify that the resident country code should be reported as “SE” – Sweden, only for undocumented accounts.

Saint Kitts and Nevis Oct 20, 2020

The Financial Services Regulatory Commission of Saint Kitts and Nevis publishes amended CRS regulations, 2020. Austria, Azerbaijan, Barbados, Indonesia, Israel, Lithuania, Pakistan, Panama, and the Slovak Republic are added to the list of the reportable jurisdictions while Azerbaijan and Pakistan are added to the list of the participating jurisdictions.

Sweden Oct 19, 2020

The Swedish Tax Agency releases FATCA/CRS October Newsletter informing RFIs of the review of the frequent technical errors found in the TY2019 FATCA and CRS reports. It also confirms that nine A’s can still be used in case of missing US TINs for TY2020 FATCA reporting subject to providing a reasonable explanation for the missing US TINs in case of any query from the US IRS.

Canada Oct 19, 2020

The Investment Funds Institute of Canada (IFIC) publishes a legislative and policy update announcing that the Canadian Revenue Agency (CRA) has denied the request submitted by financial services organizations to delay the imposition of penalties for Canadian FIs that open accounts without obtaining valid self-certification to January 1, 2022. Instead, the CRA confirmed that beginning January 1, 2021, Canadian financial institutions that open accounts without obtaining a valid self-certification from the account holder for CRS and FATCA (where required) may be subject to significant penalties.

Finland Oct 19, 2020

The Finnish Tax Administration publishes updated FATCA technical guidance (v2.0) and updated CRS technical guidance (v1.8).

Argentina Oct 19, 2020

The Argentinean Government published General Resolution 4838 which introduces the mandatory disclosure rules (MDR) requiring taxpayers and tax advisors to disclose certain tax planning strategies and schemes. Specifically, the General Resolution provides information on (1) the obligated subjects under the MDR; (2) the deadline for reporting the national or international tax planning; (3) the characteristics of the information to be reported along with the form of presentation; and (4) the sanctions and effects associated with non-compliance with the MDR.

Israel Oct 18, 2020

Israel’s International Taxation Department published an updated list of CRS reportable and participating jurisdictions for TY20. Specifically, Antigua and Barbuda, Costa Rica, Curaçao, Cyprus and Ecuador have been added to the list of CRS reportable jurisdictions while 9 jurisdictions have been removed from the list. In addition, Bahrain, New Caledonia, and the United Arab Emirates have been added to the list of CRS participating jurisdictions. Lastly, a footnote was included on the CRS reportable and participating jurisdiction list to indicate that Financial Institutions are required to report the CRS information to the Tax Authority for TY20 by September 8, 2021.

IRS Oct 15, 2020

The IRS publishes the 2020 version of the Schedule Q for the Form 1042, Schedule Q is used to summarize the tax liability of Qualified Derivatives Dealers (QDD’s).

Thailand Oct 14, 2020

The Revenue Department of Thailand publishes an analysis report of the potential impact of the draft bill when passed as the law on Information Exchange for Compliance with International Taxation along with the summary report of the public opinion on the draft bill.

Luxembourg Oct 14, 2020

Luxembourg’s ACD publishes an XSD Schema, technical User Manual and, interpretations of the technical User Manual for DAC6 reporting.

Malaysia Oct 13, 2020

The Inland Revenue Board of Malaysia (IRBM) publishes an update informing RFIs that the CRS XML Schema v2.0 and CRS User Guide v3.0 will be applicable beginning February 28, 2021. It also informs that the CRS XML Schema v1.0 and CRS User Guide v2.0 are applicable for all exchanges until December 31, 2020.

Hungary Oct 13, 2020

The Government of Hungary publishes a draft bill amending certain laws on taxation. Among other topics, the draft bill seeks to amend the list of jurisdictions for AEOI exchange purposes.

Switzerland Oct 12, 2020

The Federal Tax Administration (FTA) of Switzerland publishes updated AEOI FAQs. Specific updates include – (1) Removal of questions on account summarization rules, termination and purchase of future contracts, clarification on precious metals, obligations of Swiss RFIs, registration of trustee-documented trusts, financial assets and, (2) addition of a question on the implementation of the repealed AEOI law of January 1, 2019.

United States Oct 9, 2020

NEW - Jurisdictional Debrief Now Available (Week Ending October 9, 2020)

Finland Oct 9, 2020

The Finnish Tax Administration publishes updated FATCA and CRS (DAC2) FAQs. Specific updates include: (1) addition of an FAQ on the reliability of self-certifications under fulfillment of due diligence obligations and, (2) addition of an FAQ on reportable address information for customers facing a security ban under specific issues related to the reporting obligations compliance section.

South Africa Oct 9, 2020

The South African Ministry of Finance publishes amended CRS Regulations 2020. The Regulations have been amended to include the OECD CRS standards for AEOI and are effective beginning June 1, 2021, while Paragraph B of Section XI on Mandatory Disclosure Rules specifying that an opaque offshore structure and its reporting obligations, will be effective beginning March 1, 2023.

Netherlands Oct 8, 2020

The Netherlands’ Tax and Customs Administration publishes a Newsletter informing RFIs that in line with the GDPR provisions the adaptation of the “place of birth” element in the Banking and Investment Products Manual 2020 and 2021 may be facilitated by the inclusion of a “check the box” option to indicate the availability of such information, where the information does not need to be reported in detail for FATCA and CRS reporting.

Canada Oct 7, 2020

The Canadian Revenue Agency (CRA) updates its technical instructions for filing FATCA and CRS reports. Minor formatting and technical updates have been made to the instructions.

Uruguay Oct 7, 2020

The General Taxation Directorate of Uruguay publishes an update informing RFIs of the availability of the system for sending CRS reports, including corrections through the Automatic Exchange of Financial Information Portal until November 30, 2020.

Oman Oct 7, 2020

The Oman News Agency informs that the Tax Authority of Oman will be hosting a CRS webinar in collaboration with Deloitte on October 15, 2020. The objectives of the webinar are to clarify persons liable for AEOI reporting, obligations as per the Decision No. 78/2020 on CRS reporting rules, registration and reporting procedures, deadlines, and how to use the Oman Tax Authority’s AEOI online portal.

Austria Oct 6, 2020

The Federal Ministry of Finance in Austria publishes a document reiterating the application of the updated CRS Schema technical specifications according to the OECD CRS Schema v2.0, beginning January 2021.

Cayman Islands Oct 6, 2020

The Ministry of Financial Services of Cayman Islands welcomes the EU’s decision to remove the Cayman Islands from its list of non-cooperative jurisdictions for tax purposes.

EU Oct 6, 2020

The EU council updates the Common EU list of non-cooperative third-country jurisdictions for tax purposes. The Cayman Islands, Oman, Bosnia and Herzegovina and, Mongolia were completely removed from the list, while Anguilla was moved from the grey to the blacklist along with the addition of Barbados to the blacklist. Seychelles’ entry in the list has been updated to include concerns with tax transparency while the entry for Samoa has been revised to acknowledge their commitment to remove harmful features from their tax system.

Netherlands Oct 6, 2020

The Dutch Ministry of Finance publishes responses to the questions of the Dutch Parliament regarding a FI that has closed a checking account if the consumer does not want to apply for US TIN or CLN along with other responses on the amended annex II of the FATCA agreement.

Bermuda Oct 5, 2020

The Ministry of Finance in Bermuda publishes a notice informing RFIs of the unavailability of the CRS reporting portal from October 1, 2020 – November 7, 2020, due to the transition to OECD CRS XML Schema v2.0. The Portal will re-open on November 8, 2020, for submission of any outstanding CRS Corrected Data filings (using schema version 1.0), which must be submitted no later than December 31, 2020. It further informs that the portal will also be unavailable from January 1, 2021 – February 27, 2021, and will re-open on February 28, 2021, and any CRS reports submitted after this date must comply with Schema v2.0.

Finland Oct 5, 2020

The Finnish Tax Administration publishes an updated list of CRS participating jurisdictions. Kazakhstan, Nigeria, Oman and, Peru have been added with the intended exchange of information scheduled for 2020, while Albania, Ecuador and, Maldives have been added for intended first information exchanges by 2021.

Bahamas Oct 5, 2020

The Bahamas Competent Authority publishes AEOI amendment regulations 2020. The amended regulations update the list of CRS participating jurisdictions by including Antigua and Barbuda, Cyprus, Liechtenstein, and Switzerland.

Germany Oct 3, 2020

The Federal Tax Office of Germany (BZSt) publishes an updated FATCA technical communication manual Part 2 (v2.4) for data transmission via the BZSt Online Portal (BOP) applicable beginning October 1, 2020.

United States Oct 2, 2020

The U.S. Department of the Treasury updates its FATCA Page to include the updated Annex II of the FATCA Intergovernmental Agreements (related agreements) for Canada, Ireland, and the Netherlands. The updated agreements explain certain Non-Reporting Financial Institutions that are treated as deemed-compliant FFIs such as Sponsored Investment Entity and Controlled Foreign Corporations, Sponsored, Closely Held Investment Vehicles, fulfilling certain requirements for section 1471 of the Internal Revenue Code.

Barbados Oct 2, 2020

The Barbados Revenue Authority further extends the TY2019 FATCA and CRS reporting deadlines to October 31, 2020.

Switzerland Oct 2, 2020

The Federal Tax Administration (FTA) of Switzerland publishes an updated list of FAQs on FATCA group requests along with the FATCA group request business validation rules document for SEI XML and FATCA XML. Specifically updated under the FAQs are: (1) FAQ 13 has been updated that provides information on the processing of information without TIN; (2) FAQ 31 has been updated that provides guidance on reporting on trust that is a passive NFFE; and (3) FAQ 49 has been updated with scenarios under the SEI-XML element "AccountType" in the case of a passive NFFE whose account was reported as "non-consenting US account".

IRS Oct 1, 2020

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool, with the FIs that are in approved status as of September 24, 2020.

Monaco Oct 1, 2020

The Principality of Monaco publishes an update informing RFIs that the CRS XML Schema v2.0 will be applicable beginning February 8, 2021. It further informs RFIs that the current XML Schema version (v1.0) will not be accepted from the date of closure of the AEOI portal, which is scheduled from December 21, 2020, to February 8, 2021.

IRS Sep 30, 2020

The IRS publishes updated specifications (Pub. 1220) for Electronic Filing of various Forms including From 1099.

Hong Kong Sep 30, 2020

The Inland Revenue Department of Hong Kong publishes updated CRS XML Schema (v2.0) and updated XML User Guide (v3.0) applicable beginning January 1, 2021. The CRS XML Schema (v1.0) must be used until December 31, 2020. The IRD further specifies that in the meantime test data files prepared using the CRS XML Schema (V2.0) may be submitted to the Department for validation via the AEOI Portal.

IRS Sep 29, 2020

The IRS publishes an updated FATCA online registration User Guide (Pub. 5118). Specific updates include: (1) An FI can no longer delete its registration and a lead FI can no longer delete member registrations (Sec 5.6.2), (2) Added status date to sponsored entity table; added display of effective date for terminated sponsored entities (Sec 5.8.5), (3) Updated validation under email address fields (Appendix E), and (4) Updated information in Renewal of Agreement Section (Sec 5.2).

OECD Sep 29, 2020

The OECD publishes an updated list of jurisdictions participating in the Convention on Mutual Administrative Assistance in Tax Matters with the addition of Botswana, Eswatini, Jordan, and Namibia, thus taking the tally of participating jurisdictions to 141.

Finland Sep 29, 2020

The Finnish Tax Administration publishes technical information for AEOI software developers. Specific updates include new checks added to the CRS/DAC2 and FATCA data flows along with new checks for the DAC6DC data stream.

Peru Sep 27, 2020

The Customs National Superintendence and Tax Administration of Peru (SUNAT) publishes updated CRS FAQs. Under Section I, FAQ 4 has been updated that now provides information on the reporting requirements of a trust. FAQ5 has also been updated that provides information on reporting requirements on Collective Fund System and its Administrators.

Oman Sep 25, 2020

The Ministry of Justice and Legal Affairs in Oman publishes Royal Decree No. 118/2020 amending provisions of the Income Tax Law to implement the AEOI. The ministry also releases Decision 78/2020 listing AEOI reporting rules.

United States Sep 25, 2020

NEW - Jurisdictional Debrief Now Available (Week Ending September 25, 2020)

Jersey Sep 24, 2020

'The International Taxation Department of the Government of Jersey issues another reminder to RFIs that all TY2019 FATCA and CRS reports must be filed by September 30, 2020. Any queries regarding CRS and FATCA must be directed to the inbox AEOI@gov.je to avoid delays in receiving a response.

Switzerland Sep 24, 2020

The Federal Tax Administration (FTA) of Switzerland publishes the FTA Activity Report 2020. The report lists the summary of the exchanges under the AEOI.

IRS Sep 23, 2020

The IRS publishes the 2021 version of the Form 1099-G (Certain Government Payments) along with the instructions.

China Sep 23, 2020

The State Administration of Taxation in China publishes updated CRS FAQs to add additional FAQs under the Due Diligence and Definitions sections.

Bahamas Sep 22, 2020

The Bahamas Competent Authority announces further extension of the TY19 FATCA and CRS deadlines from September 30, 2020, to October 2, 2020, at 5PM EDT. It also confirms that the AEOI portal is currently available and accepting TY19 FATCA and CRS reports.

Malaysia Sep 22, 2020

The Inland Revenue Board of Malaysia (IRBM) publishes updated CRS Guidance Notes. Apart from minor formatting updates, specific updates include: (1) It confirms the release of an updated list of CRS reportable jurisdictions on January 15 of every year; (2) Updated guidance on Dormant Accounts (Section 9.11.7) – removed information on a securities account.

IRS Sep 22, 2020

The IRS publishes an updated version of the Qualified Intermediary (QI), Withholding Foreign Partnership (WP), and Withholding Foreign Trust (WT) Application and Account Management system User Guide (Pub. 5262) to facilitate QI/WP/WT applications, renewals, certifications, termination of existing agreements and management of information online.

Australia Sep 21, 2020

The Australian Taxation Office (ATO) publishes an update announcing the availability of the CRS testing environment upgraded as per CRS XML Schema v2.0. The testing environment is scheduled for release in late September 2020, while the updated small reporter tool is expected to be available in late 2020.

Singapore Sep 21, 2020

The Inland Revenue Authority of Singapore (IRAS) publishes an updated supplementary FATCA XML Schema User Guide (v2.0). It also publishes updated FATCA FAQs (addition of FAQ B.5 on requirements for US TINs reporting), and updated FAQs on the FATCA filing process via myTax Portal (addition of FAQ A.6 on submission timeline for reporting SGFIs that are in the process of liquidation or cease to qualify as a reportable FI).

IRS Sep 21, 2020

The IRS publishes an updated version of the International Compliance Management Model’s (ICMM’s) FATCA Notifications User Guide (Pub. 5189). It includes technical and minor formatting changes to Sections 5.3 and 5.4 of the Guide.

IRS Sep 21, 2020

The IRS publishes updated QI/WP/WT FAQs. FAQ-Q2 under the Certifications and Periodic Reviews has been updated that provides guidance for applying the independence standard for an external reviewer performing a QI, WP, or WT periodic review years prior to 2019.

Gibraltar Sep 19, 2020

The Commissioner of Income Tax of Gibraltar publishes an updated list of CRS reportable jurisdictions. While no updates have been made to the list of jurisdictions, the link to the AEOI portal has been updated and an explanation on the treatment of balances held in client accounts subject to nexus has been included.

Colombia Sep 18, 2020

The Colombian Directorate of National Taxes and Customs (DIAN) publishes CRS Resolution Number 78 that provides further guidance on the due diligence obligations, technical presentation of CRS information for RFIs, and Annexures I and II on the CRS Schema technical specifications according to CRS Schema v2.0, effective beginning January 1, 2021.

Netherlands Sep 18, 2020

The Dutch Ministry of Finance publishes a letter in response to the questions asked by the members of VVD regarding FATCA and the accidental Americans. Some of the important questions are: (1) Issues faced by Dutch Accidental Americans when banks refuse to provide financial services on the basis of the FATCA legislation, (2) Closure of accidental Americans contra accounts due to lack of Social Security Number (SSN) or a TIN, (3) Awareness related to the threat by banks to close an account based solely on incompliance due to an incomplete form where an individual has not provided their personal US tax status, (4) Explanation regarding frozen or blocked accounts for Dutch nationals with American nationality by various banks, (5) Possible consequences for lack of a TIN, in combination with the nationality of a person while opening a new account or closing an existing account.

Malta Sep 18, 2020

The Commissioner for Revenue notifies that due to the deferral of the reporting deadlines as a result of the COVID-19 pandemic, the period allowed for notification by non-disclosing intermediaries is being extended to January 12, 2021.

Cyprus Sep 18, 2020

The Cyprus Tax Department publishes Decree No. 434 amending the Ordinance on the Automatic Exchange of Information (AEOI).

IRS Sep 17, 2020

The IRS will be hosting a free webinar on FATCA responsible officer certifications of compliance on September 22, 2020. The webinar will address FATCA responsible officer certification requirements for the Certification of Preexisting Accounts (COPA) and Periodic Certifications including certification due dates and navigation of certification from initiation to submission.

IRS Sep 17, 2020

The IRS releases 2021 instructions for Forms 1099-INT and 1099-OID.

OECD Sep 17, 2020

The OECD publishes an updated list of jurisdictions participating in the Convention on Mutual Administrative Assistance in Tax Matters. A footnote has been added under France confirming that the territorial extension of the Convention by France to New Caledonia entered into force on December 1, 2018.

Brazil Sep 16, 2020

The Department of Federal Revenue in Brazil releases an updated version of its e-Finance Manual (e-Financeira v 1.1.4). Specific updates include: (1) Technical update on supplementary pension products under Sec 4.1.5.1.16; (2) Correction of error message MS0029 under Section 6.1; and (3) Technical update on classification of the type of accounts mentioned under Sec 4.1.3.1.151.

OECD Sep 16, 2020

The OECD publishes an updated list of the AEOI status of commitments. Specific updates include – (1) updated footnote to indicate that Dominica, Niue, Sint Maarten and, Trinidad and Tobago are yet to commence exchanges and, (2) the updated intended year of the first exchange of information for Kenya as 2022.

Lithuania Sep 15, 2020

The State Tax Directorate of the Republic of Lithuania releases draft rules to extend the implementation dates for DAC6 (reportable cross-border tax planning arrangements) reporting.

China Sep 14, 2020

'The State Administration of Taxation in China announces further extension of the TY19 CRS filing deadline to October 23, 2020, due to the unavailability of the AEOI portal. The AEOI portal is unavailable beginning September 11, 2020, to September 25, 2020, it is expected to open on September 26, 2020. While the portal is closed, any questions on CRS related issues can be directed to: crsreporting@163.com

Ireland Sep 14, 2020

The Office of the Revenue Commissioners in Ireland releases an updated CRS-DAC2 filing Tax and Duty Manual with minor technical and formatting updates.

Germany Sep 12, 2020

The Federal Tax Office of Germany (BZSt) publishes an updated version of the CRS communication manual 4 based on the new CRS Schema (v2.0), valid beginning February 1, 2021. It also updates the effective date of the technical requirements for the data transmission of FATCA and CRS messages via ELMA (v1.1) which was previously January 1, 2021, to February 1, 2021.

Austria Sep 12, 2020

The Federal Ministry of Finance in Austria publishes documents comprising the CRS Schema technical specifications and the changes applicable according to the OECD CRS Schema v2.0. The new CRS Schema v2.0 will be effective beginning February 1, 2021, instead of January 1, 2021. Any correction or late registration for transmission of the data that have already taken place will be carried out using the new XML scheme (v2.0) from January 8, 2021.

Brazil Sep 12, 2020

The Department of Federal Revenue in Brazil releases updated digital certificates for the submission and testing for e-financial environments (e-financeira). The production environment certificate is valid from October 1, 2020 - September 2, 2021, while the testing environment certificate is valid from September 14, 2020 - September 2, 2021.

Germany Sep 11, 2020

The Federal Tax Office of Germany (BZSt) publishes CRS Infobrief 05/2020 informing RFIs that beginning February 1, 2021, the new CRS schema (v2.0) would be used to transmit information to the BZSt. It also informs RFIs that due to transition to the new CRS Schema v2.0, no data will be accepted from January 8, 2020, to January 31, 2021, while correction, deletion, and cancellation for previously transmitted data must be made in the new CRS schema v2.0 from February 1, 2021. In addition, an updated version of the CRS communication manual 4, valid beginning February 1, 2021, will be released in due course.

United States Sep 11, 2020

NEW - Jurisdictional Debrief Now Available (Week Ending September 11, 2020)

Czech Republic Sep 10, 2020

The Ministry of Finance of the Czech Republic publishes a Regulation on the deferral of DAC6 (reportable cross-border tax planning arrangements) reporting in accordance with the EU legislation.

Slovak Republic Sep 10, 2020

The Financial Directorate of the Slovak Republic publishes updated CRS/DAC2 FAQs, FAQ-6(b) has been updated that provides technical information on the correction of submitted reports.

Russia Sep 10, 2020

The Federal Tax Service (FTR) of Russia publishes a presentation of financial information on foreign clients according to the OECD standard thus explaining the responsibilities of the clients in presenting the Automatic Exchange of financial account information to the Financial Market Organizations (FMOs).

Australia Sep 9, 2020

The Australian Taxation Office (ATO) publishes CRS stakeholder update #12 that provides guidance on additional validation updates applicable beginning January 1, 2021. The current validation rules check the structure of International Bank Account Numbers (IBAN) and International Securities Identification Numbers (ISIN). Currently, a warning is sent where these numbers do not conform to the required structure. For all new reports where the IBAN or ISIN numbers do not conform to the required structure, the file will fail validation. For all new reports, Controlling Person information is not to be provided when the Account Holder is an Individual. Where a Controlling Person is provided for an Individual account, the file will fail validation. The update also reminds: (1) RFIs that are still to lodge CRS reports, it should be done as soon as possible. If additional time is required then RFIs need to visit CRS Reporting Page; (2) update made to Section 4.7 on the requirement to collect self-certifications during the account opening process and clearer guidance on exceptional circumstances; and (3) CRS XML Schema v2.0 and the CRS User Guide v3.0 is to be used for all reports (new, correction and deletion) lodged beginning January 1, 2021.

Peru Sep 9, 2020

The Customs National Superintendence and Tax Administration of Peru (SUNAT) updates CRS FAQs. Specific updates include: (1) Under Section I, updated FAQs 4 – 6; (2) Under Section IV, updated FAQs 7 and 8; and (3) Under Section V, updated FAQs 34 – 42.

Nigeria Sep 9, 2020

'The Federal Inland Revenue Service (FIRS) of Nigeria publishes a communication informing RFIs of the launch of the AEOI-CRS portal. It also reminds RFIs that CRS reports for TY2019 are to be filed by September 30, 2020, while further inquiries can be sent to aeoi.enquiries@firs.gov.ng or sanya.gbonjubola@firs.gov.ng

Jersey Sep 9, 2020

The Jersey Legal Information Board publishes amended taxation regulations on Mandatory Disclosure Rules for CRS Avoidance Arrangements and Opaque Offshore Structures. The amended regulations specify: (1) the meaning of CRS avoidance arrangement; (2) the elaborated meaning of opaque offshore structures; (3) meaning of intermediaries; (4) Obligations of intermediaries to disclose information; and (5) the imposition of penalties for failure to provide information or for inaccurate information.

Australia Sep 8, 2020

The Australian Tax Office updates the CRS due diligence guidance on self-certification requirements for new individual accounts (Section 4.7). As per the update, an RFI should not materially progress the account opening process without obtaining a self-certification. An account is deemed to be opened when it is created by the financial institution. To avoid doubt, an RFI will have materially progressed the opening process if either: (1) the account number has been given to the holder of the account; and (2) the holder of the account, or any other signatory to the account, can conduct a transaction in relation to the account.

Belgium Sep 8, 2020

Belgium’s Ministry of Finance publishes communications informing RFIs that the new OECD CRS schema v2.0 will be applicable beginning January 8, 2021. It also informs RFIs that the CRS declarations according to CRS XML Schema v1.0 for TY2019 can be submitted until November 15, 2020 and that the MyMinFinPRO portal will be closed from November 16, 2020, to January 8, 2021, to allow the necessary technical adjustments for the transition to the new schema. It also provides an update that due to IT maintenance, all e-services will be unavailable from September 12 until September 13, 2020.

Malaysia Sep 8, 2020

The Inland Revenue Board of Malaysia (IRBM) publishes amended CRS rules and regulations. As per the update, an excluded account is a depository account which is dormant (other than an Annuity Contract): (a) with a balance that does not exceed USD 1,000; (b) where there is no transaction in the account in the previous three years; (c) where there is no communication with the FI in the previous six years; and (d) in relation to CVIC, where there is no communication with the FI in the previous six years.

China Sep 8, 2020

The State Administration of Taxation in China publishes a technical verification rule update for the RFIs.

China Sep 7, 2020

The State Administration of Taxation of China publishes a reminder that the TY2019 CRS reporting deadline is September 30, 2020, and the deadline to submit the annual written compliance report is October 31, 2020.

Ireland Sep 7, 2020

The Office of the Revenue Commissioners in Ireland publishes an updated Tax and Duty Manual containing details of the release of CRS User Guide v3.0 and CRS XML Schema v2.0 (under Section 10), which will be in use from February 1, 2021.

Greece Sep 7, 2020

The Independent Public Revenue Authority of Greece publishes Decision No. A.1184/2020, comprising the list of intended exchange partners based on the Multilateral Competent Authority Agreement (MCAA). Please note that the list indicates jurisdictions with which Greece will or intends to exchange information, it is not a list of jurisdictions that local Reporting Financial Institutions must report on, those are published in a separate list.

Greece Sep 4, 2020

The Independent Public Revenue Authority of Greece publishes: (1) Decision No. A.1109/2020 which extends the TY19 FATCA reporting deadline (including Nil returns) to September 30, 2020; and (2) Decision No. A.1155/2020 which extends the TY19 CRS reporting deadline (including Nil returns) to September 18, 2020.

Finland Sep 4, 2020

The Finnish Tax Administration publishes updated FATCA and CRS (DAC2) FAQs. Specific updates include additional FAQs under sections: (1) Fulfilment of due diligence obligations; (2) Compliance of reporting obligations; (3) Changes in the business of the reporting company; (4) Customer’s Circumstances; and (5) Other special situations.

Cayman Islands Sep 3, 2020

The Department for International Tax Cooperation (DITC) of the Cayman Islands publishes FAQs on submission of the CRS Compliance Form. As a reminder, the deadline to submit the CRS Compliance Form for the 2019 reporting period is December 31, 2020. Going forward, the annual reporting deadline will be September 15. The CRS Compliance Form will be available for submission via the DITC Portal, further details will be available in the User Guide.

Switzerland Sep 3, 2020

The Federal Tax Administration (FTA) of Switzerland publishes an updated version of the technical guidance according to CRS XML Schema (v2.0). It includes several technical updates to the XML structure and also reminds RFIs of the applicability of the CRS XML Schema (v2.0) beginning February 1, 2021.

IRS Sep 3, 2020

The IRS publishes an updated version of the International Compliance Management Model (ICMM) Notification XML Schema User Guide that updates various sections to reference version 2.5 schema.

OECD Sep 3, 2020

The OECD releases an updated list of updated CRS signatories with the addition of New Caledonia, taking the tally of CRS MCAA signatories to 109.

OECD Sep 3, 2020

The OECD publishes an updated list of the AEOI status of commitments. Ecuador's intended year of the first exchange of information has been revised to 2021 instead of 2020.

Bulgaria Sep 3, 2020

The National Revenue Agency of Bulgaria (NRA) publishes instructions for the preparation of reporting files for the purposes of the automatic exchange of financial information. The guide provides technical information on the structure and elements of CRS and FATCA schemas.

India Sep 2, 2020

The Income Tax Department of India publishes updated versions of its Reporting Portal User Guide (v3.5) and Reporting Portal FAQs (v4.6), both the documents are updated to include the ITR Compliance Check functionality.

Nigeria Sep 2, 2020

The Federal Inland Revenue Service (FIRS) of Nigeria releases FAQs based on the recent CRS webinar.

IRS Sep 1, 2020

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool, with the FIs that are in approved status as of August 25, 2020.

British Virgin Islands Sep 1, 2020

The International Tax Authority of the BVI publishes a notice informing RFIs that the BVI Financial Account Reporting System (BVIFARs) is back online effective Tuesday, September 1, 2020. All VIFI’s should note that filings for CRS (where extensions were previously granted upon receipt of valid reasons) and FACTA, must be submitted no later than September 30, 2020.

OECD Sep 1, 2020

The OECD publishes information on Tax Identification Numbers (TINs) for Hungary, Albania, and Israel. It also publishes Tax Residency rules for Albania.

Gibraltar Sep 1, 2020

The Commissioner of Income Tax of Gibraltar publishes an updated list of CRS reportable jurisdictions. Curaçao would now be considered a reciprocal reportable jurisdiction beginning TY2020 from the previous non-reciprocal status. It also confirms that the closed accounts and accounts with negative balances should be reported as zero balances and that negative balances are not to be offset against any other account balances.

Spain Sep 1, 2020

The Spanish Tax Agency (Agencia Tributaria) publishes an updated version of the CRS technical manual and updated XSD schema for the presentation of CRS information according to the OECD XML Schema v2.0. The updated version is effective beginning January 1, 2021.

Lithuania Sep 1, 2020

The State Tax Directorate of the Republic of Lithuania publishes an updated version of the FATCA data exchange subsystem manual (v2.21). The document describes the general principles of the data provisioning integration interface, security requirements, data exchange services (WS methods), messages used, common data types, and classifiers.

Mauritius Aug 31, 2020

The Mauritius Revenue Authority (MRA) publishes an updated list of CRS reportable jurisdictions. The updated list includes Morocco as a reportable jurisdiction concerning TY19 data. As a reminder, the TY2019 FATCA and CRS reporting deadlines were extended to September 30, 2020.

Italy Aug 31, 2020

The Italian Revenue Agency releases an updated list of CRS reportable jurisdictions adding – Antigua and Barbuda, Costa Rica, Grenada, Saint Kitts and Nevis, Saint Lucia, and Turkey. It also releases an updated list of CRS participating jurisdictions adding - Brunei Darussalam, Dominica, Ecuador, Kazakhstan, Morocco, and Oman.

Nigeria Aug 28, 2020

The Federal Inland Revenue Service (FIRS) of Nigeria publishes a list of intended AEOI-CRS exchange partners. It also releases a presentation on the CRS AEOI Framework for RFIs.

Germany Aug 28, 2020

The Federal Tax Office of Germany (BZSt) publishes an updated communication manual on the technical requirements for the data transmission of FATCA messages via ELMA (v1.1) that would be effective beginning January 1, 2021.

United States Aug 28, 2020

NEW - Jurisdictional Debrief Now Available (Week Ending August 28, 2020)

Slovak Republic Aug 28, 2020

The Financial Directorate of the Slovak Republic informs RFIs of the changes in the XSD format for DAC2/CRS reporting. As per the notification, the existing OECD XML Schema (v1.0) will be applicable until December 31, 2020, while the new OECD Schema (v2.0) will be applicable beginning February 1, 2021. It also includes a link to the OECD’s CRS User Guide Version 3.0.

Singapore Aug 28, 2020

The Inland Revenue Authority of Singapore (IRAS) publishes FATCA Regulations 2020 that will be effective beginning January 1, 2021, in coherence with the earlier ratified reciprocal Model-1 IGA. The IRAS also publishes updated CRS FAQs, specific updates include: (1) New FAQ C.14: To clarify the treatment of Depository Accounts held by a payment service provider; (2) New FAQ D.7: To clarify the parties that are regarded as Equity Interest Holders of a Trust that is an SGFI; and (3) Removal of FAQ H.2 regarding the changes to the CRS reporting schema.

Sweden Aug 28, 2020

The Ministry of Finance in Sweden publishes a regulation consisting of an updated CRS Participating and Exchange Partners list for TY19. Austria and Turkey are added to the list of exchange partners while Brunei and Nigeria are identified as participating jurisdictions, the regulation enters into force on September 16, 2020. As a reminder, Sweden follows Wider Approach to reporting.

Australia Aug 27, 2020

The Australian Taxation Office (ATO) releases an updated FATCA package content note (PCN) that advises software developers of the package contents for the Standard Business Reporting (SBR) Financial Account Tax Compliance Act (FATCA) 2017 provided by the Australian Taxation Office (ATO).

IRS Aug 25, 2020

The IRS publishes the 2021 version of the Form 1099-INT.

Ukraine Aug 25, 2020

The Ministry of Finance of Ukraine publishes an Order (No. 496) informing RFIs that the TY19 and information related to reporting periods from 2014 to 2018 must be submitted to Ukraine’s Tax Authority before December 1, 2020, in accordance with the provisions of the FATCA Agreement, through the International Data Exchange Service (IDES) platform.

British Virgin Islands Aug 25, 2020

The International Tax Authority of the BVI publishes a notice informing RFIs that due to the further unavailability of the BVIFARs portal, an extension will be granted to RFIs when the BVIFARs is online. As with the normal practice, where issues arise with BVIFARs prohibiting Financial Institutions from filing, thereby resulting in late filings, no penalty will be applicable. Please note that this is applicable to both CRS (where extensions were previously granted upon receipt of justifiable explanation) and FACTA filings.

Russia Aug 25, 2020

The Federal Tax Service (FTR) of Russia publishes an updated list of organizations classified as financial market organizations and protocol for information exchange between the FTR and financial market organizations.

Turkey Aug 25, 2020

The Turkish Revenue Administration publishes CRS guidance notes, it also includes a list of CRS reportable and participating jurisdictions.

OECD Aug 24, 2020

The OECD publishes an updated list of the AEOI status of commitments. As per the updated list states that the intended first exchange of information for Morocco is expected to be in 2022, while the first intended exchange year for Georgia is expected to be in 2023.

Pakistan Aug 24, 2020

The Federal Board of Revenue (FBR) in Pakistan publishes CRS amended Regulations on reporting requirements applicable to Banking Companies. Specific updates include – (1) updates made to various definitions under section 39A; (2) definition of an authorized person for banking companies; (3) specified timelines for furnishing the aforementioned information by the authorized persons to the FBR; (4) record-keeping requirements for at least 5 years for due diligence procedures; (5) reiteration of the annual domestic reporting deadline of May 31; (6) applicable treatment for any measures for avoiding obligations under the CRS Rules; (7) mandatory enrolment requirement of an RFI on the FBRs AEOI portal; and (8) power to call for record and inspect premises.

Costa Rica Aug 24, 2020

The Ministry of Finance of the Republic of Costa Rica publishes a communication that a complementary agreement is signed with the USA to update the legal basis of the FATCA Inter-Governmental agreement (IGA). The agreement comes into force in September 2021.

Belarus Aug 22, 2020

The National Center for Legal Information of the Republic of Belarus publishes a law (No. 53-3), authorizing Belarus’s accession to the protocol of the mutual assistance agreement (MAA) with the Commonwealth of Independent States (CIS). The protocol permits electronic cooperation and the Automatic Exchange of Information (AEOI) among CIS members to prevent tax evasion.

Finland Aug 21, 2020

The Finnish Tax Administration publishes updated FATCA technical guidance (v1.9), specific updates include: (1) Updated Sec 6.3.3.1.1 on Birth Infostructure; and (2) Sec 6.4.3 – Message Ref ID modifications. It also releases an updated CRS technical guidance (v1.7), updates have been made to Sec 6.4.3 on DocSpec structures.

Jersey Aug 20, 2020

The International Taxation Department of the Government of Jersey issues a reminder to RFIs that all TY2019 FATCA and CRS reports must be filed by September 30, 2020. It also reminds RFIs that the name and GIIN must match exactly as published on the IRS list, including upper and lower case letters, spaces, and full stops.

Turks and Caicos Aug 20, 2020

The Turks and Caicos Islands Exchange of Information Unit's new TCIG AEOI portal is now available. As earlier informed, RFIs can continue the submission of TY2019 FATCA and CRS reports submission without liability to penalty.

Russia Aug 20, 2020

The Federal Tax Service of Russia publishes an updated draft version of the technical document (vRU: 5.04) that describes the requirements of the structure and content for the electronic transmission of information about the financial accounts of FIs residents of foreign States (territories). The document is open for public comments and suggestions, to be sent through the “Feedback” option until September 30, 2020.

Switzerland Aug 20, 2020

The Federal Tax Administration (FTA) of Switzerland publishes an updated list of CRS reportable jurisdictions. The AEOI agreement with Brunei Darussalam and Nigeria would be in force starting January 1, 2021.

Qatar Aug 19, 2020

The Qatar Financial Centre (QFC) announces further extension of the TY2019 CRS reporting deadline from August 31, 2020, to November 30, 2020.

Singapore Aug 19, 2020

The Inland Revenue Authority of Singapore (IRAS) releases an update that IRAS will adopt the CRS XML Schema v2.0 released by OECD with effect from February 1, 2021. All-new, nil, corrected or deletion CRS Returns in XML format, including returns relating to Reporting Years 2017 to 2019, must be formatted and submitted using the CRS XML Schema v2.0 with effect from February 1, 2021.

Netherlands Aug 19, 2020

The Government of the Netherlands publishes an updated Annex II under the FATCA IGA. Section II (C- Sponsored Investment Entity and Controlled Foreign Corporation), (D- Sponsored, Closely Held Investment Vehicle) has been updated to include certain entities that are considered non-reporting Netherlands financial institutions and are therefore considered to be compliant with section 1.471 of the US Internal Revenue Code. The new annex is in effect retroactive from March 25, 2019.

Czech Republic Aug 19, 2020

The Ministry of Finance of the Czech Republic plans to postpone the beginning of DAC6 (reportable cross-border tax planning arrangements) reporting in the Czech Republic in accordance with EU legislation. The COVID DAC Directive allows the deadlines for fulfilling the notification obligation under the DAC2 (AEOI) and DAC6 Directives to be postponed by up to 6 months. It also publishes DAC6 reporting guidance notes comprising definitions and explanations of technical terms.

Luxembourg Aug 19, 2020

Luxembourg’s ACD publishes an update on the DAC6 reporting implementation details. The following headings have been added: (i) Information to be transmitted - the Member States concerned as per-(Article 10, paragraph 1, points g) and h); Article 10, paragraph 2); (ii) Obligation to transmit intermediaries - Transmission by a permanent establishment as per-(Article 2, paragraph 3).

United Arab Emirates Aug 19, 2020

The Ministry of Finance of the United Arab Emirates (UAE) releases an updated version of its CRS guidance notes. Specific updates include: (1) Section 7 on Sanctions has been added that provides information on applicable sanctions that shall be imposed by each regulatory authority in case of false/invalid self-certifications; (2) RFIs must retain the records of the steps undertaken and any evidence relied upon related to the Regulations, electronically or otherwise, for a period of no less than five (5) years after the end of the period within which the RFI must report the information required to be reported under the Regulations; and (3) A RFI may apply the due diligence procedures for Pre-Existing Accounts, even if such accounts were opened after 1 January 2016, if there is a change of the Participating Jurisdictions with regard to a reporting period prior to the reporting date.

Luxembourg Aug 18, 2020

Luxembourg’s ACD publishes an update informing RFIs of the modification of the XSD schema of the data message (v3.0) and of the status message (v3.0) and update of the circular of the ECHA (n ° 4). As per the update, in order to align with the official XSD format defined by the ACD for FATCA, a new version of the XSD schemas for the data message (AEOI_LUX) and for the status message (AEOI_LUX_Return) is published on the website of the ACD under Electronic exchanges. These two new schema versions are applicable from January 06, 2021, in the production environment.

Ireland Aug 18, 2020

The Office of the Revenue Commissioners in Ireland publishes a Tax and Duty Manual on the 2019 Income tax return ROS Form 11. Among several updates, an update has been made to Sec 2.3 of the Mandatory Disclosure sub-panel in respect of Reportable cross-border arrangements (DAC6) which now has an additional question asking for a reference number to be included.

IRS Aug 18, 2020

The IRS announces that effective August 18, 2020, the requests for an extension of time to furnish statements to recipients of information returns should be faxed to the IRS Technical Services Operation, requests must be received no later than the date on which the statements are due to the recipients. The IRS further specifies that if the request for an extension is approved, an extension of a maximum of 30 extra days (15 days for Forms W-2) will be granted to furnish the recipient statements.

Brazil Aug 17, 2020

The Department of Federal Revenue (RFB) in Brazil publishes a notice informing RFIs that due to the Covid-19 crisis, the AEOI reporting deadline, concerning the data related to the first semester of 2020, is exceptionally extended to the last business day of the month of October 2020.

Luxembourg Aug 17, 2020

Luxembourg’s ACD publishes an update informing RFIs of the modification of the XSD schema of the data message (v2.0) and of the status message (v3.0) and update of the circular of the ECHA (contribution director - n ° 4). As per the update, in order to align with the official XSD format defined by the OECD for the CRS, a new version of the XSD schemas for the data message (AEOI_LUX) and for the status message (AEOI_LUX_Return) is published on the website of the ACD under Electronic exchanges. These two new schema versions are applicable from January 06, 2021, in the production environment.

United States Aug 14, 2020

NEW - Jurisdictional Debrief Now Available (Week Ending August 14, 2020)

Denmark Aug 13, 2020

The Danish Ministry of Finance publishes a journal announcing the extension of the DAC6 reporting deadlines by 6 months implemented in accordance with the EU decision.

United Kingdom Aug 13, 2020

The United Kingdom’s HMRC publishes a notice announcing the extension of the DAC6 reporting deadline by 6 months.

Malaysia Aug 13, 2020

The Inland Revenue Board of Malaysia (IRBM) publishes additional guidance on the IDES testing schedule. According to the guidance, the IDES Production Support environment/test environment will not be available for participants to submit test files from August 19, 2020, to September 4, 2020. Additional guidelines for recommended file names, data preparation, post data transmission notifications have also been released.

Switzerland Aug 13, 2020

The Federal Tax Administration (FTA) of Switzerland publishes AEOI-CRS related documents. The documents provide various information to the RFIs that include the scope of information to be exchanged, obligations of Swiss FIs, definitions of technical terms on CRS reporting, registration and de-registration processes and, the efforts of the Swiss government to incorporate the recommendations of the Global Forum in the domestic CRS legislation.

Singapore Aug 12, 2020

The Inland Revenue Authority of Singapore (IRAS) releases an updated version if its FATCA Fillable PDF Form (v1.2). Reporting SGFIs that intend to file their FATCA return via the Fillable PDF Forms are strongly encouraged to use this updated version.

Netherlands Aug 12, 2020

The Dutch Ministry of Finance publishes a letter informing that the questions asked regarding FATCA and the accidental Americans by the members of VVD will be answered later than the deadline set due to the requirement of further co-ordination to answer the questions.

Italy Aug 11, 2020

The Government of Italy publishes in the Official Gazette (GU General Series n.200) an update on the EU DAC6 directive, thus announcing the deferral of the DAC6 reporting deadlines by 6 months.

Portugal Aug 11, 2020

The Portuguese Parliament publishes Decree 52/2020, thus announcing the extension of the DAC6 reporting deadlines by 6 months.

Malaysia Aug 7, 2020

The Inland Revenue Board of Malaysia (IRBM) releases an updated version of its CRS Data Encryption Tool (v4.2).

Thailand Aug 7, 2020

The Revenue Department of Thailand publishes a draft bill on AEOI-CRS reporting and inviting public suggestions on the bill. The suggestions can be submitted beginning August 7, 2020, until August 23, 2020.

IRS Aug 7, 2020

The IRS releases an updated version of the Form 8809 (Rev. Aug 2020). It confirms that only under certain criteria an extension would be granted Forms W-2 or 1099-NEC. Also, extension requests for Forms 1099-NEC, 1099-QA, 5498-QA, and W-2 must be submitted on paper.

Albania Aug 6, 2020

The Ministry of Economy and Finance in Albania publishes automatic exchange of financial account information (AEOI) rules and procedures via Decision No. 613 that implements the Law No. 4/2020 on the AEOI. The Decision provides guidance to RFIs with definitions and due diligence procedures and also has a list of CRS reportable and participating jurisdictions for 2020.

Greece Aug 6, 2020

The Independent Public Revenue Authority of Greece publishes a Circular (No. A. 1181) comprising the updated list of CRS reportable and participating jurisdictions for 2020. Saint Lucia and Turkey have been identified as reportable jurisdictions while Brunei Darussalam, Dominica, Ghana, Niue, and Turkey have been identified as participating jurisdictions.

China Aug 5, 2020

'The State Administration of Taxation of China announces that the CRS portal is now open for submission of the TY2019 data. If RFIs have trouble logging in they are advised to contact the technical support via, phone: 19520362584 or send an email to: crsreportingsupport@chinatax.gov.cn.

Slovak Republic Aug 5, 2020

The Financial Directorate of the Slovak Republic publishes a notice making a reference to the IRS FATCA General FAQ (Q3) under the Reporting section guiding Model 1 FFIs on reporting missing TINs. The transition period financial institutions from acquisition and reporting the US TIN ends with the reporting period Dec 31, 2019. The first year in which notification of TIN in relation to accounts will be required subject to FATCA notification will be the reporting period ending Dec 31, 2020.

Malaysia Aug 5, 2020

The Inland Revenue Board of Malaysia (IRBM) announces that the FATCA International Data Exchange Service (IDES) opens for testing from Aug 3, 2020 – September 30, 2020. The test session will be open to users that have completed IDES enrollment by July 30, 2020.

Australia Aug 5, 2020

The Australian Taxation Office (ATO) publishes statistics on the annual reporting of Australian financial accounts held by foreign tax residents as of December 31, 2018, collected under the Common Reporting Standard (CRS).

Costa Rica Aug 5, 2020

The Directorate General of Taxation in Costa Rica publishes a resolution (Resolution: N° DGT-R-16-2020) that provides additional information on the CRS due diligence and reporting obligations. The Resolution also adjusted certain CRS Definitions and also provides further clarifications on the definitions of Reportable person, reportable jurisdiction, and controlling persons.

Pakistan Aug 5, 2020

The Federal Board for Revenue in Pakistan publishes a notification on the draft amendments for CRS reporting. The draft amendments are open to public suggestions until August 12, 2020.

Malaysia Aug 4, 2020

The Inland Revenue Board of Malaysia (IRBM) releases an updated version of its CRS Data Encryption Tool (v4.1).

IRS Aug 4, 2020

The IRS updates the FATCA IDES Technical FAQs. Four new FAQs (G1-G4) have been added under the New IDES Communication Types describing the types of communication that can be exchanged through IDES, when the enrolled user can send the different types of communication to the IRS, the acceptance of a file size of 200MB uncompressed by the IRS from users and, testing schedules of the different communication types by the HCTAs or FFIs.

Thailand Aug 3, 2020

The Revenue Department of Thailand, announces that the US IRS will open the IDES system to allow Thai financial institutions to receive and send simulation data to IRS from Aug 3, 2020 – September 30, 2020. If the FI has already registered in the IDES system, no new registration is required but must change the password before July 30, 2020, to ensure that the password will not expire during the test. During the testing period, FIs will not be able to edit passwords and upload certificates.

Mexico Aug 3, 2020

The Mexico Tax Administration releases an amendment to their tax rules which provides an extension of the deadline to submit TY19 FATCA and CRS returns to December 7, 2020. The extension applies to FATCA and CRS returns with reportable accounts, FATCA, and CRS Nil returns, the notice regarding the use of Third Party Service Providers as well as the notice regarding the lack of RFC (Mexican TIN) by Reporting Financial Institutions. In addition, the SAT has published an updated calendar of FATCA/CRS reporting activities reflecting this deadline extension and updating the timeframe for submitting final and test files: (1) Timeframe for testing communication channels with the SAT: From September 7, 2020, to October 2, 2020; (2) Timeframe for testing submissions to the SAT: From October 12, 2020, to November 2, 2020; and (3) Timeframe for completing FATCA/CRS submissions: From November 3, 2020, to December 7, 2020.

IRS Aug 1, 2020

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool, with the FIs that are in approved status as of July 27, 2020.

Sint Maarten Aug 1, 2020

The Ministry of Finance in Sint Maarten releases a draft AEOI Ordinance (No. 38 of 2020) thereby amending the General national ordinance related to land taxes with international obligations. Specific updates include: (A) Article 21b has been added that includes a penalty upto 20, 000 Netherlands Antillean Guilder (NAf) in case of failure to report FATCA and CRS reports on time due to intent or gross negligence on the part of persons obliged to keep records, as referred to in Article 61a. (B) Article 61a has been added that provides the right to the Minister to order an investigation to be carried out by the Inspector in order to verify whether the obligation has been correctly fulfilled. This national ordinance, as soon as it has been placed in the Official Journal, comes into effect on the first day of the seventh week after the date of ratification.

United Arab Emirates Aug 1, 2020

The Dubai International Financial Centre (DIFC) releases amendments to its CRS law, in addition to the publication of new CRS Regulations in July 2020. Specific updates include: (1) The introduction of offences and penalties for providing false self-certification and for FIs that fail to obtain valid-self-certification; (2) RFI must retain the records of the steps undertaken and any evidence relied upon related to CRS for a period of no less than 6 years; (3) The term controlling persons should be interpreted in a manner consistent with the FATF recommendations, and clarify that in the case where the AML/KYC procedures do not require the collection of certain documentation or contain definition different to those in the CRS regulations, the CRS regulation should prevail; and (4) updated list of non-reporting FIs and excluded accounts.

United States Jul 31, 2020

NEW - Jurisdictional Debrief Now Available (Week Ending July 31, 2020)

France Jul 31, 2020

The French Ministry of Economy and Finance publishes an Act announcing the deferral of the DAC6 reporting deadlines by 6 months.

Peru Jul 30, 2020

The Customs National Superintendence and Tax Administration of Peru publish updated AEOI technical manual v2.1 based on XML Schema v1.4 and Technical guide for CRS reporting v2.0.

IRS Jul 30, 2020

The IRS releases an updated IDES user guide, specific updates include: (1) Section 5.4 has updated Username and Password information; (2) Section 9.2, Step 6 has been added that provides information on the three new communication types (ICAP, JA, EOIR) to Create Sender Metadata File section; and (3) Appendix H: IDES communication types have been updated, added table of all the communication types that can be sent through the system and their use. The IRS also releases updated guidance on FATCA XML metadata (Schema v1.2).

India Jul 30, 2020

The Income Tax Department of India publishes a clarification on the Guidance Notes on FATCA and CRS reporting related to the due diligence procedures for the determination of Controlling Person and determining whether the Controlling Person of a Passive Non-Financial Entity is reportable in cases of new entity accounts.

IRS Jul 29, 2020

The IRS publishes reasonable cause regulations and requirements for missing and incorrect names/TINs that provide general information needed to avoid penalties while providing information return documents that need to be filed with missing or incorrect TINs. The regulations also describe the actions that must be taken to solicit a TIN and also explains the requirements for establishing reasonable cause.

British Virgin Islands Jul 27, 2020

The International Tax Authority of the BVI publishes a notice informing RFIs of the unavailability of the BVIFars portal after July 31, 2020, due to the relocation of the International Tax Authority’s office.

Cyprus Jul 27, 2020

The Cyprus Tax Department publishes a notice on the deferral of the DAC6 reporting deadlines by 6 months.

Indonesia Jul 23, 2020

'The Directorate General of Taxation in Indonesia publishes a notification informing RFIs of the extension of the CRS reporting deadline due to the Covid-19 outbreak for financial services institutions that classify as LJK entities to October 1, 2020. RFIs submitting information via the OJK online submission portal are further advised to use the same format as TY2018. Also, any technical difficulties faced during submissions can be directed to the following email IDs for support: (1) aeoi@pajak.qo.id (2) sipina@ojk.go.id and, (3) sipina.info@ojk.go.id

Netherlands Jul 23, 2020

The Ministry of Finance in the Netherlands publishes process record descriptions, guidelines, and infographics for DAC6 reporting.

OECD Jul 22, 2020

The OECD publishes an updated list of jurisdictions participating in the Convention on Mutual Administrative Assistance in Tax Matters, on July 22 Kenya deposited the instrument of ratification.

Slovak Republic Jul 22, 2020

The Financial Directorate of the Slovak Republic publishes a law on the extension of the DAC6 reporting deadline. The obligation to report the information on cross-border measures that pose a risk of tax avoidance has thus been deferred from July 1, 2020, to January 1, 2021.

Peru Jul 20, 2020

The Customs National Superintendence and Tax Administration of Peru publish additional AEOI FAQs and a resolution providing additional guidance on the extended AEOI deadlines: (1) for accounts with the last digits of the RUC ending with 0,2,4,6 and 8, the deadline has been further extended from July 23, 2020, to August 26, 2020; (2) for accounts with the last digits of the RUC ending with 1,3,5,7 and 9, the deadline has been further extended from July 24, 2020, to August 27, 2020. The additional AEOI FAQs – Questions 27 to 33 summarize technical XML updates to facilitate the successful submission of AEOI reports.

Lithuania Jul 20, 2020

The State Tax Directorate of the Republic of Lithuania publishes technical specifications and description tools to facilitate DAC6 reporting.

Liechtenstein Jul 20, 2020

The Tax Administration (STV) of the Principality of Liechtenstein publishes the final version of the AIA-CRS Reporting instructions according to the XML schema (v1.0) (Document #2679) and a summary report of the meeting of the Government on the revision of the AEOI and other laws. The proposals of the meeting are intended to make improvements and to strengthen the Liechtenstein "Compliance Framework" with a special focus on effectiveness inclusive of permitting “opt-in” opportunities for passive NFEs to voluntarily classify themselves as investment companies at the recommendation of the Global Forums review process. In addition to amendments to the AEOI law, the proposals also include analogous adjustments to the FATCA law.

Canada Jul 20, 2020

The Canada Revenue Agency (CRA) publishes updated FATCA and CRS XML schema for filing information returns in 2020.

Latvia Jul 18, 2020

The Ministry of Finance of Latvia publishes laws confirming the extension of the CRS and DAC6 deadlines. The TY2019 CRS reporting deadline is extended from July 31, 2020, to October 30, 2020.

United States Jul 17, 2020

NEW - Jurisdictional Debrief Now Available (Week Ending July 17, 2020)

Cyprus Jul 17, 2020

The Cyprus Tax Department publishes a notice announcing the further extension of the TY2019 FATCA and CRS deadlines from July 17, 2020, to September 30, 2020.

Russia Jul 17, 2020

The Russian Ministry of Finance releases a draft resolution on the implementation of the automatic exchange of financial information (AEOI). The amended regulation will help the RFIs to collect information on beneficiaries and (or) persons directly or indirectly controlling them, it's processing, including documentary fixation, and analysis, on acceptance, including documentary fixation, justified and available in the current circumstances of measures to establish the tax residence of clients, beneficiaries and persons who directly or indirectly control them, including checking the accuracy and completeness of the information provided by the client. Once approved this resolution will come into force on January 1, 2021.

Germany Jul 16, 2020

The Federal Tax Office of Germany (BZSt) publishes a communication informing RFIs the release of the ELMA Standard Communication Manual (v1.0) to facilitate standardized data transmission by RFIs to the BZSt.

Peru Jul 16, 2020

The Customs National Superintendence and Tax Administration of Peru publishes a resolution informing RFIs that due to the current Covid-19 crisis, the TY2019 AEOI reporting deadline has been further extended from July 31, 2020, to August 31, 2020. The Tax Administration also releases an updated version of the AEOI technical guide (v2.0) containing updated CRS XML Schema specifications.

IRS Jul 16, 2020

The IRS updates its list of approved KYC rules. The agreement with Switzerland has been updated which now contains Switzerland’s laws and regulations that govern the requirements of a Qualified Intermediary (QI) to obtain documentation confirming the identity of QI’s account holders.

Germany Jul 16, 2020

The Federal Tax Office of Germany (BZSt) publishes an updated version of the structure of the data to be reported according to the IRS FATCA-XML-Schema data record description based on the FATCA-XML-Schema v2.0.

OECD Jul 16, 2020

The OECD’s Global Forum on Tax Transparency publishes an alert on the commitment of Georgia to implement the international standard on AEOI by 2023. The Global Forum also releases a toolkit for becoming a party to the Convention on Mutual Administrative Assistance in Tax Matters (MCAA).

South Korea Jul 15, 2020

The National Tax Service of South Korea published updated guidance notes on the reporting requirements under the provisions of FATCA/CRS and applicable Korean regulations. The guidance notes include a summary of the South Korean FATCA and AEOI Regulations that were released in July 2019. In addition, the document includes instructions on creating XML files for submitting financial information in response to the changes resulting from the implementation of the CRS XML Schema Version v2.0 starting February 1, 2021. Also, the guidance notes include the AXIS Portal Entity Registration Manual that provides step-by-step guidance on how to register entities as well as a Manual on International Business Information Comprehensive Report Submission via the AXIS Portal.

Ireland Jul 14, 2020

The Revenue Commissioners of Ireland publishes amended FATCA Regulations 2020 (S.I. 245 of 2020). The amended regulations are intended to serve as a reminder of the extension of the FATCA reporting deadline for TY2019 to September 30, 2020, and also reminds that the extension applies only for TY2019 reporting.

Ghana Jul 13, 2020

The Ghana Revenue Authority (GRA) publishes a notice informing RFIs that due to the Covid-19 outbreak, the CRS reporting deadline has been extended from June 30, 2020, to September 30, 2020. The notice establishes timelines for reporting after June 2020, indicating a 2nd reporting window as follows: (1) Validation of prepared XML files – from July 1 to August 31, 2020, and (2) Submission of validated XML files from September 1 to September 30, 2020.

Canada Jul 10, 2020

The Canadian Revenue Agency (CRA) publishes updated FATCA and CRS Guidance Notes. Both Guidance Notes were revised to specify that FIs that fail to obtain a FATCA/CRS self-certification when required, may be liable to a penalty of up to $2,500 for each such failure (removal of the January 1, 2021 deadline by which FIs should obtain a self-certification without being subject to a penalty). In addition, the updated FATCA Guidance was revised with regards to its provisions related to undocumented account holders to clarify that these new provisions are applicable for reporting related to the 2020 and future calendar years (the April version of the Guidance notes indicated that the new provisions related to undocumented accounts were applicable effective January 1, 2020, without express indication as to which tax year those provisions applied to).

Switzerland Jul 9, 2020

The Federal Tax Administration (FTA) of Switzerland publishes CRS technical guidance according to CRS XML Schema (Version 2.0) that will be applicable beginning February 1, 2021.

Taiwan Jul 8, 2020

The Ministry of Finance in Taiwan publishes a CRS implementation summary comprising the statistics on the number of financial institutions that reported information to the Ministry of Finance and statistics on the number of accounts reported for the reportable jurisdictions Australia and Japan.

Mexico Jul 8, 2020

The Mexico Tax Administration releases a document with the contents of the FATCA/CRS meeting that was recently held. It includes: (1) Contact information from the SAT, (2) confirmation on the extended AEOI reporting deadlines, (3) information regarding Webex Q&A sessions open to the public in September and October, (4) high-level updates to the reporting guidelines for FATCA/CRS (including confirmation that the CRS Schema v2.0 will be applicable starting 2021, and confirming that FATCA submission files that include a generic TIN data element such as AAAAAAAAA or 555555555 will be rejected by the system starting 2021), and (5) the SAT’s public keys for testing and production submissions for TY20 reporting.

Lithuania Jul 7, 2020

The State Tax Directorate of the Republic of Lithuania publishes a notice informing RFIs that due to the Covid-19 crisis, the TY2019 CRS reporting deadline has been extended from July 1, 2020, to October 1, 2020.

South Korea Jul 7, 2020

The Ministry of Finance in South Korea publishes amended Regulations for the implementation of the automatic exchange of information (AEOI) inclusive of FATCA and CRS reporting, the regulations come into force beginning July 7, 2020. Among other amendments, the updated CRS Regulations include clarifications on the relationship manager inquiry for pre-existing individual accounts, updates the list of in-scope financial institutions, updates the definition of excluded accounts and, it also includes an updated list of CRS reportable jurisdiction for TY2019. The FATCA regulations have been updated to include Sponsored FFIs to the list of deemed-compliant FFIs.

Panama Jul 7, 2020

The Ministry of Economy and Finance of Panama publishes an Executive Decree (No. 343) informing RFIs of the extension of the TY2019 FATCA and CRS reporting deadlines from July 31, 2020, to September 30, 2020. The Decree also contains an updated list of TY2019 CRS reportable jurisdictions thus establishing 64 reportable jurisdictions, two of which were added as new jurisdictions for 2020: Austria and Colombia.

Turks and Caicos Jul 6, 2020

The Turks and Caicos Islands Exchange of Information Unit informs RFIs that the AEOI portal was disabled for maintenance and a new TCIG AEOI portal is expected to be available beginning mid-August. Hence, RFIs can continue the submission of TY2019 FATCA and CRS reports without being subject to penalties.

Brazil Jul 6, 2020

The Department of Federal Revenue in Brazil releases an amended version of its earlier released e-Finance Manual (e-Financeira v 1.1.3). Updates include: (1) As a reminder, for dates with year-month-box greater than or equal to January 2020, it will no longer be possible to include the generic US TIN with the nine-letter string “A”s. (2) Updated information with a new version of the XSD for the Private Pension Module, in module 4.1.5.1.51. (3) Minor updates made to modules – 4.1.3.1.7 and 4.1.5.1.53.

New Caledonia Jul 6, 2020

The French Tax Authority (DGFiP) publishes a CRS Technical Guide (v1.0) for New Caledonian financial institutions. The document comprises provisional specifications for New Caledonian financial institutions to consider while transmitting CRS reports to the DGFiP.

Luxembourg Jul 6, 2020

The Luxembourg Chamber of deputies publishes the Bill transposing the EU Council Directive of June 24, 2020, thus responding to the urgent need to postpone the FATCA, CRS, and DAC6 reporting deadlines. The Bill confirms the extension of the FATCA and CRS deadlines to September 30, 2020, while the DAC6 reporting deadlines have been extended based on the implementation dates.

Gibraltar Jul 6, 2020

The Commissioner of Income Tax of Gibraltar publishes an updated list of TY2019 CRS reportable jurisdictions. Brunei Darussalam, Dominica, and Ghana have been identified as temporary non-reciprocal jurisdictions for TY2019 while Turkey has been identified as a reciprocal jurisdiction however the first exchange of information would be in 2021. The document also informs RFIs that due to the Covid-19 outbreak, the TY2019 FATCA and CRS reporting deadlines have been extended from July 31, 2020, to September 30, 2020.

Canada Jul 6, 2020

The Canadian Revenue Agency (CRA) publishes a detailed summary of the recently published updated FATCA/CRS filing instructions that will be effective beginning in May 2021. The summary includes: (1) Confirming successful processing of the submitted return; (2) downloading the list of error notifications; and, (3) amending, canceling, or fixing records.

United States Jul 3, 2020

NEW - Jurisdictional Debrief Now Available (Week Ending July 3, 2020)

OECD Jul 3, 2020

The OECD releases Model Rules for Reporting by Platform Operators with respect to Sellers in the Sharing and Gig Economy. It also releases the Code of Conduct to supplement the Model Reporting Rules for sellers in the sharing and gig economy.

Ireland Jul 3, 2020

The Office of the Revenue Commissioners of Ireland publishes a Tax and Duty Manual on the EU Mandatory Disclosure of Reportable Cross-Border Arrangements. The Tax and Duty Manual will provide general guidance on how the regime will operate in Ireland. Due to the Covid-19 crisis, Ireland is exercising an option given to the Member States to postpone by six months the filing dates for the first returns of information in relation to reportable cross-border arrangements. Hence, the reporting to Revenue will not commence until January 2021 at the earliest. Details of the revised filing deadlines are included in the manual.

Vanuatu Jul 3, 2020

The Department of Finance and Treasury of the Republic of Vanuatu publishes a communication informing RFIs that due to the Covid-19 outbreak, the TY2019 CRS reporting deadline has been extended from May 31, 2020, to September 30, 2020. Also, the AEOI portal - MDES (Multi Data Exchange System) is now available for reporting.

Slovenia Jul 3, 2020

The Financial Administration of the Republic of Slovenia publishes a notice regarding the submission of CRS financial account reports for the RFIs reporting CRS information for the first time via the production communication channel ZBS_B2B. The notice also informs RFIs that the Financial Administration of the Republic of Slovenia checks the validity of received messages and prepares appropriate feedback to RFIs in the form of a status message.

Germany Jul 2, 2020

The Federal Tax Office of Germany (BZSt) releases CRS info brief 04/2020, comprising the final list of CRS reportable jurisdictions for 2020. Specific updates include: (1) Brunei Darussalam, Dominica, Ghana, Nigeria, and Niue have been added as non-reciprocal jurisdictions (2) Saint Lucia and Turkey have been identified as reportable jurisdictions.

Malta Jul 2, 2020

The Office of the Commissioner for Revenue in Malta publishes a communication informing the deferral of the first DAC6 reporting deadlines by six months. The Office also informs that an amending legal notice will be published on the same in the coming weeks. Also, reporting systems in relation to reportable cross-border arrangements will be made available to taxpayers and intermediaries ahead of the new, deferred deadlines. The Commissioner for Revenue intends to publish guidance within the coming months to help businesses in their preparations to meet their reporting obligations.

Turks and Caicos Jul 2, 2020

The Turks and Caicos Islands’ Ministry of Finance releases a registration form for the AEOI portal virtual training session to be held on July 13, 2020.

Australia Jul 2, 2020

The Australian Taxation Office (ATO) publishes a final reminder for RFIs stating that the deadline for submission of FATCA and CRS reports is July 31, 2020. Also, if RFIs have up to 50 reportable individual accounts and up to 50 reportable organizational accounts it can use the ATO's small reporter tools to help you prepare and lodge CRS and FATCA reports. Additionally, if RFIs need extra time it can apply for an extension via either: (1) the Business PortalExternal Link, or (2) Online services for agents.

Netherlands Jul 2, 2020

The Netherlands’ Directorate General of the Tax and Customs Administration publishes an updated version of its FATCA and CRS guidance notes. Specific amendments include updates to Paragraphs 1.14, 1.17, 1.20, 1.51 to 1.55, 2.11, and 2.17 were amended to incorporate the FATCA/CRS FAQs previously released by the Tax and Customs Administration. Additionally, 1.52 was also modified to provide clarifications on the concept of an insolvent natural account holder. In addition, legislative changes such as the introduction of the GDPR (included in paragraph 1.10) and the implementation of the Basic Payment Account Directive in the Wft – Act on Financial Supervision (included in paragraph 2.3a). Sections 1.16, 1.21, and 1.33 have also been amended or deleted in accordance with the OECD views.

IRS Jul 1, 2020

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool, with the FIs that are in approved status as of June 24, 2020.

Switzerland Jul 1, 2020

The Federal Tax Administration (FTA) of Switzerland publishes an updated version (v1.3) of the FATCA credentials exchange form. The aforementioned form can be used to send the needed decrypted information to the competent authority (FTA) as described in the FATCA information delivery guide.

Vietnam Jul 1, 2020

The State Bank Of Vietnam publishes a notice informing RFIs of the extension of the TY2019 FATCA reporting deadline due to the COVID-19 outbreak from August 15, 2020, to November 1, 2020. The notice also guides RFIs to follow IRS 2017-46 Notice on reporting the missing US TINs.

Romania Jul 1, 2020

The Ministry of Public Finance in Romania publishes a draft Ordinance deferring the DAC6 due dates in accordance with the recently published EU DAC6 Directive and inviting consultations on the decision to extend DAC6 reporting deadlines. The consultation period ends in 10 calendar days from the publication of the draft ordinance.

Germany Jun 30, 2020

The Federal Tax Office of Germany (BZSt) releases FATCA and CRS info briefs 03/2020, informing RFIs that due to the current Covid-19 crisis, the FATCA and CRS reporting deadlines have been extended from July 31, 2020, to October 31, 2020.

Italy Jun 30, 2020

The Italian Ministry of Economy and Finance publishes a communication informing RFIs of the extension of the TY2019 FATCA and CRS reporting deadlines due to the COVID-19 crisis, from June 30, 2020, to September 30, 2020.

Lithuania Jun 30, 2020

The Ministry of Finance of the Republic of Lithuania publishes a document containing recommendations to RFIs for the implementation of the DAC6 reporting rules.

OECD Jun 30, 2020

The OECD publishes reports on the international community’s progress in the fight against offshore tax evasion, as a step towards the implementation of the Global Forums efforts to improve tax transparency. It also publishes a summary of tax policy measures taken by member jurisdictions in response to the Covid-19 pandemic.

IRS Jun 30, 2020

The IRS releases a draft version of Form 8809 for 2020, used for applying for an extension of time to file several information returns, including Forms 1042-S and 1099. The draft confirms that Form 1099 – NEC for Non-Employee Compensation will still be in use, without automatic extension. For Forms 1099-NEC, only one 30-day extension will be granted if certain criteria are met. The final version of Form 8809 would be released in August of 2020.

Poland Jun 30, 2020

The Ministry of Finance in Poland publishes an Ordinance extending the TY2019 FATCA and CRS reporting deadlines due to the Covid-19 crisis outbreak from June 30, 2020, to July 31, 2020. The Ministry also releases another Ordinance extending the DAC6 reporting deadline to December 31, 2020.

Switzerland Jun 30, 2020

The Federal Assembly of the Swiss Confederation proposes amendments to the Law on the Automatic Exchange of Information (AEOI) in tax matters. Updates include – (1) further clarifications provided on the definition of preexisting and new accounts (2) updates made to the due diligence requirements, if a Swiss FI does not receive a self-certification within 90 days of the opening of a new account, the FI must close the account or block/freeze the fund's transactions until it receives all the required information (3) additional clarifications on excluded accounts (4) requirement to convert all financial account values to US dollars to determine the balance or value of a financial account, and (5) inclusion of the possibility for Swiss FIs to suspend the AEOI reporting with a partner state on its own, as long as the partner state does not meet the OECD’s data security and confidentiality requirements.

Japan Jun 29, 2020

The National Tax Agency (NTA) of Japan publishes updated AEOI reporting system FAQs wherein Q3-6 and Q3-7 have been updated that highlights the updates of the new CRS XML schema (v2.0) announced by the OECD. The NTA also releases an updated XML input instructions files for the XML and CSV files.

Cayman Islands Jun 29, 2020

'The Department for International Tax Cooperation (DITC) of the Cayman Islands publishes updates on the availability of the new DITC portal and updated DITC portal FAQs. The launch date of the new DITC portal will be provided in due course while the respective Authorizing persons (APs) and Principal points of contact (PPoCs) are advised to add the new email ID – donotreply@ditc.ky to the safe senders list to ensure receiving the steps on how to log into the DITC portal. The updated DITC portal FAQs confirm that an option to upload the CRS Compliance form in bulk (in CSV format) would be available in the new portal.

Latvia Jun 29, 2020

The Ministry of Finance of Latvia publishes a Bill proposing amendments to the existing legislation setting the deadlines for CRS and DAC6 reporting. The Bill proposes to extend the CRS reporting deadline from July 31, 2020, to October 30, 2020. Also, extended deadlines for the DAC6 reporting schemes have been proposed in the Bill.

Canada Jun 29, 2020

The Canadian Revenue Agency (CRA) publishes updated FATCA filing instructions that will be effective beginning May 2021. The updated instructions inform RFIs that the procedures to amend, cancel or correct reports have been updated as follows – (1) Starting May 2021, RFIs are advised to keep track of records that are being targeted for amendments/cancellations/corrections, (2) RFIs are advised to use slips to track the aforementioned record tracking, (3) an amended return cannot be filed without a slip and, (4) The RFI record can be canceled only when all associated slips are canceled.

Luxembourg Jun 26, 2020

Luxembourg’s ACD publishes a newsletter informing RFIs that the government will soon introduce a bill aimed at making modifications to the Common Reporting Standard (CRS), FATCA, and DAC6 laws thus introducing an extension of the deadlines for the transmission of the respective information. While waiting for the adaptations to come into force, the Direct Tax Administration refers to the press release from the Ministry of Finance, regarding the temporary suspension of sanctions for late transmission of the information set out in the three aforementioned laws.

Sweden Jun 26, 2020

The Swedish Tax Agency publishes a communication on the proposed amendments to the important dates for DAC6 reporting in view of the EU decision that allows for adjustment of the reporting deadlines which come into force beginning July 1, 2020.

Slovak Republic Jun 26, 2020

The Financial Directorate of the Slovak Republic publishes instructions on how to file and submit DAC6 declarations along with an amended DAC6 Regulations.

South Korea Jun 26, 2020

The National Tax Service (NTS) of South Korea releases information on improvements related to FATCA and CRS reporting in 2020, such as (1) options to upload multiple files by country (2) if the file upload gets interrupted, retrying the file upload will continue the existing file upload.

Uruguay Jun 26, 2020

The General Taxation Directorate of Uruguay publishes a reminder for RFIs stating that the AEOI Portal for sending CRS reports will be available until June 30, 2020.

Ireland Jun 26, 2020

The Office of the Revenue Commissioners of Ireland confirms the extended DAC6 reporting deadlines which are in line with the recently published EU DAC6 Directive. The Revenue Service further clarifies that the DAC6 filing portal will open on January 1, 2021.

Netherlands Jun 26, 2020

The Ministry of Finance in the Netherlands publishes the decision stating the extension of the DAC6 reporting deadlines, in line with the recently published EU DAC6 Directive.

Portugal Jun 26, 2020

The Portuguese Parliament publishes the DAC6 law implementing the reporting of cross border devices.

Chile Jun 25, 2020

The Internal Revenue Service (SII) of Chile publishes a notice informing RFIs that due to the Covid-19 crisis, the TY2019 CRS reporting deadline has been extended from June 30, 2020, to September 30, 2020.

France Jun 25, 2020

The National Assembly of the French Republic publishes a draft Bill seeking the French Parliaments approval to defer the initial DAC6 reporting deadlines as per the recently published EU DAC6 directive.

United Arab Emirates Jun 25, 2020

The Abu Dhabi Global Market (ADGM) in the UAE publishes CRS Amendment Regulations 2020. Major amendments include – (1) updated definitions of Specific controlling persons and new accounts, preexisting accounts, reportable jurisdictions, controlling persons and related entity; (2) deletion of non-reporting financial institutions and excluded accounts; (3) a penalty of AED 20,000 for controlling persons that submit inaccurate or incorrect information/documents to an RFI, and the obligation for RFIs that found such contravention to notify the Regulatory Authority within 30 days; and (4) the requirement for RFIs to retain records of the steps undertaken and any evidence relied upon for no less than 6 years.

Turkey Jun 24, 2020

The Tax Administration of Turkey announces the extension of the TY 2019 CRS reporting deadline to July 31, 2020, due to the Covid-19 outbreak.

EU Jun 24, 2020

The Council of the European Union releases a press release announcing its adoption of an amendment to the Directive on Administrative Cooperation (DAC) allowing member states an option to defer by up to 6 months the deadlines for the fillings and exchange of information of: (1) automatic exchange of information on financial accounts of which the beneficiaries are tax residents in another member state (i.e. DAC2); and (2) reportable cross-border tax planning arrangements (i.e. DAC6).

Slovak Republic Jun 24, 2020

The Financial Directorate of the Slovak Republic publishes updated sample XMLs and a technical guide for DAC2/CRS filings.

Cyprus Jun 24, 2020

The Cyprus Tax Department publishes a notice announcing an interim extension of the TY2019 FATCA and CRS deadlines from June 30, 2020, to July 17, 2020, subject to final modification in conjunction with the European Law to be released shortly.

United Arab Emirates Jun 23, 2020

The Dubai International Financial Centre (DIFC) extends the TY 2019 FATCA and CRS reporting deadline for DIFC regulated FIs from June 30, 2020, to July 31, 2020.

Luxembourg Jun 19, 2020

The Ministry of Finance in Luxembourg publishes amended FATCA and CRS regulations. Updates include - (1) Inclusion of a requirement to submit a CRS nil return (zero return) starting TY20. (2) Extension of the period for which RFIs must keep records of their due diligence compliance measures to 10 years after the calendar year during which an account was considered as reportable. (3) Adjustment of the applicable penalties as follows: (a) EUR 10,000 for failure to submit FATCA/CRS returns on time (including nil returns where required) (b) A RFI may be liable to a fine of a maximum of EUR 250,000 if it turns out, following an audit, that it has failed to comply with its obligations under the law (except the obligations provided in article 5) (c) In case the RFI has not submitted any information relating to Reportable Accounts or that the amounts reported related to Reportable Accounts are lower than the amounts which should have been reported, the fine may be increased by a maximum amount of 0.5% of the amount(s) not reported. (4) Inclusion of powers to the tax administration to access, on request, the records of actions taken, evidence, policies, procedures, controls, and IT systems.

Finland Jun 19, 2020

The Finnish Tax Administration publishes a notice informing RFIs that following the launch of the new AEOI Reporting Portal on June 9, 2020, users have now the ability to: (1) check and submit data with respect to DAC6; (2) submit new data and file replacement returns with respect to TY19 CRS and FATCA data up until August 15, 2020, however it may attract negligence fees as the reports submitted now would be considered late; and (3) file correction reports for TY19 data up until September 1, 2020.

United States Jun 19, 2020

NEW - Jurisdictional Debrief Now Available (Week Ending June 19, 2020)

Ireland Jun 18, 2020

The Office of the Revenue Commissioners of Ireland publishes a notice informing RFIs that due to the Covid-19 outbreak, the TY2019 FATCA and CRS reporting deadlines have been extended from June 30, 2020, to September 30, 2020. The notice also informs that the DAC6 reporting deadlines will be deferred and communicated shortly.

Taiwan Jun 18, 2020

The Ministry of Finance in Taiwan publishes updated versions of its CRS Financial Institution Portal User Guide (v1.2) and CRS XML Schema User Guide (v1.5) providing further technical guidance on how to generate CRS XML files for reporting purposes.

Croatia Jun 18, 2020

The Ministry of Finance in Croatia publishes a notice on deferral of deadlines for the automatic exchange of financial information (AEOI) on financial accounts and DAC6 due to the Covid-19 crisis. As per the update, the deadline for AEOI on financial accounts (FATCA and CRS) has been extended from June 30, 2020, to September 30, 2020, while the DAC6 reporting deadlines have been deferred to start from January 1, 2021, based on relevant implementation dates mentioned in the notice.

Czech Republic Jun 17, 2020

The Ministry of Finance of the Czech Republic publishes a notice announcing proposals to amend the deadlines for the exchange of information in relation to reportable cross-border arrangements (DAC6) in line with the recently published EU Amendment extending the DAC6 filings and exchange of information deadlines. The Ministry of Finance further specifies that the proposals to amend those deadlines are currently being discussed in an accelerated approval process in the Czech Republic’s Parliament.

Liechtenstein Jun 17, 2020

The Tax Administration (STV) of the Principality of Liechtenstein publishes guidance documents to help RFIs with CRS reporting - (1) Instructions AIA Reporting (CRS) according to XML schema (v1.0) (document #2679) and (2) STV-Additional technical specifications for the CRS XML Schema (v1.0) (document #2658).

Kuwait Jun 16, 2020

The Ministry of Finance in Kuwait releases a notice announcing the extension of the TY2019 CRS reporting deadline to August 31, 2020. The notice also has an updated list of CRS reportable jurisdictions for TY2019.

IRS Jun 16, 2020

The IRS publishes a reminder for the webinar on the QI/WP/WT certification and periodic review process that is scheduled for June 18, 2020. As a gentle reminder, the scope of the presentation will include the QI certification/periodic review requirements, including waiver requests and application to form a Consolidated Compliance Group (CCG), from initiation to submission. Please visit the IRS webinar registration site to register for the event.

Liechtenstein Jun 16, 2020

The Tax Administration (STV) of the Principality of Liechtenstein releases a Newsletter (05/2020) thus providing clarification to RFIs that Kuwait was previously considered a non-reciprocal jurisdiction for AEOI purposes only for TY2017 and TY2018, but it will now continue to be considered a non-reciprocal jurisdiction for all the tax years until further notice.

Thailand Jun 16, 2020

The Revenue Department of Thailand releases a notice informing RFIs that the new Public Key for receiving and sending simulated FATCA data is now available for download.

Finland Jun 16, 2020

The Finnish Tax Administration publishes updated FATCA and CRS FAQs. A new FAQ has been added that provides guidance to RFIs on the impact of a fund closure and its effects on the FATCA and CRS registration and reporting in Finland.

OECD Jun 16, 2020

The OECD’s Global Forum on Tax Transparency releases a notice on the new edition of Tax Transparency in Africa – 2020, which is a key output of the Africa Initiative, which was launched in 2014 by the Global Forum together with a number of its African members and various partners to unlock the potential of transparency and exchange of information for tax purposes in Africa. The initiative will be launched with a live webinar on June 25, 2020. The webinar will feature a presentation of the report and expert inputs from partner organizations, followed by a Q&A session.

Brazil Jun 16, 2020

The Department of Federal Revenue (RFB) in Brazil publishes a notice informing all taxpayers that the RFB will be hosting a virtual meeting on the Financial Operations Module of e-Finance on June 23, 2020. The agenda of the meeting, among several other topics, includes guidance on changes applicable to FATCA reports with missing US TINs, outdated FATCA sponsor GIINs, changes applicable to CRS reports with missing TINs, and the OECD’s Global Forum assessment of Brazil on transparency and information exchange for tax purposes.

Ireland Jun 16, 2020

The Revenue Online Services (ROS) of Ireland releases guidance on how to manage the FATCA and CRS reporting obligations for customers and agents. The guides are intended to facilitate customers and agents in the management of reporting obligations being carried out through the ROS. It also releases an updated list of participating jurisdictions for TY2019: Brunei Darussalam, Dominica, Ghana, Kazakhstan, Maldives, Nigeria, Oman, and Peru have been added to the list.

Thailand Jun 15, 2020

The Revenue Department of Thailand announces that the US IRS will open the IDES system to allow Thai financial institutions to receive and send simulation data to IRS from August 3, 2020 - September 11, 2020. The FIs that have not yet registered in the IDES system, can register to participate in the simulation by July 30, 2020. Also, if the FI has already registered in the IDES system, no new registration is required but must change the password before July 30, 2020, to ensure that the password does not expire during the test.

Austria Jun 15, 2020

The Federal Ministry of Finance in Austria publishes an updated list of CRS reportable jurisdictions. Six additional jurisdictions – Antigua and Barbuda, Cook Islands, Hong Kong, Panama, Saint Lucia, Turkey have been identified as reportable jurisdiction with respect to TY2019 data.

Switzerland Jun 12, 2020

The Federal Department of Finance in Switzerland publishes a note informing the AEOI portal users that the AEOI Portal will be unavailable due to scheduled maintenance from 17:00 hours on June 12, 2020, to 12:00 hours on June 14, 2020.

Curaçao Jun 12, 2020

The Ministry of Finance in Curacao publishes a note informing RFIs that the statutory deadline of March 31, 2020, for submission of FATCA and CRS reports will not be extended. However, due to unusual circumstances caused by the Covid-19 outbreak, the MDES portal will remain open for submissions until June 26, 2020.

IRS Jun 11, 2020

The IRS publishes correcting amendments to the withholding rules under Section 1446. Specifically, the amendments are in regard to when a partnership may consider certain deductions and losses of a foreign partner to reduce or eliminate the partnership's obligation to pay a withholding tax under section 1446 on effectively connected taxable income allocable under section 704 to such partner. Note that these corrections are effective from June 11, 2020.

Mexico Jun 11, 2020

The Mexico Tax Administration (SAT) releases various documents related to FATCA and CRS reporting. Documents include - (1) TY2019 FATCA/CRS reporting activity calendar, (2) Updated FATCA and CRS technical validation guides and, (3) Updated FATCA and CRS FAQs. As per the FATCA/CRS reporting activity calendar the testing period will begin from August 24, 2020, to September 25, 2020. Also, the period for submission of FATCA/CRS returns has been extended from September 28, 2020, to November 6, 2020.

South Korea Jun 11, 2020

The National Tax Service (NTS) of South Korea extends the TY2019 FATCA and CRS reporting deadlines from June 30, 2020, to July 31, 2020. The authority also releases an updated list of CRS reportable jurisdictions for TY2019 with the addition of Ecuador, Kazakhstan, Maldives, Nigeria, Oman, and Peru. The announcement also highlights amendments made to the XML guidelines in Annexures I and II while informing that the XML Schema Version 2.0 will be applicable beginning January 1, 2021.

Bulgaria Jun 11, 2020

The National Revenue Agency of Bulgaria (NRA) publishes a notice announcing the extension of the TY2019 FATCA and CRS reporting deadlines due to the Covid-19 crisis from June 30, 2020, to September 30, 2020. The notice also communicates that the EU is in the process of preparing a directive to also extend the DAC2 and DAC6 exchange of information deadlines.

Taiwan Jun 10, 2020

The Ministry of Finance in Taiwan publishes a reminder to RFIs that the CRS reporting can be completed from June 1 to June 30, every year. In 2020, the ministry will carry out the first automatic exchange of financial account information with Japan and Australia. Also, if there is no financial account of the tax resident of the reporting country, RFIs still need to go to the CRS reporting system to submit NIL declarations. Further queries can be addressed by calling the toll-free service number of the authority.

Barbados Jun 10, 2020

The Barbados Revenue Authority publishes a notice informing RFIs that the AEOI web portal is now available for 2019 submissions. Also, the notice informs RFIs that due to the Covid-19 pandemic, the deadlines for FATCA and CRS reporting has been extended from July 31, 2020, to August 31, 2020. The notice further advises that any request to have AEOI accounts deleted should be submitted in writing to the Authority on the company’s letterhead. Additionally, all outstanding submissions must be completed before the deletion of an account.

Belgium Jun 10, 2020

Belgium’s Ministry of Finance publishes communications informing RFIs that the MyMinfin CRS portal is now open for simulation and TY2019 reporting. The communication also reminds RFIs that the deadline for submission has been extended due to the Covid-19 crisis to September 30, 2020, and also the RFIs that do not have reportable accounts must submit a ' nil ' report by checking the appropriate box on the CRS portal. In addition, the Ministry of Finance also releases an updated list of CRS participating and reportable jurisdictions for TY19 to add Albania, Ecuador, Kazakhstan, Maldives, Oman, and Peru to the participating and reportable jurisdiction lists.

Lithuania Jun 10, 2020

The Ministry of Finance of the Republic of Lithuania publishes a CRS implementation assessment questionnaire for the RFIs. The questionnaire is intended to verify the implementation of the CRS rules and to assess whether the RFIs have appropriate processes and procedures in place to ensure compliance with the CRS rules.

Cayman Islands Jun 9, 2020

The Cayman Islands’ Ministry of Financial Services publishes information that the government has put forward tax information authority bill that was gazette on May 29 and will be presented by the Minister of Financial Services at the next meeting of the Legislative Assembly. The Tax Information Authority bill seeks to strengthen compliance, enforcement, and cooperation functions of the competent authority (i.e. the Tax Information Authority). The provisions in the Bill will, among other things, allow for enhanced collaboration between the competent authority and other Government authorities under appropriate legal channels, and further demonstrate Cayman’s compliance with international standards regarding the exchange of information for tax purposes.

Slovak Republic Jun 8, 2020

The Financial Directorate of the Slovak Republic publishes updated FATCA and CRS FAQs. Specifically, Q7 has been updated under the FATCA FAQs and Q6 under the CRS FAQs that provide information on amending the already submitted FATCA or CRS information respectively. It also publishes instructions for submitting the FATCA and CRS notification forms.

Saint Lucia Jun 8, 2020

The Inland Revenue Department of Saint Lucia releases an updated version of the FATCA Guidance Notes (v6.0). The guidance notes also inform RFIs that due to the current Covid-19 crisis the TY2019 FATCA reporting deadline has been extended from June 30, 2020, to September 15, 2020.

IRS Jun 5, 2020

The IRS will be hosting a webinar on the QI/WP/WT certification and periodic review process. The scope of the presentation will include the QI certification/periodic review requirements, including waiver requests and application to form a Consolidated Compliance Group (CCG), from initiation to submission. The webinar is scheduled for June 18, 2020, at 10:00 a.m. Eastern Time. Please visit the IRS webinar registration site to register for the event.

France Jun 5, 2020

The French Tax Authority (DGFiP) releases an update on reporting of the “recalcitrant” account holders that did not submit the appropriate documentation/information as required under Article 102 AG of the French Tax Procedures Code. The deadline to respond to the SCF request has been further extended to July 24, 2020.

Saint Lucia Jun 5, 2020

The Inland Revenue Department of Saint Lucia releases an updated version of the CRS Guidelines (v4.0). The guidance notes also inform RFIs that due to the current Covid-19 crisis the TY2019 CRS reporting deadline has been extended from July 31, 2020, to October 15, 2020.

United States Jun 5, 2020

NEW - Jurisdictional Debrief Now Available (Week Ending June 05, 2020)

New Zealand Jun 5, 2020

The Inland Revenue Authority of New Zealand publishes Tax Information Bulletin, specifying amendments aimed at assisting the broader economic recovery from COVID-19 and measures to provide relief to taxpayers that are financially impacted by COVID-19. The Bulletin also reminds RFIs of the recent updates that were made to the list of the TY2019 CRS reportable and the participating jurisdictions.

Taiwan Jun 5, 2020

The Ministry of Finance in Taiwan publishes an updated version of its CRS XML User Guide (v1.5).

Luxembourg Jun 4, 2020

The Ministry of Finance in Luxembourg publishes a press release announcing the intention of extending the FATCA and CRS reporting deadlines due to the Covid-19 crisis by three months, from June 30, 2020, to September 30, 2020. Also, a proposal to extend the DAC6 reporting deadline has been included. The government will introduce a bill as soon as possible to make the corresponding necessary changes to the amended law relating to CRS as well as to the law on reporting cross-border devices. At the same time, the bill in question will also introduce an extension of the deadline for transmitting information by 3 months relating to FATCA. Until these legislative adaptations can come into force, the sanctions for late transmission of the information set out in the three aforementioned laws will not be applied.

Belgium Jun 4, 2020

Belgium’s Ministry of Finance publishes a communication stating the deferral of the DAC6 reporting deadlines which is in line with the recent EU directive.

IRS Jun 3, 2020

The IRS publishes bulletin 2020-06 informing Qualifying Intermediaries/Withholding Partnerships/Withholding Trusts that the periodic certification due date has been extended from July 1, 2020, to December 15, 2020, without the need to file a request for extension with the IRS.

France Jun 3, 2020

The French Tax Authority (DGFiP) releases updated versions of the FATCA Technical Guide (v4.2) and CRS Technical Guide (v2.5). Both the technical guides have been updated to inform RFIs that the reporting portal (TELE-TD) will open for submissions on June 22, 2020, along with also a few reporting schemas related technical updates.

OECD Jun 3, 2020

The OECD publishes an updated list of jurisdictions participating in the Convention on Mutual Administrative Assistance in Tax Matters with the addition of Thailand, thus taking the tally of participating jurisdictions to 137.

Netherlands Jun 3, 2020

The Netherlands Tax and Customs Administration publishes FAQs, on the implementation of the EU directive on the mandatory automatic exchange of information (AEOI) for reportable cross-border arrangements (DAC6), applicable beginning July 1, 2020.

IRS Jun 2, 2020

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool, with the FIs that are in approved status as of May 22, 2020.

IRS Jun 1, 2020

The IRS updates the FATCA Registration System to include the following updates for Sponsoring Entities: (1) Sponsoring Entities must cancel approved sponsored entities that they need to remove instead of deleting them (2) Sponsoring Entities can include canceled sponsored entities in COPA and periodic certifications. The IRS also releases an updated FATCA online registration user guide.

South Africa Jun 1, 2020

The South African Revenue Service (SARS) publishes an update that the SARS AEOI Third Party Data Annual Submissions process for the period 1 March 2019 – 28 February 2020 opened on 1 April 2020 has now closed (31 May 2020). As of June 1, the SARS has received 90% of the expected submissions. For the RFIs that have not yet submitted, the submissions are late and should be submitted without any further delay as RFIs may be liable for penalties.

Finland Jun 1, 2020

The Finnish Tax Administration releases updated FATCA, CRS, and DAC2 FAQs. Specific updates include the addition of FAQs on – (1) applicable change in reporting obligations for FIs in case of a permanent change in operations, (2) FIs can rely on self-certifications in cases where tax administration does not issue TIN, (3) Procedures on Investigation and identification process for asylum seekers and refugees, (4) actions required on self-certifications in case of a change in circumstance and reporting obligation in case of a change in tax residence and, (5) clarification on reporting of the account holder that is identified from a country which is not on the CRS participating jurisdictions list.

Wallis and Futuna Jun 1, 2020

The Central Bank of Bahrain (CBB) publishes a directive announcing that the CRS and FATCA reporting deadline for the year ending December 31, 2019, is extended to June 30, 2020.

IRS Jun 1, 2020

The IRS publishes Internal Revenue Bulletin 2020-23, thus informing the inclusion of Singapore to the list of jurisdictions with which the US has an agreement to exchange tax information inclusive of certain deposit interest paid to Singaporean individuals on or after January 1, 2021, to be reported on the Form 1042-S. For deposit interest to be characterized as reportable, the aggregate interest amount must be $10 or more. Additionally, such deposit interest is reportable only if paid to a resident of a jurisdiction that is identified as a jurisdiction with which the US has an agreement to exchange tax information.

Taiwan May 31, 2020

The Ministry of Finance in Taiwan publishes a quick guide to report CRS information. This document provides an overview of CRS reporting to Taiwan reporting financial institutions.

United Arab Emirates May 31, 2020

The Dubai International Financial Centre (DIFC) publishes CRS Guidance Notes for DIFC regulated FIs pursuant to the Common Reporting Standards Law of 2018. The DIFC also publishes a communication informing RFIs that the DIFC Client Portal will be available from June 1 to June 30, 2020, and also reminding RFIs that the FATCA and CRS reporting deadline is June 30, 2020. The communication also specifies that certain non-financial services entities regulated by the DIFC may be required to report under the DIFC CRS.

Indonesia May 29, 2020

The Directorate General of Taxation in Indonesia releases an updated list of CRS participating and reportable jurisdictions. Five jurisdictions have been added to the list of participating jurisdictions namely Dominica, Ecuador, Kazakhstan, Liberia, and Oman while three jurisdictions Dominica, Ecuador, and Turkey have been identified as reportable.

Russia May 29, 2020

The Federal Tax Service of Russia publishes an updated version of the technical document (vRU: 5.03) that describes the requirements of the structure and content of an electronic document (hereinafter referred to as an exchange document) of transmission in an electronic form of information about the financial accounts of FIs residents of foreign States (territories).

Jersey May 28, 2020

The International Taxation Department of the Government of Jersey notifies RFIs that the deadline for filing the TY2019 FATCA and CRS reports has been extended from June 30, 2020, to September 30, 2020.

Switzerland May 28, 2020

The Federal Department of Finance in Switzerland publishes a note informing the AEOI portal users that the AEOI Portal will be unavailable due to scheduled maintenance from 17:00 hrs on May 30, 2020, to 12:00 hrs on May 31, 2020.

China May 28, 2020

The State Administration of Taxation in China publishes a notice informing RFIs that the Multilateral Tax Data Service Platform that is used for AEOI reporting will be available from August 1, 2020, to September 30, 2020. Therefore, for FIs using the MDES platform, the TY2019 CRS reporting deadline, has been extended from May 31, 2020, to September 30, 2020, while the deadline to submit the annual written compliance report has been extended to October 31, 2020. The system has also been enhanced to validate TINs, the English name, and the English address while indicating that Chinese characters and invalid content are disallowed. However, for FIs not using the MDES platform such as banking FIs, the deadline remains May 31, 2020, for CRS reporting while the deadline for submitting the annual written compliance report is June 30, 2020.

Taiwan May 28, 2020

The Ministry of Finance in Taiwan publishes an updated version of the CRS-Data-Preparation-Tool (v2.1).

Austria May 28, 2020

The Federal Ministry of Finance in Austria publishes an updated list of CRS participating jurisdictions. Four jurisdictions - Brunei Darussalam, Ecuador, Dominica, and Morocco have been added to the list.

New Zealand May 27, 2020

The Inland Revenue Authority of New Zealand publishes a notice informing RFIs that due to the current Covid-19 crisis, the deadlines for submitting the TY2019 FATCA and CRS information has been extended from June 30, 2020, to September 30, 2020.

Guernsey May 27, 2020

The Revenue Service of the States of Guernsey publishes Bulletin 2020/2, informing RFIs that due to the current Covid-19 crisis the TY2019 FATCA and CRS reporting deadline has been extended from June 30, 2020, to September 30, 2020. However, the deadline for registration remains June 30, 2020.

Taiwan May 27, 2020

The Ministry of Finance in Taiwan publishes a reminder to RFIs that the first CRS reporting can be completed from June 1, 2020, to June 30, 2020. The ministry will carry out the first automatic exchange of financial account information with Japan and Australia in September 2020. The reminder also includes statistics on the number of RFIs that tested files successfully and the number of registered RFIs for CRS purposes and nil reporting requirements. Also, the CRS Portal will check the reporting files to validate the XML schema and if any error is found, the CRS Portal will send the status message. The financial institution should then correct the error and redo the reporting. If the reporting files are validated, the financial institution will be able to download or print the numbered confirmation receipt from the CRS Portal.

Isle of Man May 27, 2020

The Income Tax Division of Isle of Man publishes an Industry Advisory Notice informing RFIs that due to the Covid-19 crisis the TY19 FATCA and CRS reporting deadlines have been extended from June 30, 2020, to September 30, 2020. Isle of Man Reporting Financial Institutions should note that 2019 CRS and FATCA reports filed after September 30, 2020, will be considered late and would be subject to penalties where applicable.

Bulgaria May 27, 2020

The National Revenue Agency of Bulgaria publishes an updated list of CRS reportable and participating jurisdictions for TY2019. The Cook Islands, Saint Lucia, and Turkey have been added to the list of the reportable jurisdictions while Albania, Brunei, Ecuador, Ghana, Kazakhstan, Liberia, Morocco, Nigeria, Niue, Oman, Sint Maarten, and Turkey have been added to the list of the participating jurisdictions.

Singapore May 27, 2020

The Ministry of Finance in Singapore publishes CRS Regulation No. S 425, amending the CRS Regulations - 2016, on the due diligence obligations for new accounts opened by Singapore financial institutions. The amendments include the inclusion of the following – (1) the requirement to provide a valid self-certification for a reportable account holder before the account opening; (2) the requirement for account holders that are passive non-financial entities to provide valid self-certifications verifying each controlling person as a reportable person before the account opening, and (3) the requirement to explain non-compliance with the self-certification requirements for financial institutions. The regulation enters into force on June 1, 2020.

Lebanon May 27, 2020

The Ministry of Finance in Lebanon publishes a notice (#171) informing RFIs that the CRS reporting deadline has been extended from June 30 to Sep 30, 2020. The ministry also releases an updated list of TY2019 CRS reportable jurisdictions.

France May 25, 2020

The French Tax Authority (DGFiP) publishes updated versions of the FATCA (v4.1) and CRS (v2.4) Technical Guides. Both the technical guides have been updated to inform RFIs that the reporting portal (TELE-TD) will open for submissions during the second half of June while due to the Covid-19 crisis the reporting deadline for TY2019 reporting has been extended from July 31, 2020, to October 15, 2020.

Czech Republic May 25, 2020

The Ministry of Finance of the Czech Republic submits proposals on amendments to certain tax laws to the Czech Parliaments House of Commons. The proposals also include a suggestion to extend the AEOI reporting deadlines due to the COVID-19 outbreak.

Germany May 25, 2020

The Federal Tax Office of Germany (BZSt) publishes a notice informing RFIs that the existing database for the FATCA test system was deleted on May 18, 2020. Therefore, successful transmission of a deletion message (FATCA13) is only possible if the FATCA message to be referenced (FATCA11) was processed in the test system after the data was deleted and the data sender has received positive feedback.

Slovak Republic May 23, 2020

The Financial Directorate of the Slovak Republic publishes instructions for submitting the GIIN Assignment Notification (Cancellation) Form for FATCA reporting. The Slovak RFIs and NRFIs should notify the assigned identification number to the competent authority by May 31 every year for the previous reporting year.

Saint Kitts and Nevis May 22, 2020

The Inland Revenue Department (IRD) of St. Kitts and Nevis publishes a note informing RFIs of the extension of the TY2019 FATCA and CRS reporting deadlines to November 30, 2020.

Iceland May 22, 2020

The Directorate of Internal Revenue of Iceland publishes a communication informing RFIs that the TY 2019 FATCA and CRS reporting deadlines have been extended from May 31, 2020, to August 31, 2020.

Bermuda May 22, 2020

The Ministry of Finance in Bermuda publishes a notice informing RFIs that due to the current circumstances in connection with Covid-19, the TY 2019 CRS registration deadline has been extended to July 31, 2020, while the CRS reporting deadline has been further extended from July 15, 2020, to August 31, 2020.

Cook Islands May 22, 2020

The Revenue Management Division (RMD) of the Cook Islands publishes a notice informing RFIs that due to the current circumstances in connection with Covid-19, the TY 2019 CRS reporting deadline has been extended from May 31, 2020, to June 30, 2020. Also, where a FI or intermediary foresee a delay beyond June 30, 2020, it can request additional time to the RMD explaining the circumstances for the delay, and the RMD may provide additional time to submit the reports by July 31, 2020, without the RFIs being deemed non-compliant. The RMD also provides a copy of the TY2019 CRS Reporting presentation.

Brazil May 22, 2020

The Department of Federal Revenue in Brazil releases an updated version of its e-Finance Manual (e-Financeira v 1.1.3) that brings updates to the rules for the validation related to FATCA filings. Updates include: (1) For dates with year-month-box greater than or equal to January 2020, it will no longer be possible to include the generic US TIN with the nine-letter string “A”s. (2) With a new version of the XSD for the Private Pension Module, it will be possible to include negative values in several fields; as well as the inclusion of the PORTABILIDADE Group in item 4.1.5.1.51. (3) It also contains guidance and clarifications on the use of code 99 for the – tpProduto and tpPlano fields.

United States May 22, 2020

NEW - Jurisdictional Debrief Now Available (Week Ending May 22, 2020)

Marshall Islands May 22, 2020

The Ministry of Finance of the Marshall Islands publishes a notice informing RFIs that due to the current Covid-19 crisis the CRS registration and the reporting deadline has been extended from May 30 to June 30, 2020.

Belgium May 20, 2020

Belgium’s Ministry of Finance publishes communications informing RFIs of the extension of the TY 2019 FATCA and CRS reporting deadlines. Both the deadlines have been extended due to the Covid-19 situation from June 30, 2020, to September 30, 2020.

Switzerland May 20, 2020

The Federal Department of Finance in Switzerland publishes audit mechanisms to ensure the standard-compliant implementation of the automatic exchange of information (AEOI) on financial accounts with partner countries with regards to the data exchange in 2020.

Netherlands May 20, 2020

The Netherlands’ Tax and Customs Administration releases an updated version of the Product Overview Banking and Investment Products 2021 (v2.0) and the technical guide for delivery of Banking and Investment Products (v1.0).

Nigeria May 19, 2020

The Federal Inland Revenue Service (FIRS) of Nigeria issues a public notice informing RFIs that due to the Covid -19 situation the TY2019 CRS reporting deadline has been extended from May 31, 2020, to September 30, 2020.

Anguilla May 19, 2020

The Government of Anguilla publishes a notice informing RFIs of the extension of the TY2019 FATCA and CRS reporting deadlines. Both the deadlines have been extended from the original deadline of May 31, 2020, as follows: (1) The FATCA reporting deadline has been extended to December 15, 2020, while (2) the CRS reporting deadline has been extended to September 15, 2020.

Slovak Republic May 19, 2020

The Financial Directorate of the Slovak Republic publishes updated FATCA and CRS FAQs to incorporate recent changes from the OECD and IRS FAQs. The FAQs provide detailed information on general questions related to the FATCA and CRS notifications to be made by FIs and specific questions on due diligence obligations. It also releases DAC6 regulations which will be effective beginning July 1, 2020.

Cayman Islands May 19, 2020

The Department for International Tax Cooperation (DITC) of the Cayman Islands publishes fresh updates on the availability of new DITC AEOI Portal and also updates the DITC Portal FAQs, both sections have been updated to reflect the recently announced extension of the CRS and FATCA reporting deadline to November 16, 2020. Also, the launch of the new AEOI portal will be made in the due course instead of the tentative date in June that was communicated earlier.

Switzerland May 18, 2020

The Federal Tax Administration (FTA) of Switzerland publishes an updated list of frequently asked questions (FAQs) in connection with FATCA group requests along with FATCA group request business validation rules for SEI XML and FATCA XML. It also releases FATCA technical specifications and user guide for FIs according to Model 2 FATCA IGA.

Bahamas May 15, 2020

The Government of the Bahamas publishes key dates for the TY 2019 FATCA and CRS registration and submissions. The AEOI portal opens for registrations and submissions on August 17, 2020, and would close on September 30, 2020.

Singapore May 15, 2020

The Inland Revenue Authority of Singapore (IRAS) announces the extension of the FATCA and CRS deadlines from May 31 to August 31, 2020, due to the COVID-19 situation.

Cyprus May 15, 2020

The Cyprus Tax Department releases an updated version of its Guidance Notes on the Automatic Exchange of Financial Account Information (AEOI). Specific updates include changes in Section 34 and Section 50 to specify that the self-certification should be obtained and validated as quickly as possible and in any case within 90 days. FIs must make a proper endeavor to obtain self-certification in these circumstances including issuing follow-up letters before that 90 days period. If the account holder fails to respond, the FI must close or freeze the account after the expiry of 90 days, and clarifies that in cases where the Tax Department discovers that the FI did not apply the appropriate measures to obtain a valid self-certification, the tax administration will have the right to impose penalties.

South Africa May 15, 2020

'The South African Revenue Service (SARS) publishes an alert reminding RFIs that the Third-Party Data Annual Submissions production files (inclusive of FATCA and CRS) submission deadline is May 31, 2020. RFIs are encouraged to make your submissions ahead of the due date to avoid last-minute challenges and potential delays. Also, RFIs can email the tax authority at: Bus_Sys_CDSupport@sars.gov.za in case of challenges faced during submissions.

Greece May 15, 2020

The Independent Public Revenue Authority of Greece publishes a Circular (No. A. 1109) informing RFIs that due to the Covid -19 situation the TY2019 FATCA reporting deadline has been extended from May 31, 2020, to September 30, 2020.

Peru May 15, 2020

The Customs National Superintendence and Tax Administration of Peru publishes a resolution informing RFIs that due to the current Covid-19 crisis the TY2019 AEOI reporting deadline has been extended from May 31 to July 31, 2020. The Resolution specifies that the extended deadlines for reporting financial information for TY2018 high-value pre-existing accounts of natural persons and TY2019 have been extended as follows: (1) for accounts with the last digits of the RUC ending with 0,2,4,6 and 8, the deadline has been extended from May 29, 2020, to July 23, 2020, and (2) for accounts with the last digits of the RUC ending with 1,3,5,7 and 9, the deadline has been extended from May 29, 2020, to July 24, 2020.

United Kingdom May 14, 2020

The United Kingdom’s HMRC releases a reminder bulletin on the AEOI reporting in 2020. The Bulletin acts as a reminder on the following – (1) the FATCA and CRS deadline of May 31, 2020, (2) FIs that file returns after the deadline will not be liable to penalties if there is a reasonable excuse for the delay due to the Covid-19 situation, (3) Ensuring registration details of contacts and addresses are up-to-date, (4) information for non-mandatory fields on the HMRC portal and in the HMRC schema may be mandatory under the FATCA and CRS requirements, (5) Ensuring proper reporting of Undocumented accounts, (6) ensure Tax Identification Numbers (TINs) for account holders are included where held and, (7) For FATCA reporting if a US TIN is not held for pre-existing accounts then a valid date of birth must be provided.

Luxembourg May 14, 2020

Luxembourg’s ACD publishes detailed interpretations concerning the implementation of cross-border devices to be reported (DAC6).

Mauritius May 14, 2020

The Mauritius Revenue Authority (MRA) informs all RFIs, that due to the COVID-19 pandemic, the due date for the transmission of CRS information to the MRA has been extended from July 31 to September 30, 2020.

Lithuania May 14, 2020

The Ministry of Finance of the Republic of Lithuania publishes explanations on the most common errors identified in the implementation of the CRS and the transmission of data to the State Tax Inspectorate (STI) by the RFIs.

Honduras May 14, 2020

The National Bank and Insurance Commission in Honduras publishes a Circular (SBO Circular No. 10/2020) informing FIs of the modifications applicable to FATCA submissions for TY2019. The circular also informs FIs that in view of the COVID-19 situation, the FATCA reporting deadline has been extended to July 31, 2020.

Liechtenstein May 13, 2020

The Tax Administration (STV) of the Principality of Liechtenstein releases a Newsletter (04/2020) informing RFIs that the AEOI bulk reporter tool is now available. While the new tool can be used to only transmit AIA bulk reports, FATCA reports and individual AEOI reports are not affected by this adjustment. It also publishes an updated AEOI leaflet (document 2656), in which specific updates include: (1) descriptions on classifying changes of a legal entity (Chapter 2.9), capital payment accounts (Chapter 3.2.7.5) and association accounts (Chapter 3.2.7.6) and, (2) updated list of exempted accounts.

United Kingdom May 13, 2020

The United Kingdom’s HMRC publishes a Covid-19 update on International Exchange of Information. The update clarifies that the deadlines remain the same for DAC6 implementation and reporting and also for FATCA and CRS reporting and that FIs that are unable to file returns on time will not be liable to any penalties for delay, provided the report is made without unreasonable delay after the difficulties are resolved.

Guernsey May 13, 2020

The Revenue Service of the States of Guernsey publishes the Common Reporting Standard (Amendment) Regulations, 2020. The only amendment made is to Regulation 4(4)(b), which provides guidance on the reporting and due diligence procedures.

Germany May 13, 2020

The Federal Tax Office of Germany (BZSt) updates FATCA FAQs. Specific updates include the addition of two FAQs elaborating if filing of partial reports to the BZSt is possible and an update on filing reports that are missing TINs or incorrect entry of TINs.

Australia May 12, 2020

The Australian Taxation Office (ATO) updates information on its FATCA Reporting page. There are minor formatting updates and inclusion of quick links to common errors, how to lodge a report, and correcting, voiding, or amending reports.

Germany May 12, 2020

The Federal Tax Office of Germany (BZSt) releases FATCA Infobrief 02/2020, informing RFIs that the extension of the FATCA deadline will be communicated in the next Info brief if decided upon. The Infobrief also reminds RFIs of the extension of the FATCA certification deadline that was due on July 1, 2020, to Dec 15,2020 and the recently published video tutorials on FATCA reporting.

Germany May 12, 2020

The Federal Tax Office of Germany (BZSt) publishes: (1) an updated version of the data record description document according to FATCA XML schema (v2.0). (2) FATCA communication manual Part 2 (v2.3) for data transmission via the BZSt Online Portal (BOP), and (3) an updated FATCA communication manual Part 3 (v 2.7) for data transmission via the mass data interface ELMA.

Spain May 12, 2020

The Council of Ministers in Spain approve the Draft Law amending the General Tax Law for the transposition of the cross-border tax planning arrangements (DAC6).

British Virgin Islands May 11, 2020

The International Tax Authority of the BVI publishes a press release informing RFIs that the recent notification to primary users of RFIs to produce the ITA written policies and procedures should include three specific requirements: (1) identifying each jurisdiction in which an Account Holder or a Controlling Person is resident for income tax or corporation tax purposes for the purposes of any tax imposed by the law of the jurisdiction that is of a similar character of either of those taxes; (2) applying the due diligence procedures set out in CRS; and (3) ensuring that any information obtained in accordance with the Act or a record of steps taken to comply with the Act in respect of a Financial Account is kept for at least 6 years from the end of the year to which the information relates during which the steps were taken. However, non-reporting Virgin Islands Financial Institutions (except for TDTs or other NRFIs to which a reporting obligation is extended under CRS) would be deemed compliant to due diligence requirements if they sufficiently outline the facts and analysis leading to the conclusion that the NRFI meets the definition of a NRFI and the policies for regularly reviewing the entity’s circumstances to ensure the status still applies.

Lebanon May 11, 2020

The Government of Lebanon publishes Decree No. 6327 announcing the ratification of the MCAA agreement on the AEOI.

Liechtenstein May 9, 2020

The Tax Administration (STV) of the Principality of Liechtenstein releases guidance explaining the reporting of associated accounts under the AEOI from the perspective of affected banks for the 2020 reporting period.

Germany May 8, 2020

The Federal Tax Office of Germany (BZSt) releases CRS Infobrief 02/2020, informing RFIs that the extension of the CRS deadline will be communicated in the next Info brief if decided upon. The Infobrief also reminds FIs on various material available to facilitate technical aspects of CRS reporting and the recently published video tutorials on CRS reporting.

OECD May 8, 2020

The OECD releases an updated list of the AEOI status of commitments. The Maldives is now expected to undertake the first exchange of information in 2021 as opposed to the earlier expectation of 2020.

United States May 8, 2020

NEW - Jurisdictional Debrief Now Available (Week Ending May 8, 2020)

EU May 8, 2020

The European Unions (EU) Taxation and Customs Union publishes taxation measures in view of the Coronavirus crisis, informing the Member States of the Directive on Administrative Cooperation (DAC) that the deadlines for reporting obligations of the DAC6 cross border tax arrangement requirements and the exchange information on financial accounts of which the beneficiaries are tax residents in another Member State have been deferred by three months.

India May 8, 2020

The Income Tax Department of India publishes a clarification in respect of residency under section 6 of the Income-tax Act, 1961. The clarification helps to understand the residency due to the declaration of the lockdown and suspension of international flights owing to the outbreak of the Novel Corona Virus (COVID-19), visitors are required to prolong their stay in India. Concerns have been expressed that this extra stay in India may make them a resident of India under section 6 of the Act.

Belarus May 7, 2020

The Ministry of Taxes and Duties of Belarus informs that the US IRS has updated the directory of state codes and currency names, the isofatcatypes_v1.1.xsd file, which is part of the FATCA XML Schema v2.0 that to be used by financial institutions to compile FATCA reports. In the specified directory, the Belarusian ruble code “BYR” is replaced by the denominated Belarusian ruble code “BYN” in accordance with the ISO 4217 Standard setting the alphabetical and digital currency codes. Accordingly, when financial institutions of the Republic of Belarus generate a FATCA report for 2019, the amounts of balances on customer accounts opened in Belarusian rubles should be reflected in denominated Belarusian rubles with the currency code assigned “BYN” to the amounts.

Singapore May 6, 2020

The Inland Revenue Authority of Singapore (IRAS) releases the FATCA Fillable PDF Form (v1.1). Reporting SGFIs that intend to file their FATCA return via the Fillable PDF Forms are strongly encouraged to use this updated version.

Finland May 6, 2020

The Finnish Tax Administration publishes guidance on the new reporting obligation related to cross-border tax planning arrangements (DAC6). The Act on the Reporting Obligation for Cross-Border Tax Planning Structures entered into force at the beginning of 2020. The Act is based on the European Union's DAC6 Directive concerning cross-border arrangements, which entered into force on 25 June 2018.

IRS May 6, 2020

The IRS published an update on the IDES testing session, the FATCA International Data Exchange Service (IDES) opens for testing from August 3, 2020, to September 11, 2020. The test session will be open to users that have completed IDES enrollment by July 30, 2020. In order to participate in testing, the user needs to have an active password. All passwords and profile information should be updated BEFORE the enrollment cutoff. Users should also verify the digital certificates uploaded to IDES for their organization are valid.

Monaco May 6, 2020

The Principality of Monaco updates its list of CRS Reportable and Participating Jurisdictions. Israel has been added as a reportable jurisdiction for 2020 while Aruba, Curaçao, Lebanon, Montserrat, Nauru, and the Turks and Caicos Islands have been moved to the category of non-reciprocal jurisdictions for 2020. Costa Rica and Grenada have been added as participating jurisdictions for 2020. Additionally, it publishes an updated version of the AEOI implementation practical guide (v5) for the RFIs.

Ecuador May 6, 2020

The Internal Revenue Service of Ecuador publishes Resolution NAC-DGERCGC20-00000032 informing RFIs of the extensions applicable to the CRS reporting deadlines for TY 2019. The data submission considering the 9th digit of the Unique Taxpayer Registry Number (RUC), has been accordingly rescheduled to begin July 10, 2020, and ending on July 28, 2020.

Bahamas May 5, 2020

The Government of the Bahamas publishes an updated list of CRS reportable jurisdictions for 2020. Liechtenstein is the only jurisdiction added to the updated list.

Malaysia May 5, 2020

The Inland Revenue Board of Malaysia (IRBM) publishes a note informing RFIs that the TY2019 CRS reporting deadline has been further extended to August 15, 2020.

Jersey May 4, 2020

The States of Jersey publishes updated practical guidance for FATCA (v4.0) and CRS reporting (v4.0). Specifically updated in the FATCA guidance are validation updates for TY2019 reporting, data protection updates, and the procedure for correcting void files. The CRS guidance has been updated to reflect changes in the registration process on the live and test portals, updated OECD schema, validation and, submission of files and information on the procedure to rectify reporting to the incorrect jurisdiction. Also published, are guides for preparing Correction, Void and, Amended reports for FATCA reporting (v1.0) and for preparing to resend, correct and, delete reports under the Common Reporting Standard (v2.0).

IRS May 1, 2020

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool, with the FIs that are in approved status as of Apr 24, 2020.

Jersey May 1, 2020

The States of Jersey releases an updated list of CRS participating jurisdictions. The updated list specifies that Financial Institutions will be required to report on account holders and controlling person resident in Ecuador and Liberia beginning 2019 and for Morocco beginning 2020. The list also confirms earlier mentioned participating jurisdictions – Albania, Azerbaijan, Kazakhstan, Maldives, Nigeria, Oman and, Peru along with the years of relevant tax reporting.

IRS Apr 30, 2020

The IRS updates and publishes new FAQs relating to QDDs on the QI/WP/WT FAQs page. Under Certifications and Periodic Reviews, FAQ#1 has been updated that provides information whether a QI that is a QDD can apply for a waiver of the periodic review with respect to its QI activities that are not QDD activities if its applicable certification period ends before the calendar year 2023 and it otherwise meets the requirements of section 10.07 of the QI agreement. Also, FAQ #19 has been added that provides information on QI that is a QDD that require to make a periodic certification and perform a periodic review pursuant to the QI agreement, including for calendar years ending before 2023.

Japan Apr 30, 2020

The National Tax Agency (NTA) of Japan publishes updated AEOI FAQs. Specific updates include the addition of FAQs (1) Q28-2 that provides information on reporting of aggregate account balances (2) Q30-2 provides information on reporting of missing date of birth of the specified person, and (3) Q53 provides information on the reporting system for automatic exchange of financial account information pertaining to non-residents.

IRS Apr 29, 2020

The IRS publishes a new FATCA FAQ (#21) under FATCA Certifications, which provides an automatic extension of time to an entity with a FATCA certification due date of July 1, 2020, to submit a FATCA certification. FATCA certifications that are due on July 1, 2020, will be automatically extended to December 15, 2020, within the FATCA registration system.

Cayman Islands Apr 29, 2020

The Department for International Tax Cooperation (DITC) of Cayman Islands advises industry that the reporting deadline for CRS filings has been further extended to November 16, 2020. The DITC has therefore now aligned the CRS reporting deadline with the new FATCA reporting deadline of November 16, 2020.

Chile Apr 29, 2020

The Internal Revenue Service (SII) of Chile publishes a timeline for the CRS activities for 2020. The timeline serves as a reminder for FIs: (1) From Feb – May: FIs can register for tests and can test data, (2) June: deadline for FIs to report CRS information to SII, and (3) September: SII exchanges information with other jurisdictions.

France Apr 29, 2020

'The French Tax Authority (DGFiP) publishes a document comprising procedures for applying reporting obligation provisions to certain cross-border arrangements (DAC6), which is open for public consultation. As the document may be revised after the consultation period, only signed contributions will be examined. The comments can, therefore, be emailed to bureau.cf1c@dgfip.finances.gouv.fr by May 31, 2020.

Mauritius Apr 28, 2020

The Mauritius Revenue Authority (MRA) informs all RFIs, that due to the COVID-19 pandemic, the due date for the transmission of FATCA information to the MRA has been extended from July 31 to September 30, 2020.

Germany Apr 28, 2020

The Federal Tax Office of Germany (BZSt) releases AEOI video tutorials. These tutorials would help in familiarising with the login and registration with the BZSt and the BZSt Online portal, for activating the use of the ELMA5 mass data interface, and for integrating the certificate into the browser.

Taiwan Apr 28, 2020

The Ministry of Finance, Taiwan announces that in any case, RFIs are restricted by the objective environment due to a natural disaster and cannot complete the reporting requirement within the period (between June 1 and June 30 from 2020) as stipulated in Article 51 of the Regulations. In that sense, the Ministry of Finance may, based on the situation, extend the reporting period, and make a public announcement of such an extension to enhance the flexibility in practical operation. As a reminder, the ministry emphasizes that the “CRS Financial Institution Portal” has been launched on the website https://www.cfi.mof.gov.tw. It urges unregistered RFIs to register with this Portal as early as possible. The portal is opened for reporting test data in March and April, and the online reporting shall be completed in June. The Ministry of Finance will carry out an automatic exchange of financial account information with the competent authorities of Reportable Jurisdictions (Japan and Australia for 2020) in September.

Indonesia Apr 28, 2020

The Directorate General of Taxes of Indonesia publishes a notification for RFIs that the submission of reports on financial information recorded up to December 31, 2019, can now be made by the Reporting LK type entities up to June 30, 2020, that was originally due April 30.

Bahrain Apr 27, 2020

The Central Bank of Bahrain (CBB) publishes a directive announcing that the CRS and FATCA reporting for the year ending December 31, 2019, will start from April 26, 2020, and must be submitted on or before May 31, 2020. The CBB also releases an updated list of CRS reportable jurisdictions for TY2019: Costa Rica, Cyprus, and Grenada have been added to the list.

Singapore Apr 24, 2020

The Inland Revenue Authority of Singapore (IRAS) announces that it will now release the updated FATCA Fillable PDF Form on May 6, 2020, instead of April 29, 2020. Further, Reporting SGFIs are reminded to prepare the relevant information required to be provided to IRAS as early as possible. This is to avoid unexpected delays due to submission errors.

United States Apr 24, 2020

NEW - Jurisdictional Debrief Now Available (Week Ending Apr 24, 2020)

Australia Apr 24, 2020

The Australian Taxation Office (ATO) updates the FATCA User Guide for the small reporter Tool. The User Guide has been updated to incorporate reminders and minor changes applicable due to the mandatory reporting of missing US TINs while reporting in 2020. As a reminder, for all reports submitted for the 2020 calendar year onwards, the US Internal Revenue Service (IRS) requires a US TIN be provided for each individual reported. US TINs are also required for entities that are US specified persons. If an account is held by a non-US entity and it, therefore, does not have a US TIN, 9A’s should be used in the account holder TIN element. For non-US entities, the US TINs of the controlling persons that are US specified persons are required to be reported.

United Kingdom Apr 23, 2020

The United Kingdom’s HMRC publishes an updated list of reportable jurisdictions, thus notifying that Albania, Oman, and Peru would be nonreportable for TY2019, in addition, the HMRC also confirms that Albania will not be a Reportable Jurisdiction until 2021. The HMRC recognizes that FIs may already have compiled their files and may be unable to remove accounts relating to these jurisdictions and so advises FIs to not delay reporting and informs FIs that the HMRC will remove any such data before the exchange of information. Also, the HMRC updates the list of excluded accounts and thereby removing: (1) Non-registered pension arrangements with annual contributions limited to £50,000, (2) Premium Bonds issued by UK National Savings and Investments, (3) Fixed Interest Savings Certificates issued by UK National Savings and Investments, and (4) Index Linked Savings Certificates issued by UK National Savings and Investments. The aforementioned accounts will be reportable for CRS purposes beginning May 13, 2020.

Switzerland Apr 23, 2020

The Federal Tax Administration (FTA) of Switzerland publishes the FTA Activity Report 2019. Pages 14 and 15 of the report illustrate the effective implementation of the AEOI standards as the FTA announces the successful exchange of information with 75 partner jurisdictions of which 63 were reciprocal exchanges while 12 were non-reciprocal exchanges. In all, data for around 7,500 RFIs comprising around 3.1 million financial accounts were exchanged by the FTA.

Sweden Apr 22, 2020

The Swedish Tax Agency releases a newsletter reminding FIs that the IRS Notice 2017-46 is to be followed while reporting missing US TINs in FATCA reports. For CRS reports, Swedish entities are to be reported only if the entity is a Passive non-financial entity (NFE) with controlling persons domiciled in any other jurisdiction other than Sweden or the United States. Also, the authority reminds RFIs to include contact information while reporting information.

Cayman Islands Apr 22, 2020

The Cayman Islands’ Department for International Tax Cooperation (DITC) publishes updates on the availability of new DITC AEOI Portal and also updates the DITC Portal FAQs, both sections are updated to reflect the recently announced extension of the FATCA reporting deadline to November 16, 2020.

Guernsey Apr 22, 2020

'The Revenue Service of the States of Guernsey issues Bulletin 2020/1, confirming that the FATCA and CRS reporting deadlines remain June 30, 2020, despite the COVID-19 pandemic. However, a FATCA reporting extension can be obtained by submitting a request at AEOI_compliance@gov.gg. T, along with the reason for the delay and proposed submission date. Also, the Bulletin lists several Compliance Pointers to facilitate the creation of reports.

Saint Vincent and the Grenadines Apr 22, 2020

The Inland Revenue Department of Saint Vincent and The Grenadines publishes a memo confirming that due to the technical issues the portal would remain inaccessible until the issue is resolved. Hence, any previously communicated deadlines for this year's reporting cycle are hereby suspended. The authority will communicate as soon as the services have been restored.

Uruguay Apr 21, 2020

The General Taxation Directorate of Uruguay informs RFIs that the production environment for sending CRS reports is now available. The CRS Reports, as well as the corrections of the submitted information, must be sent between April 1 to June 30, 2020. Likewise, the RFIs shall have additional 30 calendar days, from July 1, to remit exclusively, the corrections of the information provided.

Singapore Apr 20, 2020

The Inland Revenue Authority of Singapore (IRAS) publishes updated FATCA Registration FAQs, thus updating FAQ2 and adding two new FAQs - FAQ #6 and #7. The IRAS also publishes a set of new FAQs that provide information on the FATCA filing process via myTax Portal. In addition, the IRAS also announces that it will release an updated FATCA Fillable PDF Form on April 29, 2020. Reporting SGFIs that intend to file their FATCA return via the PDF Fillable Form are strongly encouraged to use the updated version.

Canada Apr 20, 2020

The Canadian Revenue Agency (CRA) publishes an updated version of its Enhanced Financial Account Information Reporting Guidance to amend the Guidance on the Canada-U.S. Enhanced Tax Information Exchange Agreement, the Guidance on the Common Reporting Standard and the List of CRS participating jurisdictions. As per the updated guidance notes, a financial institution that fails to obtain a self-certification when required on or after January 1, 2021, maybe liable to a penalty of up to $2,500 for each such failure. As such, the CRA provides FIs with additional time to obtain self-certifications, however, a self-certification must be obtained in the course of the account opening procedures or within 90 days of the account opening process.

British Virgin Islands Apr 20, 2020

'The International Tax Authority (ITA) of BVI issues a press release informing RFIs of the extension of the FATCA and CRS deadlines for enrolment and reporting due to the COVID-19 pandemic. The FATCA enrolment deadline is extended to July 31, 2020, and the reporting deadline has been extended to August 31, 2020. The CRS enrolment deadline has been extended to June 30, 2020, and the CRS reporting deadline has been extended to July 31, 2020. The ITA also reiterates that per the March 18, 2020 Press Release, adjustments can be made where an FI cannot meet the extended deadlines via email by the FIs primary users to info@bviita.vg seeking a further extension.

IRS Apr 20, 2020

The IRS updates the FATCA General FAQs. Specifically updated is FAQ #4 under the Reporting section informing that the FATCA extension applicable to Model 2 IGA jurisdictions due to the COVID-19 outbreak is also applicable to other entities with an obligation to file the FATCA report (Form 8966). Hence, the deadline for FATCA reporting for other entities (e.g., U.S. Withholding Agents or Direct Reporting NFFEs) is also extended to July 15, 2020, and an application for Extension of Time to File FATCA Form 8966 will not be required for this extension.

Russia Apr 20, 2020

The Federal Tax Service of Russia publishes an updated technical document that describes the requirements of structure and content for the transmission of information about the financial accounts of FIs residents of foreign States (territories). The format is developed according to the regulations of the Government of the Russian Federation dated 06.16.2018 No. 693. The version number of this format is specifically related to the updated reporting format (vRU: 5.03).

Denmark Apr 20, 2020

The Ministry of Taxation in Denmark publishes legal guidance on the reporting of cross-border schemes (DAC6) in accordance with the rules in sections 46a and 46b of the Tax Reporting Act and Executive Order No. 1634 of 27 December 2019. The rules are an implementation of Council Directive (EU) 2018/822 ("DAC6") amending Council Directive (EU) 2011/16 on administrative cooperation in the field of taxation (the "Aid Directive") and aims to minimize the scope of aggressive tax planning and come into force beginning July 1, 2020.

Qatar Apr 20, 2020

The Qatar Financial Centre’s Tax Department announces the extension of the FATCA and CRS reporting deadlines to RFIs. As per the announcement, the TY2019 FATCA reporting deadline has been extended to November 30, 2020, and the TY2019 CRS reporting deadline has been extended to August 31, 2020, respectively. Also, a document informing financial institutions of additional due diligence requirements for CRS reporting was released, specifying that FIs should maintain records on self-certification review documents for five years.

Qatar Apr 20, 2020

The Qatar Financial Centre (QFC) announces the extension of the FATCA and CRS reporting deadlines. As per the announcement, the TY2019 FATCA reporting deadline has been extended to November 30, 2020, and the TY2019 CRS reporting deadline has been extended to August 31, 2020, respectively. Also, a document informing financial institutions of additional due diligence requirements for CRS reporting was released, specifying that FIs should maintain records on self-certification review documents for five years.

Austria Apr 19, 2020

The Federal Ministry of Finance in Austria publishes amended guidelines on the Common Reporting Standard Act. The amendments are aimed to bring Austria’s AEOI legislative framework further in line with the prevailing international standard recommended by the Global Forum for Transparency and Information Exchange. Among several amendments to definitions and text, major amendments include – (1) obligations of RFIs to collect and report information on all existing accounts to the Tax Authority irrespective of tax residency, by December 31, 2020, and apply reasonable efforts to obtain undocumented information by December 31, 2022, (2) Clarification on the deadline for high-value pre-existing accounts as of December 31, 2018, for jurisdictions reportable from the calendar year 2018, (3) Clarification on the deadline for low-value pre-existing accounts as of December 31, 2019, for jurisdictions reportable from the calendar year 2018.

Latvia Apr 17, 2020

The Ministry of Finance in Latvia publishes Regulations for the automatic exchange of information on notifiable cross - border schemes, the regulations come into force beginning July 1, 2020.

Hong Kong Apr 17, 2020

The Inland Revenue Department of Hong Kong publishes Inland Revenue Ordinance (Amendment of Section 50A) Notice 2020 which will be effective beginning January 1, 2021. This Notice describes the changes to the specified percentage of Controlling persons. The Notice amends section 50A(7) of the Ordinance to reduce the specified percentage for control over partnerships and trusts from 25% to 0%. The specified percentage mentioned in section 50A(6)(a) of the Ordinance that relates to an entity which is a corporation, remains unchanged at 25%.

Ecuador Apr 16, 2020

The Internal Revenue Service of Ecuador publishes updated CRS XSD Schema (v2.0.0), CRS annex catalog (v2.2), and the CRS technical sheet (v2.2) containing the description of fields that are used to complete the CRS annex.

United States Apr 16, 2020

Deloitte Insight: FATCA: Update on the Procedures for FATCA certification event of default notices.

Japan Apr 15, 2020

The National Tax Agency of Japan releases updated CRS reporting FAQs. A new FAQ, Q3-6 has been added that lists helpline numbers for RFIs to contact the tax authority, if they are facing challenges due to the Covid-19 outbreak in submitting CRS reports by April 30, 2020.

IRS Apr 15, 2020

The IRS publishes Issue number 2020-2 reminding FIs of the “Procedures for FATCA Certification Event of Default Notices” that was earlier released by the US Department of the Treasury, and also the addition of a new FAQ #18 under the Registration update section of the FATCA General FAQs that provide guidance on the FATCA registration statuses that have changed to Agreement Terminated. The newly added FAQ (#18) was earlier published under FAQ (#1) under the same section and has now been added as a new FAQ #18.

Australia Apr 15, 2020

The Australian Taxation Office (ATO) publishes a reminder for RFIs that FATCA and CRS reporting must be completed by July 31, 2020. If the RFIs need additional time to prepare and file reports, RFIs can apply for an extension. It also reminds RFIs on the availability of SRT (Small Reporter Tool) that can be used to file reports for up to 50 reportable accounts. Additionally, the ATO also reminds that for 2020 FATCA reports, a US TIN is required to be reported for account holders that are US specified persons. The transitional TIN reporting arrangements provided by the US IRS Notice 2017-46 conclude with the 2019 year reporting.

OECD Apr 15, 2020

The OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes Secretariat holds a virtual conference on the availability of beneficial ownership information of legal entities and arrangements and bank accounts to ensure that jurisdictions around the world adhere to and effectively implement both the standard of transparency and exchange of information on request and the standard of automatic exchange of information.

OECD Apr 15, 2020

The OECD publishes the public comments that were received between February 19, 2020, and April 13, 2020, on the draft Model Rules for Reporting for Platform Operators concerning Sellers in the Sharing and Gig Economy.

South Africa Apr 15, 2020

'The South African Revenue Service (SARS) publishes an alert reminding RFIs that the Third-Party Data Annual Submissions production files (inclusive of FATCA and CRS) can be submitted between April 16, 2020 – May 31, 2020. Also, RFIs can email the tax authority at (Bus_Sys_CDSupport@sars.gov.za) in case of challenges faced during submissions.

Hong Kong Apr 15, 2020

The Inland Revenue Department of Hong Kong publishes a press release notifying the Gazettal of amendments to the AEOI Inland Revenue Ordinance (Cap. 112) on April 17, 2020. The amendments are aimed to bring Hong Kong’s AEOI legislative framework further in line with the prevailing international standard. Specific amendments made to the Inland Revenue Ordinance (Cap. 112) are – (1) Amendment of Section 50A, to expand the definition of controlling persons of partnerships and, (2) Amendment of Schedule 17D that concerns a specific requirement in relation to the determination of controlling persons by financial institutions.

Cayman Islands Apr 15, 2020

The Cayman Islands’ Department for International Tax Cooperation (DITC) publishes an Industry Advisory announcing the advance release of its new CRS Compliance Form along with associated notes. The form will provide additional information to the Tax Information Authority, to ensure the effective implementation of, and compliance with, the reporting and due diligence procedures in accordance with the CRS. The deadline to submit the form concerning TY2019 is Dec 31, 2020, however, the deadline in the future is expected to be Sep 15 each year. The advisory also informs the RFIs that FATCA reports can now be submitted by Nov 16, 2020, considering the recently published FAQ (#5) by the US IRS. Please note that the DITC does not currently propose any changes to the previously announced deadline for CRS.

United States Apr 14, 2020

Deloitte Insight: FATCA: Update on the development of Intergovernmental Agreements (IGAs) continues, in order to implement tax reporting and withholding procedures. Also, included is the summary highlighting global CRS updates, along with applicable extensions due to the COVID-19 outbreak.

IRS Apr 14, 2020

The IRS updates the FATCA General FAQs. A new FAQ #5 has been added under the Reporting section, according to which, in response to the COVID-19 outbreak, the IRS is providing Model 1 IGA jurisdictions an extension of time until December 31, 2020, to provide FATCA data for the tax year 2019 to the U.S. Competent Authority.

Singapore Apr 13, 2020

The Inland Revenue Authority of Singapore (IRAS) releases an updated e-Tax Guide to help RFIs with compliance requirements of the Singapore-US IGA on FATCA, section 14 of the e-tax guide lists the amendments that have been made to the guide.

China Apr 13, 2020

The State Administration of Taxation in China publishes a notice that due to the current COVID-19 epidemic situation, the Multilateral Tax Data Service Platform that is used for AEOI reporting will be unavailable until June 1, 2020, and that the deadline for submitting reports (May 31 originally) will be postponed accordingly. The system will also increase the verification of the taxpayer’s TIN, English name, and English address. All financial institutions are advised to ensure data validation checks prior to data transmission.

Taiwan Apr 10, 2020

The Ministry of Finance in Taiwan publishes - (1) updated CRS XML specifications user manual (v1.3), and (2) updated Operation Manual (Portal User Guide) for the AEOI reporting System (v1.1).

United States Apr 10, 2020

NEW - Jurisdictional Debrief Now Available (Week Ending Apr 10, 2020)

Switzerland Apr 10, 2020

The Federal Tax Administration of Switzerland publishes an updated AEOI Technical Directive that also lists steps to create a personal user account to access the myTaxWorld that has now been integrated with the FDF portal. The Technical Directive has been specifically updated to include the adaptations that facilitate easier migration from the myTaxWorld portal to the FDF portal.

IRS Apr 10, 2020

The IRS updates the FATCA General FAQs. Specifically updated is FAQ #1 under the Registration Update section, explaining that if the registration status has changed to “Agreement Terminated”, it is because the IRS has identified an issue with the registration. Please review the registration message board for any messages regarding why the registration status was changed to “Agreement Terminated”.

Australia Apr 9, 2020

The Australian Taxation Office (ATO) publishes updated guidance on custodial accounts created by placing agents (Sec 3.4.1) and an updated list of CRS participating jurisdictions list (Sec 4.19) adding Ecuador, Ghana, and Peru.

Slovenia Apr 9, 2020

The Ministry of Finance in Slovenia publishes a notice informing RFIs that due to the COVID-19 pandemic, the CRS and FATCA messages for TY2019 that are to be originally submitted by May 31, 2020, shall be considered as timely delivered even if submitted by July 31, 2020.

Croatia Apr 9, 2020

The Ministry of Finance in Croatia publishes an updated list of CRS reportable jurisdictions. Eleven additional jurisdictions have been identified as reportable starting TY19: Aruba, the Cook Islands, Ghana, Hong Kong, Lebanon, Macau, Niue, Sint Maarten, Saint Lucia, Trinidad and Tobago and, Vanuatu. Also, Costa Rica has been removed from the list and thus would be non-reportable for TY2019.

Canada Apr 9, 2020

The Canada Revenue Agency (CRA) announces that due to the COVID-19 pandemic, the deadline for filing information returns (including FATCA and CRS) for TY2019 has been further extended to September 1, 2020.

Denmark Apr 8, 2020

The Ministry of Taxation in Denmark publishes an updated Executive Order on the identification and reporting of foreign financial accounts. It also has an updated list of CRS participating and reportable jurisdictions concerning the calendar year 2019. The executive enters into force on April 30, 2020.

Belgium Apr 8, 2020

Belgium’s Ministry of Finance announces the unavailability of the SPF Finances e-services (that includes the AEOI portal) from Friday, April 10 at 10 p.m. to Monday, April 13 at 10 p.m. (Easter weekend) due to an IT maintenance operation.

Honduras Apr 8, 2020

The National Bank and Insurance Commission in Honduras publishes a Circular (SSE Circular No. 06/2020) informing FIs that due to the implementation of the “Revised Guidance to report and obtain TINs and Dates of Birth by FIs”, the FATCA reporting deadline has been extended to April 30, 2020.

New Zealand Apr 7, 2020

The Inland Revenue Authority of New Zealand publishes updated lists of reportable and participating jurisdictions for TY2019, which is effective April 1, 2020. Albania, Ecuador, Kazakhstan, Maldives, Oman, and Peru have been added to the list of the reportable jurisdictions while Bahrain, Brunei Darussalam, Dominica, Ghana, Monaco, and Saint Lucia have been identified as participating jurisdictions.

Liechtenstein Apr 7, 2020

The Ministry of Finance in Liechtenstein publishes a consultation report on the revision of the AEOI law that has been approved by the government. The proposed adjustments are related to various AEOI policies, procedures, and controls. The consultation period ends on May 15, 2020, and the adjustments will take effect on January 1, 2021.

United States Apr 7, 2020

The US Department of the Treasury publishes a Memorandum for all Large Business and International (LB&I) employees. The Memorandum describes the process through which the Foreign Payments Practice (FPP) establishes the occurrence of an event of default (EOD) in connection with a Responsible Officer’s (RO’s) required FATCA certification and provides guidance on the certification requirements by Entity type listed under Appendix A.

Taiwan Apr 6, 2020

Taiwan’s National Taxation Bureau of the Southern Area (NTBSA) publishes a notice that Reporting Financial Institutions (RFIs) under the CRS regulations shall report financial account information in respect of a previous calendar year to facilitate the automatic exchange of financial account information with Reportable Jurisdictions (for residents of Japan or Australia for TY2019). As 2020 is the first reporting year, the authority reminds RFIs of obligations to maintain compliance with the CRS while reiterating that reporting can be done between June 1 and June 30.

Liechtenstein Apr 6, 2020

The Tax Administration (STV) of the Principality of Liechtenstein releases an updated FATCA reporting manual. The updates include: (1) Section 4 that provides updated information on TINs of account holders (2) Section 12 that has examples on reporting different DocTypeIndic.

Russia Apr 5, 2020

The Federal Tax Service of Russia publishes a Decree (No. 409), providing relief to sectors hit by the Covid-19 pandemic, thus extending the deadline for submitting reports on customers - foreign tax residents for 2019 and previous reporting periods from May 31, 2020, to August 31, 2020.

Germany Apr 2, 2020

The Federal Tax Office of Germany (BZSt) publishes an updated FATCA test procedure manual (v1.4) that can be done via the mass data interface ELMA. A specific technical update has been made to Section 5.2 - the XML Schema.

Singapore Apr 1, 2020

The Inland Revenue Authority of Singapore (IRAS) informs Reporting SGFIs that the FATCA and CRS Return Filings for the Reporting Year 2019 will commence on April 20, 2020. Reporting SGFIs are advised to submit their FATCA and CRS return(s) by May 15, 2020, to allow sufficient time to resolve any unexpected issues.

IRS Apr 1, 2020

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool, with the FIs that are in approved status as of Mar 25, 2020.

New Zealand Apr 1, 2020

'The Inland Revenue Authority of New Zealand publishes a note, informing RFIs that due to the Covid-19 pandemic an extension for filing FATCA and CRS reports can be requested. The extension should be applied by reaching out to the authority - fatca@ird.govt.nz or global.aeoi@ird.govt.nz at the earliest convenience.

Lebanon Apr 1, 2020

The Central bank of Lebanon (Banque du Liban), publishes an amendment to the CRS Publication No. 12625. The amendment specifies that the definition of a Controlling Person should be considered, as stated in the AML/KYC monitoring and anti-fraud policies published under Regulation No. 7818 dated 5/18/2001.

Malta Mar 31, 2020

The Office of the Commissioner for Revenue in Malta publishes a note, informing RFIs that due to the Covid-19 pandemic the FATCA and CRS reporting deadline has been extended from April 30, 2020, to June 30, 2020.

Macau Mar 31, 2020

The Financial Services Bureau of Macau releases updated AEOI XML Schema v1.3 and an associated AEOI Schema User Guide v1.3. The guide provides information on unacceptable character(s) and best practices (covered in section C2, Appendix A).

India Mar 31, 2020

The Income Tax Department of India publishes an ordinance that communicates the extension of several deadlines for filing various returns, statements, and reports for which the original submission deadlines are between March 20, 2020, and June 20, 2020. Accordingly, the deadline for filing Form 61B for reportable accounts under FATCA and CRS has been extended from May 31, 2020, to June 30, 2020.

Belize Mar 31, 2020

The Income Tax Department of the Government of Belize announces that due to the COVID-19 outbreak, the CRS reporting deadline for TY2019 reporting has been extended from March 31, 2020, to April 30, 2020.

Australia Mar 30, 2020

The Australian Taxation Office (ATO) publishes a bulletin reminding individuals that the AUSkey has retired and is no longer available for use. To access the Business portal on behalf of a business, the myGovID and Relationship Autorisation Manager (RAM) will be needed. As a reminder, the AUSkey is also required to upload FATCA and CRS reports.

Cayman Islands Mar 30, 2020

The Cayman Islands Ministry of Financial Services publishes The Companies and Limited Liability Companies (Amendment) Laws, 2020. The definition of a beneficial owner in the Companies Law and the Limited Liability Companies Law will change on May 15 from “more than 25%” of the shares or voting rights in a company to “25% or more” of the shares or voting rights in a company.

France Mar 30, 2020

The French Tax Authority (DGFiP) publishes guidance on naming convention that should be used while responding to FIs requests on Self-certifications via TELETD portal, along with an illustration.

Cook Islands Mar 30, 2020

The Cook Islands releases information on Tax Identification Numbers (TINs) and Tax Residency rules.

Canada Mar 30, 2020

The Canada Revenue Agency (CRA) announces that due to the Covid-19 pandemic, the deadline for filing information returns (including FATCA and CRS) has been extended to June 1, 2020. According to the CRA publication, the extension applies to the information returns that would otherwise be due after March 18, 2020, and before June 2020.

Slovenia Mar 30, 2020

The Ministry of Finance in Slovenia publishes a DAC6 (reportable cross-border arrangements) Guide. The Guide provides a detailed description of the procedures and technicalities involved in the reporting of cross-border arrangements.

United States Mar 27, 2020

NEW - Jurisdictional Debrief Now Available (Week Ending March 27, 2020)

United States Mar 27, 2020

The US Department of the Treasury publishes responses to the concerns raised by the Director-General of the EU’s Tax Department regarding the FATCA – Exchange of Information under the Intergovernmental Agreements. The letter responds specifically to the issues identified as follows: (1) FFI Obligations under the IGAs, (2) Expatriation, and (3) Exchange of Information reciprocity.

United States Mar 26, 2020

Deloitte Insight: FATCA Update - The IRS extends deadline for Form 8966 (FATCA Report) for Reporting Model 2 IGA and Participating FFIs.

Bermuda Mar 26, 2020

The Ministry of Finance in Bermuda publishes a notice informing RFIs that due to the current circumstances in connection with Covid-19 the CRS reporting deadline has been extended from May 31, 2020, to July 15, 2020.

Malaysia Mar 26, 2020

The Inland Revenue Board of Malaysia (IRBM) publishes a note, informing RFIs that due to The Movement Control Order, an initiative to fight the spread of the Covid-19 has been announced by the Government, the CRS reporting deadline has been extended from June 30, 2020, to July 31, 2020.

Liechtenstein Mar 25, 2020

The Tax Administration (STV) of the Principality of Liechtenstein releases a Newsletter (02/2020) informing RFIs that due to the current circumstances in connection with Covid-19 the FATCA and CRS reporting deadline has been extended from June 30, 2020, to July 31, 2020. The authority also reminds the RFIs that the account holder notification on the first reporting of their financial account information should be completed by March 31.

Qatar Mar 25, 2020

The Qatar Financial Centre (QFC) is requesting all FIs that submitted a NIL CRS report last year to confirm the policy and procedures that RFIs followed while performing the due-diligence and NIL reporting. The deadline to submit the information is March 29, 2020. The primary user as per the AEOI portal would have received the detailed e-mail. The authority also released: (1) Letter from GTA (general tax Authority) to the QFC Tax Department seeking the information. (2) QFC Notice on sanctions on violations of obligations related to CRS implementation.

IRS Mar 25, 2020

In response to the COVID-19 virus, the IRS provides an extension of time for a Reporting Model 2 FFI or a Participating FFI to file the FATCA Report (Form 8966) to the IRS. The filing deadline for the FATCA Report (Form 8966) will be extended from March 31, 2020, to July 15, 2020. Form 8809-I, Application for Extension of Time to File FATCA Form 8966, will not be required for this extension. For further information, refer to the new IRS FATCA FAQ (4) under the Reporting section.

IRS Mar 25, 2020

The IRS updates and publishes new QI/WP/WT FAQs. Under Certifications and Periodic Reviews, (1) FAQ 5 has been updated that provides information on how can a group of QI or WFP apply to form a CCG (Consolidated Compliance Group). (2) FAQ 18 has been added that provides guidance on the conditions under which the IRS will accept applications to from a CCG if the application is proposing to use the first year of the certification period as the periodic review year.

Singapore Mar 24, 2020

The Inland Revenue Authority of Singapore (IRAS) informs Reporting FIs of the availability of a new IRAS Public Key for preparing a FATCA reporting packet for submission via IDES between March 25, 2020, to March 31, 2020. The authority also releases FAQs on the provision of transmitting FATCA Registration Information to the IRAS. As a reminder, with effect from April 1, 2020, Reporting SGFIs will no longer be able to log in to the IDES and must submit all FATCA returns, including nil returns (if applicable), electronically to IRAS via the “Submit CRS or FATCA Return” e-Service at IRAS’ myTax Portal. It also suggests RFIs to download any reports that they may need from the IDES before April 1, 2020.

Belgium Mar 24, 2020

Belgium’s Ministry of Finance announces that due to IT maintenance, their e-services will not be available between Friday, March 27 to Monday, March 30, 8AM.

OECD Mar 23, 2020

The OECD announces the extension of the deadline seeking inputs, on the draft Model Rules for reporting for Platform Operators with respect to sellers in the Sharing and Gig Economy to April 13, 2020, 18:00 (CEST).

Singapore Mar 22, 2020

The Inland Revenue Authority of Singapore (IRAS) confirms that the FATCA registration deadline would be March 31, 2020. FIs that are not yet registered should complete the registration as soon as possible. The registration portal is the same that is used to complete the CRS registration. As a reminder, beginning April 1, 2020, FATCA reporting will need to be done via the myTax Portal.

Aruba Mar 20, 2020

The Tax Department of Aruba publishes a list of reportable jurisdictions for TY2019 and informs registered RFIs of applicable CRS reporting deadlines for TY2019. The reportable jurisdictions list has been updated by the addition of Barbados, The Cook Islands, Israel, Monaco, Pakistan, Panama, Saint Lucia, and Turkey while Bonaire, St. Eustatius, Saba, and Bulgaria have been removed from the updated list. As per the communication on deadlines: (1) FIs can create/update accounts and EOI relationships beginning March 25, 2020, until April 1, 2020, (note that FIs will not be able to register/create new accounts after April 15, 2020, 8 AM AST). (2) The testing period is from April 2, 2020, to April 14, 2020. (3) Starting date for RFIs to complete their CRS submission (either through XMLs or manual upload) is from April 15, 2020, to April 30, 2020 (RFIs submitting CRS returns after this date will be considered non-compliant). (4) FIs will receive error notification and correction requests from July 1, 2020, to September 29, 2020.

Germany Mar 20, 2020

The Federal Tax Office of Germany (BZSt) publishes FATCA Infobrief 01/2020, informing FIs that the FATCA production environment will be available beginning May 13, 2020. This applies to the submission via the mass data interface ELMA as well as for transmission via the BZStOnline portal (BOP). It also has a reference to the recently published IRS FATCA General FAQ (Q3) under the Reporting section guiding Model 1 FFIs on reporting missing TINs. Also, the test environment for data transfer via ELMA is available.

Malta Mar 20, 2020

The Office of the Commissioner for Revenue in Malta publishes updated guidelines on the Automatic Exchange of Financial Account Information (v2). Specific updates include – (1) Includes updates in Section 12.1.2 that provides information on the format of transmission of information, (2) Section 14.1 has been updated that provides updated guidance on due diligence procedures related to undocumented accounts under (CRS/DAC II), and (3) the addition of Turkey as a reportable jurisdiction for 2020 (Appendix 1).

Curaçao Mar 19, 2020

The Ministry of Finance in Curaçao publishes a FATCA/CRS User Guide (Version 1.0) based on the MDES portal application and MDES User Guide (Version 2.0).

Sweden Mar 19, 2020

The Swedish Tax Agency releases a newsletter re-confirming the availability of an updated FATCA and CRS technical reporting guidance for TY2019 reporting. The newsletter also contains values of certain distributed shares that qualify as reportable under the FATCA and CRS reporting regimes.

OECD Mar 19, 2020

The OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes establishes an Automatic Exchange of Information Peer Review Group (APRG) to ensure the effective implementation of the AEOI Standard. The APRG held its first meeting, comprising of 34 Global Forum members, on 16 - 18 March 2020 to discuss key issues in ensuring that jurisdictions are putting in place what is required to deliver an effective AEOI Standard (see the AEOI Terms of Reference), as well as how the recent developments concerning Covid-19 might impact expectations. Specifically, the issues focused on were with respect to confidentiality and data safeguards, technical discussions envisioning a framework to determine the materiality of the identified legal gaps.

Netherlands Mar 19, 2020

The Ministry of Finance in the Netherlands releases the replies submitted by the state secretary to the parliamentary questions on banks that refuse financial services under the FATCA to the Dutch nationals with (also) American nationality.

Sweden Mar 18, 2020

The Swedish Tax Agency publishes updated FATCA and CRS technical reporting guidance for TY2019 reporting. These editions do not contain major and significant changes in the content and reports in comparison to the draft versions that were published in January 2020. The FATCA technical guide (v6) is updated as follows – (1) Type of submitter (FilerCategory) should be specified under ReportingFI (explained in Sections 6.2 and 6.4) (2) Closed account information (AccountClosed) must be entered for closed accounts (explained in Section 6.7). The CRS technical guide (v4) is updated as follows – (1) Inclusion of mandatory obligation to report controlling persons (explained in Section 3.7.7), and (2) Inclusion of instruction to fill in Reporting type information (MessageTypeIndic) explained in Section 1.8.

Cayman Islands Mar 17, 2020

The Cayman Islands’ Department for International Tax Cooperation (DITC) rolls out a survey to help shape the functionality of the new DITC Portal that will now be launched in June 2020. The survey will be open until March 27, 2020.

South Africa Mar 13, 2020

The South African Revenue Service (SARS) announces that the Third-Party Data Annual Submissions process, inclusive of Automatic Exchange of Information, for the period March 1, 2019 – February 29, 2020, opens on April 1, 2020, for testing. The production files can be submitted from April 16, 2020, to May 31, 2020.

Spain Mar 13, 2020

The Spanish Tax Agency (Agencia Tributaria) publishes an updated list for CRS reportable and participating jurisdictions. Albania, Dominica, Ecuador, Kazakhstan, and Oman have been identified as reportable jurisdictions beginning TY2019 whereas Dominica, Ecuador, Kazakhstan, Liberia, and Oman have been added to the list of participating jurisdictions. Also, the agency confirms that the CRS and FATCA reporting deadline would be June 1, 2020, since May 31 is a Sunday.

United States Mar 13, 2020

NEW - Jurisdictional Debrief Now Available (Week Ending March 13, 2020)

Russia Mar 13, 2020

The Federal Tax Service of Russia publishes an updated version of the technical document (vRU: 5.03) that describes the requirements of the structure and content of an electronic document (hereinafter referred to as an exchange document) of transmission in an electronic form of information about the financial accounts of FIs residents of foreign States (territories). The updated version will be applicable beginning April 21, 2020. Also, an updated version of the software “Taxpayer YUL” which helps in report generation will be available from March 30, 2020. Additionally, updated reporting obligations for financial market organizations have been published along with a draft guide for reference, applicable for various requests made by the clients and financial market organizations concerning the updated version of the technical document (vRU: 5.03). The draft guide has been posted for public comments and suggestions until April 15, 2020.

Guernsey Mar 13, 2020

The Revenue Service of the States of Guernsey publishes The Income Tax Regulations, 2020 covering Mandatory Disclosure Rules (MDR). The Regulations specify – (1) The meaning of CRS avoidance arrangement, (2) the implementation of the Mandatory Disclosure Rules, (3) the elaborated meaning of “opaque offshore structures”, and (4) Obligations on Intermediaries to disclose information.

Curaçao Mar 11, 2020

The Ministry of Finance in Curaçao publishes a reminder to RFIs stating that the reporting portal is open and the TY2019 reports can now be submitted, the end of the submission period is March 31, 2020.

Spain Mar 10, 2020

The Spanish Tax Agency (Agencia Tributaria) publishes an updated version of the FATCA XML Schema (v 2.1).

IRS Mar 9, 2020

The IRS releases instructions for the 2020 Form 1042-S wherein it is advised to rely on the proposed regulations reducing burden under FATCA and Chapter 3. The IRS also releases instructions for 2020 Form 1099-NEC.

IRS Mar 6, 2020

The IRS publishes amendment to the final Regulations relating to Withholding and Reporting Tax on Certain U.S. Source Income Paid to Foreign Persons. Specifically updated is 26 CFR part 1 and part 2.

France Mar 4, 2020

The French Tax Authority (DGFiP) publishes updated versions of the FATCA and CRS Guidance Notes. Among other updates, both the Guidance Notes were updated to confirm that the reporting portal (TELE-TD) will open for submission of test files on April 1, 2020, while the portal will accept final reports from May 15, 2020, to July 31, 2020. Submissions after July 31, 2020, will be considered late, however, they will be transmitted to the relevant jurisdiction(s). The portal will close on August 3, 2020. Other updates to the CRS Guidance Notes include: (1) The updated guidance reminds FIs that a new CRS XML Schema (v2.0) will be available starting January 1, 2021, and further guidance will be published in this regard by the tax authority. (2) Technical updates to the ResCountryCode field, and the different XML controls in place for XMLs submissions. Updates to the FATCA Guidance Notes include: (1) The revised guidance specifies that for each reportable account identified by the RFI, the account balance or the surrender value for 2019 as well as interest, dividends and other income paid or credited to certain accounts during 2019 must be transmitted to the IRS no later than September 30, 2020. Also, the submission by FIs of the corresponding file including that information must be submitted to the DGFiP by the reporting deadline of July 31, 2020. (2) It also incorporates the IRS FAQ3 which highlights that the collection of US TIN will be mandatory for TY20 onwards. As such, for TY19 FIs can still use the default US TIN (AAAAAAAAA or 000000000) where applicable. (3) Addition of Section 5.3.5 that lists the different errors and irregularities that the IRS is likely to note while processing the FATCA files. (4) Technical updates were also incorporated for MessageRefID.

Denmark Mar 4, 2020

The Ministry of Taxation in Denmark releases an updated CRS Technical Guide for TY2019 reporting. The ministry confirms that the reporting format for the 2019 income year is unchanged from the 2018 income year. It also confirms that beginning January 1, 2021, the new CRS schema would be used (CRS XML 2.0), during the spring of 2020 additional informational material will be available about the new reporting format. The guidance also provides an update on the reporting deadlines, the test environment would be available beginning March 1, 2020, and the actual reporting can be performed beginning April 1, 2020. The reporting deadline is May 1 however, if it is a Saturday or Sunday the reporting deadline would be the following weekday.

Singapore Mar 4, 2020

The Inland Revenue Authority of Singapore (IRAS) publishes CRS Registration Guide for the new reporting platform (myTax Portal) which will be effective beginning April 1, 2020.

Cayman Islands Mar 3, 2020

The Cayman Islands’ Department for International Tax Cooperation (DITC) publishes an industry advisory which informs that the annual reporting deadline for CRS & FATCA is changed to 31st July. However, the reporting deadline for the 2019 reporting period is extended to 18 September 2020 due to the development of the new DITC Portal. Authorizing Persons (APs) and Principal Points of Contact (PPoCs) are advised to expect an email from the DITC in June, which will contain steps on how to log onto the DITC Portal. It also releases an updated list of CRS reportable jurisdictions by adding Ecuador, Kazakhstan, Maldives, Nigeria, Oman, and Peru. The launch date of the new DITC Portal is June 1st, the authority also made available DITC Portal FAQs. In addition, the FATCA and CRS regulations have also been amended to reflect the updated reporting deadline of July 31.

Norway Mar 3, 2020

The Norwegian Tax Administration releases an update with regards to obtaining US identification numbers for accounts where the account holder or real licensee is a resident/resident of the United States for tax purposes. Tax residence follows US law of US citizenship in addition to residence. The tax Agency notifies that all accounts reported without TIN at the reporting for the financial year 2019 are marked with error code 000294 in the feedback for deliveries to the Tax Agency's third-party schemes. Also, the tax agency provides a reference to the recently published IRS FATCA FAQ3 which provides guidance on the reporting of missing US TINs for 2020.

France Mar 3, 2020

The French Tax Authority (DGFiP) releases FAQs on reporting of the “recalcitrant” account holders that did not submit the appropriate documentation/information as required under Article 102 AG of the French Tax Procedures Code. The account holders that have not responded to the SCF request have until June 3, 2020, to respond.

Switzerland Mar 3, 2020

The Federal Tax Administration (AFC) of Switzerland updates the list of CRS reportable jurisdictions. The administration confirms that the AEOI agreement with Turkey would be in force beginning January 1, 2021.

Indonesia Mar 3, 2020

'The Directorate General of Taxes of Indonesia publishes a CRS Non-Compliance Reporting Form. A potential non-compliance with reporting obligations has to be reported to the Directorate General of Taxes via e-mail (aeoi@pajak.go.id).

Taiwan Mar 3, 2020

The Ministry of Finance in Taiwan publishes updated CRS XML Schema User Guide Version 1.2.

IRS Mar 2, 2020

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool, with the FIs that are in approved status as of Feb 24, 2020.

Denmark Mar 2, 2020

The Ministry of Taxation in Denmark notifies that it will be hosting hour-long webinars on CRS and FATCA on March 5, 2020, and on March 10, 2020. The webinars will cover the introduction, report status for 2018, report for 2019, Q&A, and guide the attendees through various options available while reporting. As a reminder, the AEOI reporting deadline is May 1, 2020.

Denmark Mar 2, 2020

The Ministry of Finance in Denmark releases an updated version (V1.1) of the 2019 FATCA Reporting Guide. The updated version of the guide contains technical changes made to Section 1 which provides information rules and duties of the reporting officer. Appendix 2 has been updated which has XML, user guides, country lists, and error codes. Also, Appendix 5 has been updated which has an example of a response file in XML format on NIL reporting.

United States Feb 28, 2020

NEW - Jurisdictional Debrief Now Available (Week Ending Feb 28, 2020)

IRS Feb 27, 2020

The IRS publishes Issue Number 2020-03 stating that it will be hosting IN PERSON presentations on the QI/WP/WT certification and periodic review process in Panama City, Panama. The scope of the presentations will include the QI Certification/Periodic Review requirements, including waiver requests and CCPs, from initiation to submission.

Samoa Feb 26, 2020

The Inland Revenue Department of Samoa releases important dates for TY2019 CRS reporting. The AEOI reporting portal will open for testing and addition of new FIs from April 6, 2020, to May 15, 2020. The portal will open for reporting from May 18, 2020, to June 30, 2020, and closes on July 1, 2020.

Germany Feb 26, 2020

The Federal Tax Office of Germany (BZSt) publishes CRS Infobrief 01/2020 wherein the authority reminds FIs that the new CRS Schema (Version 2.0) would be in use beginning January 1, 2021. It also provides a summary of the technical updates of the new CRS Schema (v2.0). Also, the final list of 2020 CRS reportable jurisdictions is expected to be available in June 2020.

Germany Feb 26, 2020

The Federal Tax Office of Germany (BZSt) publishes an updated CRS Communication Manual Part 2 and Part 4 (Version 2.1) containing updated technical instructions for reporting beginning January 1, 2021. The authority notifies that the existing CRS Communication Manual Part 2 and Part 4 will be valid only until December 31, 2019. Also, it releases an updated version of the CRS Data Record Description effective beginning January 1, 2021, it is based on the CRS XML Schema Version 2.0 while the existing CRS Data Record Description (v1.0) will be valid only until December 31, 2020. Additionally, an updated provisional state exchange list has been published, confirming the earlier published provisional list of CRS reportable jurisdictions.

Albania Feb 26, 2020

The Republic of Albania in its official gazette publishes AEOI Law (#4/2020). The first reporting, the reporting financial institution, after the application of due diligence procedures, shall report by July 31, 2020, for all accounts of existing reportable as of January 1, 2019, as well as reportable accounts opened along 2019.

France Feb 26, 2020

The French Tax Authority (DGFiP) publishes an update to the doctrine concerning the rules relating to the collection and declaration of information on financial accounts automatically transmitted to the competent foreign authorities (finance law n° 2017-1775 of 28 December 2017). Details are provided on monitoring compliance with these rules and sanctions in the event of a breach.

Taiwan Feb 25, 2020

The Ministry of Finance in Taiwan publishes an update with respect to the availability of the AEOI testing portal beginning March. The ministry also informs that financial institutions can go to the “Files Downloads” section of the CRS reporting system to download file format specifications, frequently asked questions, and offline versions of the reporting materials to prepare in advance. "Online Registration" and "Upload and Report" functions will be available beginning March 1. Financial institutions with a small number of declaration data (for example, less than 20) can use the "Online Production of Declaration Data XML File Function" provided by the CRS declaration system. It also reminds FIs that if there are no reportable financial accounts, FIs still need to register with the CRS reporting system and declare that there are no reportable financial accounts.

OECD Feb 25, 2020

The OECD releases IT-formats and guidance to support the technical implementation of the OECD Treaty Relief and Compliance Enhancement (TRACE) initiative, as well as to facilitate the wider use of the OECD Common Transmission System (CTS) for the exchange of information between tax administrations. TRACE is a standardized system that allows the claiming of withholding tax relief at source on portfolio investments and removes the administrative barriers that affect the ability of portfolio investors to effectively claim the reduced rates of withholding tax. Also, the OECD releases a dedicated XML Schema and User Guide, developed to allow tax administrations to provide structured feedback to the sender on errors encountered with respect to tax information exchanged through the CTS.

IRS Feb 24, 2020

The IRS publishes the final version of the instructions for the 2019 Form 1042. The amendments proposed in the draft version of the instructions have been incorporated in the final version of the instructions.

Indonesia Feb 20, 2020

The Directorate General of Taxes of Indonesia publishes a Guide for LJK entities Delivering Financial Information Reports through the SiPINA Portal. The Guide contains Correction Mechanism/Correction of Foreign Customer Financial Information Reports (XML Format) and Validation of Financial Information Reporting to implement International Treaties.

Switzerland Feb 20, 2020

The Federal Tax Administration (AFC) of Switzerland updates the list of CRS reportable jurisdictions. The administration includes a footnote (#11) stating that the bilateral AEOI agreement between Switzerland and the EU continues to apply to the United Kingdom until its withdrawal from the EU, after the end of the transition period the AEOI will be implemented based on multilateral AEOI agreements (MCAA) beginning January 1, 2021.

Netherlands Feb 20, 2020

The Ministry of Finance in the Netherlands publishes replies submitted by the State Secretary of Finance and Taxation to the parliamentary questions on the security of tax data exchange with the EU member states. The letter summarizes and emphasizes the efforts of the Ministry of Finance to maintain network security, vigilant supervision, and co-operation with the research exercises of the Global Forum to avoid data hacking as experienced by the Bulgarian Tax Authorities.

Luxembourg Feb 20, 2020

The Luxembourg Chamber of deputies proposes adjustments to the FATCA/CRS regulations. Specific proposed changes are: (1) Extension of the period of time for which RFIs must keep records of their due diligence compliance measures to ten years after the calendar year during which an account was considered as reportable. (2) Inclusion of a requirement for RFIs to put in place policies, controls, procedures, and IT systems to ensure the execution of the due diligence and reporting obligations required under the current law. These policies, controls, procedures and IT systems must be proportional to the nature, particularities, and size of the reporting financial institutions. (3) Inclusion of a requirement to submit a nil return (zero return) in case there are no reportable accounts (currently nil reporting for CRS purposes is recommended but not required). (4) Adjustment of the applicable penalties. (5) Inclusion of powers to the tax administration to access, on request, the records of actions taken, evidence, policies, procedures, controls, and IT systems. The proposed changes will enter into force on January 1 of the year after that in which the amendment law is published in the Luxembourg Official Gazette.

OECD Feb 19, 2020

The OECD seeks public comments on the draft Model Rules for Reporting for Platform Operators with respect to Sellers in the Sharing and Gig Economy. The market of online platforms facilitating the "sharing" and "gig" economies is growing rapidly and as part of that change, tax administrations are considering adapting their compliance strategies to reflect that an increasing number of taxpayers are earning taxable income through such platforms.

EU Feb 19, 2020

The Council Of Europe updates the monthly overview of signatures and ratifications. In Feb 2020, Armenia and Mongolia ratified Convention on Mutual Administrative Assistance in Tax Matters as amended by the 2010 Protocol.

Cayman Islands Feb 18, 2020

The Cayman Islands Ministry of Financial Services announces that the Cayman Islands Government has contacted EU officials to begin the process of being removed from the EU list of non-cooperative jurisdictions as soon as possible.

British Virgin Islands Feb 18, 2020

The International Tax Authority of BVI announces that it welcomes the EU decision to recognize the BVI as a fully Compliant jurisdiction.

EU Feb 18, 2020

The EU council updates the Common EU list of third-country jurisdictions for tax purposes. It completely delisted Armenia, Antigua and Barbuda, Bahamas, Bermuda, Belize, British Virgin Islands, Cabo Verde, Cook Islands, Marshall Islands, Montenegro, St. Kitts and Nevis, Vietnam. The Cayman Islands, Palau, and Seychelles were moved from the grey list to the blacklist. Panama was added to the blacklist.

Russia Feb 18, 2020

The Federal Tax Service of Russia publishes information on the structure of the tax identification numbers for some CIS countries to facilitate CRS reporting.

IRS Feb 18, 2020

The IRS updates the FATCA General FAQs. Specifically updated is FAQ Q23 under the General Compliance section, specifying that a Withholding Agent under certain conditions will not be subject to interest, penalties, or additions to tax for 2017, 2018 and 2019 calendar years for failure to withhold and report by March 15 of the subsequent year with respect to a dividend equivalent payment made with respect to a derivative referencing a partnership.

Australia Feb 17, 2020

The Australian Taxation Office (ATO) publishes additional guidance on the updated on CRS XML Schema V2.0 that should be used beginning January 2021, the updates are: (1) A schema version attribute that will be mandatory (2) Message Type Indicator is now a validation element and is mandatory (3) Minimum length of all string elements is one character (4) The length of some string elements has been limited (5) The use of fractions of seconds is now allowed in the Timestamp element (6) Controlling Person information is not to be provided when the Account Holder is an Individual, and (7) The ISO code country list has been updated.

France Feb 15, 2020

The French Republic releases a Ministerial Order amending Decree No. 2016-1683 that sets the rules and procedures for the automatic exchange of financial accounts information. Specific updates include – (1) Updated list of CRS participating and reportable jurisdictions for TY2019. The Cook Islands and Saint Lucia are reportable beginning 2019. (2) The threshold amount for a deposit account to be considered a financial account by an FI under 2° of VI of Article 3 has been increased to EUR 44,500 from EUR 43,700 for TY 2020 and subsequent years, (3) The threshold amount for pre-existing entity accounts has been increased to EUR 222,500 from EUR 218,300 for TY 2020 and subsequent years, and, (4) The threshold amount for a high-value account had been increased to EUR 890,200 from EUR 873,400 for TY 2020 and subsequent years and, (5) List of excluded accounts has also been updated with addition of: (a) individual retirement savings plan (b) collective enterprise retirement savings plan (c) compulsory retirement savings plan, and (d) condominiums union accounts opened in accordance with Article 18 of Law # 65-557 of July 10, 1965, fixing the statute of the joint ownership of the built buildings.

Spain Feb 15, 2020

The Spanish Tax Agency (Agencia Tributaria) publishes an updated version of the FATCA technical guide (v2.7), section 6.2 of the Guide has been updated which provides information on web services applications.

United States Feb 14, 2020

NEW - Jurisdictional Debrief Now Available (Week Ending Feb 14, 2020)

OECD Feb 14, 2020

The OECD Secretary-General releases an updated Tax Report for the G20 Finance Ministers and the Central Bank Governors. The report also provides updates on monitoring delivery and assessing the legal frameworks for AEOI and reviewing the effectiveness of AEOI implementation in practice.

Cayman Islands Feb 13, 2020

The Cayman Islands Ministry of Financial Services releases statement on EU List of Non-Cooperative Tax Jurisdictions. The Government confirms that it is aware of media reports on the ongoing revision of the EU list of non-cooperative jurisdictions for tax purposes. While reports suggest the recommendation to EU Ministers of Finance that has been made by EU Ambassadors, the EU Ministers of Finance will make the final decision at a meeting to be held on 18th February.

OECD Feb 13, 2020

Mali joins the international fight against tax evasion by becoming the 161st member of the Global Forum on Transparency and Exchange of Information for Tax Purposes. Mali, like all other Global Forum members, is committed to combatting tax evasion through implementing the internationally agreed standards of transparency and exchange of information for tax purposes - both exchange of information on request and automatic exchange of information.

OECD Feb 13, 2020

The Global Forum on Transparency and Exchange of Information for Tax Purposes (the Global Forum) and the Asian Development Bank (ADB) held a joint training event on the Exchange of Information on Request (EOIR) Peer Reviews and Implementation of the Automatic Exchange of Information (AEOI) Standard from 17 January to 31 January 2020 in Tbilisi, Georgia. The event was hosted by the Revenue Service of Georgia. The training event aimed to prepare future assessed jurisdictions for their 2nd round of EOIR peer reviews (with a special focus on Beneficial Ownership standard) and to train and raise participants’ awareness about the requirements and challenges related to the implementation of the AEOI Standard.

United States Feb 13, 2020

Deloitte Insight: IRS Updates FAQs on QI/WP/WT

Russia Feb 13, 2020

The Federal Tax Service of Russia publishes an updated technical document that describes the requirements of the structure and content of an electronic document (hereinafter referred to as an exchange document) of transmission in an electronic form of information about the financial accounts of FIs residents of foreign States (territories). This version number of this format is specifically related to the updated reporting format (vRU: 5.03).

Netherlands Feb 13, 2020

The Netherlands’ Tax and Customs Administration publishes an updated version of the Banking and Investment products Import Application (2019.3) and the technical guide for delivery of Banking and Investment Products.

Australia Feb 12, 2020

The Australian Tax Office publishes updated AEOI guidance. Section 3.9 on Excluded accounts is updated to remove Scholarship Plans from the list.

IRS Feb 12, 2020

The IRS publishes updated and corrected FAQs on the QI/WP/WT through Issue number 2020-02. Under Certifications and Periodic Reviews, FAQ18 has been removed.

IRS Feb 12, 2020

The U.S. Government Accountability Office (“GAO”) provides a recommendation to the U.S. Internal Revenue Service (“IRS”) to clarify the application of reporting requirements under FATCA to virtual currency. In the absence of guidance on how to report on virtual currencies under FATCA, it would be difficult for taxpayers to submit an accurate FATCA report.

OECD Feb 12, 2020

The OECD publishes updated activated relationships for CRS information. The document includes all bilateral exchange relationships that are currently in place for the automatic exchange of CRS information under Article 6 of the Multilateral Convention and the CRS MCAA, as well as under the EU framework. In addition, certain jurisdictions have concluded bilateral agreements for the exchange of CRS information under bilateral tax treaties or tax information exchange agreements. As of February 2020, there are over 4000 bilateral exchange relationships activated with respect to more than 100 jurisdictions committed to the CRS, with the next exchanges between these jurisdictions set to take place at the end of September 2020.

Liechtenstein Feb 12, 2020

The Liechtenstein State Administration publishes updated AEOI guidance notes (Document #3090) which provides guidance to third-party auditors with respect to the audit of FIs for implementation of AEOI (both FATCA and CRS). The administration also updates document #3086 which provides guidance to RFIs on the fulfillment of FATCA and CRS obligations. Specific updates in document #3086 are: (1) Addition of Section 4 which provides information on organizational measures (2) Addition of Section 7 which provides controlled samples (3) Addition of Section 8 which provides a sample of the pending list (4) Addition of Section 9 which provides information on the Examination process.

Cyprus Feb 12, 2020

The Cyprus Tax Department publishes an updated list of CRS reportable and participating jurisdictions, The Cook Islands and Saint Lucia have been added to the list.

Liechtenstein Feb 12, 2020

The Liechtenstein State Administration publishes guidance, procedures, and a declaration for the audit of reportable financial institutions under FATCA and/or CRS for the 2015-19 reporting periods. Specific highlights of the documents include – 1) mandatory requirements and procedure for implementing the audits, 2) principles of the audit procedure, 3) the obligations of independent auditors concerning the above audit, and 4) the relevant forms and content of the audit reports.

IRS Feb 11, 2020

The IRS publishes Issue number 2020-01 announcing the due date for selection of Certification Periodic review year on QI/WP/WT Application and Account management system. All QI/WP/WT entities with a certification due date of July 1, 2020, which includes entities with an effective date later than 1/1/2016 and earlier than 1/2/2017, must select the periodic review year of their certification period by July 1, 2020. This includes those entities selecting 2019 as their periodic review year. This announcement does not apply to termination certifications.

IRS Feb 11, 2020

The IRS publishes updated FAQs on the QI/WP/WT through Issue number 2020-02. Under Certifications and Periodic Reviews FAQs Q9, Q10, and Q18 have been updated which provide guidance on the due date for QI/WP/WT entities to select and submit the periodic review year of their certification.

Singapore Feb 11, 2020

The Inland Revenue Authority of Singapore (IRAS) releases updated CRS Reportable jurisdictions list. The Cook Islands, Cyprus, and Mauritius are added to the list of reportable jurisdictions whereas Bulgaria has been removed from the list. The IRAS also releases an updated list of participating jurisdictions, Ecuador has been identified as a participating jurisdiction. In addition, the IRAS reminds SGIFs that the CRS registration deadline for an entity that became a Reporting SGFI between January 1, 2019, and December 31, 2019 (both dates inclusive) is March 31, 2020.

Cayman Islands Feb 11, 2020

The Department of International Tax Cooperation (DITC) of Cayman Islands publishes a reminder on the new AEOI portal which is set to launch in two phases over the first and second quarters of 2020. Also, it recommends that the News and Updates webpage to be reviewed weekly for further updates.

IRS Feb 9, 2020

The IRS releases draft instructions for 2019 Form 1042. The draft guidance provide new information on: (1) Section 871(m) transition, (2) New Schedule Q (Form 1042), (3) Reliance on proposed regulations reducing burden under FATCA and Chapter 3, and (4) (a) Withholding and reporting in a subsequent year (b) Adjustments to over withholding under the reimbursement and set-off procedures.

France Feb 7, 2020

The French Tax Authority (DGFiP) publishes an updated version of the Guidance on how to report the list of “recalcitrant” account holders that did not submit the appropriate documentation/information as required under Article 102 AG of the French Tax Procedures Code. As a reminder, FIs should report the list of recalcitrant account holders (including joint account holders) by March 30, 2020 at the latest.

Singapore Feb 6, 2020

The Inland Revenue Authority of Singapore (IRAS) publishes a reminder on the ratification of the reciprocal Model 1 IGA with respect to FATCA compliance by the end of 2020, thus superseding the current non-reciprocal IGA. The updated IGA will be in force beginning March 5, 2020, and will be effective January 1, 2021.

Poland Feb 6, 2020

The Ministry of Finance in Poland publishes a user guide describing the method of reporting accounts that were open during the period of January 1, 2016, to April 30, 2017. This guidance would help FIs to submit information in the correct format. Additionally, an updated CRS reporting form with respect to TY2019 reporting has been released.

Russia Feb 5, 2020

The Federal Tax Service (FTS) of Russia publishes an updated list of jurisdictions with which Russia will exchange CRS data (As a reminder, Russia has adopted the wider approach for CRS reporting).

Gibraltar Feb 5, 2020

The Commissioner of Income Tax of Gibraltar releases an updated list of CRS reportable jurisdictions. Costa Rica and the Isle of Man are reportable jurisdictions with respect to TY2019 data while Grenada has been now identified as a permanent non-reciprocal jurisdiction.

Liechtenstein Feb 4, 2020

The Tax Administration (STV) of the Principality of Liechtenstein releases a Newsletter (01/2020) informing and specifying the updates made to the FATCA FAQs. Specific updates include – (1) the abolition of the option of using the "sponsor GIIN" as "TDT-GIIN", (2) the validity of IRS forms and the “Similar Agreed Forms”, (3) the mandatory collection of the US TIN for reporting periods from 2020, and (4) Obtaining self-disclosure on discretionary distributions.

Bermuda Feb 4, 2020

The Ministry of Finance in Bermuda releases an updated list of CRS reportable jurisdictions. The updated list excludes Romania with respect to TY 2019 reporting.

Luxembourg Feb 3, 2020

Luxembourg’s ACD publishes updated CRS regulation thereby confirming the earlier published list of CRS participating and reportable jurisdictions with respect to TY2019 and subsequent years. As a reminder, six additional jurisdictions were identified as reportable, namely - Albania, Dominica, Ecuador, Kazakhstan, Liberia, and Oman.

IRS Feb 1, 2020

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool, with the FIs that are in approved status as of Jan 27, 2020.

United States Jan 31, 2020

NEW - Jurisdictional Debrief Now Available (Week Ending Jan 31, 2020)

Australia Jan 31, 2020

The Australian Taxation Office (ATO) publishes CRS stakeholder update #11 which provides information with respect to 2021 CRS Schema. The OECD has mandated a hard cut-off date for the use of CRS XML Schema Version 1.0. CRS XML Schema version 2.0 and CRS User Guide Version 3.0 is to be used for all new, correction and deletion reports lodged from 1 January 2021. The Taxation Office is currently working through the details to ensure a smooth transition and will provide further updates over the coming months.

OECD Jan 30, 2020

Togo signs the Multilateral Convention on Mutual Administrative Assistance in Tax Matters (the Convention), thus becoming the 136th participant of the Convention. The OECD also releases a list of updated CRS signatories with the addition of Brunei, taking the tally of CRS MCAA signatories to 108. Additionally, the Global Forum releases an updated list of the AEOI status of commitments.

IRS Jan 30, 2020

The IRS releases texts of the IGAs signed with the competent authorities of Dominica and Tunisia.

Mexico Jan 29, 2020

The Mexico Tax Administration (SAT) releases various updated documents with respect to FATCA and CRS. Updated documents include (1) Updated CRS regulations (2) Guidelines and format for NIIF request (3) CRS reportable and participating lists (4) FATCA/CRS reporting activity calendar, and (5) Nil reporting template and related guidance with examples.

Germany Jan 28, 2020

The Federal Ministry of Finance in Germany (BZSt) releases a provisional list of CRS reportable jurisdictions for TY2019. 12 additional jurisdictions have been identified as probable reportable jurisdictions with respect to TY2019 data, while Dominica and Niue have been identified as potential non-reciprocal jurisdictions. Also, Qatar, Saint Lucia, and the United Arab Emirates have been identified as potential reciprocal jurisdictions beginning TY2019 from the current status of non-reciprocal.

Luxembourg Jan 27, 2020

The Grand Duchy of Luxembourg publishes an updated list of reportable and participating jurisdictions for TY2019 reporting. Six additional jurisdictions have been identified as reportable, which are reportable with respect to TY2019 and subsequent years, namely - Albania, Dominica, Ecuador, Kazakhstan, Liberia, and Oman.

Canada Jan 27, 2020

The Canadian Revenue Agency (CRA) updates its FATCA technical format for electronic transmittal of Part XVIII Information Return (International Exchange of Information on Financial Accounts). It specifies that if the Individual and Organization TIN fields are populated with nine zeros (000000000) or nine A’s (AAAAAAAAA), then the TINIssueCountryCode should be left blank.

United States Jan 27, 2020

Deloitte Insight: a guide providing a high-level summary of the FATCA IGA statuses and a broad-based regional overview that includes maps and regulation references from the respective countries' competent authority websites.

United States Jan 27, 2020

Deloitte Insight: IRS Publishes Final Chapter 3 and 4 Regulations.

OECD Jan 24, 2020

Vietnam and Palau join the international fight against tax evasion by becoming the 159th and 160th member of the Global Forum on Transparency and Exchange of Information for Tax Purposes. Vietnam and Palau, like all other Global Forum members, are now committed to combatting tax evasion through implementing the internationally agreed standards of transparency and exchange of information for tax purposes.

Curaçao Jan 24, 2020

The Ministry of Finance in Curaçao publishes an updated list of reportable jurisdictions for TY2019. Seven jurisdictions: Antigua and Barbuda, Cook Islands, Cyprus, Hong Kong, Israel, Saint Lucia, and Switzerland have been added to the list.

Sweden Jan 23, 2020

The Swedish Tax Agency releases draft editions of the FATCA and CRS technical specifications for TY2019 reporting. The updated FATCA technical has reference to the IRS Notice 2017-46 which means that the FIs, under certain conditions, will have additional time to collect US tax registration numbers for existing accounts. Note that Notice 2017-46 refers to the income years (calendar years) 2017-2019. More information can be found in the Legal Guidance of the Swedish Tax Agency and the notice of the IRS. The updated CRS technical specification provides guidance on the type of “MessageTypeIndic” to be used while reporting the data.

Lithuania Jan 21, 2020

The Ministry of Finance of the Republic of Lithuania publishes an update on the STI public key. The authority confirms the availability of the new STI (State Tax Inspectorate) public key which should be used beginning January 17, 2020.

Kazakhstan Jan 20, 2020

The Ministry of Finance of the Republic of Kazakhstan releases CRS regulations. Besides other updates, the deadline for CRS reporting is June 30.

Hong Kong Jan 20, 2020

The Inland Revenue Department of Hong Kong releases a new version of the AEOI Encryption Tool, this tool can be used for encrypting the data files.

United States Jan 18, 2020

NEW - Jurisdictional Debrief Now Available (Week Ending Jan 18, 2020)

Macau Jan 16, 2020

The Financial Services Bureau of Macau publishes an updated list of CRS reportable jurisdictions. Dominica, Ecuador, Kazakhstan, Liberia, Oman, and Vanuatu have been added to the list.

Thailand Jan 16, 2020

The Revenue Department of Thailand releases an analysis report of the potential impact of the AEOI law. This bill would empower the Revenue Department to conduct an exchange of information between countries in accordance with the provisions and conditions of the agreement or convention for the avoidance of double taxation and prevention of fiscal evasion.

Malaysia Jan 16, 2020

The Inland Revenue Board of Malaysia (IRBM) publishes important dates with respect to CRS reporting. The production environment will open, to receive CRS submissions from March 1, 2020, and will accept submissions until the deadline of June 30, 2020.

Malaysia Jan 15, 2020

The Inland Revenue Board of Malaysia (IRBM) publishes an updated list of CRS reportable jurisdictions. The Cook Islands, Cyprus, and Saint Lucia have been added to the list while Bulgaria will be non-reportable with respect to TY2019 data.

Switzerland Jan 15, 2020

The State Secretariat for International Finance (SIF) of Switzerland updates the statuses of CRS reportable jurisdictions. As per the updated statuses - Albania, Brunei Darussalam, Kazakhstan, Maldives, Nigeria, Niue, Oman, Peru, Sint Maarten, and Trinidad and Tobago do not meet the requirements for activating the AEOI and the agreements are not effective with these jurisdictions until they meet the requirements of the AEOI global standard and express their interest in introducing AEOI with Switzerland. Reporting financial institutions are hence not required to collect information about the financial accounts and to transmit them to the competent authority. Also, the AEOI agreement with Turkey is now subject to parliamentary approval.

Bulgaria Jan 14, 2020

The National Revenue Agency of Bulgaria releases an order instructing financial institutions to provide the place of birth with respect to pre-existing individual accounts of the EU member states by June 30, 2020 (with the 2019 reporting data).

Estonia Jan 14, 2020

The Federal Ministry of Finance in Austria publishes an English version of the amended Tax Information Exchange Act (TIEA).

IRS Jan 13, 2020

The U.S. Department of Treasury updated the FATCA IGA status of Serbia to “In Force (1-8-2020)” from the previous status “Signed”.

Cayman Islands Jan 9, 2020

The Department of International Tax Cooperation (DITC) of Cayman Islands publishes updates with respect to the AEOI portal. The DITC is developing a new Portal for notification and reporting purposes, which is set to launch in two phases over the first and second quarters of 2020. The new Portal will include additional features such as bulk upload options for reporting and User changes, a centralized overview of all assigned FIs and downloadable reports to assist with monitoring the annual reporting progress for FATCA and CRS. Further details regarding the new Portal and the 2020 reporting deadline will be posted when they are available.

IRS Jan 9, 2020

The IRS publishes updated instructions for the 2019 Form 1042-S. Specific updates are: (1) Withholding and reporting in a subsequent year (this supplements the box 7c instructions on page 25, which applies to partnerships, and also provides new information for trusts not contained in the 2019 instructions). (2) The Tax Rate Table also includes the revised backup withholding tax rate of 24%.

Luxembourg Jan 8, 2020

Luxembourg’s ACD releases an updated version of the CRS FAQs. Specific updates include (1) FAQ 3.2 has been updated which provides guidance on the treatment of supplementary pension schemes (SPC) regulated under CRS and (2) FAQ 3.3 has been added that describes the treatment of derivative financial instruments under the CRS.

United States Jan 8, 2020

The Taxpayer Advocate Service (TAS) releases the 2019 Annual Report to Congress. This Annual Report includes harmonizing reporting requirements for taxpayers subject to both the report of FinCEN foreign bank and financial accounts (FBAR) and the Foreign Account Tax Compliance Act (FATCA) by eliminating duplication and excluding accounts a U.S. person maintains in the country where the person is a bonafide resident.

Malaysia Jan 7, 2020

The Inland Revenue Board of Malaysia (IRBM) publishes an update on the first reporting of FATCA information. The date for submitting 2014, 2015, 2016, 2017, 2018, 2019 and 2020 reportable information and NIL Returns under FATCA to the IRBM has been further tentatively deferred to June 30, 2021.

United States Jan 6, 2020

Deloitte Insight: FATCA: Update on the development of Intergovernmental Agreements (IGAs) continue, in order to implement tax reporting and withholding procedures. Also, included is the summary highlighting global updates on the AEOI with respect to CRS.

Norway Jan 3, 2020

The Norwegian Tax Administration releases updated Financial products description of the file format guide (v1.1) with respect to TY19. It also releases an updated Deposits, loans and interest Description of the file format guide (v3.0.4) for submitting information to the Tax Administration Valid from the 2019 income year with reporting from 2020.

Croatia Jan 3, 2020

The Croatian Tax Administration publishes amended AEOI Regulations. Specific updates include – (1) Updates to Article 7, Sec 4(2) on “managed by Investment entities”, (2) Updates to Article 37, Sec 1 on active entity other than an FI, (3) addition of Articles 57(a) and (b) on cross-border arrangements reporting, (4) addition of Article 107, Sec 4 specifying notification should be submitted electronically and in the prescribed format, and (5) Addition of Chapter III, Article 122 specifying categories of cross-border reporting arrangements.

IRS Jan 2, 2020

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool, with the FIs that are in approved status as of Dec 23, 2019.

Malta Jan 2, 2020

The Office of the Commissioner for Revenue in Malta publishes new guidelines on the Automatic Exchange of Financial Account information. Specific updates include (1) A clarification on entity classification pertaining to Cell Companies (2) The elimination of Holding and Treasury Company FI in FATCA (3) Clarification on Distributed Ledger Technology Assets (4) More complete notes on Registration and Modifications of Domestic Registrations and the introduction of guidance on the cancellation of domestic registration and GIIN (5) Clarifications on reporting obligations pertaining to structures with underlying structures which do not have a separate legal personality (6) The definition of Passive Income has been aligned in its entirety with the Income Tax Act (7) Current CBI / RBI Guidelines will be extended to FATCA (8) Changes in deadlines limited to the “Excel Spreadsheet” Submissions (9) Detailed Guidelines on the Completion of Data Elements, and (10) Updated information on Recalcitrant Accounts / Undocumented Accounts.

Czech Republic Jan 2, 2020

The Ministry of Finance of the Czech Republic publishes a newsletter comprising an updated list of CRS reportable jurisdictions along with the years of first information exchange. Antigua and Barbuda, The Bahamas, Dominica, Grenada, Hong Kong, Saint Lucia, and Vanuatu have declared their effective date of exchange of data agreement.

Hungary Jan 1, 2020

The National Tax and Customs Administration of Hungary publishes an updated version of the AEOI technical guide for the electronic submission of data. The Guide also reminds FIs that the deadline for AEOI reporting is June 30, 2020.

Isle of Man Dec 31, 2019

The Income Tax Division of Isle of Man publishes updated CRS participating and reporting jurisdictions list for 2019 reporting and a provisional list of CRS reportable jurisdictions for 2020 reporting. Ecuador has been added as a participating and reportable jurisdiction for 2019 reporting while four jurisdictions have been removed from the list of the participating jurisdictions. The four jurisdictions that are now non-participating the “Look Through” provisions for “managed” investment entities, should be applied by RFIs accordingly (as per Section VIII A.6.b of the CRS). The provisional list of CRS reportable jurisdictions for 2020 reporting should only be used by Isle of Man FIs that are ceasing to be a Reporting Financial Institution and need to file a final report prior to cessation in accordance with section 6.4 of GN53.

India Dec 31, 2019

The Income Tax Department of India releases an updated version of the AEOI Information Request Utility (Version 1.1) tool.

Guernsey Dec 31, 2019

The Revenue Service of the States of Guernsey publishes an updated list of reportable and participating jurisdictions for TY2019. As per the updated list of the reportable jurisdictions, Maldives, Peru, and Trinidad and Tobago will be non-reportable with respect to TY2019 data while Ecuador and Liberia have been added to the list. In regards to the list of participating jurisdictions Ecuador, Liberia, and Morocco have been added to the list. Additionally, a provisional list TY2020 reportable jurisdictions have been made available wherein the Maldives, Morocco, and Peru have been listed.

United Kingdom Dec 30, 2019

The United Kingdom’s HMRC updates its International Exchange of Information Manual for CRS reporting. Specific updates include – (1) addition of Albania, Brunei Darussalam, Ecuador, Kazakhstan, Kuwait, Oman, and Peru have been added to the list of reportable jurisdictions. (2) addition of Albania, Dominica, Ecuador, Kazakhstan, Omann and Peru have been added to the list of participating jurisdictions. (3) updates have been made to the list of excluded financial accounts with respect to CRS, and (4) Updated retention period for documentary evidence and due diligence related documents for New Individual Accounts as 5 years from the end of the period in which the account was last included in a return or 5 years from the end of the period in which the due diligence process was last relied upon to treat the account as not being reportable.

Russia Dec 30, 2019

The Federal Tax Service (FTS) of Russia releases updated CRS FAQs. Specifically updated FAQs are: (1) FAQ 1 has been updated which provides information on type of contract for which financial information is required (2) Updated FAQ 1.1 which provides information on applicable provisions with respect to escrow accounts (3) FAQ 1.2 has been added which provided information on insurance organizations and contracts to be treated as reportable and, (4) Added FAQ 20.5 which provides guidance on responsibilities of FIs to establish tax residency of account holders under CBI/RBI schemes. Also, the FTS publishes a checklist for the FIs to help in conducting an analysis of the proper implementation of Russian AEOI requirements.

Italy Dec 30, 2019

The Government of Italy publishes Italian Budget Law for 2020 (section #722). The Law requires Italian RFIs to undertake the following steps from January 1, 2020, in case of missing US TINs. The steps to be undertaken are: 1) obtain and report to the Italian Revenue Agency the date of birth of holders of financial account existing June 30, 2014, who have not yet provided their US TINs, (2) request, at least once a year, the missing US TINs from the financial account-holders and (3) to carry out customer due diligence to verify the missing US tax code status of the financial account holders who have not yet provided their US TINs. RFIs would not be subject to penalties for severe non-compliance if the above steps are undertaken.

IRS Dec 28, 2019

The Internal Revenue Service (IRS) Treasury releases final regulations that provide guidance on certain due diligence and reporting rules applicable to persons making certain U.S. source payments to foreign persons, and guidance on certain aspects of reporting by foreign financial institutions on U.S. accounts. The regulations are effective beginning January 2, 2020.

Ecuador Dec 28, 2019

The Internal Revenue Service of Ecuador publishes a document (Resolution NAC-DGERCGC19-00000062) which provides information on the Excluded accounts with respect to CRS.

Japan Dec 28, 2019

The National Tax Agency of Japan publishes updated CRS FAQs. Specific updates include – (1) Q51 has been added which provides guidance on voluntary reporting by an FI which would be an RFI in the future. (2) Q52 has been added which provides information on the revision of the Mutual Exemption Law under the reporting system for the automatic exchange of financial account information for non-residents.

Japan Dec 28, 2019

The National Tax Agency of Japan releases updated CRS reporting FAQs. Specific updates include modifications to existing FAQs: Q1-2-1, Q2-13, Q2-14, and Q3-4 while FAQ Q1-1-11 has been added to help FIs to understand immediate notifications and receipt of notifications. Also, an updated AEOI data transmission form for non-residents has been published.

Mexico Dec 28, 2019

The Mexican Tax Authority (SAT) publishes Fiscal Resolution 2020 (Resolución Miscelánea Fiscal, or RMF), which includes updated rules related to FATCA, CRS and Mandatory Disclosure Rules (MDR). Reporting Financial Institutions are allowed to submit TY18 returns for FATCA and CRS between January 20 and February 28, 2020. This period also applies to Nil reporting declarations as well as to the mandatory notice that has to be submitted to the SAT regarding third-party service providers (Form 255/CFF). With regards to MDR, tax advisors (intermediaries) and taxpayers, as defined in Articles 197 and 198 of the General Tax Code, are required to report information regarding reportable arrangements starting January 1, 2021.

India Dec 27, 2019

The Income Tax Department of India publishes Information Request Utility – Quick Reference Guide (Version 1.0) and an updated version of the Information Request Utility User Guide (Version 1.1) used for AEOI reporting.

Japan Dec 27, 2019

The National Tax Agency of Japan releases an updated list of CRS reportable jurisdictions. Seven jurisdictions - Albania, Dominica, Ecuador, Kazakhstan, Oman, Peru, and Taiwan have been added to the list.

Peru Dec 27, 2019

The Customs National Superintendence and Tax Administration of Peru release an amendment to CRS regulations (# 270-2019/SUNAT). The regulation establishes the rules for the submission of the financial reports with respect to AEOI.

Ecuador Dec 23, 2019

The Internal Revenue Service of Ecuador publishes various documents related to CRS, such as: (1) CRS XSD schema (v1.0.0) (2) A document explaining CRS allowed characters (v.2), for the registration of the fields in the CRS annex (3) A Sample CRS XML. It also updates the CRS Catalog Annex CRS (v.2.1).

Poland Dec 23, 2019

The Ministry of Finance of Poland releases a user guide describing the CRS-1 form elements and instructions on how to complete the form.

Liechtenstein Dec 23, 2019

The Liechtenstein State Administration publishes amendments to the AEOI regulations through Liechtenstein State law Gazette. The amendments include (1) Removal of accounts which do not hold economic purposes from the list of exempt accounts, (2) amended definition of Capital deposit account for the purpose of establishing a legal entity to a Capital payment account for the purpose of establishing a legal entity, provided that the establishment is completed within 90 days of the opening of the capital payment account and the paid-up amount has been credited to the legal entity, and (2) Ecuador, Kazakhstan and Oman are added as partner countries for the purposes of AEOI. The amended regulations will enter into force on January 1, 2020.

Italy Dec 21, 2019

The Italian Revenue Agency releases an update with reference to the recently published IRS FATCA FAQ3 which provides guidance on the reporting of missing US TINs for 2020. In this announcement the Revenue Agency indicates that it has reached out to IRS seeking further clarification on the FAQ.

United States Dec 20, 2019

NEW - Jurisdictional Debrief Now Available (Week Ending Dec 20, 2019)

Malta Dec 20, 2019

The Maltese Official Gazette Dec. 17 publishes a regulation implementing an EU directive on the mandatory automatic exchange of information (AEOI) for reportable cross-border arrangements. The law includes measures 1) specifying circumstances when intermediaries and taxpayers are required to declare cross-border arrangements; 2) defining cross-border reporting systems and exchange of information with other EU member countries; 3) providing exemptions for intermediaries from disclosing confidential information; 4) aligning the definition of controlling person with that of beneficial owner; and 5) establishing penalties for reporting invalid, false, misleading, or deceitful information.

Hungary Dec 20, 2019

The National Tax and Customs Administration of Hungary publishes an updated version of the FATCA technical guide for the electronic submission of data. The Guide also reminds FIs that the deadline for AEOI reporting is June 30, 2020.

Netherlands Dec 19, 2019

The Netherlands’ Tax and Customs Administration publishes a reminder on AEOI filing deadlines. (1) February 1, 2020 – Investment products (possibly including FATCA and CRS) and Private Home Annuity Savings (EWLS). (2) May 1, 2020 - Payment and savings products (possibly including FATCA and CRS). (3) August 1, 2020 – only FATCA and CRS report. There is also a possibility to submit all the data from the message flows Investment products, Loan products, Payment and savings products, Private Home Annuity Savings, FATCA and CRS before 1 February 2020. This allows meeting the delivery obligation in one go.

Isle of Man Dec 18, 2019

The competent authorities of the Isle of Man and Anguilla concluded an agreement to improve international tax compliance based on the Automatic Exchange of Information (AEOI).

IRS Dec 18, 2019

The IRS updates FATCA FAQs (Under FATCA Certifications, FAQ 16) which provides guidance on how to submit the final certification after the cancellation of the FFI agreement.

Ireland Dec 18, 2019

The Revenue Online Services (ROS) of Ireland publishes an updated version of Revenue guide to Automatic Exchange of Information (AEOI) for financial account holders (Part 38-03-24). Paragraph 17 has been added to the guide which provides information on “Relief Procedures for certain Former citizens” which was recently announced by the IRS.

Netherlands Dec 18, 2019

The Netherlands house of Representatives receives information about a data breach at the Bulgarian Tax Authorities and the possible consequences for 2,400 tax obligations affected by the hack.

India Dec 17, 2019

The Income Tax Department of India publishes updated versions of Reporting portal FAQs (v4.2) and Reporting portal - User guide (v3.4).

IRS Dec 16, 2019

The IRS publishes Issue Number N-2020-02 announcing the intention of the US Treasury and the IRS to amend the section 871(m) regulations to delay the effective/applicability date of certain rules in those final regulations and extends the phase-in period provided in Notice 2018-72, 2018-40 I.R.B. 522, for certain provisions of the section 871(m) regulations. The Final Regulations(TD-9887) defines the term “broker” and indicates when the delta of an option that is listed on foreign regulated exchange may be calculated.

Sweden Dec 16, 2019

The Swedish Tax Agency publishes CRS/FATCA Newsletter for the month of December informing FIs of the changes in FATCA and CRS reporting in 2020. Specific updates include: (1) For undocumented accounts, the balance or value must be provided at the end of the year. (2) The obligation to disclose how a natural person exercises a controlling influence over a unit has been extended, and (3) Many updates have been made to reporting exemption of pension foundations/pensions savings and pension insurance obligations. The Newsletter also contains a summary of several inconsistencies in the data reported and how it should be corrected. It also has a link to recently published US IRS FATCA FAQ on missing US TIN for existing accounts.

Switzerland Dec 13, 2019

The Federal Tax Administration (AFC) of Switzerland updates the list of CRS reportable jurisdictions. Specifically updated is the status of 11 jurisdictions that are yet to begin information exchange with Switzerland, the statuses of these jurisdictions have been updated to indicate that the date of first information exchanges are yet to be decided and are still open for discussion.

Ireland Dec 12, 2019

The Irish Revenue Service published updated FATCA and CRS/DAC2 Filing Guidelines. Specific updates to the FATCA Filing Guidelines include (1) updates on the Account Holder TIN XML schema element; (2) clarification on valid ROS characters; and (3) further details on FATCA XML forbidden and restricted characters. The CRS/DAC2 Filing Guidelines was revised to include further clarification on valid ROS characters.

Netherlands Dec 12, 2019

The Ministry of Finance in the Netherlands publishes replies submitted by the state secretary to the parliamentary questions about the position of Dutch people in other EU countries and the USA. The letter highlights and confirms the efforts of the Dutch Government in collaborating with the other EU member countries to discuss FATCA problems at the next Ecofin Council.

Denmark Dec 12, 2019

The Ministry of Taxation of Denmark updates its list of CRS Reportable jurisdictions for 2020. Albania, Ecuador, Kazakhstan, Oman, and Peru have been added to the list.

Japan Dec 12, 2019

The Ruling Coalition in Japan publishes Tax Reform Proposals 2019. Amongst several other proposals, few CRS proposals were also included, such as: (1) Changes to review procedures in case of change in circumstance(s), (2) Modified requirements on reasonable efforts to obtain TIN and date of birth for Pre-existing accounts, (3) modified definitions of excluded accounts, account holders and entities, and (4) Introduction of anti-avoidance rules to improve tax compliance.

IRS Dec 11, 2019

The IRS releases a 2020 version of the Form 1099-B and 2020 Instructions for Forms 1099-MISC and 1099-NEC. No major changes were made to the documents.

EU Dec 11, 2019

The General Secretariat of the European Council released a letter addressed to the U.S. Treasury Secretary with respect to FATCA. The Council acknowledges the recent efforts made by the IRS specifically with the publication of Notice 2017-46 and the recently released FAQs related to missing US TINs along with the relief procedures for accidental Americans. The Council further provide recommendations to the U.S. Treasury requesting (1) the recently IRS FAQs to be complemented by additional technical exchanges between the IRS and EU member states; (2) to lower the cost of renunciation to the US citizenship along with a simplified filing process; and (3) the U.S. Government to achieve equivalent levels of reciprocal automatic information exchange with the European Union.

IRS Dec 10, 2019

The U.S. Department of Treasury updated the FATCA IGA status of Ukraine to “In Force (11-18-2019)” from the previous status “Signed”.

OECD Dec 10, 2019

The OECD’s Global Forum launched the Induction Program on Tax Transparency and Exchange of Information for Honduras on December 5th and 6th, 2019. The seminar focused on Honduras' benefits in implementing the tax transparency standards on the Global Forum Standards.

Peru Dec 10, 2019

The Peruvian Ministry of Economy and Finance published AEOI amended regulations (Supreme Decree No. 369-2019-EF). The amended regulations modify the Regulation that establishes the financial information that must be provided to the National Superintendence of Tax Administration (SUNAT). The AEOI Amendment entered into force on December 11, 2019.

Switzerland Dec 10, 2019

The Federal Council of the Swiss Government released a draft version of the amended Federal Act on AEOI, along with a comprehensive explanations of AEOI and the proposed amendments. If approved, the draft amendments would come into force in 2021.

Liechtenstein Dec 9, 2019

The Liechtenstein State Administration releases announcements (Gazette No. 332, 334 and 335) approving the notification under Section 7 of the MCAA on the introduction of the automatic exchange of financial accounts information with Ecuador, Kazakhstan and Oman. The first exchange of information between Liechtenstein and these states will take place in 2021 with regard to information for the year 2020. These announcements will come into force on December 10, 2019.

Ireland Dec 9, 2019

The Revenue Online Service (ROS) of the Irish Tax and Customs released an updated version of the FATCA Guidance Notes (Part 38-03-22). The Guidance Notes was revised in its paragraph 4.3 to include a summary of the new FAQ issued by the IRS regarding the treatment of accounts that do not contain a TIN for calendar year 2020, and subsequent reporting periods.

Netherlands Dec 9, 2019

The Netherlands Tax and Customs Administration published a Final list of CRS Reportable Jurisdictions. This list is in line with the earlier list published on December 7, 2018 (No additional countries were added).

OECD Dec 9, 2019

The OECD announced that a team from the Global Forum Secretariat delivered a four-day training seminar in December 2019 in Nairobi, Kenya for the Kenya Revenue Authority (KRA) on the theme “Exchange of information from an auditor’s perspective”. This is the second training the Global Forum Secretariat facilitated in Kenya in 2019, to support the KRA’s new strategy of improving the fight against cross-border tax evasion through Exchange of Information.

United States Dec 6, 2019

NEW - Jurisdictional Debrief Now Available (Week Ending Dec 6, 2019)

Slovak Republic Dec 6, 2019

The Financial Directorate of the Slovak Republic published an updated list of CRS reportable jurisdictions for TY 2019. Ghana, Hong Kong, Israel, Lebanon, Macau, Niue and Vanuatu have been added to the list of reportable jurisdictions for 2020 (TY 2019).

Belgium Dec 4, 2019

The Belgian Tax Authority publishes a communication informing FIs that the IRS’ requests for the correction of FATCA files have been sent to FIs with a deadline of a month and three working days to improve and submit corrected files. The correction requests are with respect to income years 2016, 2017 and 2018. The FIs that have not received communication can also submit spontaneous corrections and/or spontaneous cancellations for the FATCA files.

Malaysia Dec 4, 2019

The Inland Revenue Board of Malaysia (IRBM) reconfirms the IDES Testing Schedule for Malaysian FIs as released by the IRS. FATCA International Data Exchange Service (IDES) opens for testing from Monday, Dec 16, 2019, at 8.00 AM EST to Friday, Jan 24, 2020, at 5.00 PM EST. The test session will be open to all users that have completed IDES enrolment by Thursday, Dec 12, 2019, at 5.00 PM EST.

Australia Dec 4, 2019

The Australian Taxation Office (ATO) releases a Digital Service Providers (DSPs) newsletter. As per the newsletter beginning Monday, January 13, 2020, DSPs will need to use the myGovID instead of AUSkey to log in to Online services for DSPs.

Ukraine Dec 3, 2019

The parliament of Ukraine (Verkhovna Rada) adopts bills No. 2102 and No. 2103 in the second reading. These documents have been developed to implement the Agreement between the Government of Ukraine and the Government of the United States of America on improving tax compliance and applying the provisions of the US Foreign Accounts Tax Law (FATCA).

IRS Dec 3, 2019

The IRS releases 2020 Instructions for Forms 1099-MISC and 1099-NEC (nonemployee compensation). Due to the creation of Form 1099-NEC, IRS has revised Form 1099-MISC and rearranged box numbers for reporting certain income. Also, the IRS releases the 2019 version of Form 8966 (FATCA report), no major updates have been made to the form.

IRS Dec 2, 2019

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool, with the FIs that are in approved status as of Nov 22, 2019.

Belgium Dec 2, 2019

The Belgian Tax Authority publishes a communication reminding FIs on the mandatory reporting of TINs for CRS purposes, along with links to the OECD TINs information webpage and the European TINs information webpage. The communication has also been added to the CRS FAQs and documentation section.

Poland Nov 29, 2019

The ministry of finance of Poland releases updated CRS reporting Forms (CRS-1) which should be used starting January 1, 2020. The CRS form has been updated to supplement the information in regards to the new AccountTreatment item ("Account Type"). It is used to provide information on whether or not the account of the tax residence of the holder has been obtained for the account opened during the transition period. From 1 January 2020, these CRS forms will replace the current CRS-1 (1).

Cayman Islands Nov 29, 2019

The TIA issues an AEOI update announcing that that the Cayman Islands AEOI Portal is currently offline for essential maintenance. The announcement clarifies that the AEOI Portal will reopen during the first quarter of 2020 for CRS and US FATCA Notification and Reporting submissions

Thailand Nov 28, 2019

The Revenue Department of Thailand, announces that the US IRS will open the IDES system to allow Thai financial institutions to receive and send simulation data to IRS from December 16, 2019 - January 24, 2020. The FIs that have not yet registered in the IDES system, can register to participate in the trial and to submit the simulation data to the IRS by December 12, 2019. Also, if the FI has already registered in the IDES system, no new registration is required but must change the password before December 12, 2019, to ensure that the password will not expire during the test. During the testing period, FIs will not be able to edit passwords and upload certificates.

Russia Nov 28, 2019

The Federal Tax Service of Russia releases an updated list of organizations that qualify as financial market organizations for AEOI purposes along with updated CRS FAQs. The updated list now includes insurers engaged in insurance activities (except voluntary life insurance insurers) as reportable under CRS, while the same has been added as an FAQ (1.1) explaining which type of insurance organizations and insurance contracts are reportable under CRS and the types of insurance contracts to be treated as excluded accounts for CRS reporting.

Russia Nov 28, 2019

The Federal Tax Service (FTS) of Russia releases a draft version of a checklist for RFIs on an assessment of completeness of performance in regards to AEOI and an updated report format on foreign customers (v5.03). The checklist is intended to help the RFIs analyze the proper implementation of Russian requirements in the field of CRS, both documents are posted for public discussion and are available for proposals and comments that can be sent through the “Feedback” option available on the FTS portal until December 16, 2019.

OECD Nov 27, 2019

The OECD publishes an updated list of jurisdictions participating in the Convention on Mutual Administrative Assistance in Tax Matters. Benin, Bosnia and Herzegovina, Cabo Verde, Mongolia, and Oman join international efforts taking the strength of MCAA participants to 135.

OECD Nov 27, 2019

The OECD releases a statement of outcomes of the 10th Anniversary Meeting of the Global Forum on Tax Transparency. The statement includes statistical data on successful exchanges carried out and governed under the AEOI and EOIR regimes respectively.

IRS Nov 27, 2019

International Data Exchange Service - IDES service will be unavailable from approximately 8 a.m. Eastern time on Monday, Dec 2, 2019, until approximately 5 p.m. Eastern time on Tuesday, Dec 3, 2019, due to planned maintenance.

IRS Nov 26, 2019

The IRS publishes Issue Number 2019-9 informing users that the FATCA International Data Exchange Service (IDES) will open for testing from Monday, December 16, 2019, at 8:00 AM EST and will be available until Friday, January 24, 2020, 5:00 PM EST. The test session will be open to users that have completed IDES enrollment by Thursday, December 12, 2019, at 5:00 PM EST.

OECD Nov 26, 2019

The OECD releases The 2019 AEOI Implementation Report and the 10th Anniversary Report of the Global Forum on Transparency and Exchange of Information for Tax Purposes. The AEOI implementation report covers statistics on 2019 exchanges, an evaluation of the domestic and international exchange of information and a revision of the confidentiality and data safeguards implemented by member jurisdictions. The Global Forums 10th Anniversary Report contains an executive summary of the Global Forums Scope, statistical analysis of the elimination of several tax evasion rules in several jurisdictions, evaluation of the peer level reviews and the statistics on the number of exchange requests under AEOI and EOIR.

IRS Nov 26, 2019

The IRS releases the 2019 version of the Form 1042. Apart from updating the year's, language has been updated under Dividend Equivalent Payments by a Qualified Derivatives Dealer (QDD) - Section 4, line 1.

OECD Nov 26, 2019

The OECD releases an updated list of MCAA signatories on AEOI and the intended first date of exchange. Oman has been added to the list with the intended date of first exchange stated as in September 2020, thus increasing the strength of the CRS MCAA signatories to 107.

OECD Nov 26, 2019

The OECD launches a new initiative on the effective use of the Automatic Exchange of Information (AEOI) – a role for Tax Inspectors Without Borders (TIWB). The TIWB initiative is set to launch a number of pilot programs in support of developing countries' efforts to ensure the effective use of AEOI data. The new programs will incorporate hands-on support for use of AEOI Data; data analytics, risk assessments, compliance interventions, awareness campaigns, notifications to taxpayers, audit policy, practice and generating tax assessments.

France Nov 25, 2019

The French Tax Authority (DGFiP) publishes (1) Guidance on how to report the list of “recalcitrant” account holders that did not submit the appropriate documentation/information as required under Article 102 AG of the French Tax Procedures Code; and (2) the corresponding Schema along with samples of XML files as an aid to FIs in submitting the list of “recalcitrant” account holders to the DGFiP.

Canada Nov 25, 2019

Canada's Revenue Agency releases updated FATCA and CRS technical specifications (2020V1) along with updated Schema versions (version 1-20-4) to file information returns in 2020. Specific updates to the FATCA specifications include the removal of certain elements under the Client Account Number Type, Organization Account Holder Type and the Filer Category Type Codes while to the CRS specifications the IBAN (International Bank Account Number) element structure under Account Number Type element code has been removed.

Brazil Nov 22, 2019

The Department of Federal Revenue in Brazil releases an update informing financial institutions that the option of using nine A’s in case of missing US TINs will be unavailable from the calendar year 2020. It also informs FIs that with respect to reports on US preexisting accounts for calendar years 2017, 2018, and 2019, the IRS will not determine significant non-compliance with its obligations under certain conditions. Also, In order to be able to fully comply with the FATCA Agreement in 2021, some NIF US validation rules will need to be changed to FATCA reportable and the necessary adjustments to e-financeira are being made and it will be published in the first half of January.

Uruguay Nov 22, 2019

The Director of General Taxes (DGI) of Uruguay publishes an update informing that the system for sending CRS Reports will remain enabled through the Automatic Financial Information Exchange Portal only till November 30, 2019.

India Nov 22, 2019

The Central Board of Direct Taxes (CBDT) in India announces the launch of a Web Portal for Exchange of Information on Income Tax. The Web Portal would be a repository of policy and technical circulars/guidance/notifications issued by the CBDT, and provide links to relevant circulars/guidance issued by the regulatory authorities in India and other international bodies.

United States Nov 22, 2019

NEW - Jurisdictional Debrief Now Available (Week Ending Nov 22, 2019)

Switzerland Nov 21, 2019

The Swiss Federal Council announced that during its meeting on 20 November 2019, it adopted the dispatch on amending the Federal Act on the International Automatic Exchange of Information in Tax Matters (AEOIA). The aim of the proposal is to implement the recommendations of the Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum).he Swiss Parliament will likely examine the proposal for the first time in the 2020 spring session. It is not expected to come into force until the start of 2021 at the earliest.

Thailand Nov 21, 2019

The Revenue Department of Thailand releases results and analysis of the opinions which it was seeking form the government agencies, private sectors, and the general public on the draft law with respect to the automatic exchange of information. It also publishes a checklist which discusses the criteria for checking the need for enactment of the law.

IRS Nov 20, 2019

The IRS releases the annual Advisory Council Public Report (IRSAC). Among several other recommendations, the report provides executive summaries of existing FATCA assistance and recommendations to the IRS. It also provides recommendations to IRS on 1042 reporting recommending IRS to permit withholding agents to submit Forms 1042 electronically.

IRS Nov 20, 2019

The IRS releases 2020 instructions for Form 1099-B and Form 1099-S.

Australia Nov 20, 2019

The Australian Taxation Office (ATO) publishes an updated CRS User Guide (v1.2) for the Small Reporter Tool (SRT). The SRT should be used by Australian FIs with 50 or less reportable individual accounts or reportable organization accounts and also to file Nil reports.

IRS Nov 20, 2019

The IRS releases updated instructions for the Form 1099-SB - Seller's Investment in Life Insurance Contract.

Austria Nov 20, 2019

The Federal Ministry of Finance in Austria publishes amendments to the regulations implementing the Common Reporting Standards Law. Updates have been made to the list of non-reporting FIs and excluded accounts for CRS purposes. The amended regulation will be effective beginning January 1, 2020.

Finland Nov 20, 2019

The Finnish Tax Administration releases updated FATCA, CRS and DAC2 FAQs. Specific updates include – (1) updated FAQ on due diligence procedures in case tax residency cannot be identified, (2) addition of a FAQ on US TIN requirement from 2020, (3) new FAQ on verifying account holder TIN, (4) new information on steps to be taken if a TIN is not provided with a self-certification and, and (6) new FAQ on procedures to follow if resident country does not issue a TIN.

Russia Nov 18, 2019

The Federal Tax Service of Russia releases an updated list of organizations that qualify as financial market organizations for AEOI purposes. The updated list includes electronic money operators as a financial market organization while an organization that maintains the register of owners of Securities is not classified as a financial market organization.

OECD Nov 18, 2019

The OECD publishes an updated list of jurisdictions participating in the Convention on Mutual Administrative Assistance in Tax Matters. Montenegro has been added to the list, thus becoming the 130th participating jurisdiction.

China Nov 18, 2019

The State Administration of Taxation in China publishes updated AEOI FAQs. Specific updates include – (1) FAQ 4 (3) has been added which provides guidance on the interpretation of the relationship between definitions of an investment institution and financial institution as per the Financial Action Task Force (FATF) recommendations, and (2) FAQ 29 has been added which provides guidance on the procedures to identify the controller of a partnership if the partnership does not have a natural partner with more than 25% of the partnership interest.

Finland Nov 18, 2019

The Finnish Tax Administration releases an updated Electronic notification overview guide (v6.4) with respect to FATCA and CRS. Section 4.1 of the guide which provides information on the structure of the list of data has been updated.

Mexico Nov 14, 2019

Mexico’s Congress approves the 2020 Tax Reform Bill sent by the Government earlier in the year. Among other amendments and additions, the Bill includes a new chapter on Mandatory Disclosure Rules that will require intermediaries (“tax advisors”) to register with the Tax Administration (SAT) and report information on certain reportable tax planning arrangements.If enacted as currently proposed, the rules relating to mandatory disclosures of tax avoidance arrangements will become effective on July 1, 2020 – reportable tax arrangements will include those designed, commercialized, organized, implemented or administered as from January 1, 2020 (or prior to this date when the tax implications of the arrangement take place during the tax year 2020 and onward).

EU Nov 14, 2019

The European Parliament Committee publishes an update on a public hearing on FATCA and its extraterritorial impact on EU citizens. The aim of the hearing was to facilitate an exchange of views between the various stakeholders and listen to the issues faced by EU citizens affected by FATCA. The hearing consisted of two panels, focusing on financial services and the exchange of tax information with the US and on potential conflicts between European data protection rules and FATCA.

Montenegro Nov 14, 2019

The Montenegro authorities release a bill ratifying the Convention on Mutual Administrative Assistance in Tax Matters (MCAA).

OECD Nov 12, 2019

The Global Forum on Transparency and Exchange of Information for Tax Purposes (the Global Forum) publishes eight peer review reports assessing compliance with the international standard on transparency and exchange of information on request (EOIR). These reports are part of the second round of Global Forum reviews. Six jurisdictions: Andorra, Curaçao, Dominican Republic, Marshall Islands, Samoa, and the United Arab Emirates have demonstrated progress in the implementation of the standard and received an overall rating of "Largely Compliant". Saudi Arabia maintained its overall rating of Largely Compliant while Panama was rated overall "Partially Compliant" with the standard.

Hong Kong Nov 12, 2019

The Inland Revenue Department (IRD) of Hong Kong releases the Annual Report for 2018-19. The Annual Report acknowledges, among several other topics, the milestones achieved by the IRD with respect to the successful implementation and adoption of the AEOI standards.

Taiwan Nov 11, 2019

The Ministry of Finance in Taiwan issues a notice (# 10824521840) announcing that in case of custodial accounts, the due date for the reporting of total gross proceeds from the sale or redemption of Financial Assets paid or credited to such account during a calendar year with respect to which the RFI acted as a custodian, broker, nominee, or otherwise as an agent for the Account Holder shall be from June 1 to June 30 of each calendar year from 2021.

United States Nov 8, 2019

NEW - Jurisdictional Debrief Now Available (Week Ending Nov 8, 2019)

IRS Nov 8, 2019

The US Government Accountability Office (GAO) publishes a report on the financial audit of IRS’s FY 2019 and FY 2018 Financial Statements. Based on financial statement audits, GAO made numerous recommendations to IRS to address internal control deficiencies.

Germany Nov 7, 2019

The Federal Tax Office of Germany (BZSt) publishes CRS Infobrief 08/2019, notifying RFIs that the OECD CRS Schema (Version 2.0) will be in use as from January 1, 2021. For national data transmission, the new Schema will be in use from December 1, 2020. Also, the BZSt informs that the cancellation of corrected data is no longer allowed and that for a correction or change, the entire record chain will be needed to be changed or deleted. The Infobrief also provides guidance on the most common errors that led to rejections. Additionally, to improve the quality of financial information the BZst advises RFIs to refer to the OECD TIN webpage.

EU Nov 7, 2019

The EU council updates the Common EU list of non-cooperative third-country jurisdictions for tax purposes. The Council found North Macedonia compliant with all its commitments and removed it from the list. Also, Belize was moved from the blacklist to the grey list.

Luxembourg Nov 6, 2019

The Luxembourg tax authority has recently launched a campaign to assess whether Luxembourg Financial Institutions are compliant with the AEOI regulations. As of now, the authorities have started to send request for information letters asking Financial Institutions to provide information such as a copy of the manuals, policies and procedures in place for implementation and compliance with the rules, detailed technical description of the IT systems used to perform AEOI reporting, a general description of the internal and/or external control process in place for AEOI compliance as well as any other measures implemented such as AEOI training programs

IRS Nov 6, 2019

The IRS publishes a final reminder alert that the application deadline for all Qualified Intermediary (QI) (including Qualified Derivatives Dealer), Withholding Foreign Partnership (WP) and Withholding Foreign Trust (WT) for the 2019 year is November 15th, 2019. All applicants that desire to have an agreement in effect in 2019 must submit their applications through the Qualified Intermediary, Withholding Foreign Partnership, Withholding Foreign Trust Application & Account Management System (QAAMS) no later than November 15th, 2019, to allow sufficient time for processing by year-end.

United States Nov 6, 2019

Deloitte Insight: FATCA: Important reminder for US offices and branches of financial institutions that all W-8 Forms (except for a Form W-8IMY), without a valid FTIN, will generally be considered invalid after December 31, 2019. This applies irrespective of the form’s expiration date.

Denmark Nov 6, 2019

The Ministry of Taxation in Denmark releases a draft law (# L 49) on the EU DAC6 directive, requiring the disclosure of certain cross-border arrangements that could be used to avoid or evade tax. The first reporting of information is expected to be carried out in July and August 2020, which will include data of reportable schemes in existence between June 25, 2018 - June 30, 2020.

Gibraltar Nov 5, 2019

The Commissioner of Income Tax of Gibraltar releases an updated list of CRS reportable jurisdictions. The Cook Islands and Saint Lucia are reportable jurisdictions with respect to TY2019 data while Qatar has been identified as a permanent non-reciprocal jurisdiction. Also, the list notifies that the Gibraltar Competent Authority has withheld exchange of data with Bulgaria in 2019, following news of a data safeguards breach at the National Revenue Agency of Bulgaria.

Finland Nov 4, 2019

The Finnish Tax Administration announces that Finland’s Corporate Tax Center will be hosting an informational session in December with respect to FATCA and CRS reporting. Registrations will be closed by November 18, 2019, with a maximum of 120 participants.

IRS Nov 1, 2019

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool, with the FIs that are in approved status as of Oct 25, 2019.

Switzerland Oct 31, 2019

The State Secretariat for International Finance (SIF) of Switzerland publishes a guide to the Federal Act implementing recommendations of the Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum). The Federal Act enters into force on November 1, 2019.

Finland Oct 31, 2019

The Government of Finland proposes a Bill (HE 69/V. 2019) on the EU DAC6 directive, requiring the disclosure of certain cross-border arrangements that could be used to avoid or evade tax. The first reporting of information is expected to be carried out by August 31, 2020, which will include data of reportable schemes in existence between June 25, 2018 - June 30, 2020.

Ireland Oct 31, 2019

The Revenue Online Service (ROS) of the Irish Tax and Customs releases an updated version of the reporting entity registration form. The new form has been updated to include a note on the data protection rules applicable while data is exchanged with partner jurisdictions and a link to the data privacy rules.

South Africa Oct 30, 2019

The Parliament of the Republic of South Africa tables the Tax Administration Laws Amendment Bill [B19-2019] (TALAB) and solicits written comments from stakeholders and interested parties on the same. Among other things, the Bill proposes to introduce non-compliance penalties related to mandatory disclosure rules that are to come into effect in 2020.

Barbados Oct 29, 2019

The Barbados Revenue Authority releases a manual describing the steps to convert registration from single GIIN user to Multiple GIIN users for FIs submitting reports under multiple GIINs. This functionality is available on the AEOI portal under My Info Page, please note functionality is only available for FI Admin.

Austria Oct 29, 2019

The Federal Ministry of Finance in Austria publishes Financial Organization Reform Act (BGBl. I No. 104/2019) which also amends the recently amended Common Reporting Standard Act (EG 2020 dated Oct. 23, 2019). The amendment modifies the date of entry into force of the amended Common Reporting Standard Act to July 1, 2020, which was previously January 1, 2020.

Ukraine Oct 29, 2019

The Ministry of Finance of Ukraine announces the ratification of the Agreement between the Government of Ukraine and the Government of the United States of America to improve compliance with tax rules and the application of the provisions of the Law on Foreign Accounts Tax Requirements (FATCA). In order to implement the Agreement and regulate the procedure for the implementation by the financial institutions of Ukraine of the requirements of the FATCA law, in particular, to the Tax Code and the Laws "On Banks and Banking" and "On the Depository System of Ukraine" were elaborated.

OECD Oct 28, 2019

Jordan joins the Global Forum on Transparency and Exchange of Information for Tax Purposes as the 158th member. By joining the Global Forum, Jordan is set to implement both the international standard of exchange of information on request and the standard on automatic exchange of financial account information.

United States Oct 25, 2019

NEW - Jurisdictional Debrief Now Available (Week Ending Oct 25, 2019)

Austria Oct 23, 2019

The Federal Ministry of Finance in Austria publishes Tax Amendment Act 2020 (EG 2020) which also amends the Common Reporting Standard Act. The amended act enters into force from January 1, 2020. Updates include: (1) addition of due diligence procedures to be followed by RFIs in case of inaccuracy/implausibility of self-certifications or account-related documents (2) updated definition of a legal entity “managed by” another entity (3) updated definition of non-reporting FIs, (4) updated definitions of dormant accounts and low-risk accounts that are to be considered exempt, (5) addition of information on abuse of private law on CRS and registration obligation, and (6) addition of control measures for RFIs to ensure compliance with reporting obligations.

Hong Kong Oct 23, 2019

The Hong Kong Monetary Authority publishes FAQs on AEOI and FATCA. The FAQs explain AEOI and FATCA and their relevant legislative framework for implementation along with links to additional sources of guidance material.

France Oct 22, 2019

The Government of France releases an Ordinance (# 2019-1068) on the automatic and mandatory exchange of information under DAC6, requiring the disclosure of certain cross-border arrangements that could be used to avoid or evade tax. The Ordinance will enter into force on July 1, 2020, with the first reporting scheduled on August 31, 2020.

Bulgaria Oct 22, 2019

The Ministry of Finance in Bulgaria releases a draft law on the amendments to the EU DAC6 directive, requiring the disclosure of certain cross-border arrangements that could be used to avoid or evade tax. The first reporting of information is expected to be carried out by August 31, 2020, which will include data of reportable schemes in existence between June 25, 2018 - June 30, 2020.

Austria Oct 22, 2019

The Federal Ministry of Finance in Austria publishes the Tax Amendment Act 2020 (EG 2020) which also amends the Federal Act on the EU DAC6 directive, requiring the disclosure of certain cross-border arrangements that could be used to avoid or evade tax. The first reporting of information is expected to be carried out by August 31, 2020, which will include data of reportable schemes in existence between June 25, 2018 - June 30, 2020.

IRS Oct 21, 2019

The IRS releases an International knowledge base document describing the process of evaluating the Withholding Agent’s Electronic books and records on the Reliability of W-8 forms. The document outlines and summarizes eight steps that will assist the examiner in obtaining electronic data that is needed to determine the reliability of the information provided in Forms W-8.

Spain Oct 21, 2019

The Tax Agency of Spain releases a draft order (Modelo 236) for the approval of the EU DAC6 directive, requiring the disclosure of certain cross-border arrangements that could be used to avoid or evade tax. The first reporting of information is expected to be carried out in July and August 2020, which will include data of reportable schemes in existence between June 25, 2018 - June 30, 2020.

Cyprus Oct 21, 2019

The Cyprus Tax Department releases a draft law that is expected to amend the existing law on the automatic and mandatory exchange of information under DAC6, requiring the disclosure of certain cross-border arrangements that could be used to avoid or evade tax. The first reporting of information is expected to be carried out by August 31, 2020, which will include data of reportable schemes in existence between June 25, 2018 - June 30, 2020.

Norway Oct 21, 2019

The Norwegian Tax Administration publishes updated formats and technical specifications for TY19 FATCA/CRS reporting

Montserrat Oct 20, 2019

The Attorney General’s Chambers of the Government of Montserrat publishes the Tax Information Exchange FATCA Agreement (UK IGA) and CRS Implementation Amendment Regulations - SRO # 22 of 2019.

Switzerland Oct 18, 2019

The Federal Tax Administration (FTA) of Switzerland announces that the FTA has compiled a list of frequently asked questions (FAQs) in connection with FATCA group requests. The FAQs can now be obtained on request from the FTA via the email address: amtshilfe.usa@estv.admin.ch

United Kingdom Oct 18, 2019

The United Kingdom’s HMRC releases an update to include a reference to the recently added IRS FATCA FAQ3 which provides further guidance on the reporting of TINs for 2020 and future reportable periods. This FAQ clarifies that for reporting in respect of the calendar year 2020 and future years, it will still be possible to report an account without a TIN to HMRC by entering nine zeros in the TIN field. The IRS FAQ confirms that Financial Institutions are not required automatically to close accounts that do not contain a TIN. The IRS FAQ also confirms that if a Financial Institution is unable to obtain a TIN, this will not automatically lead the IRS to conclude that there is significant non-compliance. Instead, the IRS will consult with HMRC so they can take account of valid reasons why TINs could not be obtained and the efforts made to collect them.

IRS Oct 18, 2019

The U.S. Department of Treasury updates the FATCA IGA statuses of Armenia to “In Force (7-7-2019)” from previous status “Signed”.

Netherlands Oct 18, 2019

The Government of the Netherlands releases a note following the report on the Implementation of the EU Directive on Notifiable Cross-Border Structures (DAC6). The note contains responses to the questions raised by members of the House of Representatives such as the VVD, CDA, D66, GroenLinks and SP groups concerning the implementation of the Directive.

Italy Oct 18, 2019

The Government of Italy publishes in the Official Gazette (#245) an update on the EU DAC6 directive requiring the disclosure of certain cross-border arrangements that could be used to avoid or evade tax. It is seeking opinions from the Chamber of Deputies and the Senate of the Republic on the law (Art. 1, Annex A, Law 16). The deadline for the transposition of the Law is December 31, 2019.

Greece Oct 16, 2019

The Independent Public Revenue Authority of Greece releases a Circular (No. A. 1367) amending the list of CRS reportable jurisdictions, 26 jurisdictions have been added to the list.

Thailand Oct 16, 2019

The Revenue Department of Thailand publishes an update with respect to a draft AEOI law, the Council of State (Panel 12) has reviewed and revised the government's draft law to be in line with the objectives approved by the Cabinet. The department also invites government agencies, private sectors, and the general public to provide opinions and suggestions on the draft law with respect to automatic exchange of information between October 16th to 31st, 2019.

Australia Oct 15, 2019

The Australian Taxation Office (ATO) publishes a CRS User Guide (v1.0) for the Small Reporter Tool (SRT). As a reminder, the SRT may be used by Australian CRS reporters with 50 or less reportable individual accounts and 50 or less reportable entity accounts and also to file a Nil report.

Brazil Oct 15, 2019

The Department of Federal Revenue in Brazil releases updated certificates for the submission and testing environments of e-financeira. They are available for download at http://sped.rfb.gov.br/pasta/show/2064.

Ireland Oct 15, 2019

The Irish Tax and Customs publishes updates to the Mandatory Disclosure guidance notes, specific updates are indexed in Section 2 of the Tax and Duty Manual.

IRS Oct 15, 2019

The IRS publishes an additional FATCA General FAQ (Q3) under the Reporting section providing guidance to Model 1 FFIs on the TIN relief provided under Notice 2017-46 regarding treatment of pre-existing accounts that will expire with the reporting of the 2019 data and TIN reporting requirement by Model 1 FFIs while submitting 2020 and future tax year data. The first year a U.S. TIN will be required to be reported concerning a U.S. reportable account is with respect to the 2020 tax year, which is due to be exchanged by a FATCA Partner by September 30, 2021. However, a reporting Model 1 FFI is not required to immediately close or withhold on accounts that do not contain a TIN beginning January 1, 2020. In these scenarios, an error notice will be generated which will provide 120 days to correct the issue.

Netherlands Oct 15, 2019

The Ministry of Finance in the Netherlands publishes replies submitted by the state secretary to the parliamentary questions about the position of American Dutch people. It clarifies the action needed by Dutch taxpayers with American nationality. Dutch nationals who are also of American nationality can apply for a "Certificate of Loss of Nationality" without a Taxpayer Identification Number (TIN) and without fulfilling the American declaration obligations.

Uruguay Oct 14, 2019

The General Taxation Directorate of Uruguay informs reporting financial institutions that the submission system for CRS Reporting is available

Ecuador Oct 14, 2019

The Internal Revenue Service of Ecuador releases an updated CRS training information document adjusted to the latest CRS Regulations amending previous provisions.

Taiwan Oct 14, 2019

The Fiscal Information Agency of Taiwan releases an updated version of the CRS XML Element Table and Related XML Schema.

United States Oct 11, 2019

NEW - Jurisdictional Debrief Now Available (Week Ending Oct 11, 2019)

British Virgin Islands Oct 10, 2019

The International Tax Authority of BVI releases a notice informing FIs and other stakeholders about the unavailability of the BVI Financial Accounts Reporting System. It is expected that the system would be unavailable for two weeks and users are advised not to use the portal during this time.

EU Oct 10, 2019

The EU council updates the Common EU list of third-country jurisdictions for tax purposes. The Council found United Arab Emirates, Albania, Costa Rica, Serbia, Switzerland, and Mauritius compliant with all its commitments and removed them from the EU list completely. The Marshall Islands moved from the blacklist to the grey list.

Israel Oct 10, 2019

The International Taxation Department of Israel publishes an updated list of CRS reportable and participating jurisdictions for TY 2019. The Cook Islands, Finland, and Saint Lucia have been added to the list of reportable jurisdictions while the participating jurisdictions remain unchanged. Also, the deadline for financial institutions to report information to the tax authority is September 8, 2020.

IRS Oct 9, 2019

The IRS publishes a reminder that the deadline for all Qualified Intermediary (QI) (including Qualified Derivatives Dealer), Withholding Foreign Partnership (WP) and Withholding Foreign Trust (WT) applications for 2019 is November 15th, 2019.

Taiwan Oct 9, 2019

The International Finance Department of Taiwan publishes a document describing reporting requirements and due diligence procedures for financial institutions while electronically reporting data to the Tax Authority. It also releases a CRS Paper Return format along with an electronic filing file format.

OECD Oct 8, 2019

The OECD Secretary-General released a Tax Report for the G20 Finance Ministers and the Central Bank Governors. It has been 5 years of the implementation of the Common Reporting Standard by G20 leaders, the OECD is now undertaking a comprehensive review of the CRS, ensuring that it continues to provide an effective global firewall against international tax evasion in an increasingly digital financial age.

Cayman Islands Oct 8, 2019

The Cayman Islands Department for International Tax Cooperation re-confirms the availability of the AEOI portal until November 29, 2019. Updates have been made to (1) FATCA IRS Error Notifications where a link to the IRS notice in regards to missing TINs for preexisting accounts is provided along with a tax authority contact information, in case of additional questions. (2) CRS Status Messages (errors) section has also been updated where error message which can be ignored with respect to Indonesia has been updated.

Switzerland Oct 7, 2019

The Federal Tax Administration (FTA) of Switzerland publishes an update confirming that the FTA has exchanged information on financial accounts with 75 states. The first automatic exchange of information took place without any technical problems. In all Switzerland has made such exchanges with 75 states, 63 of the data exchanges were reciprocal while the remaining 12 exchanges were non-reciprocal.

OECD Oct 3, 2019

Montenegro joins the list of jurisdictions participating in the Convention on Mutual Administrative Assistance in Tax Matters, becoming the 130th participating jurisdiction.

IRS Oct 3, 2019

The U.S. Department of Treasury updates the FATCA IGA statuses of Dominica to “In Force (8-12-2019)” and Tunisia to “In Force (9-9-2019)” from the previous status “Signed”.

Ecuador Oct 3, 2019

The Internal Revenue Service of Ecuador publishes CRS amended regulations repealing previous regulations. These regulations elaborate on the rules and procedures for the effective implementation of the Common Reporting Standards. Also, an annexure is published which provides additional information to FIs and account holders on due-diligence and reporting procedures.

IRS Oct 3, 2019

The IRS releases updated Instructions for Forms 1099-INT and 1099-OID. To ease statement furnishing requirements, Copies 1, B, 2, and C of these forms can now be filled online in a PDF format.

Cyprus Oct 2, 2019

The Ministry of Finance in Cyprus publishes information about new relief procedures that were released by the IRS earlier concerning ‘Accidental Americans’ and the challenges Financial Institutions are facing while implementing the FATCA agreement.

IRS Oct 1, 2019

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool, with the FIs that are in approved status as of Sep 24, 2019.

Curaçao Oct 1, 2019

The Ministry of Finance in Curaçao releases an updated version of the Automatic Exchange of Information Manual (Version 3.2). The introduction to substantial owner has been updated to notify that in the event of an Account Holder organization being a passive NFFE and not a US person, stating the substantial owner(s) is mandatory. Also, several technical updates have been made to include changes in the “Account Holder type element” which are captured under Appendix 5.

Guernsey Oct 1, 2019

The Revenue Service of the States of Guernsey publishes an update on CRS avoidance scheme reporting. In this regards it has committed to introducing Mandatory Disclosure Rules (MDR) which would require promoters of avoidance arrangements and service providers to disclose information on CRS avoidance arrangements or opaque offshore structures to the Revenue Service.

Saint Vincent and the Grenadines Oct 1, 2019

The Inland Revenue Department of St. Vincent and the Grenadines further extends the FATCA and CRS reporting deadline to October 3, 2019.

Singapore Sep 30, 2019

The Inland Revenue Authority of Singapore (IRAS) releases a supplementary FATCA XML Schema User Guide (v1.0) which provides additional guidance on how the information for certain data elements must be presented for the purpose of FATCA reporting to IRAS via myTax Portal and should be read in conjunction with the FATCA Regulations, FATCA guidance materials and the FATCA XML Schema V2.0 User Guide. Also, in order to submit FATCA returns via the “Submit CRS or FATCA Return” e-Service, Reporting SGFIs must provide their FATCA registration information to the IRAS. Additionally, the list of US IRS-approved Certificate Authorities has been updated. Please note that with effect from April 1, 2020, Reporting SGFIs do not need to have a valid certificate as there is no need to digitally sign, encrypt or compress the FATCA XML file for submission via myTax Portal.

IRS Sep 30, 2019

The IRS would be conducting a webinar to discuss Relief Procedures for Certain Former Citizens on October 10, 2019.

Japan Sep 28, 2019

The National Tax Agency (NTA) of Japan, publishes Japanese version of the updated OECD Common Reporting Standard User guide (v3.0). Additionally, it also publishes a document comparing the v2.0 and v3.0 of the CRS XML user guide.

India Sep 28, 2019

The Income Tax Department of India issues various documents related to AEOI. The User manual section is updated with updated versions of the documents that include (1) View Request & Submit Response - Quick Reference Guide(v1) (2) Reporting Portal - User Guide(v3.3) (3) Reporting Portal – FAQs(4.1) (4) Notification - Quick Reference Guide(v1) (5) Messages - Quick Reference Guide(v1) (6) Information Request Utility User Guide(v1) (7) Information Request Utility - Quick Reference Guide(v1) (8) Forum - Quick Reference Guide(v1). In addition, under Utilities tab Information request utility tool (v1) is also made available.

United States Sep 27, 2019

NEW - Jurisdictional Debrief Now Available (Week Ending Sep 27, 2019)

Switzerland Sep 27, 2019

The Federal Tax Administration (AFC) of Switzerland releases an updated FATCA Technical Specification and User Guide (v1.2). The technical aspects of the delivery of information from the RFIs have been updated and are captured under Section 1.3. In addition, information letters from the Swiss Federal Tax Administration (FTA) to Banks and Swiss FIs have been issued, which provides information about the procedure of a possible request for administrative assistance in accordance with the FATCA agreement. The RFIs are required to disclose information about US accounts to the US IRS. Also, the FTA publishes information on FATCA reporting to the information holding financial institution to identify the account holders or the non-participating FIs concerned and to provide the FTA with the information set out in Article 3 paragraph 1 of the FATCA agreement within the deadline of 10 days.

Bahamas Sep 27, 2019

The Bahamas Ministry of Finance publishes the Automatic Exchange of Financial Account Information (Amendment) Regulations, 2019. It amends the second schedule of AEOI Regulations which lists AEOI/CRS Exchange partner jurisdictions. This update re-confirms the earlier published list of CRS reportable jurisdictions which was published in May 2019.

IRS Sep 26, 2019

The IRS publishes revised Qualified Intermediary, Withholding Foreign Partnership, and Withholding Foreign Trust Application & Account Management User Guide (Publication 5262).

IRS Sep 25, 2019

The IRS publishes revised Specifications for Electronic Filing of Form 1042-S, Foreign Person's U.S. Source Income Subject to Withholding for Tax Year 2019 (Publication 1187). Section 3 lists the specific reporting related updates made to the guidance.

Netherlands Sep 24, 2019

The Tax and Customs Administration of the Netherlands publishes an updated version of the Product overview for Banking and Investment products 2020 (v03). The new version describes step-by-step instructions on how to report FATCA and CRS, this is the same update which was earlier published in the updated Product Overview for Insurance products manual.

Jersey Sep 23, 2019

The States of Jersey publishes an update with respect to the implementation of mandatory disclosure rules(MDR) for CRS Avoidance Agreements and Opaque Offshore Structures. A consultation document is being issued to seek feedback from stakeholders (including businesses, industry associations, practitioners and any other interested parties) on the implementation of the Government of Jersey's commitments to the EU Code of Conduct Group (Business Taxation) to introduce MDR. The feedback can be sent by November 1, 2019, to: Tax.policy@gov.je

IRS Sep 23, 2019

The IRS released Issue N. 2019-8 announcing that due to a recent upgrade to the IDES platform, users should ensure that all FATCA Report files follow the strict naming convention as listed in Issue N. 2019-8. The IRS recommends users to refer to the IDES User Guide, IDES Data Preparation page, and IDES Data Preparation user tips for additional information as the documents and web page have been updated with the correct file naming convention. The IRS further announced the update of the list of approved Certificate authorities to revise the names of some of the certificate types.

IRS Sep 20, 2019

The U.S. Department of the Treasury announces the entry into force of tax treaty protocols with Luxembourg and Switzerland. The protocols bring the existing tax treaties with Luxembourg and Switzerland into closer conformity with current U.S. tax treaty policy to allow for greater tax information exchange that will enhance efforts to bolster tax compliance and combat tax evasion. The Luxembourg Protocol incorporates the modern international standards for exchange of information between the two countries’ tax administrations. The Switzerland Protocol also modernizes the rules governing the exchange of information.

IRS Sep 20, 2019

The IRS publishes updated FATCA IDES User Guide (Pub. 5190). The updated IDES User Guide contains technical updates to Section 3 (Obtaining a Digital Certificate), Section 9 (Data Preparation for FATCA XML Report) and Appendix F (Data Preparation User Tips). In addition, the IRS also publishes Specifications for Electronic Filing of Forms (Pub. 1220) which contains updated FIRE system availability schedule and technical updates to e-filing Forms 1099-B, 1099-G and 1099-PATR.

Saint Vincent and the Grenadines Sep 20, 2019

The Inland Revenue Department of St. Vincent and the Grenadines further extends the FATCA and CRS reporting deadline to September 25, 2019.

Finland Sep 20, 2019

The Finland Tax Administration publishes updated versions of the CRS/DAC2 technical guidance (v 1.5) and the FATCA Technical Guidance (v 1.7). In both the guides, Section 7 has been added which provides information on precautionary checks by the notifier service. Also, Section 8 has been added which provides information on notices from the notifier service. In addition, Section 6.3.3.4 of the FATCA Guidance has been updated which provides XML Schema structure information of Substantial owner.

IRS Sep 19, 2019

The IRS is soliciting comments concerning Form 1099-DIV, Dividends and Distributions. As part of IRS continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on information collections, as required by the Paperwork Reduction Act of 1995. Written comments should be received on or before November 18, 2019 to be assured of consideration.

United Arab Emirates Sep 19, 2019

The Board of Directors of the Abu Dhabi Global Market publishes Common Reporting Standards (Amendment No 1) Regulations 2019. The amended regulations remove US IGA references of Annex 1 (on Non-Reporting Financial Institutions) and Annex 2 (on Excluded Accounts). These regulations are only applicable to the FIs under the Abu Dhabi Global Market.

Switzerland Sep 18, 2019

The Federal Tax Administration (AFC) of Switzerland publishes an update with respect to data exchange with Bulgaria, Cyprus, and Romania. The data exchange with these jurisdictions have been currently suspended as these states do not meet requirements for confidentiality and data security. The exchange of information will only commence when the issue has been resolved and the Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum) validates the corrective measures. In addition, Switzerland has implemented data exchange with Hong Kong and Singapore on the basis of specific bilateral conventions.

Brazil Sep 17, 2019

The Department of Federal Revenue in Brazil publishes a notice on the new procedures published by the IRS for people prescribed as “Accidental Americans”. This is in line with the recently published IRS update on relief procedures for certain former citizens.

Netherlands Sep 17, 2019

The Netherlands’ Ministry of Finance publishes tax motions and commitments reiterating the IRS’ new relief procedures for “certain foreign persons” and informs that Dutch FIs need not fear any hefty sanctions imposed by the U.S. due to delay in obtaining TINs/SSNs until the summer of 2023.

Saint Vincent and the Grenadines Sep 16, 2019

The Inland Revenue Department of St. Vincent and the Grenadines further extends the FATCA and CRS reporting deadline to September 20, 2019.

Australia Sep 16, 2019

The Australian Tax Office (ATO) publishes an update with respect to Access manager permissions for ATO and ABR online services. Access Manager enables an Access Administrator to assign permissions for standard users in their business to control access to ATO online services. From March 2020, myGovID and Relationship Authorization Manager (RAM) will replace AUSkey and Manage ABN connections (the ABN connected to the myGov). These new digital services are available for eligible businesses. Several ATO transactions including the Common Reporting Standard (CRS) and Foreign Account Tax Compliance Act (FATCA) will be affected by this change.

United States Sep 13, 2019

NEW - Jurisdictional Debrief Now Available (Week Ending Sep 13, 2019)

OECD Sep 13, 2019

The OECD publishes an updated version of the AEOI status of commitments. The intended first exchange of information for Nigeria is now slated to begin in the year 2020.

Nigeria Sep 13, 2019

The Federal Inland Revenue Service (FIRS) of Nigeria releases the Income Tax (Common Reporting Standard) Regulations, 2019. The regulations are in force beginning July 1, 2019.

Dominica Sep 13, 2019

The Inland Revenue Division of Dominica publishes Automatic Exchange of financial account information (Common Reporting Standard) Act, 2019. The Act is in force beginning May 2, 2019.

IRS Sep 11, 2019

The IRS releases a revised version of the Form 1099-CAP along with its updated instructions.

IRS Sep 11, 2019

The Internal Revenue Service (IRS) releases an updated version of the International Data Exchange Service (“IDES”) Data Preparation User Tips.

Malaysia Sep 10, 2019

The Inland Revenue Board of Malaysia (IRBM) publishes an updated CRS Data Preparation Guide (v4.0) along with an updated CRS XML Sample File.

United Kingdom Sep 10, 2019

The UK’s HMRC releases the Automatic Exchange of Information (AEOI) Privacy Notice explaining how HMRC collects and uses the personal data it receives from UK financial institutions and overseas tax authorities in relation to Automatic Exchange of Information agreements, which is in accordance with the General Data Protection Regulation (GDPR) and the Data Protection Act (DPA) 2018.

Saint Vincent and the Grenadines Sep 9, 2019

The Inland Revenue Department of St. Vincent and the Grenadines extends the FATCA and CRS reporting deadline to September 13, 2019.

IRS Sep 6, 2019

The IRS publishes updated information related to relief procedures for certain former citizens. Under the relief procedures for Certain Former Citizens, the IRS is providing an alternative means for satisfying the tax compliance certification process for citizens who expatriate after March 18, 2010. The relief procedures FAQs explain how the relief procedures for Certain Former Citizens will work. It also has link to FAQs published by Department of Treasury which provides additional information related to these procedures.

Sweden Sep 5, 2019

The Swedish Tax Agency publishes important dates with respect to the implementation of DAC6 (disclosure of certain cross-border arrangements). The information disclosure (DAC6) is expected to apply to tax advisers under an EU directive from July 1, 2020. This means advisers, tax consultants, and lawyers are required to report cross-border tax proposals within the EU to the Swedish Tax Agency. Work on developing an e-service to receive data according to DAC6 is ongoing at the Swedish Tax Agency, additional information would be subsequently published.

Australia Sep 5, 2019

The Australian Taxation Office (ATO) updates information and artifacts for Software Developers who have or are interested in developing web services for obligations under Australia’s participation in Automatic Exchange of Information (AEOI) regimes concerning the automatic exchange of financial account information with foreign jurisdictions. The ATO issues an update to Package Content Note (PCN) v1.7 which guides software developers who are interested in developing CRS services on the Standard Business Reporting (SBR) ebMS3 platform.

Colombia Sep 5, 2019

The Colombia Tax and Customs National Authority release an updated version of its FATCA and CRS reporting guidance. This guide facilitates the information reporting on financial accounts which are carried out by the Colombian Financial institutions through the International Information Exchange Service-SIII of the DIAN. A new section (Section 6) has been added which provides information on the exchange of data with other tax administration.

IRS Sep 4, 2019

The IRS releases the final version of 2019 Form 1099-B.

Hong Kong Sep 4, 2019

Hong Kong’s Inland Revenue Department (IRD) updated its penalty policy page to provide further clarifications on the applicable punitive provisions in case of non-compliance with information reporting requirements to (1) file timely and accurate returns including financial account information returns and country by country returns; (2) keep and maintain records; and (3) establish, maintain and apply the due diligence procedures for financial account information.

EU Sep 3, 2019

The European Commission published Notice 2019/C 296 to include an updated version of (1) the list of accounts to be treated as excluded accounts for AEOI purposes; and (2) the list of entities to be treated as non-reporting financial institutions for AEOI purposes.

IRS Sep 2, 2019

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool, with the FIs that are in approved status as of Aug 26, 2019.

Cayman Islands Aug 31, 2019

The Cayman Islands Department for International Tax Cooperation announces that the AEOI portal will re-open on October 7, 2019 and will be available only until November 29, 2019, to enable users to check on previously submitted returns and submit any outstanding returns. The portal will be unavailable after November 29, 2019, until early 2020.

United States Aug 30, 2019

NEW - Jurisdictional Debrief Now Available (Week Ending Aug 30, 2019)

OECD Aug 30, 2019

The OECD publishes an updated list of jurisdictions participating in the Convention on Mutual Administrative Assistance in Tax Matters. The date of deposit of the instrument, ratifying the amended convention by Ecuador has been updated dated August 26, 2019, while it enters into force on December 1, 2019. Also, the date of deposit of the instrument ratifying the amended convention by Serbia is updated dated August 30, 2019, while it is set to come into force from December 1, 2019.

OECD Aug 30, 2019

The OECD releases a statement on the data breach in the National Revenue Agency (NRA) of Bulgaria. The statement reveals that all Tax Transparency and Information Exchange for Tax Purposes activities have been suspended with respect to Bulgaria until a satisfactory review has been concluded and the deficiencies identified have been addressed. Also, a note in the statement explains that the breach was not linked to the OECD Common Transmission System while appreciating the efforts of the NRA of Bulgaria for notifying persons whose data were affected in line with relevant legal obligations.

IRS Aug 30, 2019

The U.S. Department of the Treasury announces action on Tax Protocols with Japan and Spain. The Japan protocol will significantly reduce taxes on interest and certain dividends while the Spain protocol will significantly reduce taxes on interest, royalties, certain direct dividends, and capital gains. For effective dates of specific provisions within each of the protocols, for further information taxpayers are advised to refer to the specific agreements.

Australia Aug 29, 2019

The Australian Taxation Office (ATO) updates the AEOI guidance for FATCA and CRS. (1) Section 2.16 on FIs that are not for profits is updated to include the difference in analysis for FATCA and CRS in determining whether a non-profit entity is a financial institution (2) Section 3.6 is updated to include the scope of the exclusion of equity or debt interests traded on an established securities market (3) Section 4.3 is updated to include “Related Entity” definition and Section 4.10 clarifies that an RFI may use standard industry codes in its due diligence process (4) Section 7.1 indicates that U.S. TINs will be mandatory for individuals and Controlling Persons when reporting in 2020 and subsequent years.

Belgium Aug 28, 2019

The Belgium Tax Authority announces that the FPS Finance portal is currently making preparations for processing the CRS data received and sending them to the partner states. For this reason, for the reports submitted via the MyMinfinPro CRS portal, no acknowledgment of receipt will be sent temporarily. The acknowledgment of receipt will be sent as soon as the data transmission to the partner states are completed. Only errors that relate to the schema itself will be alerted immediately.

Guernsey Aug 27, 2019

The Revenue Service of the States of Guernsey sends notifications to all Guernsey registered reportable financial institutions (RFIs) specifying the procedures to amend their reports, in the event that an RFI has identified an error within their submitted FATCA/CRS reports. The data transmission process will commence from September 9, 2019, a Bulletin will be published by the Director in due course confirming all of Guernsey’s exchange jurisdictions for CRS. As such, the amendments through IGOR for FATCA can be submitted until September 2, 2019, while CRS amendments can be submitted until September 6, 2019.

Mauritius Aug 27, 2019

The Mauritius Revenue Authority publishes CRS FAQs.

Netherlands Aug 27, 2019

The Netherlands’ Ministry of Finance publishes answers to the Parliamentary questions about Recalcitrant account holders in the FATCA-IGA. The Q&A’s are related to – (1) Recalcitrant account holders in the IGA, (2) Obligations of financial institutions to close the account of US persons without a TIN, (3) Impact/Consequences faced by banks on closing accounts, (4) Role of tax authorities in maintaining the obligations of the IGA and, (5) Information on the possibility of a shortened procedure to obtain an SSN.

OECD Aug 26, 2019

Guinea, Namibia and Honduras have joined the Global Forum on Transparency and Exchange of Information for Tax Purposes as its 155th, 156th and 157th members. By joining the Global Forum they are announcing their commitment to implement both the international standard of exchange of information on request and the standard on automatic exchange of financial account information. The Global Forum Secretariat will work with Guinea, Namibia and Honduras to help them implement the standard of exchange of information on request and ensure they can participate in automatic exchange of information as soon as practicable

France Aug 23, 2019

The French Tax authority releases updated versions of the CRS and FATCA Technical Guidance. The updated CRS Technical Guide (V 2.2) contains added references of the decree specifying partner states for transmission of information (Sec 1.4), additional details on the AccountNumber element of the schema (Sec 3.2.5) and clarification on reporting of undocumented accounts (Sec 3.2.8). The updated FATCA Technical Guide (V 3.8) contains additional information in the calendar section that the reporting portal will be available from the beginning of October 2019, since being temporarily closed from July 31, 2019.

IRS Aug 23, 2019

The IRS releases Revenue Procedure 2019-23 specifying Curaçao and Cyprus as the latest additions to the list of jurisdictions determined appropriate to have an automatic exchange relationship with respect to bank deposit interest income information while Georgia has in force an agreement to exchange information related to interest paid by the US to Georgia residents.

Brazil Aug 22, 2019

The Department of Federal Revenue of Brazil releases an update with respect to receiving notifications about the inconsistencies in GIIN registration for reporting financial institutions as well as Sponsored entities. The Federal Revenue requests all FIs, whether reporting or sponsored to regularize their registration with the IRS-US and that all reporting and sponsoring registration events to be rectified immediately using the version 1.2.0 layout. It is important that the Sponsored Entities report their Sponsor GIIN to the Reporting Institutions. The reporting entity's GIIN is no longer acceptable to be the same as the Sponsor's, as it was at the beginning of the FATCA file submission.

Greece Aug 22, 2019

The Independent Public Revenue Authority of Greece releases a circular (no. A. 1276/9-7-2019) amending the list of entities and accounts to be treated as non-reporting financial institutions and excluded accounts for the years 2016 and 2017 and matters relating to compliance reporting and due-diligence.

OECD Aug 21, 2019

The OECD releases an updated list of jurisdictions that have committed to AEOI. As per the updated list: (1) Ghana is slated to begin the exchange of information from 2019, (2) Ecuador is slated to begin the exchange of information from 2020, while (3) Bosnia & Herzegovina and Cape Verde have joined the list of developing countries that are yet to set the date for first exchange of information.

Sweden Aug 21, 2019

The Swedish Tax Agency publishes CRS/FATCA Newsletter for the month of August reminding FIs to submit any corrections to files by August 30, 2019, by notifying that correction would be submitted along with the exact corrections made. Also, the Newsletter states that the updated OECD CRS XML Schemas will be used for information that will be exchanged post December 20, 2020, implying that the current version of the XML schema is to be used for information submitted by May 15, 2020 (TY 19), while the new version of the XML schema must be used for information submitted by May 15, 2021 (TY 20).

IRS Aug 20, 2019

The IRS releases draft instructions for Form 8966, for 2019 FATCA reporting.

Barbados Aug 16, 2019

The Barbados Revenue Authority further extends the CRS and FATCA reporting deadline to August 23, 2019.

United States Aug 16, 2019

NEW - Jurisdictional Debrief Now Available (Week Ending Aug 16, 2019)

Belarus Aug 15, 2019

The Ministry of Taxes of Belarus reminds financial institutions of the approaching FATCA reporting deadline of September 1, 2019.

Switzerland Aug 14, 2019

The Federal Council of Switzerland held a meeting to discuss the result of the consultation from the Economic and Royalty Commissions of both Chambers on the report on the control mechanism ensuring the implementation of Automatic Exchange of Financial Account Information. In view of the positive feedback from the committees, Switzerland will exchange information on financial accounts with the 33 partner states for the first time in September 2019

Finland Aug 14, 2019

The Finland Tax Administration publishes updated AEOI FAQs. Three new FAQs have been added (1) The treatment of account holder who has not provided a tax identification number with self-certification. (2) The steps to be followed by financial institutions to verify the correct tax identification provided by the account holder. (3) The treatment of account holder whose country of residence does not issue a TIN.

Switzerland Aug 14, 2019

The Federal Tax Administration (AFC) of Switzerland updates the statuses of CRS reportable jurisdictions. Specifically updated are the statuses of 19 partner states with which Switzerland will exchange information beginning 2020, post the approval of the Swiss parliament through a federal decree and notifying these states to the OECD as partner states.

IRS Aug 12, 2019

The IRS releases a draft version of Form 8966 for 2019

Netherlands Aug 12, 2019

The Netherlands’ Tax and Customs Administration publishes an updated version of the Product Overview for Insurance products 2013-2020 (v3) containing an updated version of the FATCA/CRS FAQs. The updated FAQs provide step-by-step instructions on how to report for FATCA and CRS purposes.

IRS Aug 9, 2019

The IRS publishes an updated FATCA Metadata XML Schema v1.2 User Guide - Publication 5188. It also publishes an updated IDES User Guide - Publication 5190 along with updating FATCA-IDES Sender File Metadata XML.

Barbados Aug 9, 2019

The Barbados Revenue Authority extends the CRS and FATCA reporting deadline to August 16, 2019.

Luxembourg Aug 8, 2019

Luxembourg’s Ministry of Finance delivers a draft law on reportable cross-border transactions - implementing DAC6- to the House of Representatives for review and approval. The intended date of entry into force of the law is July 1, 2020, with the first reporting of information happening in August 31, 2020 (which will include data of reportable schemes in existence between June 25, 2018 and June 30, 2020)

Ecuador Aug 8, 2019

The Internal Revenue Service of Ecuador publishes Common Reporting Standard (CRS) secondary regulations.

Taiwan Aug 7, 2019

The International Finance Department of Taiwan updates two FAQs in the CRS FAQs earlier published. The FAQs updated are Part 1 of the FAQ 12 which explains that a securities firm is considered a financial institution if it holds financial assets for incomes earned from a list of services explained under the FAQ, Part 1 (b), also updated is FAQ 24, Part 1 which explains that a financial institution that handles a credit business and inherits securities of the credit business, the inherited securities can be used as a collateral for due diligence purposes by the financial institution and not the credit business.

Brazil Aug 7, 2019

The Secretariat of the Federal Revenue of Brazil (RFB) publishes CRS Amendment Regulation through Normative Instruction No. 1905 of 05 August 2019 which updates RFB Normative Instruction No. 1680, of 28 December 2016. The new regulations are effective from 07 August 2019. Updates include: (1) Corrects reference errors to other sections of the act contained in its Article 4. (2) Updated Section – II which provides guidance on Due Diligence for Pre-Existing Individual Accounts. (3) Under Section VII: Defined Terms, added definition explaining the meaning of “Participation”.

IRS Aug 6, 2019

The IRS publishes notice confirming International Data Exchange Service (IDES) Planned Outage. The IDES will be unavailable due to a scheduled outage from August 7 – August 9, 2019. It is anticipated that the system would be resuming operations by noon Eastern time on Friday, August 9.

OECD Aug 6, 2019

The OECD publishes an updated list of jurisdictions participating in the Convention on Mutual Administrative Assistance in Tax Matters. The date of deposit of the instrument, ratifying the amended convention by the Dominican Republic has been updated as August 2, 2019, while the amended convention is set to come into force in the Dominican Republic on December 1, 2019.

Australia Aug 5, 2019

The Australian Taxation Office (ATO) publishes a FATCA User Guide (v1.0) for the Small Reporter Tool (SRT). The SRT should be used by Australian FATCA reporters with 50 or less reportable individual accounts and 50 or less reportable organisation accounts and also to file a Nil report.

Saint Vincent and the Grenadines Aug 2, 2019

The Inland Revenue Department of St. Vincent and the Grenadines extends the FATCA and CRS reporting deadline to August 30, 2019.

United States Aug 2, 2019

NEW - Jurisdictional Debrief Now Available (Week Ending Aug 2, 2019)

Ireland Aug 2, 2019

The Irish Tax and Customs updates the schedule for AEOI which sets out a schedule of the information and jurisdictions with which Ireland has exchanged information since 2015.

Switzerland Aug 2, 2019

The State Secretariat for International Financial Matters (SFI) of Switzerland releases texts of the agreements signed with Hong Kong and Singapore with respect to Automatic Exchange of financial account information (AEOI). The agreement with Hong Kong is in force from July 1, 2019, while the agreement with Singapore is in force from August 1, 2019, thus enabling the exchange of information collected in 2018 with both these states in September 2019.

IRS Aug 1, 2019

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool, with the FIs that are in approved status as of July 25, 2019.

Cayman Islands Aug 1, 2019

The Department of International Tax Cooperation announces that the Cayman Islands AEOI Portal is offline to facilitate the processing of the exceptionally high volume of returns submitted on or before 31 July. It will reopen on Monday 5 August at 6pm (EST) and remain open until Friday 30 August at 6pm (EST). Users should submit any outstanding returns, check on previously submitted returns and complete any required corrections during this time. Emails regarding the AEOI Portal's availability prior to the reporting deadline will not receive a response.

IRS Aug 1, 2019

The IRS releases an early draft of the 2019 Form 1099-B and associated draft instructions.

New Zealand Jul 31, 2019

The Inland Revenue Authority of New Zealand publishes guidance on the application of the Common Reporting Standard to corporate trustees within a professional group (and to the trusts that such companies provide services). The guidance will focus on the investment entity type of financial institution, which is the type most likely to be relevant to corporate trustees and trusts.

Germany Jul 30, 2019

The Federal Tax Office of Germany (BZSt) publishes CRS Infobrief 07/2019 which is in with reference to earlier published CRS Infobrief 06/2019, stating that the error in the CRS system causing the error code "CRS_E_MESS_049" to appear has been fixed. As such, the BZSt informs that in case the error code re-appears for submissions made between May 29, 2019, to July 21, 2019, the concerned FIs are advised to re-examine and re-submit the reports.

Cayman Islands Jul 30, 2019

Cayman Island's TIA has announced that the Cayman Islands AEOI Portal is currently online and open for notifications and reporting for all years. However, due to an increase in traffic before the 31 July reporting deadline, some Users are experiencing accessibility issues and longer processing times. The TIA has indicated to please continue to submit returns when you have access, and has asked Users to refrain from emailing the Portal Team regarding access issues and note that returns cannot be submitted via email. PPoC and AP User Change requests submitted after 29 July will not be processed until after the reporting deadline.

Barbados Jul 30, 2019

The Barbados Revenue Authority publishes a press release reminding all FIs based in Barbados to make their 2018 submissions to the Automatic Exchange of Information (AEOI) web portal by July 31, 2019. These entities are also reminded that even if they operated for a part of the year, a submission must still be made for that particular period. In addition, any request to have AEOI accounts deleted should be submitted in writing to the BRA on the company’s letterhead.

OECD Jul 30, 2019

The Global Forum on Transparency and Exchange of Information for Tax Purposes (the Global Forum) publishes nine peer review reports assessing compliance with the international standard on transparency and exchange of information on request (EOIR). These reports are part of the second round of Global Forum reviews, which assess jurisdictions against the updated standard, which requires beneficial ownership information of all relevant legal entities and arrangements, in line with the definition used by the Financial Action Task Force Recommendations. Five jurisdictions: Costa Rica, Croatia, Lebanon, Malaysia, the Federated States of Micronesia and Nauru: received an overall rating of "Largely Compliant". Two others: Botswana and Vanuatu were rated "Partially Compliant" and one: Guatemala was rated "Non-Compliant".

Slovenia Jul 29, 2019

The Ministry of Finance in Slovenia publishes updated documents describing the Due Diligence Procedures for Identifying Entities' Existing Accounts and Due Diligence Procedures for Identifying Entities of New Entity Accounts.

IRS Jul 29, 2019

The U.S. Department of Treasury updates the FATCA IGA status of Costa Rica to “In Force(7-8-2019)” from the previous status “Signed”. Also, the Canadian IGA has been modified and an updated Related Agreement is made available which provides additional information explaining certain IGA terms and their meaning.

Australia Jul 26, 2019

The Australian Taxation Office (ATO) publishes CRS stakeholder update #10 wherein it reminds RFIs that CRS reporting deadline is July 31 and the process to apply for extension in case RFIs need additional time to complete their filing obligations. It also advises reporters not to archive CRS lodgment data for at least 12 months from the lodgment due date.

IRS Jul 23, 2019

The U.S. Department of Treasury updates the FATCA IGA status of Dominican Republic to “In Force(7-17-2019)” from the previous status “Signed”.

Singapore Jul 23, 2019

The Inland Revenue Authority of Singapore (IRAS) releases CRS e-Tax Guide and CRS Compliance Guidelines e-Tax Guide. The compliance e-Tax Guide describes IRAS guiding principles and compliance activities when reviewing whether Reporting SGFIs are fulfilling their CRS obligations effectively. It also explains IRAS expectations on the approach that Reporting SGFIs should take when demonstrating their compliance with CRS in Singapore.

Mexico Jul 23, 2019

The Mexico Tax Administration (SAT) announces the extension of the reporting deadline for FATCA and CRS to September 1, 2019. The reporting portal will accept the account reports beginning August 1 to September 1, 2019. Additionally, it is announced that the period of communication and transmission tests with support technician will be extended until July 31, 2019, and later will remain available without support technician until September 1st.

Ecuador Jul 23, 2019

Ecuador officially commits to exchange CRS information by 2020.

Panama Jul 22, 2019

The Ministry of Economy and Finance of Panama releases a document describing the processes for registering an FI and completing submissions in the AEOI portal.

Panama Jul 22, 2019

The Ministry of Economy and Finance of Panama releases an updated list of CRS reportable jurisdictions, 41 jurisdictions have been added to the list. It also releases a list of CRS participating jurisdictions. In addition, the ministry has made available a list on OECD CRS Reportable Jurisdiction Codes to help FIs with reporting.

United Kingdom Jul 22, 2019

The HM Revenue & Customs (HMRC) publishes a draft regulations on the implementation of the EU directive known as DAC6, requiring the disclosure of certain cross-border arrangements that could be used to avoid or evade tax. The HMRC is seeking comments on both the technical application of the rules as well as the policy questions to help them finalize the regulations and help ensure that the rules are implemented effectively and proportionately. The consultation will last 12 weeks from July 22, 2019 to October 11, 2019. The HMRC further specifies that the Regulations will be reviewed in light of the responses, and amended as necessary, and intend to lay the Regulations before Parliament before December 31, 2019.

United States Jul 22, 2019

Deloitte Insight: FATCA: Update on the development of Intergovernmental Agreements (IGAs) continue, in order to implement tax reporting and withholding procedures. Also, included is the summary highlighting global updates on the AEOI with respect to CRS.

New Zealand Jul 22, 2019

The Inland Revenue Department of New Zealand publishes an updated version of the Guidance on CRS. Specific updates to the guide include the addition of Appendix 8 on the process for obtaining valid self-certification for all new accounts (account freezing and closure) and Appendix 9 on the application of CRS to corporate trustees within a professional group (and to the trusts that such companies provide services to).

Australia Jul 19, 2019

The Australian Taxation Office (ATO) updates its FATCA reporting page. Added to the page is the inclusion of the detailed procedure to apply for an extension of time to file FATCA reports.

United States Jul 19, 2019

NEW - Jurisdictional Debrief Now Available (Week Ending July 19, 2019)

Saint Vincent and the Grenadines Jul 19, 2019

The Inland Revenue Department of St. Vincent and the Grenadines extends the FATCA and CRS reporting deadline to July 31, 2019.

Czech Republic Jul 19, 2019

The Ministry of Finance of the Czech Republic publishes a newsletter along with an updated list of CRS reportable jurisdiction along with years from which the exchange of information would take place. Brunei Darussalam and El Salvador have been added to the list however the year of exchange has not been mentioned. Also, the first exchange of information with Israel has been confirmed to take place in 2019 and the year of exchange of information with Saint Lucia has been changed to 2019 instead of 2018 however Saint Lucia has not shown interest in receiving data so would remain a non-reciprocal jurisdiction.

Australia Jul 18, 2019

The Australian Taxation Office (ATO) announces that Relationship Authorization Manager (RAM) is now connected to Access Manager to ensure that the right people can act on behalf of business when authorized. The connection is set to last until the AUSkey retires in march 2020. In order to prepare for the change, users are advised to check if their ABNs are up to date in the Australian Business Register (ABR) and check if other nominated AUSkey users are still correct if users possess an Administrator AUSkey.

IRS Jul 17, 2019

The U.S. Department of Treasury updates the FATCA IGA status of Seychelles to “Signed” from the previous status “Agreement in Substance”.

France Jul 15, 2019

The French Tax authority releases an updated version of its CRS/DAC2 Guidance Notes (v2.1), which provides updated information on the account number format for the CRS XML. In specific, Section 3.2.5 has been updated.

Mexico Jul 15, 2019

The Mexico Tax Administration (SAT) announces the extension of the reporting deadline for FATCA and CRS. The deadline for financial institutions is extended to August 22, 2019. Also, as the financial institutions are experiencing technology failure, the transmission test period is extended to July 21, 2019, with technical support. However, the test environment is available until August 22 without technical support.

Bahamas Jul 13, 2019

The Government of the Bahamas releases an Automatic Exchange of Financial Account Information (Amendment) Act, 2019. The amendment in specific is with respect to a change made in subsection 7(1) of the Automatic Exchange of Financial Account Information Act, 2016 (No. 37 of 2016), directing reporting financial institutions to maintain account information for a period of six years, which was five years previously.

Germany Jul 12, 2019

The Federal Tax Office of Germany (BZSt) publishes CRS Infobrief 06/2019 confirming Turkey is not included in the final list of participating states and no data is to be provided with respect to account holders resident for tax purposes in Turkey for TY2018. The BZSt also informs financial institutions that due to the recent internal changes to the CRS system, an erroneous behaviour has been causing deletion, cancellation and correction of data received from May 29, 2019, onwards, with the error code "CRS_E_MESS_049" and so, the BZSt will be reprocessing reports with the above error code and issuing new processing protocols. The BZSt also informs that if the new processing protocol still contains the same error, then the reports are to be re-examined by the submitters and resubmitted.

Indonesia Jul 12, 2019

The Directorate General of Taxes of Indonesia publishes a list of data elements that must be considered by FRIs for the purpose of implementing AEOI as per international agreements.

Netherlands Jul 12, 2019

The Netherlands’ Ministry of Finance publishes a press release announcing that the Bill requiring intermediaries to report on cross-border arrangements has been submitted to the Lower House. The Bill states that intermediaries such as tax advisors, accountants and FIs, will have to report cross-border arrangements that could be used for tax avoidance purposes to the tax authorities beginning July 1, 2020.

Barbados Jul 12, 2019

The Barbados Revenue Authority issues a reminder on the availability of the Newgen AEOI web portal for TY 2018 submissions and that the deadline for FATCA and CRS reporting is July 31, 2019.

Saint Kitts and Nevis Jul 12, 2019

The Inland Revenue Department (IRD) of St. Kitts and Nevis extend the CRS reporting deadline to August 29, 2019, (same as for FATCA reporting).

Australia Jul 11, 2019

The Australian Taxation Office (ATO) updates FATCA validation rules. Two new validation rules are being added to the FATCA service which will be effective from July 18, 2019. Summary of new rules: (1) Ensure that when Sponsor details are provided, the Reporting FI TIN is provided in a GIIN format, and the Reporting FI TIN issuedBy attribute is set to either ‘US’ or left blank. (2) Ensure that when Sponsor details are not provided, the Reporting FI FilerCategory code is set to FATCA602.

Singapore Jul 10, 2019

The Inland Revenue Authority of Singapore (IRAS) publishes an update with respect to changes to FATCA reporting requirements with effect from 1 April 2020. With effect from 1 April 2020, Reporting SGFIs must submit all FATCA returns, including nil returns (if applicable), electronically to IRAS via the “Submit CRS or FATCA Return” e-Service at IRAS’ myTax Portal. Correspondingly, IRAS will no longer accept FATCA returns submitted via the International Data Exchange System (“IDES”). The requirement is applicable to all submissions of new, nil, amended, corrected or void FATCA returns, including returns relating to Reporting Years 2018 and earlier. These changes will streamline Reporting SGFIs’ FATCA reporting process. More information on the FATCA reporting requirements via the “Submit CRS or FATCA Return” e-Service will be released by end-September 2019.

Switzerland Jul 10, 2019

The Federal Tax Administration (AFC) of Switzerland updates CRS reportable list. Vanuatu has declared itself as a "permanent non-reciprocal jurisdiction". In addition, Dominica, Ghana, Lebanon, Macau, Niue, Samoa, Sint Maarten, and Trinidad and Tobago must implement Global Forum Action Plan in areas of privacy and data security before information exchange takes place. However, Swiss financial institutions must collect the relevant data as soon as the EAR is activated and send them to the Federal Tax Administration within the required time. The latter will transmit the data to partner States only when they have implemented their action plan in a satisfactory manner and an updated review of the Global Forum confirms it.

Indonesia Jul 10, 2019

The Directorate General of Taxation in Indonesia releases an updated list of participating and reportable jurisdictions with respect to TY 2018 reporting in Announcement Number: PENG-5/PJ/2019. Four jurisdictions have been added to the list of participating jurisdictions while only one jurisdiction has been added to the list of reportable jurisdictions.

Italy Jul 9, 2019

The Ministry of Economy and Finance in Italy publishes Decree of June 20, 2019, in the official gazette amending FATCA and CRS rules. The amendments extend the FATCA and CRS reporting deadline for all subsequent years to June 30 from the existing deadline of April 30. The amendment also clarifies that the CRS Implementation Handbook and CRS Commentary can be considered as guidelines for RFIs implementation of the CRS requirements

United States Jul 8, 2019

Deloitte Insight: FATCA: Update on the development of Intergovernmental Agreements (IGAs) continue, in order to implement tax reporting and withholding procedures. Also, included is the summary highlighting global updates on the AEOI with respect to CRS.

United States Jul 5, 2019

NEW - Jurisdictional Debrief Now Available (Week Ending July 5, 2019)

Barbados Jul 3, 2019

The Barbados Revenue Authority advises all financial institutions (FIs) based in Barbados that the AEOI (FATCA and CRS) web portal is now available for their 2018 submissions. FIs are also advised to note that any request to have AEOI accounts deleted should be submitted in writing to the authority on the company’s letterhead. In addition, all outstanding submissions must be completed before the deletion of an account.

Netherlands Jul 3, 2019

The Government of the Netherlands publishes answers to the questions of the members of parliament to the State Secretary of Finance (submitted June 19, 2019). The Q&A’s are related to consequences of FATCA for US persons resident in the Netherlands. Q&A’ covers topic such as: (1) Number of Dutch "Accidental Americans" that does not yet have a US TIN / SSN (Taxpayer Identification Number / Social Security Number) from 1 June 2019. (2) Allowing banks to use DOB instead of an SSN. (3) How to prevent Dutch residents including many entrepreneurs, without a bank account post-October 1.

Colombia Jul 3, 2019

The National Directorate of Taxes and Customs of Colombia releases an update with respect to FATCA and CRS reporting. The FATCA reporting will start from July 30 until August 5. Similarly, the CRS reporting will begin July 30 until August 13. The due dates for the information report that the FIs must make should be in accordance with the last two digits of the NIT.

Qatar Jul 2, 2019

The Qatar Financial Centre (QFC) has sent reminders to its regulated entities that have not yet booked an appointment to complete FATCA reporting that the deadline to access the system for reporting ends on July 4, 2019. Entities that have not yet scheduled their appointments to appear to QFC’s Tower 1 4th floor to submit their FATCA returns are encouraged to do so ASAP in order to be able to complete their FATCA returns using the QFC’s reporting tool by the July 4th deadline.

Malaysia Jul 2, 2019

The Inland Revenue Board of Malaysia (IRBM) publishes an updated list of CRS reportable jurisdictions, Antigua & Barbuda and Monaco have been added to the list.

Taiwan Jul 2, 2019

The International Finance Department of Taiwan publishes updated CRS FAQs. Specific updated include: (1) FAQ 4 has been updated which provides information on countries or regions with which Taiwan will automatically exchange financial account information for tax purposes. (2) FAQ 4(ii) has been updated which provides information on the process of reporting of information of reportable and non-reportable jurisdictions.

China Jul 2, 2019

The State Administration of Taxation in China publishes an announcement informing RFIs that the reporting portal is now open for registration and submitting NIL returns. The CRS data submission functionality will open from July 22 – July 30. RFIs which haven’t submitted the data are advised to complete reporting as soon as possible. Also, the testing system is open and FIs can perform testing of data files.

Cayman Islands Jul 2, 2019

The Cayman Islands' Tax Information Authority releases an updated list of reportable jurisdictions for CRS purposes. Ghana and Kuwait have been added to the updated list and financial institutions (FIs) will be required to submit CRS returns with respect to TY 2018.

IRS Jul 1, 2019

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool, with the FIs that are in approved status as of June 24, 2019.

Lebanon Jul 1, 2019

The Ministry of Finance, Lebanon releases a document vide Decision 457 stating that the CRS reporting deadline for financial institutions is extended to July 26, 2019

Germany Jun 28, 2019

The Federal Tax Office of Germany (BZSt) publishes CRS Infobrief 05/2019 which provides notification on the availability of the final list of CRS reportable jurisdictions for the tax year 2018. Antigua and Barbuda and Cook Islands are reportable with respect to TY2018 data. Also, until further notice, BZSt will not be exchanging information with Macau, Qatar, and Vanuatu as these jurisdictions did not provide information even after having an agreement with Germany on the exchange of information. However, the corresponding financial account data must be collected from financial institutions.

Belgium Jun 28, 2019

The Belgium Tax Authority announces that the CRS reporting deadline has been extended to July 16, 2019. The FATCA deadline remains on June 30th

OECD Jun 27, 2019

The OECD releases international exchange framework for CRS-related mandatory disclosure rules and updates its XML schemas for the exchange of CRS, CbC and tax ruling information. The CRS and CbC-related schemas will become effective for all exchanges on or after 1 January 2021.

Taiwan Jun 27, 2019

The International Finance Department of Taiwan announces a list of financial accounts to be considered as "low-risk avoidance tax accounts".

IRS Jun 26, 2019

The U.S. Department of Treasury updates the FATCA IGA status of Anguilla to “In Force (6-22-2017)” from the previous status “Signed”.

Cyprus Jun 26, 2019

The Cyprus Tax Department issues a notice extending the FATCA and CRS reporting deadlines to July 8, 2019.

Oman Jun 26, 2019

The Secretariat General for Taxation (SGT) of Oman announces that all financial institutions, which fall under the requirements of the OECD’s Common Reporting Standard are advised not to open any new account for any new client from July 1, 2019, unless the Self-Certification Form is completed.

OECD Jun 25, 2019

The OECD releases updated lists of CRS MCAA signatories and jurisdictions participating in the convention on the Mutual Administrative Assistance in Tax Matters (MCAA). Morocco has been added to the signatories list along with its intended first information exchange in September 2021, thus increasing the strength of the CRS MCAA signatories to 106.

Isle of Man Jun 24, 2019

The Income Tax Division of Isle of Man publishes Income Tax (Common Reporting Standard) (Amendment) Regulations 2019, the amendments require financial institutions to obtain and keep certain information for a period of at least 5 years after the end of the reporting period. The authority will impose a penalty on any such entity for providing inaccurate information in the return. Also, it will impose a penalty, of up to level 3 on the standard scale, on a person who makes a false or incorrect self-certification under the CRS.

Germany Jun 24, 2019

The Federal Tax Office of Germany updates CRS FAQs. Specific updates include (1) Explaining the reporting procedure of an account which is classified as “Undocumented account” According to Financial accounts Information exchange act, a report as the undocumented account is only intended for existing accounts of natural persons. Such an account shall only be reported as an undocumented account if, apart from a postal order or a c / o address, the account holder has no further address and no evidence or self-disclosure or other supporting documents can be obtained (2) Information required for setting up a Foreign Tax code- All information on the structure of a foreign tax number as well as information on where and in which documents it can be found in the respective country profiles on the website of the OECD.

Costa Rica Jun 24, 2019

Costa Rica publishes Decree No. 41739-H in their official gazette which provides information on the Supplementary Agreement which was signed between the Government of the Republic of Costa Rica and the Government of the United States of America (FATCA-IGA) on March 20, 2019. This would help to improve international tax compliance and to implement FATCA, and also to modify paragraph 10 of article 3 of such governmental agreement, related to the standards applicable to its termination.

Russia Jun 21, 2019

The Federal Tax Service of Russia publishes an updated list consisting of the Type of Organizations that fall under the category of financial market organizations with respect to the Automatic Exchange of Financial Information (AEOI). It also publishes updated CRS FAQs which provides additional guidance to FIs on various due-diligence processes along with an updated document which provides guidance on the format which should be used for the electronic exchange of information of financial accounts between FIs and the authority. Additionally, it has also published an updated document which describes the service designed for the exchange of information of financial accounts between the financial organization and the Federal Tax Service of Russia.

United States Jun 21, 2019

NEW - Jurisdictional Debrief Now Available (Week Ending June 21, 2019)

Jersey Jun 21, 2019

The States of Jersey publishes a reminder on FATCA and CRS reporting deadline, confirming that the deadline remains 30 June 2019, despite being a weekend. RFIs should submit the reports to the Jersey AEOI Portal by 30 June 2019, to avoid incurring penalties for late reporting. Also, Revenue Jersey will offer limited administration support over the weekend of 29 and 30 June, but it strongly recommends RFIs to complete as much reporting as possible by 28 June 2019.

Mexico Jun 21, 2019

The Mexican Tax Administration (SAT) publishes the dates for audio conferences that will be held through July 2019 to clear doubts regarding the FATCA and CRS activities to be carried out and to receive general comments and suggestions on the same. The audio conferences will be carried out via WebEx on the 2nd, 9th,15th and 30th of July, 2019.

British Virgin Islands Jun 20, 2019

The International Tax Authority of BVI releases a notice announcing that the Financial Account Reporting System (BVI FARS) is back online and is accepting AEOI returns, the FATCA and CRS filings can be done until July 31, 2019.

IRS Jun 20, 2019

The IRS updates FATCA FAQ(10) under the Certifications and Periodic Reviews section which provides guidance on the due dates for submission of QI/WP/WT Certifications covering a 3 full calendar year certification period ending December 31, 2019. The certification due date for a QI/WP/WT that selected 2016 or 2017 for its periodic review and that has a certification period ending December 31, 2018, is July 1, 2019. If a QI/WP/WT entity is applying for a waiver of the periodic review when making its periodic certification, it must select 2016 for its periodic review year, complete Parts I, II, and III of the certification and submit its waiver application by July 1, 2019. However, the entity will not be required to perform a periodic review if its waiver application is approved.

Germany Jun 19, 2019

The Federal Tax Office of Germany publishes updated Test guide (v1.2) to the CRS integration test with financial institutions. The Federal tax office also publishes updated CRS Communication manuals Part 0, 2, 3a, 3b & 4. The CRS test guide and the communication manuals describe the adaptation of links to the new website

Saint Lucia Jun 19, 2019

The Inland Revenue Department of Saint Lucia releases an updated version of the CRS Guidelines (V 3.0). Specific updates include – (1) Updated reportable and participating jurisdictions list, (2) addition of mandatory disclosure of account status (if closed) or documented (Introduction section), (3) addition of CRS Fact Sheet (Sec 3), (4) due diligence procedure for undocumented accounts (Sec 8.3.7), (5) addition of steps to file a CRS report (Sec 9) and, (6) addition of several illustrations to facilitate reporting.

Australia Jun 18, 2019

The Australian Taxation Office (ATO) publishes a reminder on the FATCA reporting requirements with respect to include the US TIN for each individual US specified person. If a TIN cannot be provided for each individual reported, the following US due diligence actions must be complied with – (1) obtain and report the date of birth of each account holder and controlling person whose US TIN is not reported, (2) request any missing US TINs from each account holder annually and, (3) search electronically searchable data maintained by the reporting institution for any missing US TINs before reporting each year.

Ireland Jun 18, 2019

The Revenue Online Services (ROS) of Ireland releases an amended version of the FATCA Guidance Notes (Part 38-03-22). The amendments include – (1) updates to the sections on Sponsored Investment Entities and Controlled Foreign Corporations to reflect additions to Annex II of the FATCA IGA and (2) the section on Sponsored, Closely Held Investment Vehicles has also been updated to reflect the text in the updated FATCA IGA.

Australia Jun 18, 2019

The Australian Taxation Office (ATO) updates its guidance for the Small Reporter Tool. The updated guidance provides the steps to be followed while lodging the data through the Business Portal or tax Agent Portal and through the Online Services for agents.

Austria Jun 18, 2019

The Austrian Ministry of Finance publishes an updated CRS reportable and participating jurisdictions list.

Turks and Caicos Jun 14, 2019

The Ministry of Finance, Trade and Investment in Turks and Caicos publishes a press release with respect to FATCA confirming that filing of reports by Financial Institutions on Reportable Accounts under FATCA is June 30, 2019. It also provides guidance on any Non-Compliance measures and penalties if financial institutions fail to submit the reports. The press release also confirms that all FIs should follow the IRS Notice 2017-46 on reporting TINs and Date of births of account holders by financial institutions. The Ministry also publishes a CRS press release confirming that CRS reporting deadline was March 31, 2019. It also provides guidance on penalties for FIs which fail to submit the reports and updates the Participating list.

Germany Jun 14, 2019

The Federal Tax Office of Germany publishes FATCA Info brief 03/2019, confirming the extension of the FATCA reporting deadline to August 31, 2019.The Infobrief also refers to the IRS Notice 2017-46. According to this Notice by IRS, if an account holder is not able to report the US-TIN, this must be reported as "AAAAAAAAA" (9 x capital letter "A"). Also, the mere non-provision of a US TIN for notification periods 2017, 2018 and 2019 do not result in a so-called "significant non-compliance”. However, it is mandatory to provide 9 A’s for the reporting year 2018 in case there is no TIN available. If there are any reports already submitted successfully on the portal but the TIN specifications are not taken into account, the delivery must be deleted (VOID- FATCA4) and a new delivery (NEW FATCA1) is to be submitted with the corresponding information. The new website of BZSt has completely redesigned and will go live from the second half of June.

Bahamas Jun 14, 2019

The Government of the Bahamas publishes an update with respect to AEOI Portal availability for registration and reporting. The Portal will open for FATCA & CRS-AEOI Registration & Submissions beginning July 15, 2019, and the closing date for FATCA & CRS-AEOI Reporting is August 30, 2019.

EU Jun 14, 2019

The Council of the European Union published an updated list of non-cooperative tax jurisdictions. Dominica is removed from the list.

Malaysia Jun 14, 2019

The Inland Revenue Board of Malaysia (IRBM) publishes an updated version of CRS Data Preparation Guide v3.1.

OECD Jun 13, 2019

Serbia joins the multilateral Convention on Mutual Administrative Assistance in Tax Matters, becoming the 129th jurisdiction to join the list.

Cayman Islands Jun 13, 2019

The Cayman Islands Tax Information Authority issues an AEOI notice reminding FIs that completion of 2018 FATCA and CRS reporting obligations (including the mandatory CRS Filing Declaration) on or before Wednesday, 31 July 2019, will not result in compliance measures for late filing. The DITC thanks those who have already completed their reporting, and recommends that those who have yet to do so to finalize their submissions as soon as possible. Early submission is recommended to avoid unnecessary increased traffic to the AEOI Portal at the end of the deadline period.

Australia Jun 11, 2019

The Australian Taxation Office (ATO) releases a guide on Residency for tax purposes on the Quick Code (QC) 59283 page.

Switzerland Jun 11, 2019

The Federal Tax Administration (AFC) of Switzerland announces the unavailability of the AEOI application in the MyTaxWorld Portal on June 16, 2019, due to maintenance.

Mauritius Jun 11, 2019

The Mauritius Revenue Authority releases a communication confirming that CRS and FATCA information in respect of the year 2018 will have to be reported to the MRA by 31st July 2019 for onward transmission to the Foreign Tax Authorities. It also confirms that CRS reporting will only be possible through MRA’s website using USERNAME and PASSWORD provided.

Pakistan Jun 11, 2019

The Federal Board of Revenue in Pakistan releases Finance Bill, 2019 wherein under Clause 13(41)(H) it is seeking to introduce new penalties with respect to offshore tax evasion and failure furnish information required under Common Reporting Standards and Chapter XIIA of Income Tax Rules.

Finland Jun 11, 2019

The Finland Tax Administration publishes changes to FATCA and CRS data streams for Software developers. Major updates include (1) Characters such as / * and & are forbidden in the notification (2) If the Business ID of MessageRefId differs from the Business ID specified in SendingCompanyIN, it is converted to an error (3) Transmission of the file is blocked if TIN identifies is missing except if DocTypeIndic is 3 (4) only US is accepted as the value of the attribute of the TIN element IssuedBy. The information cannot be given blank.

United States Jun 10, 2019

Deloitte Insight: FATCA: Update on the development of Intergovernmental Agreements (IGAs) continue, in order to implement tax reporting and withholding procedures. Also, included is the summary highlighting global updates on the AEOI with respect to CRS.

Germany Jun 7, 2019

The Federal Tax Office of Germany publishes CRS Infobroief-04/19. The Infobrief states that due to internal adjustments to the CRS system, there are currently delays in the data processing. In addition, the Federal tax office has redesigned its website and will go live with the new design from the second half of June 2019. With the change in the design, all the information related to CRS procedure will be available in the future under "Home / Company / International Information Exchange / Common Reporting Standard".

Ireland Jun 7, 2019

The Ireland Revenue Commissioners releases Tax and Duty manual, Part 35-00-01 through Revenue eBrief No. 111/19. This manual describes the Revenue Arrangements for Implementing EU and OECD Exchange of Information Requirements in respect of Tax Rulings.

OECD Jun 7, 2019

The Organisation for Economic Co-operation and Development (OECD) announces that the implementation of the tax transparency initiative has delivered concrete and impressive results. More than 90 jurisdictions participating in a global transparency initiative under the OECD’s Common Reporting Standard (CRS) since 2018 have now exchanged information on 47 million offshore accounts, with a total value of around EUR 4.9 trillion. The Automatic Exchange of Information (AEOI) initiative - activated through 4,500 bilateral relationships - marks the largest exchange of tax information in history, as well as the culmination of more than two decades of international efforts to counter tax evasion.

United States Jun 7, 2019

NEW - Jurisdictional Debrief Now Available (Week Ending June 7, 2019)

Switzerland Jun 6, 2019

The Federal Tax Administration (AFC) of Switzerland reminds FIs that separate tax identification numbers are applicable to natural persons, legal persons and other entities resident in Switzerland. The AVS number is required for natural persons resident in Switzerland (example, all individuals) and the Business Identification Number (IDE) for legal entities (for instance public limited companies) and other entities resident in Switzerland. Detailed information is available in the information sheet "Tax identification number for the automatic exchange of information" published on the AFC website.

Australia Jun 4, 2019

The Australian Taxation Office (ATO) publishes updated information about reporting account holder US TIN, including due diligence where a TIN is not held by a FATCA reporter. As a reminder, starting TY2018 nine capitals A’s should be used to report missing US TIN. Also, when a US TIN is missing the RFI must (1) obtain and report the date of birth for each account holder and controlling person whose US TIN is not reported (2) annually request missing US TINs from each account holder (3) search electronically searchable data maintained by the reporting institution for any missing US TINs, before reporting each year. If due diligence actions are taken the Internal Revenue Service (IRS) will not determine that there is significant non-compliance for the calendar years 2017, 2018 and 2019.

Switzerland Jun 3, 2019

The Federal Council of Switzerland publishes an updated list of CRS reportable jurisdictions. The updated list includes the addition of 19 partner states with which the first exchange of information will take place beginning 2021.

Luxembourg Jun 3, 2019

Luxembourg’s ACD releases an updated version of the CRS FAQs. Specifically, FAQ 5.7 under Section 5 (Declaration/Reporting) has been updated to direct users to refer to FAQ 5.6, for explanations on values to be used in case of missing TINs.

IRS Jun 1, 2019

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool, with the FIs that are in approved status as of May 24, 2019.

South Africa Jun 1, 2019

The South African Revenue Service (SARS) confirm the closure of third-party data submissions as of May 31, 2019. If FIs are yet to submit, the submissions are late and should be submitted without any further delay as FIs may be liable for penalties.

British Virgin Islands May 31, 2019

The Government of the British Virgin Islands releases an urgent notice announcing the unavailability of the Financial Account Reporting System (BVI FARS) due to a technical issue. The notice also states that the International Tax Authority will issue a Press Release informing all Financial Institutions of the extended deadline to submit your filings for US FATCA and Common Reporting Standards.

China May 31, 2019

The State Administration of Taxation in China announces that the Multilateral Tax Data Service Platform will be closed during June 2019. Submission of data can be continued after July, by FIs that have not submitted data, subject to the opening of the platform. The notice also states that production data should not be sent by any means including email, to ensure data security. However, FIs can continue to ask for the status of registered accounts during the time that the platform does not accept submissions.

Greece May 31, 2019

The Independent Public Revenue Authority of Greece releases a circular (No. A1208) amending the reportable and participating jurisdictions for CRS reporting and due diligence purposes.

Malaysia May 31, 2019

The Inland Revenue Board of Malaysia (IRBM) publishes an update with respect to IRBM Public Key that the validity of the updated Public Key would be from January 18, 2019 – January 27, 2021.

Russia May 31, 2019

The Federal tax Services of Russia publishes an update on issue with the CRS reporting portal. Some users received erroneous notifications about the refusal to accept the report with the reason for refusal "Total: 0". If you have received such a notice, then wait for the receipt of the receipt or the correct notice of rejection with specific reasons. Repeated reporting is not required before receiving these files.

South Africa May 31, 2019

The South African Revenue Service (SARS) releases amended CRS draft regulations. Major amendments include – (1) information on the closure of financial accounts in case of failure to provide a self-certification, (2) additional mandatory disclosure rules for RFIs and, (3) updated category of CRS excluded accounts.

South Korea May 31, 2019

The National Tax Service of South Korea releases revised CRS regulations. The specific updates include (1) Article 3 is amended to include mutual savings banks as Korean financial institutions for the purposes of due diligence and reporting obligations. These can start due diligence in 2020 with reporting obligations from 2021 (2) Updates to Article 55 describing the Review of Computerized Record, receipt of identification and proof of identity and Article 57 explaining the Non-Certified Accounts with respect to deadline for due diligence among financial institutions and account holders.

China May 30, 2019

The State Administration of Taxation of China announces that Multilateral Tax Data Service Platform Technical support service can now be contacted through telephone number 13520757384/18735385137. If FIs have any questions, please contact the email address.

Slovenia May 30, 2019

The Financial Administration of the Republic of Slovenia (FURS) releases a document containing a detailed description of technical information on the reporting of US TINs. The document specifies that it is not mandatory for Slovenian Reporting Financial Institutions (RFIs) to report TINs in the XML schema when reporting for the years 2017, 2018 and/or 2019, but will have to report TINs only from 2021 (TY 2020). The document also reminds RFIs to use nine capital letter “A's” - (AAAAAAAAA) and to fill in the date of birth element in the format YYYY-MM-DD as applied from 2018, in order to prevent the automatic generation of reporting error message.

South Africa May 30, 2019

The South African Revenue Service (SARS) reminds RFIs that deadline for AEOI submissions is May 31, 2019, as late or non-submissions may be liable for penalties. Also, the SARS AEOI portal is flashing a message “Your Declaration is late”. SARS is aware of the following system message and RFIs must select “Yes” to continue to submit the declarations. It will not be deemed late if submitted by 31 May 2019, SARS technical team is looking into the issue.

Australia May 30, 2019

The Australian Taxation Office (ATO) announces on the Quick Code (QC) 59124 page that an organisation that is not-for-profit (NFP), that is a Reporting Financial Institution (RFI) for Common Reporting Standard (CRS) purposes, may also need to report to the ATO by July 31. If an NFP is not a FI, it may be asked for a self-certification by other entities. Self-certification will require the FI to ask Financial Account holders, their tax residency and entity status for tax purposes. If an account Holder is from a foreign jurisdiction, the Financial Account will have to be reported to the ATO.

China May 29, 2019

The State Administration of Taxation of China publishes an updated sample submission file which provides information on sample modification and deletion of data which can be accessed from the download section of the portal.

Switzerland May 29, 2019

The Federal Council of Switzerland publishes a note on the introduction of the Automatic Exchange of Financial Accounts (EAR) with 19 additional partner states enabling the first exchange of information with these states in 2021. It also publishes a report on the control mechanism to ensure the implementation of compliance standards with respect to the EAR.

United Arab Emirates May 28, 2019

The Dubai Financial Services Authority (DFSA) publishes an email stating that the DIFC Register of Companies (RoC) portal will be available for firm input with respect to both FATCA and CRS reporting by Sunday, June 9, 2019, and will close on July 15, 2019.

Guernsey May 27, 2019

The Revenue service of the States of Guernsey issues Bulletin 2019/2 stating that June 30, 2019 is the reporting deadline for FATCA and CRS submissions. It also clarifies, as June 30, 2019 falls on a weekend this year the deadline for submitting information for CRS & FATCA reporting to the Director is the next working day, i.e. Monday 1 July 2019.

OECD May 27, 2019

The OECD releases an updated list of jurisdictions participating in the convention on the Mutual Administrative Assistance in Tax Matters (MCAA). The updated list specifies the date of acceptance of the Amended Convention (AC) as February 26, 2019, and the entry into force of the AC as June 1, 2019 for El Salvador. Also, the date of acceptance of the AC by Morocco has been stated as May 22, 2019, while the date of entry into force of the AC is stated as September 1, 2019.

Greece May 27, 2019

The Independent Public Revenue Authority of Greece releases a circular (No.1869) amending POL. 1130/04.08.2017, setting a new deadline of June 30 for CRS Reporting beginning 2019.

Luxembourg May 27, 2019

Luxembourg ACD releases updated CRS FAQs. Section 5 on Reporting has been updated with additional FAQs: (1) FAQ 5.2 has been added which provides guidance on File Processing. (2) FAQ 5.11 has been added which provides guidance on reporting of closed accounts. (3) FAQ 5.12 has been added which provides information on reporting of inactive accounts. Additionally, FAQ 2.4 has been updated which provides information on the treatment of electronic payment institution with respect to CRS reporting. FAQ 3.1 has been updated which provides details on low-risk excluded accounts.

United States May 27, 2019

Deloitte Insight: FATCA: Update on the development of Intergovernmental Agreements (IGAs) continue, in order to implement tax reporting and withholding procedures. Also, included is the summary highlighting global updates on the AEOI with respect to CRS.

Bahamas May 25, 2019

The Government of the Bahamas publishes updated CRS Reportable jurisdictions list. Azerbaijan, Panama and South Korea are now reportable.

United States May 24, 2019

NEW - Jurisdictional Debrief Now Available (Week Ending May 24, 2019)

Guernsey May 24, 2019

The Revenue Service of the States of Guernsey issues Bulletin 2019/3, clarifying the procedure for reporting Undocumented accounts by financial institutions in case of missing TINs with respect to FATCA and CRS reporting.

Jersey May 24, 2019

The Department of Information and Public Services of the Government of Jersey advises that with respect to AEOI reporting due by June 30, 2019, all registration requests should be submitted by June 21, 2019, at the latest, to allow sufficient time to process the requests and facilitate the upload of XML files in a timely manner.

China May 24, 2019

The State Administration of Taxation of China publishes an update with respect to a digital certificate. Financial institutions using the Haitai certificate in Shenzhen can now download the new driver to avoid the certificate being locked.

Austria May 24, 2019

Austria’s Ministry of Finance publishes a draft Tax Fraud Prevention Act 2020 which has proposed amendments to the CRS Act. The draft law has been sent to the expert panel for their opinion and it is expected to come into force starting January 1, 2010. Few of the proposed amendments in the draft Act include: (1) Inclusion of a deadline of 90 days to obtain self-certification in case of new accounts and as well as pre-existing accounts with respect to change is circumstances. (2) Update on “Managed-by” test where a legal entity is administered by another legal entity. (3) Explanation of excluded accounts with respect to CRS reporting. (4) Inclusion of a new “Anti-Abuse” mechanism intended to prevent circumvention of reporting obligation under CRS. (5) Inclusion of “Control measures for the RFIs” where RFIs should have appropriate control measures in place so that it is in compliance with respect to reporting and due-diligence activities.

Slovak Republic May 23, 2019

The Financial Directorate of the Slovak Republic publishes an updated business validation guide for FATCA reporting.

Belgium May 22, 2019

The Ministry of Finance in Belgium publishes an updated list of CRS Reportable and Participating Jurisdictions. Nigeria is the only addition to the lists. Further, the Ministry announces the opening of MyMinfinPRO CRS portal for the submission of CRS files for the calendar year 2018. Also as a reminder, reporting financial institutions that do not have accounts to report must submit a “nil” statement to the FPS finance.

India May 22, 2019

The Income Tax Department of India publishes a User Guide (v1.0) which provides guidance to RFIs on statement IDs that are marked as defective due to having ‘Report Serial Number’ as zero or having duplicate ‘Report Serial Number’ (RSN). Therefore, reporting entities are required to delete such statements. The report generation utilities do not allow duplicate RSN or setting RSN as zero. A reporting entity can delete such statements from the reporting portal. To complete deletion, it is mandatory to file a new statement containing all the reports of the statement being deleted. Kindly, make sure that you have a statement package ready to be uploaded when prompted while performing the steps mentioned below. This statement package should be prepared using Generic Submission utility.

Taiwan May 20, 2019

The International Finance Department of Taiwan publishes updated CRS FAQs. Specific updated include: (1) FAQ 4(ii) has been added which provides information on reporting of information on non-reportable jurisdictions. (2) FAQ 42 has been updated which provides information on reporting of foreign TIN. (3) FAQ 45(iii) has been added which provides guidance on documentation which describes the foreign residency, FIs are required to examine self-certifications or supporting documents with reasonableness test provisions. (4) FAQ 47(i) has been added which provides guidance reporting of information with regards to insurance contracts, CVIC, annuity contracts. (5) FAQ 62 has been updated which provides information on reporting of information in different currencies and its conversion.

Cyprus May 20, 2019

The Ministry of Finance in Cyprus published an updated list of participating jurisdictions with which the Republic of Cyprus has contracted for automatic exchange of information in tax matters, two additional jurisdictions have been added to the list (Antigua & Barbuda and Israel)

Italy May 20, 2019

The Italian Revenue Agency (Ministry of Economy and Finance) releases an official gazette amending Annex C of the Ministerial Decree of December 28, 2015, which is an updated list of CRS reportable jurisdictions. 3 jurisdictions have been added to the list which are Barbados, Cook Islands, and Panama.

Slovenia May 17, 2019

The Financial Administration of the Republic of Slovenia (FURS) releases a notice regarding the exchange of information under CRS for TY 2018. The notice serves as a reminder of the approaching deadline of June 30, 2019, for reporting with respect to TY 2018 accounts and enumerates steps for FIs to initiate an exchange of CRS messages with the FURS. The notice also guides users to refer to the document containing more detailed information on the implementation of the procedures for due diligence and reporting of financial accounts.

Curaçao May 17, 2019

The Ministry of Finance in Curaçao notifies that changes have been made to the Control and error notifications section of the FATCA/CRS Manual v3.1.

Luxembourg May 17, 2019

Luxembourg’s ministry of finance publishes an updated list of CRS participating and reportable jurisdictions. 17 additional jurisdictions have been identified as participating jurisdictions and Nigeria has been identified as a reportable jurisdiction starting TY2018 and subsequent calendar years. Also, Brunei Darussalam, Dominica, and Trinidad & Tobago have been removed from the list of reportable jurisdictions.

United Kingdom May 17, 2019

The UK’s HMRC updates its list of CRS reportable jurisdictions. The change removes Brunei Darussalam from the list for reporting to HMRC in May 2019, which means that reports sent by Financial Institutions should not include financial accounts held by tax residents of Brunei Darussalam. However, as this change is so close to the reporting date, HMRC recognizes that FIs may already have compiled their files and may be unable to remove such accounts in time to allow reporting by 31 May 2019. If FIs are unable to remove data on Brunei Darussalam financial accounts, they are advised not to delay reporting to HMRC. HMRC will remove any data in respect of such financial accounts prior to exchange with reportable jurisdictions.

Japan May 17, 2019

The National Tax Agency of Japan publishes an updated version of the sample letter which should be used by FIs in case of submitting AEOI data through optical disks (CD’s).

EU May 17, 2019

The General Secretariat of the EU Council releases an updated list of non-cooperative jurisdictions for tax purposes. The updated list removes Aruba, Barbados and Bermuda while retaining the remaining jurisdictions on the list.

Samoa May 16, 2019

The Inland Revenue Department of Samoa updates its list of CRS reportable jurisdictions, the only change is the exclusion of Aruba from the list.

Thailand May 16, 2019

The Revenue Department of Thailand, announces that the US Internal Revenue Service will open the IDES system to allow Thai financial institutions to receive and send simulation data to IRS from June 17, 2019 - July 26, 2019. The FIs that have not yet registered in the IDES system, can register to participate in the trial and to submit the simulation data to the IRS by June 13, 2019. Also, if the FI has already registered in the IDES system, no new registration is required, but must change the password before 13 June 2019 to ensure that the password will not expire during the test. During the testing period, FIs will not be able to edit passwords and upload certificates.

Tunisia May 16, 2019

The U.S. Embassy in Tunisia announces the signing of the Foreign Account Tax Compliance Act (FATCA) between U.S. and Tunisia. The Ministers of both U.S. and Tunisia further indicated that this would strengthen their bilateral relationship and increase cooperation on economic issues.

Slovenia May 16, 2019

The Financial Administration of the Republic of Slovenia (FURS) releases a notice regarding the exchange of information under FATCA for TY 2018 along with an updated version of the FATCA technical guide (v 1.9). The notice specifies that for account holders (natural persons) and/or substantial owners, it is mandatory to report the date of birth in case the US TIN is unknown.

Netherlands May 16, 2019

The Central Government of the Netherlands announces the visit of its Deputy Minister of Finance to the USA from May 20, 2019, to May 23, 2019. The visit is to bring to the attention of the IRS authorities, the problem of Dutch citizens experiencing problems due to FATCA legislation and to emphasize on seven of the recommendations to the IRS, made by the United States Government Accountability Office (GAO) on April 1, 2019, with respect to reducing the burden on US persons abroad.

Switzerland May 15, 2019

The Federal Tax Administration (FTA) of Switzerland releases an updated User Manual for transfer of data with respect to AEOI and an updated technical guide with respect to the same. Both the documents have been updated to incorporate adjustments due to the migration of ESTV SuisseTax to myTaxWorld.

Switzerland May 15, 2019

Switzerland - The MyTaxWorld portal is now available to register new financial institutions. Registration and the transmission of the EAR declarations/transmission of AIA reports are possible only via the MyTaxPortal.

Australia May 15, 2019

The Australian Taxation Office (ATO) publishes information clarifying on how to provide “Contact element” details in CRS reports. The name, contact number or email address should be included in the Contact element contained in the message header (MessageSpec). This will allow ATO to contact if there is an issue with the CRS report.

Curaçao May 15, 2019

The Ministry of Finance, Curacao confirms that PFGU portal is now open for submitting FATCA and CRS reports. As a reminder, the deadline for submitting data is 31 May 2019.

France May 15, 2019

French Finance Committee releases a report on the problem of “Accidental Americans” along with several proposals addressing the challenges.

British Virgin Islands May 15, 2019

The International Tax Authority of the British Virgin Islands extends the reporting deadline for financial institutions that qualify as Trustee Documented Trusts (TDT) under CRS and has reportable accounts for 2018 has been extended to June 28, 2019. Trustees that have already registered their documented trusts on the BVI reporting system are advised to follow the instructions in the recently published CRS Guidance Notes and submit the filings via the TDT accounts. Trustees who have not yet registered their documented trusts on BVIFARS and are waiting for the system to be updated are advised to submit their TDT filings via their Trustee’s account.

Curaçao May 15, 2019

The Ministry of Finance in Curaçao releases an updated list of reportable jurisdictions. Specific updates to the list include the addition of Andorra, Liechtenstein and Russia.

Mauritius May 14, 2019

The Mauritius Revenue Authority publishes amended CRS regulations 2019. Regulations with respect to Anti-avoidance (12A) and Penalty (12B) are added. In addition, Schedule 4 regarding Excluded accounts are updated to include more information on Dormant accounts.

Australia May 14, 2019

The Australian Taxation Office (ATO) updates FATCA guidance about the Sponsor Global Intermediary Identification Number (GIIN) and Trustee Documented Trust (TDT) reporting.

Qatar May 12, 2019

The Qatar Financial center publishes a document explaining the reporting and due diligence obligations for financial institutions under CRS. Major updates include (1) Reporting financial institutions may not use service providers to fulfill the reporting and due diligence obligations on their behalf unless authorized by the supervisory financial authorities (2) the CRS reports must be submitted before July 31, 2019 (3) RFIs with no reportable accounts for the calendar year 2018 shall submit a declaration to this effect.

Malaysia May 10, 2019

The Inland Revenue Board of Malaysia (IRBM) publishes an announcement on IDES testing schedule. The FATCA International Data Exchange Service (IDES) opens for testing from Monday, June 17, 2019, to Friday, July 26, 2019. The test session will be open to all users that have completed IDES enrolment by Thursday, June 13, 2019. It also provides steps to be followed for participating in the testing.

United States May 10, 2019

NEW - Jurisdictional Debrief Now Available (Week Ending May 10, 2019)

Indonesia May 9, 2019

The Directorate General of Taxes of Indonesia publishes an EOI Portal Application error catalog(v1.0) to help RFIs to resolve common errors.

Belgium May 9, 2019

Belgium’s Ministry of Finance publishes a guidance note for FIs with regards to investment programs in exchange for residence or citizenship (RBI/CBI schemes). Most notable is the guidance with respect to reporting of asylum seekers in Belgium. Persons for whom an asylum application is being processed are suspected of being non-residents for tax purposes. In the context of the CRS exchange, the financial account of an asylum seeker should nevertheless not be considered as a "reportable account". This is on the condition that the relevant customer/account holder can document his or her status as an asylum seeker on the basis of documents originating from the Belgian government (preferably by means of the document "Appendix 26"). An asylum seeker's account can have the status of a non-reportable account for a maximum of two consecutive calendar years. This period can only be extended if there is proof to the contrary, for example in the case of pending legal proceedings regarding an asylum application. If an asylum application has been rejected, the first reportable period starts from the first day of the calendar year in which the application was rejected. An FI always has the option to delete or correct its data via the procedure described on the e-service CRS page.

Bulgaria May 9, 2019

The National Revenue Agency, Bulgaria publishes updated Reportable and Participating jurisdictions lists under CRS through Order No. FTA-621.

British Virgin Islands May 9, 2019

The International Tax Authority of the British Virgin Islands releases an updated list of CRS reportable jurisdictions for 2019, 10 additional jurisdictions have been added to the list.

Ireland May 9, 2019

The Revenue Online Services (ROS) of the Irish Tax and Customs releases the 96th Annual Report of the Revenue Commissioners for the year ended December 31, 2018. The Annual Report states that 217 interventions were concluded on cases selected using the information received under FATCA. Further specified is that these cases have yielded in excess of €1.31 million in tax, interest and penalties with 7 out of the 217 cases published in the Tax Defaulters List.

Switzerland May 9, 2019

The Federal Tax Administration (FTA) of Switzerland releases a document elaborating the first experience of data exchange. The document contains – (1) An overview of the data exchange process, (2) Statistical overview on the number of information reports submitted by FI’s to the FTA, (3) Statistical overview on data exchange between the FTA and partner states and, (4) An overview of the statistical tally of information received and matched by partner states on the basis of SIN (Social Insurance Number), Zip Code, Locality and Manual data received.

Switzerland May 8, 2019

The Federal Tax Administration of Switzerland announces that the MyTaxWorld portal will be available at the latest by May 15, 2019. Registrations of financial institutions and the transmission of the EAR declarations/transmission of AIA reports is possible only via the MyTaxPortal.

Jersey May 8, 2019

The Jersey Legal Information Board notifies that the External Relations Minister of Jersey has signed the Taxation (Implementation) (International Tax Compliance) (Common Reporting Standard) (Amendment - Participating Jurisdictions) (Jersey) Order 2019, amending the list of participating jurisdictions for CRS purposes for Jersey. As a result, financial institutions will be required to report in 2019 on account holders and controlling persons resident in Azerbaijan and Nigeria, based on new accounts and pre-existing high-value accounts held in 2018. Reporting will be required for the first time in respect of account holders and controlling persons resident in Albania, Kazakhstan, Maldives, Oman and Peru in 2020, based on accounts open in 2019. Also, as previously advised, financial institutions are expected to report on a “best efforts” basis in 2019 on account holders and controlling persons resident in Nigeria and Azerbaijan.

Italy May 7, 2019

The Italian Internal Revenue Service issues a notice regarding the compliance check of files containing data with respect to FATCA and CRS/DAC2 reporting. The notice further specifies the necessity to install the “Telematic Desktop”, which includes the applications distributed by the Revenue Agency for the management of documents sent and received electronically (Entratel, Internet Files and forms of control) and automatically manages all updates. The Telematic Desktop is available in the Software - Telematic Desktop section of the telematic services website.

Samoa May 7, 2019

The Inland Revenue Department of Samoa releases an updated list of CRS reportable jurisdictions with their respective tax years. Only addition to the list is Aruba.

Italy May 7, 2019

The Internal Revenue Service of Italy publishes updated FATCA and CRS Guidance Notes. The updated FATCA Guidance Notes (v2.2) provides additional instructions on restricted characters within the data elements of reports, for compiling and transmitting data in application of the FATCA agreements. The updated CRS Guidance Notes (v1.2) provides additional information on how to submit data in batches (updated Section 3.5.2), additional information on sending corrected data, a month after the scheduled deadline (updated Section 3.5.3). Also, Section 3.9 has been updated to include permissible and ineligible characters and Sections 4.7.3 and 4.7.4 has been added which provides examples on corrections of data submitted in batches and corrective methods over the terms in cases of multiple tax residencies.

IRS May 6, 2019

The IRS published Issue 2019-5 informing users that the FATCA International Data Exchange Service (IDES) will open for testing from June 17, 2019 to July 26, 2019. The test session will be open to users that have completed IDES enrollment by June 13, 2019. In order to participate in testing, users need to have an active password. All passwords and profile information should be updated BEFORE the enrollment cut off. All testing sessions will be announced on the IDES Testing Schedule web page. Note that any production files submitted to the test environment will not be processed. Users must not submit production files to the test environment or test files to the production environment.

IRS May 6, 2019

The IRS publishes a reminder to all the QI/WP/WT, external advisors and interested parties that the deadline for registering for the IN PERSON presentations in Hong Kong and Seoul is May 8, 2019. It is an opportunity to meet members of the QI team and to gain a deeper understanding of the certification process.

Greece May 6, 2019

The Directorate of International Economic Relations of the Hellenic Republic (Greece), releases an updated list of jurisdictions (Government Gazette No – A.1160), with which it intends to exchange information under the Automatic Exchange of Information (AEOI) standards, thus amending the previous list (Ministerial Decree POL 1135/29.08.2017 – B 3053).

United States May 6, 2019

Deloitte Insight: FATCA: Opening of the IDES testing session.

Brazil May 4, 2019

The Department of Federal Revenue in Brazil releases the updated version (v 1.1.2) of the Filing Manual as announced last week (April 25, 2019). The updated version of the Filing Manual include changes in the XSD format of the Private Pension Module (v 1.2.2) regarding the occurrence of the fields as well as general guidelines and clarifications on the Private Pension Module.

United States May 4, 2019

Deloitte Insight: FATCA: The IRS updates two FAQs relating to Certification and Periodic Review and announces upcoming revision of the EIN application rules.

United Kingdom May 3, 2019

The United Kingdom’s HMRC updates its guidance on how to register for Automatic Exchange of Information (AEOI) service for a financial institution. The updated version provides guidance regarding who should register for AEOI, when to register for AEOI and also an updated process of how to register for AEOI

India May 3, 2019

The Income Tax Department of India releases updated versions of – (1) The Generic Submission Utility tool (Version 1.5) and, (2) Report Generation and Validation Utility – Form 61A tool (Version 4.4) with respect to AEOI.

IRS May 1, 2019

The IRS releases issue number 2019-4 as a reminder with respect to FATCA reporting that - (1) for the FATCA Certification Period Ending December 31, 2018 - Responsible Officer Certifications are due by July 1, 2019, (2) Financial Institutions are to keep the Person of Contact (“POC’) and the Responsible Officer (“RO”) Contact Information updated, and (3) Responsible Officers with FATCA Registration and Certifications are to review the List of FAQs and the FATCA User Guide as needed for assistance.

Australia May 1, 2019

The Australia Taxation Office (ATO) publishes an updated list of participating jurisdictions (Sec 4.19) for 2019 along with additional information on dual residents and tiebreaker rules (Sec 5.2) with respect to CRS reportable persons (QC 48683).

France Apr 30, 2019

The French Tax Authority published today an updated version of its CRS/DAC2 Guidance Notes (V2.0), which includes a final list of reportable jurisdictions for TY18. In addition, the French Tax Authority published an updated version of its Collection Scheme (v2.0) for CRS/DAC2 reporting purposes.

Russia Apr 30, 2019

The Federal Tax Service of Russia (FTSR) releases an updated version of the electronic report format for residents of foreign countries with respect to CRS reporting.

Netherlands Apr 29, 2019

The Tax and Customs Administration of Netherlands updates its XML schema with the addition of specific Message and Data specifications with respect to FATCA and CRS reporting. Also, announcing the availability of the Validation Test Service (VTS) for Banking and Investment products 2020.

OECD Apr 29, 2019

The OECD releases an updated list of jurisdictions participating in the convention on the Mutual Administrative Assistance in Tax Matters (MCAA). The only update is the date of acceptance of the Amended Convention (AC) as April 30, 2019, for Dominica and its entry into force as August 1, 2019.

United States Apr 29, 2019

Deloitte Insight: FATCA: Update on the development of Intergovernmental Agreements (IGAs) continue, in order to implement tax reporting and withholding procedures. Also, included is the summary highlighting global updates on the AEOI with respect to CRS.

United States Apr 26, 2019

NEW - Jurisdictional Debrief Now Available (Week Ending April 26, 2019)

Slovak Republic Apr 26, 2019

The Ministry of Finance, Slovakia releases CRS XML validation rules. This document serves as an aid for financial institutions submitting CRS reports.

Samoa Apr 26, 2019

The Inland Revenue Department of Samoa releases a list of reportable jurisdictions and their tax years with respect to CRS reporting.

OECD Apr 25, 2019

The OECD releases updated lists of CRS MCAA signatories and jurisdictions participating in the convention on the Mutual Administrative Assistance in Tax Matters (MCAA). Dominica and Ecuador have been added to the signatories list along with their intended first information exchange date stated as September 2020, thus increasing the strength of the CRS MCAA signatories to 105, while the addition of Dominica to the participants list of the MCAA increases its strength to 128.

Russia Apr 25, 2019

The Federal Tax Service of Russia (FTSR) releases an updated format for electronic submission of financial accounts information of foreign citizens and an updated XSD-schema for financial institutions to submit CRS reports to the Competent Authority (FTSR).

Brazil Apr 25, 2019

The Department of Federal Revenue in Brazil announces that an updated version (v 1.2.2) of the Filing Manual will be published in the week of April 29 - May 03, 2019. The new version of the Filing Manual will include changes in the Private Pension Module regarding the occurrence of the fields as well as general guidelines and clarifications of the Private Pension Module.

Bermuda Apr 24, 2019

The Ministry of Finance in Bermuda releases an updated reportable jurisdictions list with respect to TY 2018. The jurisdictions added to the list are Guernsey and the Isle of Man.

Seychelles Apr 24, 2019

The Cabinet of Ministers in Seychelles approved amendments to CRS regulations. The amended regulations will be published in the Seychelles Revenue Commission website shortly

IRS Apr 24, 2019

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool, with the FIs that are in approved status as of April 24, 2019.

United Kingdom Apr 24, 2019

The United Kingdom’s HMRC releases the International Tax Compliance (Amendment) Regulations 2019 (No.881) and an explanatory memorandum with respect to the amended regulations. The explanatory memorandum explains – (1) the purpose of the instrument, (2) the extent and territorial application, (3) the legislative context of the regulations, (4) the policy objectives and, (5) application of the regulations to small businesses. The amended regulations are set to come into force from May 16, 2019.

Singapore Apr 22, 2019

The Inland Revenue Authority of Singapore (IRAS) releases updated CRS registration FAQs, CRS related general FAQs, quick guide to CRS return submission and list of IRAS CRS File and Record Level Errors. It also announces that reporting Singapore Financial Institutions (SGFIs) may start submitting CRS returns for TY 2018. Specific CRS related general FAQs that are updated include – (1) FAQ C.6 under Debt Interest, (2) FAQs G.1 and G.2 under the Identifying number section and, (3) newly added FAQ F.10, clarifying what are the reportable financial accounts for a FI that is an Investment Entity. FAQs 7, 8 and 15 were updated under the CRS registration FAQs.

IRS Apr 22, 2019

The IRS releases issue number 2019-06 stating that it will be hosting free of cost, in-person presentations on the QI/WP/WT certification and periodic review process in Hong Kong on May 21, 2019, and in Seoul on May 23, 2019. The presentations will cover the QI Certification/Periodic Review requirements, including waiver requests and CCPs, from initiation to submission.

Indonesia Apr 22, 2019

The Directorate General of Taxes, Indonesia releases a process document describing the CRS Validation process for financial institutions (other LJKs and other entities). This document helps the financial institutions in conducting the validation process through the EOI portal.

IRS Apr 19, 2019

The IRS releases issue number 2019-05 stating the due date for selection of Certification of Periodic review year on QI/WP/WT Application and Account Management System. All QI/WP/WT entities with a certification due date of July 1, 2019, which includes entities with an effective date later than January 1, 2015 and earlier than January 2, 2016, must select the periodic review year of their certification period by July 1, 2019. This includes those entities selecting 2018 as their periodic review year. This announcement does not apply to termination certifications.

Russia Apr 19, 2019

The Federal Tax Service of Russia publishes a list consisting of the Type of Organizations that fall under the category of financial market organizations with respect to Automatic Exchange of Financial Information (AEOI) in accordance with Para 2 and 8 of article 142.1 of the Tax Code (Chapter 20.1). A professional member of the securities market, the management company, stock investment fund, private pension fund and a few more are listed as financial market organizations in the document.

France Apr 19, 2019

The French Republic releases a Ministerial Order amending Decree No. 2016-1683 that set the rules and procedures for the automatic exchange of financial accounts information called the CRS. Specific updates include – (1) Updated Participating and Reportable jurisdictions with respect to TY 2018 reporting and subsequent years, (2) The threshold amount for a deposit account to be considered a financial account by an FI under 2° of VI of Article 3 has been increased to EUR 43,700 from EUR 41,700 with respect to TY 2019 and subsequent years, (3) The threshold amount for pre-existing entity accounts has been increased to EUR 218,300 from EUR 208,500 with respect to TY 2019 and subsequent years, and, (4) The threshold amount for a high-value account had been increased to EUR 873,400 from EUR 833,800 with respect to TY 2019 and subsequent years.

United States Apr 19, 2019

Deloitte Insight: FATCA: Due date for selection of the certification period review year is July 1, 2019.

Curaçao Apr 18, 2019

The Ministry of Finance, Curacao confirms that the submission portal is now open for testing FATCA and CRS submissions. During this period, it is only possible to submit the test data for the 2018 tax year and check whether the input validation meets the specifications of the XML message.

Indonesia Apr 18, 2019

The Directorate General of Taxes of Indonesia releases XML validation instructions for financial institutions (LJK and other entities) for processing CRS information, the XML is based on the OECD CRS Schema.

Mauritius Apr 18, 2019

The Mauritius Revenue Authority releases an updated list of CRS reportable jurisdictions for TY2018, 21 jurisdictions have been added to the list.

Taiwan Apr 18, 2019

The International Finance Department of Taiwan releases Document no:10824506900, stating that a reportable jurisdictions list will be published soon. The document also states that Australia and Japan have been added as reportable jurisdictions and that the list will be further updated with confirmed exchange partners before it is released.

Finland Apr 17, 2019

The Finland Tax Administration updates its general FAQs on reporting and due-diligence procedures. A new FAQ has been added which describes the testing process of self-certification.

IRS Apr 17, 2019

The IRS releases 2019 General Instructions for Certain Information Returns which includes Form 1099. Specific updates include: (1) For Form 1099-B - Section 13823 of P.L. 115-97 added section 1400Z, Opportunity Zones. IRS added a checkbox in box 3 to report the disposition of qualified opportunity funds (QOFs). For more information, see the separate Instructions for Form 1099-B. (2) Filing dates for Form 1099-MISC. - File Form 1099-MISC on or before January 31, 2020, if you are reporting nonemployee compensation (NEC) payments in box 7, using either paper or electronic filing procedures. For all other reported payments, file Form 1099-MISC by February 28, 2020, if you file on paper, or March 31, 2020, if you file electronically. For more information, see the separate Instructions for Form 1099-MISC. The IRS also releases Publication 1187 which provides Specifications for Electronic Filing of Form 1042-S, Foreign Person's U.S. Source Income Subject to Withholding for the tax year 2018, specific updates for the tax year 2018 can be found in Section 3.

Bermuda Apr 17, 2019

The Government of Bermuda publishes updated CRS guidance notes. The updated version includes (1) the expanded definition of a Participating Jurisdiction Financial Institution added under the Expanded Definitions section (2) the trustees reporting on behalf of Trustee Documented Trusts (TDTs) should submit a separate nil return for any TDT that does not maintain any reportable accounts for a particular reporting period (3) If the self-certification is not obtained within 90 days then the account should be closed (4) Identification of Financial accounts and controlling persons for Trusts is described.

Ireland Apr 17, 2019

The Revenue Online Services (ROS) of the Irish Tax and Customs releases an updated version of the FATCA filing guidelines (Part 38-03-25). Specific updates include – (1) Guidance on submitting rectified/corrected XML files within 120 days timeline (Sec 3.2.8), (2) Updated contact number of the ROS technical helpdesk (Secs 5.1 & 6.1), (3) Emphasis on the standard naming convention of the XML schema with an example (Sec 7.1), (4) Alternative DocRefID format examples for sponsors, intermediaries, account reports and nil reports (Secs 7.4.2 to 7.4.5) and, (5) XML schema element references for date of birth and TINs (Secs 7.5 & 7.6) and, (6) ROS valid characters (Sec 7.9).

Ireland Apr 17, 2019

The Revenue Online Services (ROS) of the Irish Tax and Customs releases an updated version of the CRS/DAC2 filing guidelines (Part 38-03-26). Specific updates include – (1) Guidance on re-submission of corrected XML files (Secs 3.2.6 to 3.2.8), (2)Updated contact number of the ROS technical helpdesk (Secs 5.1 & 6.1), (3) Additional Schema Guidance with examples (Sec 7), (4) FI DocRefID examples (Sec 7.1.2), (5) DocRefID format for Account report element (Sec 7.1.3), (6) CRS XML forbidden and restricted characters (Sec 7.2) and, (7) ROS valid characters (Sec 7.3).

Samoa Apr 16, 2019

The Inland Revenue Department of Samoa publishes information with respect to AEOI obligation. Specific updates include: (1) dates for the portal being open for testing of XML files and addition/registration of new financial institutions (FIs) from April 5, 2019 - May 17, 2019, and for submission of actual reports from May 20, 2019, until June 30, 2019. (2) Also, it is advised to contact the AEOI team before registering the new FIs (one-off requirement), (3) There is no requirement to register again for already registered FIs and, (4) If an FI is evaluated as non reporting for a certain year, a mandatory requirement to carry out an annual self-certification if the non-reporting status remains applies.

Pakistan Apr 16, 2019

The Federal Board of Revenue in Pakistan publishes a reminder that all Reporting Financial Institutions (RFIs) are required to submit Common Reporting Standard (CRS) reports in the prescribed XML format by May 31, 2019. Failure to meet complete and timely compliance shall be penalized under section 182 of the Income Tax Ordinance, 2001.

United Kingdom Apr 16, 2019

The United Kingdom's HMRC updates AEOI registration guidance. The Updated Guidance instructs the Financial Institutions regarding certain steps that they need to follow for CRS and FATCA registration.

Australia Apr 16, 2019

The Australian Taxation Office (ATO) announces on the Quick Code (QC) 54580 page that an extension for the filing of CRS reports can now be requested by reporting financial institutions (RFIs) through the ATO business and Tax Agent Portals. While filing for an extension, the following should be included in the message:- (1) the ABN, TFN or GIIN of the RFI, (2) the name of the RFI, (3) your name and daytime telephone number, (4) the reasons for the request to extend the time to lodge and, (5) the date by which you will be able to lodge the CRS report.

Singapore Apr 15, 2019

The Inland Revenue Authority Singapore (IRAS) announces the FATCA paper nil return for reporting year 2018 is now available for download.

Poland Apr 15, 2019

The ministry of finance of Poland releases updated FATCA reporting Form (FAT-1, v4) for TY18 reporting. Reporting Polish financial institutions are obliged to submit FATCA information through the use of FAT-1 which should be submitted only in electronic form. Also, it releases guidance notes describing FAT-1 from elements along with instructions to help to fill the form.

Israel Apr 15, 2019

The International Taxation Department of Israel confirms the earlier published list of CRS participating and reportable jurisdictions. The reportable jurisdictions are categorized separately under TY 2017 and TY 2018. It also states that the CRS reporting deadline remains the same as confirmed earlier i.e., June 23, 2019 with respect to TY 17 reporting and September 8, 2019 with respect to TY 18 reporting.

United States Apr 12, 2019

NEW - Jurisdictional Debrief Now Available (Week Ending April 12, 2019)

United Kingdom Apr 12, 2019

The United Kingdom’s HMRC updates its guidance on: (1) Due- diligence procedures regard to undocumented accounts with respect to pre-existing high-value individual accounts. (2) Updated due- diligence procedures on hold-mail or in-care-of address with respect to the pre-existing low-value individual accounts. (3) Updated due- diligence procedures on hold-mail or in-care-of address with respect to the pre-existing high-value individual accounts. (4) It also re-confirms its CRS reportable jurisdictions list with no changes.

IRS Apr 12, 2019

The U.S. Department of Treasury updates the FATCA IGA status of Serbia to “Signed” from the previous status “Agreement in Substance”.

Germany Apr 11, 2019

The Federal Tax Office, Germany releases FATCA Infobrief, 02/19 stating that the productive transmission of FATCA data for 2018 reporting period will start from May 13, 2019. This applies to the sending XML mass data via the ELMA interface as well as the transmission of forms in the BZStOnline portal ( BOP ). The test system is fully available for the mass data interface. However, a simulation of correction or deletion deliveries is not feasible. There is no possibility to test for individual data reports via the BZSt online portal. For the transmission of XML files, the ELMAFC header, which has been changed since December 22, 2018, is to be used for both production and test deliveries. Also, for the reporting period 2018, the FATCA reports are to be transmitted to the BZSt by 31 July 2019. Additionally, BZSt also releases an updated version of the FATCA Communication Manual Part 3 on Data Transmission via the Mass Data Interface ELMA.

South Africa Apr 11, 2019

The South African Revenue Service (SARS) issues an alert on its transition to a new hosting platform for its electronic services over the coming weekend. During the transition, the following SARS systems will be affected: (1) SARS eFiling and SARS eFiling app (including registrations, filing, payment, TRN authorization dashboard, 3RD Party Data submissions dashboard and uploading supporting documents functionality) (2) e@syFile™ Employer (including uploading of Customs supporting documents) (3) e@syFile™ Dividends Tax (Including DTR01 & DTR02) and (4) SARS website. As a result, clients may experience intermittent downtime from Friday, 12 April from 17:00 hours to Tuesday, 16 April 2019 at 06:00 hours.

Indonesia Apr 10, 2019

The Directorate General of Taxation in Indonesia releases a Domestic Reporting AEOI Technical Guidance Material for 2018 reporting year.

Mexico Apr 10, 2019

The Mexican Tax Administration publishes amendments to its CRS Law (Anexo 25-bis de la RMF). Specific updates include: (1) Removal of reference to the option of phasing out of gross proceeds for TY16. (2) Updates made to the excluded accounts section. (3) Addition of a provision under the format used for reporting clarifying that entities that qualify as Reporting Financial Institutions that do not have an RFC (Mexican TIN) or that are not required to register in the RFC system can comply with the reporting obligation by submitting the returns in person. In order to do so, they must complete the form 190/CFF and notify the SAT of this fact prior to completing the submission. (4) Addition of a requirement for Reporting Financial Institutions to establish procedures to ensure the identification of any changes in circumstances.

Cayman Islands Apr 9, 2019

The Cayman Islands Tax Information Authority issues an AEOI notice indicating that completing 2018 CRS and US FATCA reporting obligations on or before Wednesday, 31 July 2019, will not result in compliance measures for late filing, and will not therefore attract adverse consequences, enforcement measures or penalties. The notice also announces that a number of AEOI Guidance Materials have been updated

IRS Apr 9, 2019

The IRS updates QI/WP/WT FAQ(5) under the Certifications and Periodic Reviews section which provides guidance that how can a group of Qis or WPs apply to form a CCG. For certifications due in the calendar year 2019, an application to form a CCG should be submitted by the responsible officer, or another authorized user of the proposed Compliance Entity no later than April 1, 2019. The submission must be made using the QI/WP/WT Application and Account Management system. Please note that the CCG should select 2017 or 2018 as the periodic review year. The IRS will not approve CCG applications that select 2016 as the periodic review year for the certification due in 2019.

Jersey Apr 9, 2019

The Department of Information and Public Services of the Government of Jersey releases a Compliance Note 1 (CN1) which provides information on CRS reporting performed by third-party service providers. The authority has identified that some third party reporters, including trust and company service providers (TCSPs), have incorrectly reported that individuals and/or entities hold accounts directly in that third party. FIs or third party service providers whose CRS reports have been structured incorrectly will be expected to submit correct reports for all affected periods as soon as they identify the issue unless they have already been contacted by Revenue Jersey about this.

United Kingdom Apr 9, 2019

The United Kingdom’s HMRC updates its guidance on how to report under AEOI (FATCA, CDOTs, and CRS). The HMRC confirms that the Non-mandatory fields on the HMRC portal and in the HMRC schema do not mean the information is not mandatory under the FATCA, CDOT and CRS requirements. Also, the online system will only accept Latin characters from Latin character set 1 (iso-8859-1).

Indonesia Apr 8, 2019

The Directorate General of Taxation in Indonesia releases an (EOI) Exchange of Information User Manual (V.0001), to facilitate the use of the EOI Portal with respect to the available registration and reporting modules.

IRS Apr 5, 2019

The IRS updates FAQ(2) under Certifications and Periodic Reviews section to provide guidance for applying the independence standard for an external reviewer of a QI, WP, or WT for periodic review years prior to 2019.

Mauritius Apr 5, 2019

The Mauritius Revenue Authority releases an updated CRS Guidance Notes. Specific updates include: (1) Section 5.3 - with respect to CRS reporting a threshold of 20% needs to be applied by the FIs in determining the controlling person, earlier the threshold was 25%. (2) Section 5.9.4 – is updated which provides additional details on Low-Value Dormant Accounts.

Jersey Apr 5, 2019

The Department of Information and Public Services of the Government of Jersey releases updated practical CRS guidance notes (Version 3.0). The updated version of the practical guidance notes replace all previous guidance and apply to all CRS reports submitted to Jersey from April 5, 2019, until further notice. Specific updates include – (1) the addition of mandatory requirement of the “date of birth” field for registration, (2) invalidation of any CRS related file, in case of missing information in the date of birth element, (3) considering incomplete reporting obligations of a reporting FI or a TDT if its name is not shown in the ReportingFI element, (4) Mandatory Nil filing requirement from the year 2020, (5) Availability of optional ways to file CRS nil returns by registered RFIs from TY 2019 and, (6) Requirement to use “NOTIN”, in the TIN element in case of missing TIN.

Mexico Apr 5, 2019

The Mexican Tax Administration (SAT) publishes updated guidance to obtain, renew and cancel digital certificates, as well as an updated Nil submission sample form for TY18 with respect to FATCA and CRS reporting. The updated guidance indicates that RFIs that do not have an RFC need to send a notification of this fact to the SAT, and adds that RFIs without an RFC must submit the request to obtain, renew or cancel digital certificates in person to the SAT since they will not be able to complete the submission via the SAT’s portal without the RFC. This guidance also changes the individual to which the requests have to be addressed within the SAT. The SAT has also made available examples on how to submit NIL returns along with information on submission of NIL returns.

Denmark Apr 5, 2019

Denmark - The Danish Ministry of Taxation updates its CRS FAQs. The earlier published FAQ (dated December 14, 2018) on stock savings accounts has been updated. As per the updated information it should be noted that if a share or investment certificate is transferred between a customer's external deposit and the customer's share savings account, it is equated in the national reporting with a sale, cf. section 17 (1) of the Tax Reporting Act. 3, and 19, para. 1. These provisions have been introduced for administrative reasons. The provisions have no bearing on the reporting obligation regarding CRS, since there is neither a sale nor redemption of the shares or investment certificates.

Hong Kong Apr 4, 2019

The Inland Revenue Department of Hong Kong updates AEOI guidance for FIs in complying with their obligations under Part 8A of the Inland Revenue Ordinance (Cap. 112). In specific Chapter 18 has been updated which provides guidance on various miscellaneous topics.

Hong Kong Apr 3, 2019

The Inland Revenue Department of Hong Kong posts a note on the Hong Kong Automatic Exchange of Information (AEOI) Portal stating that the site will be under maintenance from 7 p.m. to 11 p.m. on April 3, 2019, and all services will be suspended during this period.

Australia Apr 3, 2019

The Australian Taxation Office (ATO) publishes an update with respect to the outline of the upcoming changes to the validation rules for CRS reporting. Over the next few months, ATO will be updating a number of validation rules for 2018 CRS Reports due 31 July 2019. The updated validations will trigger ‘error’ messages and require correction before a successful lodgment can be accepted.

Malaysia Apr 3, 2019

The Inland Revenue Board of Malaysia (IRBM) publishes an update on CRS filing dates. The CRS registration portal is open for FIs, FIs who registers after the submission deadline will be considered as late registration and upon submission will be subject to a penalty. The deadline for submitting the CRS Report is from July 1, 2019, to August 31, 2019. The test environment is available from April 1, 2019 – June 28, 2019. The production environment would be available from July 1, 2019 – August 31, 2019. It also releases an updated version of its CRS Data Encryption Tool (v4.0).

IRS Apr 3, 2019

The U.S. IRS and the Treasury Department publishes corrections to the earlier published rule document 2019-05527 of March 25, 2019, with respect to the Chapter 4 Regulations Relating to Verification and Certification Requirements for Certain Entities and Reporting by Foreign Financial Institutions. The document is scheduled to be published on 04/04/2019.

IRS Apr 3, 2019

The U.S. IRS and the Treasury Department is soliciting comments concerning Form 1099-MISC, Miscellaneous Income. As part of IRS continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on information collections, as required by the Paperwork Reduction Act of 1995. Written comments should be received on or before 60 days after the date of publication in the federal register, to be assured of consideration. The document is scheduled to be published on 04/04/2019.

Bermuda Apr 3, 2019

The Ministry of Finance, Bermuda releases an updated reportable jurisdictions list with respect to TY 2018. The jurisdictions added to the list are Antigua and Barbuda, Azerbaijan, Barbados, Pakistan and Panama.

IRS Apr 2, 2019

The United States Government Accountability Office (GAO) publishes a report on foreign asset reporting. As per the House Report 114-624 included a provision for GAO to evaluate FATCA implementation and determine the effects of FATCA on U.S. citizens living abroad. GAO conducted a study and evaluated documentation and analyzed tax data along with several interviews with IRS officials, other federal agencies and US person living abroad. Based on its study GAO is making one matter for congressional consideration to address overlap in foreign asset reporting requirements. GAO is making seven recommendations to IRS and other agencies to enhance IRS’s ability to leverage FATCA data to enforce compliance, address unnecessary reporting, and better collaborate to mitigate burdens on U.S. persons living abroad

United Kingdom Apr 2, 2019

The United Kingdom’s HMRC updates AEOI registration guidance. The updated version provides additional guidance on how to create a Government Gateway account and the details required for completing the registration.

Uruguay Apr 2, 2019

The General Taxation Directorate of Uruguay informs obligated financial entities that the production environment for sending CRS reports is now available. The CRS Reports, as well as the corrections of the submitted information, must be sent between April 1 and June 30. Likewise, the financial entities obliged to inform shall have an additional term of 30 calendar days, from July 1, to remit exclusively, the corrections of the information provided.

Taiwan Apr 2, 2019

The International Finance Department of Taiwan publishes updated CRS FAQs. It provides updated guidance on: (1) FAQ 42 on Query procedure with respect to coding information of foreign tax registration number/foreign TINs. Specific examples are being mentioned with respect to information on individual tax registration numbers of neighboring countries (regions) which is not published on the OECD website like Phillippines, Thailand, and Vietnam. (2) FAQ 52 on Information with regards to customization of self-certification document by FIs. (3) FAQ 57 on reporting of the negative account balance by FIs. (4) FAQ 59(2) on reporting specifications with respect to the closed low-value account.

IRS Apr 1, 2019

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool, with the information on FIs which are in approved status as of March 25, 2019.

United States Mar 29, 2019

Deloitte Insight: FATCA: The Sponsoring Entity Regulations released by the IRS this week confirm that Sponsored Entities in Model 1 countries which did not include the sponsoring concept in Annex II of the IGA must complete certification by the March 31st deadline. Countries impacted are – 1) Anguilla, 2) Brazil, 3) Denmark, 4) Dominica, 5) Finland, 6) France, 7) Germany, 8)Italy, 9) Mexico, 10) Netherlands, 11) Norway and 12) Spain.

Sweden Mar 29, 2019

The Swedish Tax Agency publishes CRS/FATCA Newsletter for the month of March confirming that the e-services for testing and submitting CRS and FATCA data are currently fully adapted to the reporting for the income year 2018, but the Swedish Tax Agency recommends that you wait to submit control information until the beginning of April 2019. It also has links to technical guidance for CRS and FATCA.

United States Mar 29, 2019

NEW - Jurisdictional Debrief Now Available (Week Ending March 29, 2019)

Malaysia Mar 29, 2019

The Inland Revenue Board of Malaysia (IRBM) updates CRS FAQs confirming that the CRS Hasil International Data Exchange Facility (HiDEF) submission opens for testing from April 1st, 2019 to June 28th, 2019. The FIs that have completed their registration before April 1st, 2019 can participate in the CRS testing from April 1st, 2019. The FIs that have completed the CRS Registration during the CRS testing period could also participate on the following day.

Croatia Mar 29, 2019

The Ministry of Finance of the Republic of Croatia publishes an updated list of CRS reportable jurisdictions. Six additional jurisdictions have been identified as reportable starting TY18: Azerbaijan, Canada, Israel, Malaysia, Panama, and Pakistan.

Czech Republic Mar 29, 2019

The Ministry of Finance of the Czech Republic updates its International Cooperation Act Webpage by adding the new Decree No. 26/2019 Coll which replaces Decree No. 108/2016 Coll. The newly added decree which provides information on excluded accounts under local law with respect to CRS reporting was originally published on February 14, 2019, and is set to come into force from April 1, 2019.

IRS Mar 28, 2019

The IRS issues a reminder (Issue 2019-3) on new FAQs posted on various compliance items for Foreign Financial Institutions (FFIs). The reminder specifically mentions Q20 under FATCA Certifications, Q17 under FATCA Registration Updates and Q7 under Responsible Officers and Points of Contact.

Indonesia Mar 28, 2019

The Directorate General of Taxes of Indonesia releases updated (1) Template (2) XSD file and (3) Examples of filing XML elements for submitting financial information reports under CRS.

OECD Mar 28, 2019

The OECD publishes an updated list of jurisdictions participating in the Convention on Mutual Administrative Assistance in Tax Matters. The updated list now includes the date of deposit, of the instrument ratifying the amended convention by Brunei Darussalam and the date of entry of the amended convention in Brunei as July 1, 2019. Also, the Former Yugoslav Republic of Macedonia has been renamed as North Macedonia in the updated list.

Italy Mar 26, 2019

The Ministry of Economy and Finance of Italy publishes a notification extending the FATCA and CRS reporting deadline to June 20, 2019, with respect to TY2018 data.

Slovak Republic Mar 26, 2019

Slovak Republic issues notification related to FATCA reporting providing additional reporting information on submitting NIL returns. RFIs now have the option to check the box for submitting NIL returns which was earlier done only by submitting an XML filling the Nil Report data element. RFIs can choose any of the methods for submitting NIL FATCA returns.

Hong Kong Mar 26, 2019

The Inland Revenue Department of Hong Kong releases updated FAQs with respect to Automatic Exchange of Financial Account Information (AEOI) and guidelines for reporting financial institutions (RFIs) that are in the process of being liquidated. Added to the FAQs section is Q31 which sets out the required due diligence procedures for private investment companies (PICs). Also added to the Inland Revenue Department Website is a new webpage relating to mandatory provident fund schemes and occupational retirement schemes that will take effect from January 1, 2020, as stated in the Amendment Ordinance No.2 of March 1, 2019. The webpage for reportable jurisdictions has also been updated to reflect the 126 jurisdictions, also stated as reportable in Amendment Ordinance No.2 of March 1, 2019.

Uruguay Mar 26, 2019

The Computer division of Director of General Taxes (DGI) in Uruguay announces that maintenance tasks will be carried out on March 28 (Thursday) from 8:20 am-9:20 am. During this time, services may be interrupted.

EU Mar 26, 2019

The European Parliament of the European Union (EU) publishes final resolution on financial crimes, tax evasion and tax avoidance (Procedure 2018/2121 (INI). The resolution covers a wide scope of topics including – 1) Administrative cooperation in relation to direct taxes, 2) Administrative cooperation with respect to AEOI, 3) Tax havens and jurisdictions facilitating Adaption to Technical Process (ATP) within and outside the EU, 4) International dimension of taxation, inclusive of the FATCA framework, 5) Reiteration of the need to build capacities of developing countries with respect to AEOI.

Liechtenstein Mar 26, 2019

The Liechtenstein State Administration publishes updated AEOI guidance notes which provides guidance to third-party auditors with respect to the audit of FIs for implementation of AEOI (both FATCA and CRS). Section 2.2 – 2.3 provides specific information with respect to audit procedures which should be in accordance with Art. 180a PRG. The administration also publishes another document (#3086) which provides a sample report which can be used to verify compliance with the FATCA and CRS obligations according to Art. 11 FATCA Act and Art. 21 AIA Law with the following FIs: Trusts, Trustees as well as persons performing activities under Art. 180a PGR, concerning Reporting period 2014 to 2018.

Guernsey Mar 26, 2019

The Revenue Service of the States of Guernsey releases the signed agreement made with the competent authority of Bermuda on the Automatic Exchange of Information (AEOI) to improve International Tax Compliance.

Australia Mar 25, 2019

The Australian Taxation Office (ATO) publishes a bulletin (QC 58389) stating that the secure login – AUSkey, is due to retire in 2020. The AUSkey is set to be replaced by – 1) myGovID and, 2) Relationship Authorization Manager (RAM). The AUSkey is a secure login that identifies a user while using the participating government online services on behalf of a business. The AUSkey is also required, in order to upload reports to the ATO with respect to FATCA and CRS.

Ireland Mar 25, 2019

The Irish Tax and Customs releases an updated Ireland-US FATCA IGA. Specifically, two new sub-sections have been added to Section II (Deemed-Compliant Financial Institutions) of Annex II of the IGA to include additional entities as Non-Reporting Irish Financial Institutions that are treated as deemed-compliant FFIs for purposes of section 1471 of the Internal Revenue Code. The additional entities now include - (1) Section D - Sponsored Investment Entity and Controlled Foreign Corporation and, (2) Section E - Sponsored, Closely Held Investment Vehicle as Non-Reporting Irish Financial Institutions that are treated as deemed-compliant FFIs for purposes of section 1471 of the Internal Revenue Code.

Gibraltar Mar 25, 2019

The Commissioner of Income Tax of Gibraltar releases an updated list of CRS reportable jurisdictions, only update to the list is that Antigua and Barbuda is no more considered a non-reciprocal jurisdiction. The first exchange of information with Antigua and Barbuda is expected in 2020. Also, the document has updated information on the use of residence country Codes, the use of the domestic country code is also mandated for undocumented accounts, based on the hold-mail / care of address or other minimum indicia available. In addition, the document is updated for information on the definition of controlling person and updated description on controlling persons and their residence.

Indonesia Mar 25, 2019

The Directorate General of Taxation in Indonesia releases an updated list of participating and reportable jurisdictions with respect to TY 2018 reporting in Announcement Number: PENG-4/PJ/2019. Six jurisdictions have been added to the list of participating jurisdictions while eight jurisdictions have been added to the list of reportable jurisdictions.

Bahrain Mar 24, 2019

The Central Bank of Bahrain (CBB) publishes a directive announcing that both CRS and FATCA reporting for the year ending December 31, 2018, will start from April 1, 2019, through the AEOI portal. As a reminder, the CRS deadline is May 2, 2019. The CBB also confirms that starting this year onwards, the FATCA reporting deadline will be the same as CRS i.e. May 2nd of each calendar year. It also releases an updated list of CRS reportable jurisdictions, 22 additional jurisdictions have been added to the list.

IRS Mar 22, 2019

The U.S. IRS and the Treasury Department publishes final Chapter 4 Regulations relating to verification and certification requirements for certain entities and reporting by Foreign Financial Institutions. This document finalizes (with limited revisions) certain proposed regulations. The final regulations provide compliance requirements and verification procedures for sponsoring entities of foreign financial institutions (FFIs) and certain nonfinancial foreign entities (NFFEs), trustees of certain trustee documented trusts, registered deemed-compliant FFIs, and financial institutions that implement consolidated compliance programs (compliance FIs). These final regulations affect certain financial institutions and NFFEs.

OECD Mar 21, 2019

The OECD publishes Beneficial Ownership Toolkit to facilitate tax administrations tackle tax evasion more effectively. The toolkit covers a variety of important issues regarding beneficial ownership, including: 1) the concepts of beneficial owners and ownership, the criteria used to identify them, the importance of the matter for transparency in the financial and non-financial sectors; 2) technical aspects of beneficial ownership requirements, distinguishing between legal persons and legal arrangements (such as trusts), and measures being taken internationally to ensure the availability of information on beneficial ownership a series of checklists that may be useful in pursuing a specific beneficial ownership framework; 3) ways in which the principles on beneficial ownership can play out in practice in Global Forum EOIR peer reviews; why beneficial ownership information is also a crucial component of the automatic exchange of information regimes being adopted by jurisdictions around the world

United States Mar 21, 2019

Deloitte Insight: FATCA: The IRS issued new FATCA FAQs, an alert regarding consolidated compliance group (CCG) status application due date, and a notice about public hearing on proposed FATCA Regulations.

Russia Mar 21, 2019

The Federal Tax Service of Russia publishes a technical document which describes the requirements of structure and content of an electronic document (hereinafter referred to as an exchange document) of transmission in an electronic form of information about the financial accounts of FIs residents of foreign States (territories). This format was developed pursuant to clause 2 of the Ordinance of the Government of the Russian Federation dated 06.16.2018 No. 693. This version number of this format is specifically related to the updated reporting format (vRU: 5.02).

Singapore Mar 20, 2019

The Inland Revenue Authority of Singapore (IRAS) notifies entities to use the "CRS Entity Classification self-review tool" to determine their CRS entity classification and check if they are required to register for CRS.

Brazil Mar 20, 2019

The Department of Federal Revenue of Brazil releases an updated version of the e-Financeira Filing Manual (v1.1.1). Major update includes the addition of the requirement to include the “System 1011 message” in the opening and closing layout of validation rule code under Section 3.2.1.13 and Section 3.3.1.13 along with several other minor vocabulary alterations to the text of the Filing Manual under Sections - 4.1.5.1.24, 4.1.5.1.25, 4.1.5.1.26, 4.1.5.1.27, 4.1.5.1.33 and 4.1.5.1.50.

IRS Mar 20, 2019

The IRS publishes additional FATCA FAQs. Under FATCA Certification, Question 20 has been added which provides guidance on the certification requirements of a sponsoring entity with a certification period ending December 31, 2017. Under Certifications & Periodic Reviews Question 18 has been added which explains the deadline for QI/WP/WT entities, with a certification date of July 1, 2019, to select the periodic review year of their certification

Isle of Man Mar 20, 2019

The competent authorities of the Isle of Man and the United Kingdom concluded an agreement to improve international tax compliance based on the Automatic Exchange of Information (AEOI).

Australia Mar 19, 2019

The Australian Taxation Office (ATO) publishes a bulletin (QC 58306) stating that the CRS reports due to be lodged by July 31, 2019, will cover the entire 2018 calendar year.

South Africa Mar 19, 2019

The South Africa Revenue Service (SARS) announces the Third Party Data Annual Submission process for the period 1 March 2018 – 28 February 2019 will open on 01 April 2019 and will close on 31 May 2019. Submissions in respect of Automatic Exchange of information (AEOI) and other third-party submissions are now due. The test platform will go live from 1 April 2019 through 17 April 2019. The actual submission can be made from 17 April 2019 through 31 May 2019.

France Mar 19, 2019

The French Tax authority releases updated CRS technical guidance (v1.9). Specific updates include (1) The format of ISIN number. The ISIN code must respect the following format: [A-Z] {2} [0-9, A-Z] {9} [0-9] {1}. This format contains only alphanumeric characters and alphabetical characters in uppercase. The structure of ISIN will be subject to control (section 3.2.5) (2) If the “Account number” is not correctly informed, it may lead to rejection of registration associated with that account report (section 5.3.2.1) (3) The CRS / DAC 2 collection will close on August 3, 2019 (section 5.3.3).

OECD Mar 18, 2019

The Global Forum on Transparency and Exchange of Information for Tax Purposes (the Global Forum) publishes seven peer review reports assessing compliance with the international standard on transparency and exchange of information on request (EOIR). These reports are part of the second round of Global Forum reviews which assess jurisdictions against the updated standard which incorporates beneficial ownership information of all relevant legal entities and arrangements, in line with the definition used by the Financial Action Task Force Recommendations. The seven jurisdictions reviewed – Hong Kong (China), Liechtenstein, Luxembourg, the Netherlands, North Macedonia, Spain and the Turks and Caicos Islands were rated “Largely Compliant”. These jurisdictions have demonstrated their progress on the deficiencies identified in the first round of reviews, including improving access to information, developing broader EOI agreement networks, monitoring the handling of increasing incoming EOI requests. These new reports also issue recommendations to the seven jurisdictions, in particular towards improving the measures related to the availability of beneficial ownership of all relevant entities and arrangements, as required in the strengthened standard.

Sweden Mar 18, 2019

The Swedish Tax Agency publishes updated FATCA technical reporting guidance (v5) which provides additional information to FIs on updated reporting data elements. This edition does not contain major and significant changes in content and accounting compared to the previous issue. Minor updates have been made to reporting specifications of Name wherein First and the Last name must contain at least one character that is not a blank character. Also, with respect to reporting Date of Birth earlier than 1900-01-01 should not be stated, however, 1900-01-01 can be specified as the date of birth of the account holder in cases where the birth date is 1899-12-31 or earlier and if the date of birth is unknown.

Netherlands Mar 18, 2019

The Ministry of Finance in the Netherlands publishes a document consisting of answers to parliamentary questions about the development of FATCA. A total of 22 questions were answered by the State Secretary of Finance. These questions provide information on the effects of FATCA on US persons residing in the Netherlands. The Q&A touches upon a few important topics like freezing of accounts due to unavailability of US SSN/TIN.

Indonesia Mar 15, 2019

The Directorate General of Taxes, Indonesia releases an updated version of the template for submitting financial information reports.

IRS Mar 15, 2019

The IRS’ Large Business and International (LB&I) division releases an International knowledge base “practice unit” document that describes traditional Automatic Exchange of Information (AEOI). Specific topics covered in the document include – 1) General Overview of AEOI, 2) Detailed Explanation of the Concept of AEOI, 3) Index of Referenced Resources on AEOI, 4) Training and Additional Resources availability, 5) Glossary of Terms and Acronyms related to AEOI and 6) Index of Related Practice Units (FDAP in particular).

United States Mar 15, 2019

NEW - Jurisdictional Debrief Now Available (Week Ending March 15, 2019)

Switzerland Mar 14, 2019

The Federal Tax Administration in Switzerland announces the Registration as a reporting financial institution within the framework of the AIA in accordance with Article 13 AIAG is no longer possible via the ESTV SuisseTax portal. Registration will be possible from 16 April 2019 via the MyTaxWorld portal. In addition, the submission of AIA reports via the ESTV SuisseTax portal (including M2M) is still possible until and including March 28, 2019. From 16 April 2019, the transmission of AIA messages will be possible via the portal MyTaxWorld.

Mexico Mar 13, 2019

The Tax Administration Service of Mexico (SAT) publishes a FATCA/CRS calendar of activities for 2019. It informs RFIs that the period to request new or renew submission certificates (first period) is from March 8 through May 6, 2019, and the period for the SAT to provide submission certificates (first period) would be from May 27 through July 12, 2019. Also, the AEOI test portal would be available from June 27 - July 12 and the portal will be active for accepting FATCA/CRS returns from July 15 – August 15. In addition, the authority also publishes an updated list of CRS reportable and participating jurisdictions.

South Korea Mar 13, 2019

The Ministry of Strategy and Finance, in South Korea published an updated AEOI regulation. Specific updates include- (1) Change in the title of the regulations from “Regulations for the Implementation of the Tax Treaty for the Exchange of Regular Financial Information” to “Regulation on the Implementation of the Automatic Exchange of Financial Information according to the Information Exchange Agreement” (2) Any financial accounts that did not complete the due-diligence procedures applicable under this regulation, should complete the process by January 1, 2020, and report such accounts from January 1, 2021 (Article 48-78, Due-Diligence and Article 79-83, Reporting obligation) (3) Reporting financial institutions should report the name of the account holder in case taxpayer’s number is not provided to the financial institutions (4) Updated Reportable jurisdictions list is published. The revised regulation comes into force from March 13, 2019.

South Korea Mar 13, 2019

The Ministry of Strategy and Finance of South Korea publishes a separate FATCA regulations. It consists of the parts: Part 1 of the Regulation includes General rules and definitions. Part 2 describes the duties of reporting financial institutions with respect to reporting, due-diligence and withholding requirements. Part 3 of the Regulation deals with mandatory performance evaluation. The regulation comes into force from March 13, 2019.

Estonia Mar 13, 2019

The Estonian Tax and Customs Board releases an updated Tax Information Exchange Act with respect to FATCA and Automatic Exchange of Information

EU Mar 12, 2019

The European Commission publishes a press release providing an update on EU list of non-cooperative tax jurisdictions. The Commission assessed 92 countries based on the criteria of tax transparency, good governance and real economic activity, and the existence of a zero corporate tax rate as an indicator. The Commission noted that 60 countries took action and over 100 harmful regimes were eliminated. The EU Finance Ministers blacklisted 15 countries based on the Commission’s screening, out of which 5 countries have taken no commitments since the first blacklist adopted by the EU Member States in 2017 and 10 countries are blacklisted again despite having been removed from the 2017 blacklist because they have not followed-up on their commitment. 34 countries will continue to be monitored in 2019 (gray list), while 25 countries from the original screening process have now been cleared. The Commission notes that Argentina, Mexico, and Russia will be added to the next screening. The European Commission also released FAQs regarding the EU list of non-cooperative tax jurisdictions, clarifying the compilation process and the ramifications on the countries for being listed.

IRS Mar 11, 2019

The IRS announces that the QI/WP/WT application and account management system is now accepting applications to form Consolidated Compliance Groups (CCGs) for certifications due in 2019, in IRS bulletin Issue 2019-2 and that applications should be submitted no later than April 1, 2019. The IRS also emphasizes that the CCG should select 2017 or 2018 as the periodic review year. The IRS will not approve CCG applications that select 2016 as the periodic review year for the certification due in 2019.

Guernsey Mar 11, 2019

The Revenue Service of the States of Guernsey issues Circular #10 to the Guernsey Society of Chartered and Certified Accountants (GSCCA). The Circular provides important information on – 1) The process for notifying the Revenue Service of changes to a company’s jurisdiction of residence with respect to the recent changes to the definition of corporate residence that took effect from January 1, 2019, which is contained in Circular #9 that was issued to the GSCCA on December 21, 2018. 2) The process of notifying the Revenue Service that a company is a Guernsey Tax resident, and 3) The process of applying, for a Guernsey incorporated or controlled company to be treated as non-tax resident in Guernsey.

Aruba Mar 7, 2019

The Ministry of Finance of Aruba publishes an updated list of CRS reportable jurisdictions.

IRS Mar 7, 2019

The US IRS and the Treasury Department publishes a public hearing notice on a scheduled public hearing on proposed regulations eliminating withholding on payments of gross proceeds, deferring withholding on foreign pass-thru payments, eliminating withholding on certain insurance premiums, and clarifying the definition of an investment entity. The hearing is planned on April 10, 2019. The IRS must receive speakers’ outlines of the topics to be discussed at the public hearing by Friday, March 29, 2019.

Monaco Mar 7, 2019

The Principality of Monaco updates its list of CRS Reportable Jurisdictions. Six additional jurisdictions have been identified as reportable which are - Aruba, Colombia, Curacao, Lebanon, Montserrat, Nauru, and Turks & Caicos Islands.

Malta Mar 7, 2019

The Office of the Commissioner for Revenue in Malta publishes updated CRS Guidance Notes (version 2.0). Specific updates include: (1) Section 3.2 is updated which provides additional guidance on reporting of balance or value of an account. Each holder of a jointly held account is attributed the entire balance or value of the joint account, as well as the entire amounts paid or credited to the joint account (or with respect to the joint account). (2) Section 5.1 on Self-Certification now has a footnote referring to OECD sample self-certification which serve as an illustration. (3) Section 11.1 and 11.2 has been updated which are updated CRS Reportable and Participating Jurisdictions List.

Aruba Mar 7, 2019

The Ministry of Finance in Aruba publishes an updated list of non-reporting financial institutions under CRS.

Singapore Mar 6, 2019

The Inland Revenue Authority of Singapore (IRAS) releases updated CRS Reportable jurisdictions list. Antigua & Barbuda and Monaco are added to the reportable list.

Singapore Mar 6, 2019

The Inland Revenue Authority of Singapore (IRAS) releases an updated version of the Quick Guide to CRS Registration. There are no major updates to the Guide, just a reminder to RFIs that e-services would only be accessible via CorpPass.

IRS Mar 5, 2019

The IRS publishes Issue number 2019-1 stating that updates and additions have been made to FATCA FAQs. Under General Compliance: (Q23) has been updated which provides additional information with regards to extending the penalty relief for the 2018 calendar year in situations where a withholding agent withholds and reports on Forms 1042 and 1042-S by September 17, 2019, with respect to dividend equivalent payments made with respect to a derivative referencing a partnership. (Q24) has been added related to the withholding and reporting requirements for the tax year 2018 by certain partnerships and trusts.

Luxembourg Mar 5, 2019

Luxembourg’s ministry of finance publishes an amendment to their law regulating the exchange of information upon request (Law of November 25, 2014) in tax matters.

Singapore Mar 1, 2019

The Inland Revenue Authority of Singapore (IRAS) announces that the filing of FATCA returns with respect to TY 2018 will commence on April 15, 2019, and Reporting Singapore financial institutions (SGFIs) that did not maintain any US reportable accounts for TY 2018 may continue to submit a Paper Nil Return which will be made available for download from April 12, 2019. Reporting SGFIs can register or update their FI classification in the FATCA Registration Portal as “Reporting Financial Institution under a Model 1 IGA”. The announcement further encourages SGFIs to submit FATCA returns by May 15, 2019, to allow sufficient time to resolve any unexpected issues during the submission and that enforcement actions will be taken against Reporting SGFIs that do not submit their FATCA returns on time.

IRS Mar 1, 2019

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool, with the information on FIs which are in approved status as of February 22, 2019.

Hong Kong Mar 1, 2019

The Inland Revenue Department (IRD) of Hong Kong publishes a press release announcing that an AEOI ordinance (Amendment Ordinance No.2) has been gazetted. The legislative framework of AEOI under the Inland Revenue Ordinance (Cap. 112) (IRO) will be refined with effect from January 1, 2020, for better aligning with OECD requirements. The Amendment Ordinance requires Mandatory Provident Fund Schemes, Occupational Retirement Schemes registered under the Occupational Retirement Schemes Ordinance (Cap. 426), pooling agreements, approved pooled investment funds and credit unions to comply with the due diligence and reporting obligations relating to AEOI starting from 2020. If members of the institutions concerned are tax residents of the reportable jurisdictions, such institutions will need to report in 2021 for the first time to the IRD the financial account information of the relevant members, covering the year 2020, for transmission to the relevant tax authorities.

United States Mar 1, 2019

NEW - Jurisdictional Debrief Now Available (Week Ending March 1, 2019)

Indonesia Feb 28, 2019

The Directorate General of Taxes, Indonesia releases an updated XML file along with a sample XML with the elements for submitting financial information for the purposes of implementing the provisions of the legislation in the field of taxation. It also releases a template which can be used for filing financial information and submission. In addition, the Directorate publishes a manual with instructions for filing the XML.

Singapore Feb 28, 2019

The Inland Revenue Authority of Singapore (IRAS) releases updated lists of participating and reportable jurisdictions with respect to TY 2018. The updated participating jurisdictions list is set to come into effect from March 1, 2019. As per the updated lists - Austria, Azerbaijan, Barbados, Gibraltar, Greenland, Hong Kong, Hungary, Israel, Panama and Switzerland have been added as reportable jurisdictions while Kazakhstan, Oman and Peru have been added as participating jurisdictions.

Hong Kong Feb 28, 2019

The Inland Revenue Department of Hong Kong releases a new version of the encryption tool with respect to Automatic Exchange of Information (AEOI). It also releases an application form for obtaining an e-Cert (Organizational/Encipherment/Server) (CPos 798F), which is a mandatory requirement for the authorized person(s) to access the services provided under the AEOI Portal. The authorized person(s), appointed for registering an AEOI Account for financial institutions(FIs) has/have to possess an e-Cert (Organizational) with AEOI Functions for authentication purposes before submitting reportable data.

Russia Feb 28, 2019

The Federal Tax Service of Russia publishes a reminder with respect to AEOI. From March 25, 2019, an updated version of the software “Taxpayer LE” will be available, which will allow you to generate a report on foreign customers using the new format of version 5.02. Formats version 5.01 will apply until March 01, 2019.

New Zealand Feb 28, 2019

The Parliamentary Counsel Office of New Zealand amends the Tax Administration (Reportable jurisdictions for Application of CRS Standard) Regulations 2017. Specific updates to the amended version include the addition of 30 reportable jurisdictions for the reporting periods beginning on or after April 1, 2018. Also, the amended version named the Tax Administration (Reportable Jurisdictions for Application of CRS Standard) Amendment Regulations 2019, will come into force from March 29, 2019.

British Virgin Islands Feb 28, 2019

The International Tax Authority of the British Virgin Islands releases a participating jurisdictions list for 2019. There are no specific updates to the list from the year 2018.

Switzerland Feb 27, 2019

The Federal Council of Switzerland announces that the consultation on the revision of Swiss AEOI Laws (Federal Act and Ordinance) is currently open and comments can be submitted to the AFC until June 12, 2019. This project takes into account the Global Forum’s recommendations made in 2018 with regards to the Swiss AEOI Laws and intend to implement these recommendations. Comments can be submitted in both PDF and Word document to vernehmlassungen@sif.admin.ch, and include the contact information of persons that the Swiss Tax Authority could contact if they have questions. The Swiss Parliament is expected to review the project in the spring of 2020. The amendments to the AEOI law and Ordinance are expected to come into effect on January 1, 2021.

Malta Feb 27, 2019

The commissioner for revenue of Malta publishes an updated version of FATCA Guidance Notes (v4.0), wherein section 3.3.10.4 has been updated which provides information on specific data element values to be used if the recalcitrant account holder has not provided the information.

Russia Feb 27, 2019

The Federal Tax Service of Russia releases an updated version of the CRS FAQs. Specific updates include, the addition of – (Q10) the definition of a newly created entity, (Q11) criteria for non-profit organizations to be considered as active organizations, (Q18) information on the necessity to provide a power of attorney or any other confirmation of authority while reporting on behalf of a FI, (Q19) information to be provided on separate subdivisions of foreign legal entities, (Q50) applicability of sanctions on tax offences and (Q52) applicability of higher tax rates for foreign tax residents.

Russia Feb 26, 2019

The Federal Tax Service of Russia announces that the deadline for the second stage of voluntary declaration of foreign assets and accounts by citizens (individuals) is February 28, 2019. It also releases a special declaration form along with the instructions to fill the form with respect to the same.

Ireland Feb 26, 2019

The Revenue Online Service (ROS) of the Irish Tax and Customs releases an updated version of the reporting entity registration form. The updated form includes the addition of a "start date of reporting obligation" field and an updated address to submit a completed form (MyEnquiries under AEOI) and requires mandatory entry of the EIR code in the Entity address field which was optional earlier.

China Feb 25, 2019

The State Administration of Taxation of China publishes an update with respect to the availability of the AEOI portal. The portal is now open for CRS registration and submission of NIL reports along with testing of the system. In late April the portal would be ready to accept non-NIL reports and as a reminder, the deadline for reporting is May 31. In case of any questions, please contact the authority @-crsreportingsupport@chinatax.gov.cn

Cyprus Feb 25, 2019

The Ministry of Finance in Cyprus publishes updated CRS participating jurisdictions list.

South Africa Feb 25, 2019

South Africa’s Government published its 2019 Budget Review, which includes a proposal to locally implement the OECD’s model mandatory disclosure rules to identify and counter offshore structures and arrangements designed to circumvent CRS reporting

Aruba Feb 25, 2019

Aruba’s Tax Department sent a communication to registered RFIs with information on applicable CRS reporting deadlines: March 18, 2019 – Starting date for RFIs to create or update their account and EOI relationship April 1, 2019 – April 12, 2019 - test period for FIs to verify whether their XML messages pass the validation rules for the new tax year April 15, 2019 at 8:00am – Starting date for RFIs to complete their CRS submission (either through XMLs or manual upload). Note that RFIs will no longer be able to register (create their own AEOI relationship) after this date April 30, 2019 at 5pm – deadline for RFIs to complete their CRS submissions (if RFIs submit CRS returns after this date they will be considered as non-compliant) June 29, 2019 – date in which the Aruba Government will send reportable data to MCAA jurisdictions July 1, 2019 – September 30, 2019 at 5pm – period of time during which RFIs will receive notifications regarding possible errors in deliveries and should send corrections back to the tax authority.

OECD Feb 22, 2019

The OECD publishes updated CRS FAQs. The updated FAQs include: (1) Under Due Diligence section, Q22 on Timing of self-certification is updated, for the effective implementation of the CRS. The jurisdictions should take effective measures to ensure the reporting of financial accounts until a valid self-certification has been obtained. (2) Under Definitions section, Q9 is added which provides information on the treatment of Corporate trustees and SPV custodians. (3) With respect to Reportable Account, Q9 is added to provide guidance on Reportable Jurisdictions for Pre-existing Entity Accounts. (4) Under the miscellaneous section, Q2 is added which provides information on the treatment of income from the investment of the capital of insurance companies.

IRS Feb 22, 2019

The IRS publishes additional FATCA FAQs. Under Registration Update, Q17 has been added which provides guidance on steps to follow when a registered FATCA account is placed in “Registration Rejected/Denied” status. Under FATCA Certifications, Q19 has been added which explains how a Sponsoring Entity complete and submit a certification for its Sponsored Entity(s) which were closed/terminated and are not reflected in the Sponsored Entity table for selection.

Taiwan Feb 22, 2019

The ministry of finance of Taiwan publishes updated CRS FAQs. Under the due diligence section, (1) Q45 has been added which provides guidance to FIs on due diligence of lower value accounts. (2) Q52 has been added which provides information on the requirement of self-certification with respect to newly opened accounts. Under-reporting section, (3) Q59 has been added which provides guidance on reporting dates with respect to lower value accounts.

Guernsey Feb 21, 2019

The State of Guernsey releases Bulletin 2019/1. This bulletin states that data received from reporting Financial Institutions (FIs) for the calendar year 2017 both in respect of FATCA and CRS reporting, was transmitted by the Director to the USA (in relation to FATCA data) and Reportable Jurisdictions (in relation to CRS data), by the deadline of 30 September 2018. Following the transmittal of this data, the Director has received status notifications from the Reportable Jurisdictions that have indicated record level errors that require FI action to make the relevant corrections for CRS and FATCA data. The purpose of this bulletin is to provide advance notification to reporting FIs that formal Notices will be issued shortly to all reporting Financial Institutions, by the Director via the IGOR messaging facility, requiring the submission of corrections where any record level errors have been identified by the US IRS or CRS Reportable Jurisdictions. In addition, organizations are reminded to check that their IGOR accounts contain up to date points of contact.

Germany Feb 21, 2019

The Federal Tax Office of Germany releases an updated version (Version 2.2) of abbreviations and glossary with respect to FATCA reporting. The most notable update includes information on the “account closed” element which has been updated to offer the option of a checkbox for FIs to indicate if an account has been closed during the reporting period or transferred to another FI.

India Feb 21, 2019

The Income Tax Department (ITD) of India releases an updated version of report generation and validation utility tool for Form 61B (v.2.4). It has also made available emSigner tool (v.1.0) which would be needed if the authorized person of a reporting entity wants to download the XML of the statement previously submitted on reporting portal. Post installation, when a user wants to download a Statement XML, it is mandatory to first run emSigner on the system by double-clicking on the installed emSigner icon.

Samoa Feb 21, 2019

The Ministry for Revenue in Samoa releases an updated version (v2.1) of the MDES FATCA CRS (FC) XML Schema.

Germany Feb 20, 2019

The Federal Tax office of Germany releases CRS Infobrief (03/2019) stating that a provisional state exchange list has been published on the Tax authority website. This provisional list was already published in the BMF letter of Jan 29, 2019, by Ministry of Finance. This list only serves as an aid to the preparation of the data by the financial institutions. The announcement of the final list is expected at the end of June 2019. Also, in the provisional list published, the information exchange status agreement has changed to a reciprocal agreement for Barbados, Panama and the United Arab Emirates.

India Feb 20, 2019

The Income Tax Department of India releases FAQs (v1.0) and Quick reference guide (v1.0) for downloading XML statements. Additionally, ITD also releases an updated Reporting portal user guide (v3.2).

Aruba Feb 19, 2019

The Ministry of Finance of Aruba publishes an updated AEOI manual (v2.2). The specific update includes the introduction of Section 6.3.2.3.2 which provides guidance on reporting specification on undocumented accounts. Several other checks and controls have been modified with respect to various reporting elements.

British Virgin Islands Feb 19, 2019

The International Tax Authority of the British Virgin Islands releases an updated version of its CRS Guidance Notes. Major updates include: (1) Section 2.3 that provides an explanation of the different categories of Financial Accounts; (2) Section 2.4 on registration has been updated clarifying that even nonreporting financial institutions (NRFI) need to register with the authority (these NRFIs are not required to submit Nil returns). Financial Institutions in existence as of Sept 17, 2018 that have not registered with the authorities must do so by April 30, 2019 at the latest (however the deadline for NRFIs registration only has been extended to June 28, 2019). (3) Section 3 has been adjusted to add guidance on the requirement imposed on financial institutions to draft and maintain written policies and procedures. (4) Section 6 has been added to provide further clarification on the treatment of trusts for CRS. (5) Section 10.2 has been updated which provides guidance on excluded accounts. Previously a dormant account with a balance that does not exceed US$1,000 was treated as an excluded account. However, now a dormant account would only be as per OECD CRS Commentary under Section III paragraph 9

Poland Feb 18, 2019

The ministry of finance of Poland releases updated FATCA reporting Form (FAT-1) for TY18 reporting. Reporting Polish financial institutions are obliged to submit FATCA information through the use of FAT-1 which should be submitted only in electronic form, using the e-Deklaracje system.

United States Feb 18, 2019

Deloitte Insight: FATCA: Update on the development of Intergovernmental Agreements (IGAs) continue, in order to implement tax reporting and withholding procedures. Also, included is the summary highlighting global updates on the AEOI with respect to CRS.

New Zealand Feb 18, 2019

The Inland Revenue Department of New Zealand releases an updated list of participating jurisdictions, in the amendment of Part 11B of the Tax Administration Act 1994. The updated list has 21 jurisdictions that have been added and the amendment will come into effect from April 1, 2019.

United Kingdom Feb 15, 2019

The United Kingdom’s HMRC and the IRS sign a Competent Authority Agreement updating Annex II of the UK/US Intergovernmental Agreement to implement FATCA. The agreement adds sponsored investment entities, sponsored controlled foreign corporations and sponsored closely held investment vehicles to Annex II as Deemed Compliant Financial Institutions. The agreement also provides that, “If an entity has met the requirements of a Sponsored Investment Entity, Sponsored Controlled Foreign Corporation, or Sponsored Closely Held Investment Vehicle described in Her Majesty’s Revenue and Customs (HMRC) guidance at all relevant times prior to the date of this Agreement, the Competent Authority of the United States of America shall not determine that such an entity is a Reporting United Kingdom Financial Institution that is in significant non-compliance with the IGA”.

IRS Feb 15, 2019

The IRS updates the US Tax Treaty table that lists the income tax rates on interests, dividends, royalties and other income that is not effectively connected with the conduct of a U.S. trade or business. As per the updated table, “interest paid by U.S. obligors – general”, for Norway will now be zero instead of 10% previously and for Spain, it will now be 10% from 15% previously.

Curaçao Feb 15, 2019

The Ministry of Finance, Curacao releases updated CRS Reportable jurisdictions list for 2019.

Curaçao Feb 15, 2019

The Ministry of Finance of Curacao publishes an updated AEOI FATCA and CRS reporting manual (v3.1) along with a guide providing the AEOI activity calendar for 2019. It also publishes FATCA/CRS guidance with technical explanatory notes to help RFIs with reporting activities.

United States Feb 15, 2019

NEW - Jurisdictional Debrief Now Available (Week Ending February 15, 2019)

Uruguay Feb 14, 2019

The Director of General Taxes (DGI) of Uruguay releases a new public key for the production environment with respect to AEOI reporting. The new certificate will come into effect starting February 19, 2019.

Czech Republic Feb 14, 2019

The Ministry of Finance of the Czech Republic publishes a decree which provides information on excluded accounts under local law with respect to CRS reporting. The excluded account will be supplementary pension insurance with state contribution, where the total amount for the whole calendar year cannot exceed USD 50,000. This decree will come into force on April 1, 2019.

Portugal Feb 14, 2019

The Tax and Customs Authority of Portugal publishes amended AEOI legislation. Articles 1 and 2 of Decree-Law no. 64/2016, of October 11 is now amended which provides additional information such as (1) establishment of the system of mandatory reporting of financial information relating to financial accounts whose owners or beneficiaries are resident in the national territory. (2) The procedures for the identification of accounts and due diligence and the reporting requirements to the Tax and Customs Authority established in Decree-Law no. 61/2013, of May 10, and its annex, shall be applied with the necessary adaptations by RFIs in relation to holders or beneficiaries of financial accounts resident in the national territory in accordance with Article 10a. (3) Article 5 has been updated which provides information on penalties with respect to the failure to report as per deadline, omissions or inaccuracies in the information communicated by the RFIs, Non-compliance with due diligence procedures, registration, and retention of documents intended to demonstrate compliance by RFIs.

Argentina Feb 14, 2019

The Argentinean Tax Authorities (AFIP) publishes General Resolution AFIP N° 4422/2019 which amends the list of Non-Reporting FIs for CRS reporting. These FIs will have to report information to the AFIP starting from TY18 which are: (1) Non-financial entities that provide credit or purchase cards that have been so classified by the Central Bank of Argentina. (2) The representatives of financial entities that are not authorized to operate in Argentina. (3) Entities subject to control by the National Securities Commission (“CNV”) (i) entities registered in the CNV Registry under the Law No. 26.831 under the category "Agente asesor de mercado de capitales" (agent advisor in securities market), which includes any individual or entity that provides any type of consulting assistance in the securities market that requires contact with the public in general (ii) entities registered in the CNV Registry under Law 26.831 under the category "agente de depósito colectivo" and "agente de custodia, registro, y pago”.

OECD Feb 12, 2019

Mauritania joins the multilateral convention on Mutual Administrative Assistance in Tax matters, becoming the 127th jurisdiction to join the list.

Israel Feb 12, 2019

The International Taxation Department of Israel (Ministry of Finance) publishes its CRS Regulations.

Taiwan Feb 11, 2019

The ministry of finance of Taiwan publishes an update explaining the scope of the financial account for the FIs to perform due diligence review and reporting. The FIs should conduct due diligence of the financial accounts under its management in accordance with the procedures and time limit stipulated in these measures and identify the accounts which need to be reported. The relevant information of the account shall be reported should be in accordance with Article 50. It also reminds FIs to comply with relevant regulations stating 2019.

Belize Feb 11, 2019

The Income Tax Department of the Government of Belize issues a notice reiterating the reporting deadline with respect to Automatic Exchange of Financial Account Information (AEOI) as March 31, 2019 and reminding reporting financial institutions (RFIs) to notify the competent authority (Income Tax Department of the Government of Belize) of any reporting obligations with respect to AEOI. The obligations can be notified by enrolling in the electronic reporting software available at the AEOI Portal link. The notice further specifies enrolment requirements as stipulated by Section 5(1) of the Automatic Exchange of Financial Account Information Regulations, 2017.

Sweden Feb 8, 2019

The Swedish Tax Agency release a newsletter which confirms the use of nine A (AAAAAAAAA) in capital letters to report missing US TINs with respect to FATCA reporting. It also covers the earlier published information of availability of CRS and FATCA reporting portal beginning April 2019. Also, it highlights the main updates which were covered in the recently published CRS and FATCA technical Guides. Additionally, one more company has been added to the earlier released list of Lex ASEA related companies.

United States Feb 7, 2019

Deloitte Insight: FATCA: IRS calls for the validation of IDES digital certificates

Spain Feb 7, 2019

The Tax Authority of Spain (Agencia Tributaria) publishes updated CRS FAQs, it incorporates OECD FAQs on RBI/CBI schemes. Four additional FAQs had been added which provide guidance to FIs on (1) what are RBI/CBI schemes; (2) how RBI/CBI schemes used to circumvent CRS reporting; (3) explanation on potentially high-risk schemes (the Panamanian RBI/CBI schemes are listed here); and (4) what FIs should do in this regard.

India Feb 7, 2019

The Income Tax Department (ITD) of India releases an updated version of reporting portal FAQs(v4.0) and user guide(v3.1) along with a user guide (v1.0) to help FIs with the procedures while updating the address. Additionally, the ITD has also released report generation and validation utility user guides for Form 61(v3.2), Form 61B (v.3.2) and for Form 61A (v.5.2).

Vanuatu Feb 7, 2019

The Department of Finance and Treasury of the Republic of Vanuatu, issues a public notice advising all financial institutions to notify the Vanuatu Competent Authority that they have a reporting obligation under the Automatic Exchange of Information Regulations Order No. 76 of 2017 and the International Tax Cooperation Act No. 7 of 2016, on or before February 28, 2019. The notice further describes the notification procedure and states the possibility of applicable penalties if the notification is made after February 28, 2019.

Italy Feb 6, 2019

The Italian Revenue Agency (Ministry of Economy and Finance) releases an official gazette amending Annex B of the Ministerial Decree of December 28, 2015. Specific amendments to the Decree include the addition of participating jurisdictions (Annex D) with respect to Automatic Exchange of Information (AEOI), list of Italian Financial Institutions not required to communicate information with respect to AEOI and accounts to be treated as excluded accounts. The amended Decree also states that beginning April 1, 2019, open complementary pension schemes qualify as reportable financial institutions (RFIs) and individual pension plans qualify as reportable accounts for AEOI purposes.

Israel Feb 6, 2019

The International Taxation Department of Israel (Ministry of Finance) publishes a list of participating and reportable jurisdictions. The reportable jurisdictions are categorized separately under TY 2017 and TY 2018 and also states that the CRS reporting deadline with respect to TY 2017 reporting is June 23, 2019, and September 8, 2019, with respect to TY 2018 reporting.

Uruguay Feb 5, 2019

The Director of General Taxes (DGI) of Uruguay publishes an update with regards to availability of simulation environment for submitting CRS reports. In order to be able to operate in the simulation environment (and to send them in production as of April 1), the financial entities obliged to report must be registered in the Registry for the Automatic Exchange of Financial Information (available in Online Services). Additionally, you must authenticate through the login session that is available within the AEOI Portal ("Income for registered users"). Also, an AEOI portal user guide is made available.

Hungary Feb 5, 2019

The National Tax and Customs Administration of Hungary releases an updated version of the Fatca technical guide for the electronic submission of data. The changes include updated instructions for agents submitting the reports. Also, the deadline for reporting is July 1, 2019 instead of June 30, 2019.

Estonia Feb 5, 2019

The Tax and Customs Board of Estonia releases a notice, stating that the letters received by several Estonian companies with the title “FATCA NOTICE”, sent by the “US Compliance Department” and requiring a response via phone or letter, to be suspicious as the United States’ Internal Revenue Service (US IRS) confirms not sending such letters. The notice further instructs receivers of such letters to refrain from responding to it and to send such letters to the Tax and Customs Board of Estonia at infovahetus@emta.ee.

Germany Feb 4, 2019

The Federal Tax Office, Germany releases the CRS Infobrief 02/2019. It provides guidance on specifications for the data correction process which should be in accordance with KHB 4, Chapter 2.3.1.3. As far as corrections or deletions on a larger scale are necessary, FIs are advised to contact the CRS department via the contact form in advance. Individual corrections and cancellations can continue at any time without prior notice.

Isle of Man Feb 4, 2019

The Income Tax Division of Isle of Man publishes an industry advisory note which has updated CRS participating jurisdictions list and a provisional list of reportable jurisdictions for 2019. This provisional reportable jurisdictions list should only be used by Isle of Man Entities that are ceasing to be Reporting Financial Institution and needing to file a final report prior to dissolution in accordance with section 6.4 of CRS guidance notes (GN53).

United States Feb 4, 2019

Deloitte Insight: FATCA: Update on the development of Intergovernmental Agreements (IGAs) to implement tax reporting and withholding procedures. In addition to countries that have signed IGAs, the US Department of the Treasury will treat an IGA as 'in effect' with a partner jurisdiction if the US has reached an agreement in substance. Also, included is the summary highlighting global updates on the AEOI with respect to CRS.

Russia Feb 3, 2019

The Federal Tax Services of Russia publishes an update with respect to CRS reporting. The CRS report must include information on all reportable persons and reportable accounts of the reporting period in a single report. For 2019, RFIs may transfer up to three electronic documents – (i) New report for 2017 or nil report (ii) New report for 2018 or nil report (iii) Notification about the exclusion of accounts with the value less than USD250,000 with respect to TY2018. It also provides information on the correction of already submitted data, the RFI should open the submitted report with the software Taxpayer YUL and use the functionality “Correction”. This functionality enables to add information, change or remove it; if the RFI found the accounts that were not included in the report of the corresponding period, then information about such accounts must be reported by submission of a new report for that period instead of correcting already submitted report.

IRS Feb 1, 2019

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool, with the information on FIs which are in approved status as of January 25, 2019.

France Feb 1, 2019

The French Tax Authority releases an updated version of its CRS Technical Guidance (v1.8). Specific updates include the deadlines for 2019. The updated technical guidance includes following dates; 1) May 2, 2019: the French TELE TD Portal will open. 2) July 31, 2019: deadline to submit CRS reports. After the filing deadline, the CRS reports will be considered late. September 30, 2019: Deadline for the French Tax Authority to send all CRS reports to the partner jurisdictions. The CRS/DAC 2 collection will close on July 31, 2019. The portal will reopen on October 1, 2019. Corrective reports, and/or late reports will be taken into account by the French Tax Authority and transmitted to the partner states from that date. In addition, CRS reportable Jurisdiction list is also updated (section 6.1)

France Feb 1, 2019

The French Tax Authority releases an updated version of its FATCA Technical Guidance (v3.7). Specific updates include the deadlines for 2019. Updated FATCA Technical Guidance includes the following dates: 1) January 2019: TELE D Portal opens for FATCA submissions 2) March 2019: TELE D Portal opens for FATCA test files submission. 3) May 2, 2019: TELE D Portal opens for submissions of Nil returns for TY18. 4) July 31, 2019: deadline to submit FATCA reports. After the filing date, FATCA returns will be considered late. They will nevertheless be taken into account by the French Tax Authority and transmitted to the IRS. 5) September 30, 2019: Deadline for the French Tax Authority to send all FATCA reports to the IRS. 6) December 30, 2019: TELE D portal closes for Nil returns.

United States Feb 1, 2019

NEW - Jurisdictional Debrief Now Available (Week Ending February 1, 2019)

Sweden Feb 1, 2019

The Swedish Tax Agency publishes updated FATCA technical reporting guidance (v5) which provides additional information to FIs on updated data elements. In specific Section 3.3.1 has been added which provides information on submitting corrected data after the exchange of information. Also, already submitted FATCA reports for the income year 2018 can be rectified by August 30, 2019, by submitting a completely new report. Please note that the e-service for submitting FATCA reports on the website is not fully adapted to the income year 2018. A new version of the e-service comes in early April 2019 and the Swedish Tax Agency, therefore, recommends submitting FATCA reports for the income year 2018 takes place no earlier than April 2019.

Sweden Feb 1, 2019

The Swedish Tax Agency publishes updated CRS technical reporting guidance (v3) which provides additional information to FIs on updated data elements. There are only minor updates to the reporting data elements in the current version of the guidance notes. Please note that the e-service for submitting CRS reports on the website is not fully adapted to the income year 2018. A new version of the e-service comes in early April 2019 and the Swedish Tax Agency, therefore, recommends submitting CRS reports for the income year 2018 no earlier than April 2019. Also, it confirms that with respect to reporting of Aland Islands country code of Finland (FI) should be used irrespective of the fact that it has its own country code.

Germany Jan 31, 2019

The Federal Tax Office, Germany releases the FATCA Infobrief 01/2019. The updates include (1) Amendment of the signature procedure for the ELMA interface from December 1, 2018 (2) The production environment for transmission of FATCA data for the 2018 reporting period is expected to be available from the beginning of May 2019. As a reminder, the deadline for FATCA reporting is July 31, 2019 (3) The test environment for data transmission via the mass data interface (ELMA) is immediately available to all interested parties. Please note, the test environment is limited to mass data interface (ELMA) only, it doesn’t include FATCA interface for individual data BZStOnline Portal (BOP).

Bermuda Jan 31, 2019

The Ministry of Finance, Bermuda releases an updated reportable jurisdictions list with respect to TY 2018. Switzerland is the only addition to the updated list.

Brazil Jan 31, 2019

Brazil Tax Authority publishes an update with respect to e-Financial country table. As The Netherlands Antilles was dissolved and two new countries were created (Curaçao and Sint Maarten). Previously, country code AN was used to report information with respect to Curaçao and Sint Maarten, however; now separate country codes are available, CW for Curaçao and SX for Sint Maarten. The Financial Institutions that have any reportable accounts to Netherlands Antilles must verify their data with respect to these two jurisdictions as to which of the two countries will be indicated in the report as of this year.

Lithuania Jan 31, 2019

The Ministry of Finance, Lithuania publishes updated CRS reportable jurisdictions list.

Japan Jan 31, 2019

The National Tax Agency of Japan publishes updated CRS FAQs. It contains revisions to following FAQs: (1) Q1 and Q2 updated to include the history of the development of FATCA/CRS regime and Japan’s participation in the AEOI and the general mechanism of the AEOI process Japan engages respectively. (2) Q34 provides information on reportable accounts subject to reporting obligations and has an updated list of reportable jurisdictions. (3) Q38 provides reporting dates for the account holders of preexisting lower-value individual accounts and preexisting entity accounts, the review deadline is December 31, 2018, and the first reporting deadline is April 30, 2019. In regards to the reportable accounts for which the review procedures have been completed by December 31, 2017, it is necessary to report these by May 1, 2018. For other reportable accounts, the review procedures should be completed by December 31, 2018, and the information should be reported by May 7, 2019 (due to the holiday period from April 30 to May 6, 2019).

Vanuatu Jan 31, 2019

The Department of Finance and Treasury of Vanuatu publishes an XML Schema User Manual 2019 which provides guidance on AEOI reporting schema. It also releases a Multi Data Exchange Solution (MDES) user guide to help FIs with registration and submission process.

Vanuatu Jan 31, 2019

The Department of Finance and Treasury of Vanuatu releases an AEOI activity calendar for 2019. It comprises of a list of activities to be performed by RFIs and the department along with the timeline.

IRS Jan 29, 2019

The IRS publishes update reminding FIs to validate their IDES Digital Certificate for FATCA Reporting. IDES has advised that there is a significant number of expired digital certificates currently in the IDES enrollment system. Additionally, many more certificates are set to expire in the next 90 days.

Malaysia Jan 29, 2019

The Inland Revenue Board of Malaysia (IRBM) publishes an update for the first reporting of the information with respect to FATCA. The date for submitting 2014, 2015, 2016, 2017, 2018 and 2019 reportable information and NIL Returns under FATCA to IRBM has been further tentatively deferred to 30 June 2020.

Germany Jan 29, 2019

The Federal Tax Office, Germany publishes a provisional CRS reportable jurisdictions list for 2019. The announcement of the final exchange list for 2019 will take place within the AEOI framework and the Tax office would publish another letter at the end of June 2019.

Germany Jan 29, 2019

The Federal Tax Office, Germany releases the manual (v1.2) explaining the FATCA test procedure via mass data interface ELMA.

Germany Jan 28, 2019

The Federal Tax Office, Germany releases the CRS Infobrief 01/2019. The updates include: (1) Amendment of the signature procedure for the ELMA interface from December 1, 2018 (2) Common errors to be avoided while preparing the CRS returns (3) The production environment for transmitting the CRS data for the period 2018 will open from May 1, 2019 (4) The test environment for the integration test is available to all the data transmission channels, including ELMA interface. Also, technical support will be available from April 1 through June 30, 2019 (5) From April 1, 2019, the CRS file size sent via ELMA interface is extended to 100 MB and may contain up to 20,000 records

IRS Jan 28, 2019

The IRS has reopened following the end of the government shutdown and is working to resume normal operations.

Saint Vincent and the Grenadines Jan 28, 2019

The Financial Services Authority of Saint Vincent and the Grenadines publishes CRS Guidance Notes.

IRS Jan 25, 2019

The International Data Exchange Service (IDES) testing portal closes today (January 25, 2019) at 5:00 PM EST. The IDES is a secure web application for financial institutions and host country tax authorities (HCTAs) to transmit data directly to the IRS.

Switzerland Jan 24, 2019

Switzerland's Federal Tax Administration (AFC) releases an updated version of the AEOI Technical Directive. Specific updates include: Trustee-documented trusts, “TDT” should be added before the trust’s name in the “reporting FI” field of the XML NCD schema (Sec 1.3.2.2). Modifications to Annex 3 to include the financial data to report when (1) the trust is a FI; and (2) the trust is a passive NFE are now added(Sec 10.3). Under the definition, section 1.4.4 is revised to include the repeal of Switzerland’s white list approach. Section 4.8.7 is revised to include examples on how to identify controlling persons of trusts and Passive NFEs. Section 6.8 was added to provide guidance on the USD-CHF conversion performed by the AFC. Section 6.8 was added to provide guidance on the USD-CHF conversion performed by the AFC.

Switzerland Jan 24, 2019

Switzerland’s Federal Tax Administration (AFC) makes updates to AEOI FAQs. Updates include: 1) Removal of Section II of the FAQs on the clarification of the AEOI Directive. 2) Removal of the Holding NFE question which provided that for holding NFEs that are members of a nonfinancial group, the criterion “members of the nonfinancial group” only applies to holdings and not to parents and sister companies. Please note that reference to “holding NFEs that are members of a nonfinancial group” was also removed from the Switzerland AEOI Technical Directive which was published on January 23, 2019.

Hungary Jan 24, 2019

The National Tax and Customs Administration of Hungary publishes an updated version of the AEOI technical guide for the electronic submission of data. Updates include: 1) Deadline for reporting is July 1, 2019, instead of June 30 2) Updated list of reportable jurisdictions for TY18 3) Steps to follow while submitting data electronically 4) How to submit corrections with respect to data already submitted to the authority 5) Also has a general summary of data elements which provides guidance with respect to reporting.

Andorra Jan 23, 2019

The government of Andorra publishes a Decree which provides further guidance on the obligation of Andorran FIs to submit a report from an external auditing entity for AEOI purposes. Note that this Decree entered into force on January 23, 2019. Updates include: 1) Andorran FIs are required to submit a report from an external auditor in the following cases: a) Report on the total contributions made to the excluded accounts linked to insurance contracts or any other contractual modality that implements pension plans and other social welfare instruments; b) Report on the fulfillment of the obligations established by the Law. 2) Where FIs already have an external auditor, the report can be issued by the same external auditor upon pre-approval of the Ministry of Finance. The approval application can be filed using Form IF003. 3) Andorran FIs must present Form IF002 along with the report issued by the auditing entity, Form IF002 and the report must be submitted on an annual basis. Also, the criteria and guidelines on issuing the report are specified in the Technical Note (annexed) to the Directive.

Australia Jan 22, 2019

The Australian Tax Authority (ATO) publishes CRS Stakeholder Update #9 which provides an explanation on various reporting related elements such as updates related to validation rules, reporting details with respect to trusts and updates with respect to contact element field which must have a name and contact phone number or email address. It also has links to ATO and OECD CRS related guidance materials.

United States Jan 18, 2019

NEW - Jurisdictional Debrief Now Available (Week Ending January 18, 2019)

United Kingdom Jan 18, 2019

United Kingdom’s HMRC issues updates with respect to its AEOI registration guidance. The updates include furnishing a contact telephone number of the FIs at the time of the registration. Registration guidance provides steps for account creation and helpful information to complete the registration of the FIs.

India Jan 16, 2019

India releases an updated version of its AEOI reporting schemas and report generation and validation utility for Forms 61, 61A and 61B.

Malaysia Jan 16, 2019

Inland Revenue Board of Malaysia publishes Sample CRS Data Encryption Tool (v1.0).

United Kingdom Jan 15, 2019

United Kingdoms’ HMRC releases an updated reportable jurisdictions list for 2019 with respect to TY 2018. Antigua and Barbuda, Brunei Darussalam, Costa Rica, Grenada, Macau, Nigeria, Vanuatu have been added to the list while Russia is a non-reportable jurisdiction.

Malaysia Jan 15, 2019

The Inland Revenue Board of Malaysia (IRBM) publishes an updated list of CRS reportable jurisdictions, 21 jurisdictions have been added to the list.

Australia Jan 14, 2019

The Australian Tax Authority (ATO) publishes a reminder with respect to FATCA reporting by providing an explanation on various reporting related elements such as availability of FATCA small reporting tool, providing ABN to ATO, how to report when US TIN is unavailable, use of wrapper headers while submissions and restricted characters which will invalidate XMLs. It also has links to ATO and IRS FATCA related guidance materials.

Gibraltar Jan 12, 2019

The Commissioner of Income Tax of Gibraltar releases updated CRS reportable list, with the only addition of Israel with intended first year of exchange stated as 2019 (TY 2018 data).

Costa Rica Jan 9, 2019

The ministry of finance of the Republic of Costa Rica publishes a list of Participating and Reportable Jurisdictions, as per this list RFIs are required to collect information during year 2019 and provide it to tax administration in year 2020.

Liechtenstein Jan 7, 2019

Liechtenstein publishes a newsletter with information on the revised act on Data Protection that entered into force starting January 1, 2019.

IRS Jan 7, 2019

The IRS publishes updated instructions for Form 1042 - Annual Withholding Tax Return for U.S. Source Income of Foreign Persons.

Slovak Republic Jan 7, 2019

The Financial Directorate of the Slovak Republic publishes an updated list of business validation errors for FATCA reporting. This document serves as a tool for FIs to ensure a valid FATCA submission is done, and to avoid common errors while preparing the XMLs. This document is valid starting January 2, 2019.

Taiwan Jan 7, 2019

The Ministry of Finance of Taiwan publishes an update on CRS FAQs on the implementation of CRS. These FAQs provide explanation about CRS, how it works and why should Taiwan keep up with the CRS trend.

IRS Jan 7, 2019

The IRS releases updated form 1042-S (Foreign Person's U.S. Source Income Subject to Withholding) and it’s instructions Updates include 1) Inclusion of a new checkbox (7c) for partnerships to indicate if withholding with respect to a partnership interest occurred in the subsequent year. 2) A new income code, income code 55, was added for taxable death benefits paid on a life insurance contract.

Canada Jan 5, 2019

Canada's Revenue Agency releases updated CRS tax residency declaration form (RC521) for entities in accordance with Part XIX of Income Tax Act.

Switzerland Jan 4, 2019

Switzerland’s Federal Council publishes a press release announcing that the tax information exchange agreement (TIEA) with Brazil entered into force on January 4, 2019. The provisions of the agreement will apply from January 1, 2020 onwards. Both countries intend to strengthen their tax cooperation with a conclusion of a double taxation agreement (DTA). The DTA has been signed and is currently being discussed by the Swiss Parliament.

Canada Jan 3, 2019

Canada's Revenue Agency releases updated FATCA (Part VIII) and CRS (Part XIX) tax residency declaration forms for Individuals and Entities.

Slovenia Jan 3, 2019

The Financial Administration of The Republic of Slovenia publishes an updated participating jurisdictions list.

IRS Jan 2, 2019

The IRS releases International Revenue Bulletin- Rev. Proc. 2019-7, 2019-1 IRB 268”. The IRB includes a current list of those areas of the Internal Revenue Code under the jurisdiction of the Associate International Chief Counsel regarding the matters on which the IRS will not issue letter rulings or determination letters. This bulletin is intended only as an aid to the reader in identifying the subject matter covered. They may not be relied upon as authoritative interpretations.

IRS Jan 1, 2019

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool, with the information on FIs which are in approved status as of December 21, 2018.

Finland Jan 1, 2019

Finland's Tax Administration releases an updated CRS participating list

Israel Jan 1, 2019

Israel's Finance Committee approves CRS regulations. In order for the regulations to take effect, the Minister of Finance is required to publish the regulations in "Reshumot" which has not yet taken place

Croatia Jan 1, 2019

The Ministry of Finance of the Republic of Croatia passes an Ordinance on the AEOI, in the field of taxation, this Ordinance amends earlier Ordinance with respect to the regulations. This would be in effect beginning January 3, 2019.

OECD Dec 31, 2018

OECD releases an updated list of jurisdictions that successfully completed exchange of information (EOI) under the Automatic Exchange Of Information (AEOI) standards with respect to TY 2017. Specific updates include the successful exchanges by Marshall Islands, Russia, Qatar and Turkey with their respective partner jurisdictions.

Japan Dec 30, 2018

Japan publishes updated CRS Reporting FAQs. The new version adds some corrections to the language in FAQ1-1-9, FAQ2-1 and FAQ2-9. This version also adds the following FAQs: Q1-1-6 provides guidance on how to convert a CSV file to an XML file; Q2-7 specifies how to report multiple payments for the same reportable account; Q2-12 provides information on the account number to insert when OECD 601 or OECD 603 is selected; Q2-14 specifies how to correct CRS data already submitted by an RFI that ceased to exist following a merger

Russia Dec 29, 2018

The Russian Federal Tax Service publishes an order including an updated list of countries (territories) with which Russia will exchange the information. For reporting purposes, Russia has adopted the Wider approach.

Spain Dec 29, 2018

Spain's Tax Administration releases updated CRS reportable and participating lists. Nigeria and Vanuatu have been added as reportable from TY 2018, while Brunei Darussalam is no longer considered reportable and participating.

Guernsey Dec 27, 2018

Guernsey publishes updated participating and reportable jurisdictions list. The document also includes a list of jurisdictions to which the Director sent information in relation to 2017 CRS data. Guernsey has also published an Information Gateway Reporter (IGOR) user guide for CbCR, CRS & FATCA which provides additional assistance with respect to reporting and the usability of the reporting tool.

Switzerland Dec 27, 2018

The Swiss Federal council publishes documents that provide Explanatory notes and Implementation issues with respect to the amendment of CRS Ordinance released on November 7, 2018. The amendment repeals Article 1 of the CRS Ordinance of November 23, 2016, which is consistent with the earlier published FAQ on the repeal of the white list approach. The explanatory note provides commentary on the implementation of AEOI which includes additional guidance on 1) Non-reporting FIs, 2) Excluded accounts, 3) Tax residence of FIs and investment vehicles, 4) Update on reporting obligations and 7) Update on Due Diligence requirements. The explanatory note also provides an explanation on the data processing and data maintenance by the AFC.

IRS Dec 26, 2018

FATCA FFI Registration System Update: The FATCA Registration System has been updated to allow for the completion and submission of the certification of pre-existing accounts (COPA) and periodic certifications. All FATCA registered entities should monitor their message board for notifications.

Taiwan Dec 25, 2018

Taiwan's ministry of finance publishes a reminder for RFIs to start CRS due diligence procedures in accordance with Article 5 of the CRS measures beginning January 1, 2019. RFIs also must complete CRS reporting in June of each year starting from year 2020.

Spain Dec 23, 2018

Spain's tax administration reminds RFIs that the period for submitting FATCA and CRS returns (Modelo 290 and 289 respectively) is January 1, 2019 to May 31, 2019

IRS Dec 22, 2018

The IRS issued an Alert informing the public that effective Dec. 22, 2018, many government operations are shut down until further notice. Service will be restored once normal government operations resume

United States Dec 21, 2018

NEW - Jurisdictional Debrief Now Available (Week Ending December 21, 2018)

Germany Dec 21, 2018

Germany publishes FATCA Infobrief 05/2018 which corrects the information published in the FATCA Part 3 of the communication manual in accordance with the new adapted ELMA specifications (about conversion of ELMA headers). The sample files included in Section 10 of the communications manual were faulty and have now been replaced.

Liechtenstein Dec 21, 2018

Liechtenstein releases updated AIA regulations and an updated AIA leaflet with respect to the most recent amendments to the AIA Regulations (LGBl. 2018 No. 404). Specific amendments to the regulations include an extended list of partner states for Automatic Exchange of Information (AEOI) with respect to TY 19, criteria for non-profit entities to qualify as Non-financial entities (NFEs) that are eligible for tax liability exemptions, an extension to the deadline for reviewing classification of charitable entities to December 31, 2019 and specific updates to the leaflet include Revision of the AIA Law of 6 September 2018 (LGBl. 2018 No. 215).

OECD Dec 21, 2018

OECD publishes Global Forum Annual Progress Report on Tax Transparency 2018 which provides status of AEOI in 2018 and the next steps for AEOI.

OECD Dec 21, 2018

The OECD publishes activated relationships for CRS information. The document includes all bilateral exchange relationships that are currently in place for the automatic exchange of CRS information under Article 6 of the Multilateral Convention and the CRS MCAA, as well as under the EU framework. In addition, certain jurisdictions have concluded bilateral agreements for the exchange of CRS information under bilateral tax treaties or tax information exchange agreements. As of December 2018, there are over 3600 bilateral exchange relationships activated with respect to more than 90 jurisdictions committed to the CRS. Further activations are expected to follow over the next months, as jurisdictions prepare for 2019 exchanges.

Bulgaria Dec 21, 2018

The National Revenue Agency of Bulgaria releases a document with respect to CRS/DAC2 reporting. Specific information provided in the document includes accessibility to the reporting services, steps involved in performing the reporting services. This document also includes information about the electronic submission of the data through e-portal.

United States Dec 20, 2018

Deloitte Insight: IRS publishes new FAQs on FATCA Certification

Slovak Republic Dec 20, 2018

Slovak Republic published updated list of CRS reportable jurisdiction for 2019 with respect to TY 2018.

IRS Dec 20, 2018

IRS updates FATCA FAQs on registration, FAQ16 has been added which provides guidance on how to renew FFI agreement if the current FFI agreement in Revenue Procedure 2017-16 is expiring on Dec 31, 2018 for a participating FFI. In such a case, Section 12.01 of Rev. Proc. 2017-16, 2017-3 I.R.B. 501, states that the current FFI agreement expires on December 31, 2018, and may be renewed as provided in section 12.08. Section 12.08 provides that a participating FFI may renew the FFI agreement via the FATCA registration website or as otherwise provided by the IRS. Rather than renewing the FFI agreement via a link on the FATCA registration website, a participating FFI that intends to renew the FFI agreement may do so by remaining registered on the FATCA registration website after December 31, 2018. The IRS will treat a participating FFI’s continued registration as its agreement with the terms of the FFI agreement contained in Rev. Proc. 2017-16 until December 31, 2022, or the publication of another revenue procedure that supersedes all or part of Rev. Proc. 2017-16.

OECD Dec 20, 2018

As part of the Global Forum's mandate to ensure the effective implementation of tax transparency standards worldwide, the Global Forum will move to conduct peer reviews of the effectiveness of the implementation of the AEOI Standard in practice, starting in 2020. As a first step, the Global Forum has adopted a Terms of Reference to use in these peer reviews. The Terms of Reference incorporate aspects in relation to both the legal implementation of the AEOI Standard and its effective operation in practice. OECD has also published a list of exchanges by country which took place in 2018 under the AEOI standard.

Czech Republic Dec 20, 2018

Czech Republic publishes updated list of CRS reportable jurisdiction along with years from which the exchange of information would take place.

Liechtenstein Dec 19, 2018

Liechtenstein publishes amendment to its regulation on banks and investment firms which will enter into force on January 1, 2019. Outsourcing of any business area is possible without any approval from the authority. However, this requires that the data protection legislation is adhered in the process and whenever required the evidence to be provided to the outsourcing board. Customer data must be protected against unauthorized processing by appropriate technical and organizational measures. The company and the service provider ensure the confidentiality, the availability and the correctness of the data in order to ensure adequate data protection. In particular, they protect the systems against unauthorized or accidental destruction, accidental loss, technical errors, forgery, theft or misappropriation, unauthorized modification, copying, access or other unauthorized processing. These measures must be checked periodically. In the automated processing of customer data, the service provider takes the technical and organizational measures that are suitable, namely the access, personal data carrier, transport, notification, storage, user, access and input control to meet.

Andorra Dec 19, 2018

Andorra publishes communication on the accounts to be excluded from the obligations of reporting of information under AEOI. Article 5 of the Law regulates the financial accounts that are excluded from the obligation to report. These accounts are the following: 1) Accounts linked to insurance contracts for pensions plans 2) Accounts linked to insurance contracts for savings products 3) Dormant accounts with a balance that does not exceed USD 1,000 4) Current accounts linked to a residence 5) Custodial accounts of public debt. In order to consider these accounts as excluded from the obligation to report, they must meet several requirements, which are specified in article 5 of the Law.

Malta Dec 18, 2018

Malta publishes updated CRS Guidance Notes, it includes updated CRS reportable (section11.1) and participating jurisdictions list (section 11.2). Various other sections have been updated to provide additional guidance to MRFIs such as: Section 2.1.1.3 has been updated which provides information on reporting of shell companies. Section 2.7.4.1 has been updated which provides guidance on reporting of accounts which has more than one tax residence and both should be reported by MRFIs. Section 5.1 on self-certification has been updated advising MRFIs that in order for it to be valid it must be signed (or otherwise positively affirmed, i.e. involving some level of active input or confirmation) by the Account Holder, be dated, and must include the Account Holder’s: name; residence address; jurisdiction(s) of residence for tax purposes; TIN(s) and date of birth. Section 5.2 has been added which provides information on RBI/CBI schemes and activities that MRFIs should perform with respect to reporting so that CRS is not circumvented

Netherlands Dec 18, 2018

The Netherlands Tax Administration publishes reminder on their earlier published update dated September 21, 2018 on the migration of its CRS and FATCA resource websites (Community Software Development (www.oswo.nl) and the Community Data Partners (www.cggp.nl)) have been merged into a new website 'Support for Digital Message Traffic' on https://odb.belastingdienst.nl/ This is reminder to achieve the work on the existing websites (if any) before December 31 as it will go redundant and try accessing the new website.

Australia Dec 18, 2018

The Australian Taxation Office (ATO) publishes an updated version of its AEOI Guidance Notes reflecting the transition from the initial implementation to ongoing obligations. Specific updates include modifications to the definitions of new Qualified Credit Card Issuers, Depository Account, temporary over payment of credit cards, equity interests in partnerships and trusts and financial account. Under the due diligence section, additional language clarifying the interaction between AML/KYC procedures and CRS due diligence was added, further guidance on residence and citizenship investment schemes was also included. Reporting section was modified to include more guidance on TIN requirement during account opening in exceptional cases. Also under the FAQs section, Q1, Q10 were modified and Q12 was added for property trust.

Iceland Dec 18, 2018

The Directorate of Internal Revenue of Iceland updates FAQs with respect to FATCA.

Iceland Dec 18, 2018

The Directorate of Internal Revenue of Iceland updates FAQs with respect to CRS.

Australia Dec 17, 2018

The Australian Taxation Office (ATO) publishes list of invalid characters which would invalidate the XML schema. In order to pass validation, XML file containing one or more such characters should be replaced with the predefined references.

EU Dec 17, 2018

European Commission publishes report on overview and assessment of the statistics and information on the automatic exchanges in the field of direct taxation (COM(2018) 844). This report is from the commission to the European Parliament and the Council, the highlight of the report is the key finding about the implementation of AEOI, its costs and benefits, as well as actions taken on received information by the member jurisdictions. The report has been drafted mainly on the basis of information gathered from Member States’ tax authorities via an annual survey and annually collected sets of statistical data. It covers the period from 2015 until mid-2018 as regards DAC1, and from 2017 until mid-2018 as regards DAC2 and DAC3. It must be noted that at the time of preparing this report, the Commission is conducting a comprehensive evaluation of DAC3 covering, in addition to AEOI, also all other forms of administrative cooperation.

Liechtenstein Dec 14, 2018

Liechtenstein will be hosting 13th European Data Protection Seminar on January 29, 2019. Interested parties can enroll by sending e-mail to info.dss@llv.li or via our website: www.datenschutzstelle.li until 21st January 2019. There are no admission charges.

Denmark Dec 14, 2018

Denmark - The Danish Ministry of Taxation releases updated CRS FAQs. The updated FAQ explains if stock savings accounts are accountable under CRS.

IRS Dec 13, 2018

The Internal Revenue Service and the Department of the Treasury issue proposed regulations under sections 1441, 1461, 1471, 1472, 1473, and 1474 of the Internal Revenue Code. The proposed regulations provide rules that aim to reduce taxpayer burden with respect to certain requirements under Chapters 3 and 4 of the Code.

Switzerland Dec 13, 2018

Switzerland updates its CRS reportable jurisdiction list to include additional partner states implementing the AEOI in 2019. Implementation of the AEOI is postponed by one year for Israel since it has not implemented CRS yet.

IRS Dec 13, 2018

The IRS publishes Issue 2018-18 announcing the publication of two new FATCA Certification FAQs (Q17 and Q18) clarifying certification requirements for branches. The release also reminds FFIs that for the certification period ending December 31, 2017, FATCA certifications are due no later than December 15, 2018. However, for trustees of trustee-documented trusts and sponsoring entities, the deadline is March 31, 2019

Andorra Dec 13, 2018

Andorra publishes order asking Andorran FIs to submit their presentation of the audit report relating to the communication of information for the year 2017 before December 31, 2018, in exception the deadline for submission may extended until April 30, 2019. The procedure for presenting the report will be done through the form number IF002 (Automatic exchange of information - Contributions to excluded accounts). As per AEOI Law: Article 9.2 of Law 19/2016 of November 30, Andorran FIs obliged to communicate information must submit annually to the Ministry of Finance a report by an external auditing body on compliance with the obligations of this Law.

IRS Dec 12, 2018

IRS adds two new FAQs on FATCA Certifications. Q17) It provides guidance on how to submit certification only on behalf of registered branches in multiple jurisdictions which have a certification requirement. Q18) It provides guidance on how to submit certification to reflect only the affected branch(es) for an entity that has multiple approved branches with some but not all branches having a material failure or event of default (EOD).

Sweden Dec 12, 2018

Swedish Parliament passes bill (Government bill 2018/19:9) which amends FATCA and CRS legislations, the amended regulations will be effective starting January 1, 2019. Updates have been made to Definitions, Due Diligence requirements, new Sanctions for FIs, update to exempted accounts, updated legal guidance for identifying accounts subject to the CRS reporting requirements based on the OECD list and finally a reminder on upcoming deadlines.

United States Dec 10, 2018

Deloitte Insight: FATCA: New and Updated FATCA FAQs

OECD Dec 10, 2018

The Global Forum on Transparency and Exchange of Information for Tax Purposes (the Global Forum) held a seminar on Beneficial Ownership (BO) and the implementation of the international standard for the Exchange of Information on Request (EOIR) on 3-7 December 2018 in Lisbon, Portugal. The seminar was aimed at building awareness on the BO transparency requirements in the exchange of information standard and the coordination between the various stakeholders at the national and international level. Ensuring the availability of BO information is important for tax transparency and is a vital part of the international standards of transparency and exchange of information for tax purposes (both automatic and on request). With the help of experts from the Global Forum Secretariat, delegates discussed the policy, legal, regulatory and institutional requirements of ensuring the availability of beneficial ownership information.

Liechtenstein Dec 7, 2018

Liechtenstein publishes law no. 404 of 2018 with updated reportable jurisdictions list (Annex I) for AEOI purposes along with the year from which the jurisdictions are reportable. Updated Annex 3 para. 2 provide guidance to FIs to select the status of legal entity and different options are provided e it a FI, Active NFE or Passive NFE, but multiple selections are not allowed. With regard to beneficial owners under the Due Diligence as well as the respective supplementary section according to the Ordinance on the AEOI for each Controlling Person of the legal entity to be completed and signed by the bank/investment firm. This regulation shall enter into force on January 1, 2019.

Liechtenstein Dec 7, 2018

Liechtenstein amends its FATCA Law (law no. 389 of 2018) requiring FIs to notify US Specified Persons and entities that are Account Owners by March 31 of the year in which information relating to them is first sent to the tax administration: a) its status as a reporting Liechtenstein financial institution; b) the FATCA Agreement, its content and purpose; (c) the information to be exchanged under the FATCA Agreement; d) the permissible use of the information to be exchanged according to Art. 8a and 8b; (e) the rights of the specified US Persons and the holders of Accounts in accordance with data protection legislation, having regard to the specific provisions of this Law, in particular the right to information and the right to correct or erase inaccurate data. The amended law provides guidance on various data protection rules and applicable duties of FIs and rights of US reportable persons along with any sanctions which may apply. This law comes into force at the same time as the Data Protection Act of October 4, 2018 and applies for reporting periods from January 1, 2018 onwards for the first time.

Liechtenstein Dec 7, 2018

Liechtenstein amends its AEOI Law (law no. 388 of 2018) which provides guidance on various data protection rules and applicable duties of FIs and rights of reportable persons along with any sanctions which may apply. This law comes into force at the same time as the Data Protection Act of October4, 2018 and applies for reporting periods from January 1, 2018 onwards for the first time. Article 9(8) states that the information which has been already submitted to the tax administration if it is to be corrected or deleted, then the reporting Liechtenstein financial institution shall immediately transmit the corrected information or the cancellation report to the tax administration.

Switzerland Dec 7, 2018

Switzerland’s Federal Council announced today that it has initiated the consultation on the introduction of the Automatic Exchange of Information (AEOI) with 18 additional jurisdictions. The 18 additional jurisdictions are: Albania, Azerbaijan, Brunei, Dominica, Ghana, Kazakhstan, Lebanon, Macao, the Maldives, Nigeria, Niue, Pakistan, Peru, Samoa, Sint Maarten, Trinidad and Tobago, Turkey and Vanuatu. Before initiating the exchange of data with these jurisdictions, the Federal Council will review once more time whether these jurisdictions meet the requirements of the AEOI standard with a specific focus on data security and confidentiality.The implementation of the AEOI is planned for January 1, 2020, and the first data exchange is expected to take place in 2021. Consultation will end on March 20, 2019.

Finland Dec 7, 2018

The Finland Tax Administration published an updated CRS Technical implementation guidance (v1.4) which is valid from December 17, 2018. The updated guidance clarifies the text under sections 6.3.1.5 Controlling Person and 6.4.2.2 AddressFree.

Finland Dec 7, 2018

The Finland Tax Administration published an updated FATCA Technical implementation guidance (v1.6) which is valid from December 17, 2018. The updated guidance clarifies the text under 6.4.2.2 AddressFree.

IRS Dec 7, 2018

The IRS publishes new FAQs on the certification of pre-existing accounts (COPA) and periodic certification processes. Six questions have been added under certification section: Q1) How will I be notified when I need to complete my next periodic certification; Q2) Can I change my classification once I have started the certification; Q3) How do I find out if I am required to complete a COPA or periodic certification; Q4) Can I upload supporting files for my certification; Q5) Will my member be notified if it is included in my certification; and Q6) Can I edit my submitted certification.

Netherlands Dec 7, 2018

The Netherlands Tax and Customs Administration confirms that previously published CRS country list (published on December 5, 2018) can be considered as definite for 2019. Peru and Maldives are added to the earlier reportable list which will be reportable for TY 2018.

United States Dec 7, 2018

NEW - Jurisdictional Debrief Now Available (Week Ending December 7, 2018)

Brazil Dec 7, 2018

Brazil publishes an updated e-Financeira filing manual (v1.1.0). There is minor technical change to Section 1.4.2 related to Private Pension Module and various small updates in Section 4.1.5 related to Privacy Policy.

Denmark Dec 7, 2018

Denmark - The Danish Ministry of Taxation releases updated CRS reportable list.

United States Dec 6, 2018

Deloitte Insight: FATCA: The IRS made new public key for FATCA filing available for download and issued a reminder about FATCA certification deadline

IRS Dec 6, 2018

IRS adds a new QI/WP/WT FAQ (Q 16) with respect to FATCA certification. The added FAQ explains the procedure to submit a certification when a user terminates an FFI Agreement by canceling his/her account in the FATCA Registration System and no longer has a GIIN.

OECD Dec 6, 2018

OECD publishes an implementation report on the Automatic Exchange of Information for 2018, it has four parts: 1) Introduction and the background; 2) The delivery of exchanges in 2018, providing information on number of partners that each jurisdiction sent information to in 2018; 3) Requirements to deliver the commitments to implement the Automatic Exchange of Information (“AEOI”) Standard; 4) Putting in place the requirements to deliver the exchanges, providing information on Jurisdictions without the complete domestic legislative framework in place also has information on Jurisdictions that do not yet have the international legal framework in place; and an Annex: The Staged Approach. Monitoring, assessing and supporting the implementation of the AEOI Standard.

United States Dec 6, 2018

Treasury Inspector General for Tax Administration (“TIGTA”) publishes its Semiannual Report to Congress(“Report”) which covers the period from April1, 2018 to September 30, 2018. The semiannual reports are proposed to keep the Secretary and the Congress informed of the significant findings from its audit and recommendations by the Inspector General’s Office. TIGTA assessed FFIs, withholding agents and taxpayers FATCA compliance and concluded that the IRS has taken limited or no steps towards the planned activities in the FATCA compliance roadmap. It also provided several recommendation to the IRS including but not limited to establish a follow-up procedures and initiate action to address error notices related to submissions. Initiate compliance efforts to address and correct missing or invalid TINs on Form 8966 filings by non-Intergovernmental Agreement (“IGA”) FFI’s and Model 2 IGA FFI’s.

OECD Dec 5, 2018

As part of the Global Forum's mandate to ensure the effective implementation of tax transparency standards worldwide, the Global Forum will conduct peer reviews of the effectiveness of the implementation of the AEOI Standard starting in 2020. As a first step, the Global Forum has adopted a Terms of Reference to use in the peer reviews of the implementation of the AEOI Standard. The Terms of Reference incorporate aspects in relation to both the legal implementation of the AEOI Standard and its effective operation in practice.

Taiwan Dec 5, 2018

International Finance Department of Taiwan announces that it has reached an agreement with Japan to implement AEOI under CRS starting in 2019. Additionally, the MoF in accordance of Article 25, Item 2 of the Financial Institutions' Implementation of Joint Declaration and Due Diligence Operation Procedures”, will include Japan as a reportable country.

IRS Dec 4, 2018

The U.S. Department of Treasury updates the IGA status of Greenland to “In Force” from the previous status “Signed” for FATCA reporting.

Malaysia Dec 4, 2018

Malaysia publishes an announcement on its FATCA webpage reconfirming the IDES Testing Schedule for Malaysian FIs which was published by IRS. FATCA International Data Exchange Service (IDES) opens for testing from Monday, Dec 17, 2018 at 8.00 AM EST to Friday, Jan 25, 2019 at 5.00 PM EST. The test session will be open to all users that have completed IDES enrolment by Thursday, Dec 13, 2018 at 5.00 PM EST. If you enroll after the end of the enrolment period, you cannot participate in the upcoming test session, kindly refer to IDES Testing Schedule webpage for more information.

Switzerland Dec 4, 2018

Switzerland FATCA qualification committee publishes an assessment document which has a new section on FATCA Certification (Page 52: Section 5) which provides information to Swiss FIs that they have to certify compliance to the IRS under the FATCA Model 2 regime in Switzerland. It also mentions that Swiss investment advisors and asset managers are not required to certify and they can possibly suggest by mentioning that they are a Swiss Investment Advisor and therefore not required to certify.

Liechtenstein Dec 4, 2018

Liechtenstein publishes an updated version of CRS reporting instructions. It updates section 11 on Corrections and Deletions with respect to use of OECD correction and deletion notification in case of more than one recipient jurisdictions during the same reporting period.

IRS Dec 3, 2018

IRS issues another reminder on the upcoming FATCA certification deadline through Issue number 2018-15 reminding FIs that the FATCA Certification Deadline is Approaching, please complete certifications by December 15, 2018 for the certification period ending December 31, 2017. However, for trustees of trustee-documented trusts and sponsoring entities, the deadline is March 31, 2019. If an entity that is required to certify does not submit its certifications by the due date, the entity will not be in compliance with its obligations under FATCA. The consequences of being non-compliant may include the revocation of an entity’s FATCA status and, ultimately, the entity’s GIIN being removed from the FFI list.

Belgium Dec 3, 2018

Belgium’s Ministry of Finance announces that due to IT maintenance, their e-services will not be available on Saturday 8 December 2018 between 8 am and 6 pm and they can be disrupted on Sunday, December 9, 2018.

Gibraltar Dec 3, 2018

The Commissioner of Income Tax, Gibraltar releases updated CRS reportable list with the addition of Barbados and intended first year of exchange stated as 2019 (TY 2018 data) while Antigua and Barbuda and Marshall Islands are added as Non-Reciprocal jurisdictions that will be exchanging information with Gibraltar from 2021 and 2019 respectively.

Slovenia Dec 2, 2018

Ministry of Finance in Slovenia publishes updated International Exchange of Information in the Area of Customs and Taxes Manual (v2). Specific update include basic information on the different information exchange mechanisms, as well as information on the legal basis for such exchange of information.

Monaco Dec 1, 2018

Monaco updates its AEOI FAQs by adding a FAQ on list of non-reciprocal jurisdictions with regards to AEOI, non-reciprocal jurisdictions are: Bahamas, Bermuda, British Virgin Islands, Cayman Islands, St. Kitts and Nevis, Samoa and UAE. It also updates its list of reportable jurisdictions by providing information on the year from which the jurisdictions are reportable. It also publishes updated AEOI practical guide (v4) for FIs with regards to implementation of AEOI.

Taiwan Nov 30, 2018

Ministry of Finance, R.O.C. (Taiwan) updates its CRS list of Low Risk Excluded Accounts under local law adding 8 more FIs to the existing list which is mentioned in Article 3 of the CRS Regulations. Added accounts includes: 1) Labor Insurance Funds, 2) Old-Age Labor pension Funds, 3) New-Age Labor Pension Fund, 4) Private School Faculty Members, 5) Public Education Personnel Insurance Business, 6) Public Employees Retirement Pension Fund, 7) The National Development Fund of the Executive Yuan, 8) China Export-Import Bank.

IRS Nov 30, 2018

The IRS releases a new QI/WP/WT FAQ with respect to FATCA certification (Q 15). The new FAQ 15 describes the steps to be followed for FATCA certification in the case of a Consolidated Compliance Group certification, Registered Deemed Compliant Collective certification, or Sponsoring Entity.

Thailand Nov 30, 2018

The Revenue Department of Thailand, announces that the US Internal Revenue Service launched IDES system for Thai financial institutions to send and receive IRS simulations from December 17, 2011 to January 25, 2019 (according to the Eastern Standard Time of the United States). IDES can register to participate in the IRS simulation test by December 13, 2018 (Eastern Standard Time in the United States). In cases where financial institutions have registered in IDES system, they do not need to register again. However, a new password must be changed before December 13, 2018, to ensure that the password does not expire during the test. Also, make sure that the certificate used to receive valid data is valid throughout the test period. During testing Financial institutions will not be able to modify their passwords and upload certificates.

IRS Nov 30, 2018

As part of its effort to reduce paperwork and respondent burden under the Paperwork Reduction Act of 1995, the U.S. Internal Revenue Service (“IRS”) issued a request for comments within Notice 61726 as part of the “Federal Register” Vol.83, No.231 (refer Page number: 225). IRS is seeking comments on FATCA forms (such as: Form 8957—Foreign Account Tax Compliance Act (FATCA) Registration, Form 8966—FATCA Report, 8966–C, Cover Sheet for Form 8966 Paper Submissions, Form 8809–I: Application for Extension of Time to File). It invites the general public and other federal agencies to take this opportunity to provide feedback, comments should be sent to IRS on or before December 31, 2018 to be considered.

IRS Nov 29, 2018

IRS publishes reminder to FIs that the FATCA Certification Deadline is Approaching, please complete certifications by December 15, 2018 for the certification period ending December 31, 2017. However, for trustees of trustee-documented trusts and sponsoring entities, the deadline is March 31, 2019. If an entity that is required to certify does not submit its certifications by the due date, the entity will not be in compliance with its obligations under FATCA. The consequences of being non-compliant may include the revocation of an entity’s FATCA status and, ultimately, the entity’s GIIN being removed from the FFI list

OECD Nov 29, 2018

Jamaica deposits the instrument of ratification for the multilateral convention on Mutual Assistance in Tax Matters, it will come into force on March 01, 2019.

Israel Nov 28, 2018

Israel’s Parliamentary Finance Committee holds second session on approving CRS Regulations. The approval will permit Israel to implement the CRS which, has been pending since it failed to implement the CRS from the September 30, 2018 deadline set by the Organization for Economic Co-operation and Development (OECD) due to the absence of the CRS Regulations. Another session on the approval will be held on December 12, 2018.

Canada Nov 28, 2018

Canada releases updated CRS tax residency declaration form for entities.

India Nov 27, 2018

India releases updated version of its Generic Submission Utility Tool (v1.3) for submitting AEOI returns.

IRS Nov 27, 2018

The FATCA International Data Exchange Service (IDES) opens for testing from Monday, December 17, 2018 at 8:00 AM EST to Friday, January 25, 2019 at 5:00 PM EST. The test session will be open to users that have completed IDES enrollment by Thursday, December 13, 2018 at 5:00 PM EST. In order to participate in testing, you need to have an active password. All passwords and profile information should be updated before the enrollment cutoff. All testing sessions will be announced on the IDES Testing Schedule web page. If you need assistance with enrollment, contact the IDES Help Desk.

IRS Nov 27, 2018

The IRS releases Issue number 2018-13 announcing that IRS public key for FATCA is expiring soon. The IRS has a new key and will replace the existing key on November 30, 2018. After November 30, please download the new IRS Public Key from IDES to file your FATCA Reports. As a reminder, when purchasing a new digital certificate or replacing one that is about to expire, IDES only recognizes and accepts digital certificates issued by IRS approved Certificate Authorities (CA).

Slovak Republic Nov 27, 2018

Slovak Republic publishes information and recommended step-by-step review process in case of nationality or investment based schemes (CBI/RBI schemes). It recommends to make use of OECD practical guidance that will allow FIs to identify and prevent cases of circumvention of the CRS standard through the use of such schemes. In cases where financial institutions have doubts about the tax residence or the residence of the user CBI/RBI Schemes, the OECD recommends that financial institutions ask the account owner additional questions.

IRS Nov 27, 2018

IRS - Important Update about your e-Services Account. All e-Services users must have an account secured by the identity proofing process called Secure Access. If you are new to e-Services, you must register using the online authentication process before you can access the e-Services suite of tools.

Liechtenstein Nov 26, 2018

Liechtenstein publishes in State law gazette approving the notification under Section 7 of the MCAA establishing AEOI of financial accounts with 21 additional jurisdictions, most of the exchange will start beginning 2020 with respect to TY2019 data except with Australia which it will start next year with respect to TY2018 data.

IRS Nov 26, 2018

U.S. Department of the Treasury updates the status of Dominica as a Model 1 Non-Reciprocal signatory from the previous status of "agreement in substance" with respect to FATCA Reporting. It also incorporates the signed reciprocal IGA with Singapore, superseding the previous non-reciprocal IGA.

IRS Nov 26, 2018

IRS updates FATCA Foreign Financial Institution (FFI) list search and download tool.

OECD Nov 23, 2018

OECD publishes updated version of the AEOI status of commitments. Specific updates include the addition of Oman with its intended year of first exchange stated as 2020 with respect to TY 2019 and the recently updated first year of exchange for Kuwait as 2019 with respect to TY 2018.

United States Nov 23, 2018

NEW - Jurisdictional Debrief Now Available (Week Ending November 23, 2018)

Germany Nov 23, 2018

Germany publishes updated FATCA Communication Manual Part III (v2.4) incorporating the info letter update on adjustments due to updates in the ELAN environment (ELMA headers and ELMA confirmations).

Brazil Nov 23, 2018

Brazil Tax Authority releases a publication on US TINs to inform financial institutions that some of the files have been rejected by the IRS due to incomplete TINs and FIs would need to rectify and resubmit the files. Brazil also incorporates IRS Notice 2017-46 by not considering RFI as being in non-compliance with FATCA because of a failure to obtain ad report each TIN provided that the RFI: (1) obtains and reports the date of birth of each account holder and controlling person whose US TIN is not reported and; (2) request annually from each account holder any missing required US TIN and; (3) before reporting information that related to calendar year 2017, searches electronically searchable data maintained by the RFI for any missing US TINs. In such cases, nine capital A’s must be used (AAAAAAAAA) to populate the US TIN data element.

Hungary Nov 23, 2018

The Hungarian Parliament releases law amendments through issue no 184 of 2018 in Hungary’s official journal, Magyar Kozlony. The amended law includes updated reportable and participating jurisdictions under CRS.

Canada Nov 22, 2018

Canada releases updated AEOI tax residency declaration forms for individuals and for entities.

Switzerland Nov 22, 2018

Swiss Federal Council adopts a bill on the implementation of the Global Forum's recommendations on Switzerland's phase 2 review. They concern the transparency of legal entities and the exchange of information. The bill contains the measures to be taken to implement the Global Forum's recommendations. The bill also provides guidance for the conversion of bearer shares into registered shares or structuring them as intermediated securities. Moreover, a sanction system for breaches of duty to report is to be introduced. Parliament will start to discuss the proposal in spring 2019.

OECD Nov 22, 2018

The Global Forum on Transparency and Exchange of Information for Tax Purposes held its annual meeting in Punta del Este, Uruguay on 20-22 November, bringing together over 200 delegates from more than 100 jurisdictions, international organizations and regional groups to strengthen further the international community’s fight against tax evasion. The meeting marked the widespread rollout of automatic exchange of financial account of information. Global Forum members took stock of the tremendous progress made in the implementation of the standard of automatic exchange of information (AEOI) with 4500 successful bilateral exchanges having taken place under the new AEOI Standard in 2018 by 86 jurisdictions

IRS Nov 21, 2018

IRS publishes updated Form 1042 (Annual Withholding Tax Return for U.S. Source Income of Foreign Persons).

OECD Nov 20, 2018

OECD publishes update on Panama’s RBI/CBI schemes such as Panama’s Reforestation Investor Permit, Economic Solvency Permit and Friendly Nations Permit programs. Under each of these programs, Panama ensures that residence documentation provided to successful applicants is identified as issued under the relevant program. The OECD therefore updated its guidance on CBI/RBI schemes to state that, where residence documentation clearly identifies the program under which it was issued, only such specific residence documentation, should be perceived as potentially high-risk in the context of the CRS due diligence procedures. When presented with such documentation, financial institutions may consider applying the enhanced CRS due diligence procedures, in order to ensure that the documentation is not misused by account holders for the purpose of circumventing the CRS. In other cases, Panama-issued residency documentation is not by itself to be treated as being potentially high-risk from the perspective of the CRS due diligence procedures.

United States Nov 20, 2018

The Institute of International Bankers (the “IIB”) sent a communication to the IRS on the repeal of Internal Revenue Code section 958(b)(4) and the unintended consequence resulting from the repeal. Absent guidance from the Internal Revenue Service (IRS) and U.S. Treasury, the Repeal imposes new U.S. tax reporting obligations on foreign subsidiaries of foreign banks, if the bank has a U.S. subsidiary. IIB ask that guidance be issued to eliminate the new reporting obligation, in conformity with Congressional intent, relief is needed quickly to prevent immediate and severe consequences for many financial institutions doing business in the United States.

IRS Nov 19, 2018

IRS updates QI/WFP/WFP FAQs - Provisions for 2017 QI Agreement section, FAQ 5&6 have been added. FAQ 5 provides information on the steps that need to be followed when a QI merges into an entity already operating as a non-QI whereas FAQ 6 provides information on the procedures that must be followed when a QI in one country re-domiciles into another country after merging with a newly-formed entity where the QI's accounts remain with a branch in the original country of the QI's residency.

Saint Vincent and the Grenadines Nov 19, 2018

St. Vincent and the Grenadines extends FATCA & CRS Reporting deadlines to November 22, 2018 to facilitate financial institutions facing technical difficulties to upload FATCA and CRS Reportable data.

IRS Nov 19, 2018

IRS updates FAQs on FATCA Registration System, two news sections has been added (FFI List and Certification) along with numerous other newly added FAQs.

Singapore Nov 16, 2018

The Inland Revenue Authority of Singapore announces that it has signed a Tax Information Exchange Agreement (TIEA) and a reciprocal Foreign Account Tax Compliance Act Model 1 Intergovernmental Agreement (reciprocal FATCA IGA) with the United States of America. The TIEA will permit Singapore and the United States of America to exchange information for tax purposes. The reciprocal IGA provides for the automatic exchange of information with respect to financial accounts under the US Foreign Account Tax Compliance Act. This new reciprocal IGA will supersede the current non-reciprocal one when it enters into force.

Saint Vincent and the Grenadines Nov 15, 2018

St. Vincent and the Grenadines extends its FATCA and CRS Reporting deadlines to November 16, 2018.

Germany Nov 15, 2018

The Federal Tax Office of Germany releases FATCA Infobrief version 04/2018. This version of Info letter describes the conversion of ELMA header. The structure of the XML in the transmission of files via the mass data interface ELMA for the specialized procedure FATCA has been further developed and standardized due to the large number of new procedures. These changes are in principle valid from November 22, 2018 for all deliveries to the BZSt to be sent for the FATCA procedure from this date. If you transfer your data via the mass data interface ELMA or via file upload via the BZSt Online-Portal, here are some changes that must be observed in order to achieve a successful transmission. Deliveries up to and including November 21, 2018 are still possible with the existing specifications for the structure of the XML. As of November 22, 2018, the conversion to the new ELMA header will take place and the use of the previous ELMA header will lead to the rejection of your delivery. It should be noted, however, that during the migration process, the receipt of deliveries is severely limited. Therefore, refrain the data transmission from November 22, 2018 and only from December 03, 2018 to deliver deliveries with the new header.

Bermuda Nov 14, 2018

Bermuda updates its Tax Information Reporting Portal User Guide (Version 4.0) and FAQs (Version 4.0) regarding the Tax Information Portal. Specific updates to the User Guide and the FAQs include guidance on submitting Common Reporting Standards (CRS) Nil reports (Sections 4.2, 4.3 and 4.4 of the User Guide and Q14 of the FAQs), guidance on deactivating a reporting entity that ceases to have reporting obligations (Section 14 of the User Guide and Q22 of the FAQs) and guidance on steps to obtain a portal enrolment form by an entity in case of pending email response (Q23 of the FAQs).

Peru Nov 11, 2018

Peru releases CRS regulations that establish the financial information that should be provided to the authority (SUNAT) to carry out AEOI.

United States Nov 9, 2018

NEW - Jurisdictional Debrief Now Available (Week Ending November 9, 2018)

United States Nov 8, 2018

Deloitte Insight: FATCA: The IRS released updated Publication 1281 on Backup Withholding for Missing and Incorrect Name/TIN(s)

Netherlands Nov 8, 2018

Netherlands publishes an update on AEOI filing deadlines. February 1, 2019 - Investment products (possibly including FATCA and CRS) and Private Home Annuity Savings (EWLS). May 1, 2019 - Payment and savings products (possibly including FATCA and CRS). August 1, 2019 – only FATCA and CRS reports. There is also a possibility to submit all your data from the message flows Investment products, Loan products, Payment and savings products, Private Home Annuity Savings, FATCA and CRS before 1 February 2019. This allows you to meet your delivery obligation in one go. If you want to do this, you do not need to report this to the tax authorities.

IRS Nov 8, 2018

FATCA FFI Registration System will be unavailable from approximately 8 a.m. ET from Nov 11, 2018 till 6 p.m. ET Nov 12, 2018.

United States Nov 8, 2018

Deloitte Insight: FATCA: IRS Notice 2018-72 announces amendment and delay of portions of section 871(m) regulations.

Switzerland Nov 7, 2018

Swiss Federal Council announces the repeal of Article 1 of its AEOI Law relating to the term participating jurisdictions, with effect from January 1, 2019. This confirms the repeal of Switzerland’s white list approach, as announced in the previously released CRS FAQs. Switzerland confirms the repeal of such Article following the OECD call on states to repeal this transitional provision due to the high number of states having introduced AEOI. The Federal Council stresses that Switzerland has currently more than 75 partner states and that the removal of this provision should have only a minimal impact on Financial Institutions.

Brazil Nov 7, 2018

Brazil publishes an updated e-Financeira filing manual (v109). Specific update includes inclusion of Section 1.4.2 which has guidance related to reporting related to private pension plans. The presentation of this Module exempts the information on Private Pension Plans contained in the Financial Operations Event. Also Section 4.1.5 has been added which provides guidance on privacy policy.

France Nov 7, 2018

France publishes instructions on AEOI due diligence obligations of Account Holder and RFIs on various matters. Account Holders are required to provide TINs (if applicable) and also a valid self-certification form. RFIs are required to ask account holders for such details and are obliged to follow up with account holder timely i.e. in case of change in circumstances: within 30 days of the discovery of a change of circumstances, the FI must ask the account holder for a new self-certification. Also the instructions provide guidance on possible sanctions when account holders who have not submitted the required information are punishable by a tax fine.

IRS Nov 5, 2018

The IRS issues a final reminder alert about QI (including QDD). WP, WT application deadline for 2018. The deadline for all Qualified Intermediary (QI) (including Qualified Derivatives Dealer), Withholding Foreign Partnership (WP) and Withholding Foreign Trust (WT) applications for the 2018 year is November 16th, 2018. All applicants that desire to have an agreement in effect in 2018 must submit their applications through the Qualified Intermediary/Withholding Foreign Partnership/Withholding Foreign Trust Application & Account Management System (QAAMS) no later than November 16th, 2018 to allow sufficient time for processing by year end. Applicants must have obtained a GIIN prior to submitting their applications, if needed. See section 2.22 of the QI Agreement in Rev. Proc. 2017-15 or section 12.01(a) of the WP or WT Agreement in Rev. Proc. 2017-21 for the effective date of an agreement for a new applicant.

India Nov 5, 2018

Central Board of Direct Taxes (CBDT), India issues a notification no. 78/2018 containing the list of jurisdictions which will not be considered for the purposes of determining a “Passive Non-Financial entity” as described in sub-clause (ii) of clause (D) of the Explanation to clause (6) of Rule 114F the Income Tax Rules, 1961.

Hong Kong Nov 3, 2018

Hong Kong - Inland Revenue Department issues amendment Bill No. 7 related to CRS reporting. This amended bill includes repeal of certain entities from non-reporting FIs such as Mandatory Provident Fund Schemes (MPF), Occupational Retirement Schemes (ORSO), a credit union registered under the Credit Unions Ordinance. With regards to RFIs listed above, the bill clarifies the first reporting year will be later of the year specified in schedule 17E or 2021. The amendment bill also modifies the definition of controlling person.

United States Nov 2, 2018

Deloitte Insight: CRS: OECD update on residence and citizenship by investment schemes.

Liechtenstein Nov 2, 2018

Liechtenstein publishes various amendments to its AEOI Law which will enter into force subject to the expiry of the referendum deadline on January 1, 2019, otherwise on the day after the announcement. Updates include various update in the definitions with respect to Article 2 of earlier published law such as : Liechtenstein legal entity, Investment Entity, Non-reporting Financial Institution, Financial Account. Also there are updates to Article 4, Article 7, Article 9 and Article 29 of the earlier published law.

Liechtenstein Nov 2, 2018

Liechtenstein publishes amendments to its FATCA Law which will enter into force subject to the expiry of the referendum deadline on January 1, 2019, otherwise on the day after the announcement. Updates include: 1) Amendment of Article 16 Para. 1, the introductory sentence – The district court punishes with fine upto 250,000 Francs instead of the Tax Administration who intentionally violates the obligations. 2) Amendment of Article 19 Para. 1 – now Administrative penal decisions of the tax administration according to Art. 17 and 18 can be challenged within 14 days of service with the Land Tax Commission, instead of Art. 16, 17 and 18 as was the case earlier. 3) Amendment of Article 20, supplementary rules – now with regards to proceedings under Articles 17 and 18, unless otherwise stipulated in this Act, Articles 152 to 159 LVG apply mutatis mutandis, which was earlier under Article 16, 17 and 18.

Monaco Nov 2, 2018

Monaco publishes updated list of CRS reportable jurisdictions adding 31 jurisdictions to the existing list, out of which 7 jurisdictions would be considered as non-reciprocal.

Taiwan Nov 1, 2018

International Finance Department of Taiwan publishes additional guidance related to New accounts opened after January 1, 2019 which can be considered as pre-existing accounts if – 1)the account holder already holds account with the same RFI or its related entity that is also a RFI in Taiwan. 2) The RFI treats the new account and the pre-existing account as a single account for due diligence purposes and while determining the account balance. 3) The RFI is satisfied with the AML/KYC procedures adopted for new account in connection with pre-existing account. 4) When the account is opened, it is not necessary to add or supplement customer information in accordance with other regulations than the above in relation to new account held by pre-existing account holder. Also the ministry states that two investment entities may be deemed to be related entities if they are managed by the same person and the person fulfills the due diligence obligations.

Hong Kong Oct 31, 2018

The Inland Revenue Department of Hong Kong publishes a press release announcing that The Inland Revenue (Amendment) (No. 7) Bill 2018 (Amendment Bill) will be gazetted on November 2 which will seek to refine the provisions that implement the arrangement for automatic exchange of financial account information in tax matters (AEOI), so as to closely follow requirements promulgated by the OECD. The amendments related to AEOI are particularly crucial for Hong Kong to preserve its competitiveness and reputation as an international financial and business center. The Amendment Bill will be introduced into the Legislative Council on November 14.

Japan Oct 31, 2018

Japan’s National Tax Agency announces that it has obtained information on about 550,000 accounts under the CRS that residents of Japan hold overseas from 64 different countries. Also, Japan has provided information on about 90,000 accounts to 58 jurisdictions. The treasure trove of information that Japanese authorities have gained over the last two months indicate vast amounts of previously unknown wealth moved out of the country.

United States Oct 30, 2018

Deloitte Insight: FATCA: IRS released a reminder on the qualified intermediary (QI), withholding foreign partnership (WP) and withholding foreign trust (WT) 2018 application deadline.

IRS Oct 30, 2018

The IRS announces the Identification and Selection of Five Large Business and International Compliance Campaigns which includes “FATCA Filing accuracy”. This campaign addresses those entities that have FATCA reporting obligations but do not meet all their compliance responsibilities. The Service will address non-compliance through a variety of treatment streams, including termination of the FATCA status.

Australia Oct 29, 2018

The Australian Tax office publishes few updates with respect to reporting. Small Reporter Tool user guide is updated with information on how to correct or delete information that was previously provided. Each CRS file that is submitted, including split files, must have a unique MessageRefID. Further, it includes update for the reporting period end date. For the first CRS reporting period it is 31 December 2017 and 31 December of subsequent years. The only circumstance in which this date should be reported differently is where business ceased operations during a reporting period. Also, provided guidance on any pre-existing account that was not a High Value Account.

OECD Oct 29, 2018

Ecuador joins the multilateral Convention on Mutual Administrative Assistance in Tax Matters, becoming the 126th jurisdiction to join the list. The intended first information exchange date would be September 2020.

IRS Oct 29, 2018

IRS publishes updated instructions for Form W-9 (Request for Taxpayer Identification Number and Certification).

United States Oct 26, 2018

NEW - Jurisdictional Debrief Now Available (Week Ending October 26, 2018)

Singapore Oct 25, 2018

Singapore’s Inland Revenue of Tax Authority announces that the Global Forum on Transparency and Exchange of Information for Tax purposes has rated Singapore "Overall Compliant" with International Standards on Exchange of Information. The assessment is conducted through a peer review process of Singapore’s exchange of information.

IRS Oct 25, 2018

The IRS updates QI/WP/WT FAQs under FATCA Certifications section, Q14 has been added. This question clarifies when “Not Applicable” and “No” are to be selected while FATCA certification. “Not applicable” option is available as a response to a certification question, to indicate that the question does not apply to the entity. On the other hand, selecting “No” in response to a question indicates that the question applies to the entity, however, the answer to the question is a negative/”no”.

IRS Oct 25, 2018

IRS updates FATCA Foreign Financial Institution (FFI) list search and download tool.

IRS Oct 24, 2018

IRS publishes the Information Reporting Program Advisory Committees (IRPACs) annual report for 2018. Recommendations made to the IRS regarding FATCA Reporting Requirements and implementing/improving numerous other processes are the contents of this annual report.

IRS Oct 24, 2018

IRS releases Form updated W-9 (Request for Taxpayer Identification Number and Certification)

OECD Oct 23, 2018

OECD publishes status of AEOI commitments which summarizes the intended implementation timeline of the new standard.

United States Oct 23, 2018

Deloitte Insight: FATCA: The IRS released an early draft of the 2019 Form 1042-S and associated draft instructions.

Canada Oct 23, 2018

Canada Revenue Agency releases XML specifications(2019V1) for CRS information return for TY 2018. There are no specific changes from the 2018 version.

Switzerland Oct 22, 2018

The Federal Tax Administration of Switzerland (AFC) re-inserted a previously removed FAQ into their CRS FAQs page. FAQ « Questions de mise en œuvre relatives à l’abrogation de l’art. 1 OEAR » was inserted to provide guidance on the repeal of Switzerland’s white list approach. According to art. 1 of the EAR (Swiss AEOI Law), Partner Jurisdiction (i.e. Participating Jurisdiction) means, in addition to the States and Territories with which Switzerland has agreed to implement Automatic Information Exchange (EAR), other States and Territories which have committed to the World transparency and the exchange of information for tax purposes (through AEOI implementation). The FAQ clarifies that it is intended that this provision will be repealed on January 1, 2019, and consequently professionally managed investment entities located in jurisdictions committed to implement the AEOI regime, but with which Switzerland does not have an AEOI (EAR) agreement in place (e.g. non-participating jurisdictions), will no longer be considered Financial Institutions (as those jurisdictions will no longer be considered Partner Jurisdictions). Instead, they will be considered Passive Non-Financial Entities. This new FAQ also provides 3 scenarios on how to apply this new rule.

OECD Oct 22, 2018

The OECD announces that jurisdictions are taking further action to prevent the misuse of RBI/CBI schemes by account holders by putting in place an exchange of information mechanism that will ensure that the information on applicants of RBI/CBI schemes will be made available to their jurisdiction(s) of tax residence. As a consequence of this action and further assurances and clarifications provided, certain RBI/CBI schemes have been removed from the guidance. The OECD is engaging with several more jurisdictions and will reflect any relevant developments in its guidance on an ongoing basis.

United States Oct 19, 2018

Deloitte Insight: FATCA: IRS officials confirmed in public statements at a SIFMA conference about Sponsored FFIs in Model 1 countries. Sponsored FFIs in Model 1 countries that do not provide for Sponsored FFI status in Annex II of their IGA (e.g., UK) are required to follow the US regulations.

Hong Kong Oct 19, 2018

Hong Kong's Government issues a circular letter update for ORSO registered schemes on the latest developments relating to AEOI. The Circular Letter clarifies that the Government will amend the AEOI rules to remove Mandatory Provident Fund (MPF) schemes, ORSO registered schemes, ORSO pooling agreements and approved pooled investment funds from the list of jurisdiction-specific low-risk non-reporting financial institutions (NRFIs). This amendment comes as a result of the OECD’s conclusion that these entities should not be considered as NRFIs.

Portugal Oct 19, 2018

The Tax and Customs Authority of Portugal amends its CRS Law. The amendment (Portaria n. º 282/2018) now includes Retirement Savings Plan under CRS Reporting and due diligence obligations which was previously categorised under Excluded accounts. The repeal stands effective from the day following the publication of this amendment.

IRS Oct 18, 2018

IRS updates the FATCA International Data Exchange Services (IDES) tool. Specific updates include enhancements to the UTF8 character encoding under the IDES-Data-Preparation-Java project repository and a change to the IDES SSH Host key finger print for the production IDES SFTP server to 8a:8e:04:ad:07:7d:e4:20:f0:ba:93:9d:4c:6a under the IDES-Data-Preparation-Dot-Net project repository.

Malta Oct 18, 2018

Malta ministry of finance releases a press release with reference to OECD’s RBI/CBI scheme update. Malta clarifies, that as an EU member state, it abides by the EU agreed directive on automatic mandatory disclosures. Ministry also clarifies that persons benefitting under the Malta’s Individual Investors Program (IIP) and Malta Residence Visa Program (MRVP) do not automatically become resident for tax purpose in Malta nor they are granted ant tax related benefits once a person obtains citizenship/residence through such schemes. The determination of residence for tax purposes is a facts-based exercise; under the Maltese Income Tax Act, an individual would be considered resident for tax purposes in Malta depending on that person’s physical presence in Malta.

IRS Oct 17, 2018

IRS issues a reminder that the deadline for applications for 2018 for all Qualified Intermediaries (QI's) including Qualified Derivatives Dealer (QDD's), Withholding Foreign Partnership (WP's) and Withholding Foreign Trust (WT's) is November 16, 2018. All applicants that desire to have an agreement in effect in 2018 must submit their applications through the Qualified Intermediary/Withholding Foreign Partnership/Withholding Foreign Trust Application & Account Management System (QAAMS) no later than November 16th, 2018 to allow sufficient time for processing by year end. Applicants must have obtained a GIIN prior to submitting their applications, if needed.

IRS Oct 17, 2018

IRS updates QI/WP/WT registration FAQs, under Registration Update Q15 has been added. This provides guidance when one sees Renewal of FFI Agreement Information has a status of “Overdue". If one sees Renewal Status displayed as “Overdue” and the Renewal Effective Date is 01/01/2017, one may disregard the “Overdue” Renewal Status if the Registration Status is “Approved” and you have also fulfilled your FFI agreement renewal obligation, if any.

OECD Oct 17, 2018

The OECD issues follow up clarification on RBI/CBI schemes update published on Oct 16. The OECD reiterates that the sole objective of the high-risk RBI/CBI schemes included in the guidance is to provide FIs the right tools to identify accountholders that may misuse RBI/CBI schemes to circumvent the Common Reporting Standard (CRS) and carry out enhanced CRS due diligence procedures, where appropriate. This guidance was issued as part of the OECD's ongoing efforts to address any risks to the integrity of the CRS, including those arising from the possible misuse of RBI/CBI schemes. Since the release of the guidance, Monaco has provided additional information with respect to its residence and migration requirements confirming that information on relevant applicants is exchanged with all existing jurisdictions of residence. On this basis, the residence and immigration requirements do not give rise to particular risks to the integrity of the CRS and the guidance will be updated accordingly.

OECD Oct 16, 2018

The OECD issues a press release announcing the publication of the results of its analysis of over 100 Residence and citizenship by investment (CBI/RBI) schemes in CRS jurisdictions. The analysis identifies the schemes that potentially pose a high risk to the integrity of the CRS, and highlights that such schemes are currently operated by Antigua and Barbuda, The Bahamas, Bahrain, Barbados, Colombia, Cyprus, Dominica, Grenada, Malaysia, Malta, Mauritius, Monaco, Montserrat, Panama, Qatar, Saint Kitts and Nevis, Saint Lucia, Seychelles, Turks and Caicos Islands, United Arab Emirates and Vanuatu. In addition, the OECD has published FAQs to assist financial institutions in identifying and preventing cases of CRS avoidance through the use of these schemes.

Bahamas Oct 16, 2018

The Bahamas Ministry of Finance issues a press release refuting news reports in the press that claim The Bahamas has been “blacklisted” by the OECD. The press release clarifies that the list of jurisdictions which operate Citizenship or Residence by Investment programs published by the OECD on October 16 is not a blacklist, and the fact that The Bahamas is included in such list does not mean the jurisdiction is “blacklisted”

Panama Oct 16, 2018

The Ministry of Economy and Finance, Panama analyses the report published by OECD on residence and citizenship by investment schemes. The Government of Panama clarifies that report confuses the tax residences with the immigration residency schemes by investment of Panama. The Government has established communication with representatives of the OECD to clarify and correct the content of the published report.

IRS Oct 15, 2018

The Treasury Inspector General for Tax Administration (TIGTA) publishes its annual report summarizing its perspective on the most serious management and performance challenges confronting the Internal Revenue Service (IRS). The report dedicates a section summarizing the previous TIGTA’s findings on FATCA implementation.

Russia Oct 12, 2018

Russia publishes CRS FAQs.

United States Oct 12, 2018

NEW - Jurisdictional Debrief Now Available (Week Ending October 12, 2018)

India Oct 11, 2018

SEBI publishes a circular (No. 2018/135) containing a monthly report of Foreign Portfolio Investors (FPI) Registration format on SEBI's website.

Australia Oct 10, 2018

Australian Tax Office publishes few updates with respect to the reporting. It develops a lodgment tool for reporters with less than 50 individual and 50 organisation reportable accounts. It further includes guidance about ABN. The ABN of the Reporting FI and Sponsor (If a sponsor is reporting) can be included in the report. Reporting FI TIN and sponsor TIN element issued by IRS are mandatory and should always be included in the report. In addition, it provides guidance about correct reporting of Sponsor GIIN and Trustee documented trusts (TDTs)

Andorra Oct 10, 2018

Andorra's Ministry of Finance amends its decree on Automatic Exchange Of Information (AEOI) Law. The amendment contains an updated Participating and Reportable Jurisdictions list.

Australia Oct 9, 2018

Australian Taxation Office (ATO) lodgement systems have now been updated to accept the Kosovo (XK) country code enabling any reportable accounts held by or connected with a resident of Kosovo to be reported.

Netherlands Oct 9, 2018

The Dutch Tax Authority issued a notice on DAC 6 (Mandatory Disclosure Rules) informing intermediaries of the requirement to report cross-border structures with the first reporting on August 31, 2020. The notice clarifies that intermediaries must record information related to “aggressive cross-border structures” as of June 25, 2018, and provides a list of the information that needs to be recorded in connection with those structures

Czech Republic Oct 9, 2018

Czech Republic publishes an updated Reportable Jurisdictions list. Specific updates include additional time on the reporting date for low value accounts of individuals of Austria (≤ $ 1 million as of September 30, 2016) which is now July 31, 2019 and the inclusion of Barbados, United Arab Emirates (UAE) and Vanuatu as Non-Reciprocal Jurisdictions and the updated intended first exchange dates for Aruba, Bermuda, Curacao, Ghana, Macau, Sint Maarten and Vanuatu.

Netherlands Oct 8, 2018

Netherlands Tax and Custom Administration, releases Bank and Investment Products (IBB) 2018 v02 amending the version 2017, release 4. This version supports tax year 2018. The layout of the NP, NNP and Ultimate Beneficiary Accounts screen has been changed and the 'Other address' field has been added. Also, checks have been added to detect the Access (runtime) version to be used. This version contains the CRS country list 2017 of 10 January 2018. As soon as the new country list for 2018 is available, IBB can be updated.

Switzerland Oct 5, 2018

Switzerland's Federal Tax Administration (FTA) successfully exchanges financial account information for the first time with EU states as well as with 9 other non-EU jurisdictions (Australia, Canada, Guernsey, Iceland, Isle of Man, Japan, Jersey, Norway and South Korea). While Cyprus and Romania are excluded as they do not meet the international requirements on confidentiality and data security, transmission of data to Australia and France is delayed due to technical reasons. Likewise the FTA is yet to receive data from Croatia, Estonia and Poland. The Automatic Exchange Of Information (AEOI) will happen on a yearly basis. In 2019, data with respect to TY 2018 will be exchanged with around 80 partner states, provided these states meet the international requirements on confidentiality and data security.

United States Oct 4, 2018

Deloitte Insight: FATCA: The IRS released a bulletin regarding contact information of the Responsible Officer and the Point of Contact.

British Virgin Islands Oct 4, 2018

The Government of the British Virgin Islands publishes an amended Mutual Legal Assistance (Tax Matters) Act, 2018. Major amendments include a new requirement to file nil returns and to establish, implement and maintain policies and procedures. The new Act also amends the requirement for Reporting Financial Institutions to register with the Competent Authority and imposes a penalty not exceeding one hundred thousand dollars for failure to comply with the registration requirement, or for failure to comply with the requirement to implement policies and procedures. The Amendment Act also clarifies that anyone providing a false self-certification will be committing an offence under the Act

Luxembourg Oct 4, 2018

Luxembourg ACD released updated CRS FAQs related to self-certifications and tax residencies. The new FAQ (FAQ 4.3) reminds RFI that they are required to obtain, in some circumstances, a self-certification. No specific form is required to be used, FIs can use other forms such as those published by associations or the OECD. This FAQ adds that a self-certification can be an autonomous document or be part of the onboarding package and also clarifies that obtaining a resident permit in Luxembourg does not automatically imply a residence in Luxembourg for tax purposes.

Panama Oct 3, 2018

Directorate General of Revenues, Panama announces exchange of tax information automatically based on the CRS, fulfilling the commitment with Global Forum for Transparency and Exchange of information. It has successfully exchanged information with 31 countries with which the aforesaid relationship was activated for the year 2018.

Switzerland Oct 2, 2018

Switzerland’s Tax Administration (AFC) updates its FAQ section to remove the question clarifying the treatment of professionally managed investment entities located in jurisdictions committed to implement the AEOI regime, but with which Switzerland has not agreed to implement an AEOI agreement

Ireland Oct 2, 2018

Ireland updates Question and Answers section with respect to Exchange of Information (EOI). The updated questions provide clarity on how to address issues concerned with spontaneous exchange of information (EOI), FATCA and the CRS.

Gibraltar Oct 2, 2018

Gibraltar releases updated Reportable Jurisdictions list with the addition of Azerbaijan and Panama to the list and the intended first year of exchange stated as 2019 (TY 2018 data) while Macau, Kuwait and Vanuatu have been added as Non-Reciprocal Jurisdictions that will be exchanging information with Gibraltar from 2020 and 2021 respectively.

Uruguay Oct 1, 2018

The Directorate General, Uruguay announces the availability of the system for sending the CRS Reports through the Portal of Automatic Exchange of Financial Information.

Saint Vincent and the Grenadines Oct 1, 2018

St. Vincent and the Grenadines is set to extend the FATCA and CRS Reporting deadlines to November 30, 2018 after requests were sent to the IRS and OECD seeking the extension. Moreover, the AEOI Portal of its Inland Revenue Department is now open for FATCA and CRS Registrations

Indonesia Sep 28, 2018

Indonesia releases updated information on Tax Identification Numbers (TINs) and updated Tax Residency rules.

Kuwait Sep 28, 2018

Kuwait releases updated information on Tax Identification numbers (TINs). Specific updates include clarification on automatic issuance of TINs to all residents for tax purposes, information on TIN structure to be maintained, where to find TINs for Individuals and Entities and information on the point of contact for further clarification of queries on TINs

Switzerland Sep 28, 2018

Switzerland’s Tax Administration (AFC) publishes updated CRS FAQs. The new FAQs provide guidance on how to treat professionally managed investment entities located in jurisdictions committed to implement the AEOI regime, but with which Switzerland has not agreed to implement an AEOI agreement (i.e. non-participating jursidictions) as of January 1, 2019. The new FAQs also clarify that irrespective of the type of financing, direct interests in real estate are not considered as "financial assets"

United States Sep 28, 2018

NEW - Jurisdictional Debrief Now Available (Week Ending September 28, 2018)

Ireland Sep 28, 2018

Ireland publishes updated list of CRS participating jurisdictions.

IRS Sep 28, 2018

IRS releases draft form 1042-S with instructions for year 2019.

IRS Sep 27, 2018

The IRS updates FAQs on Responsible Officers and Points of Contact, Q7 has been added which incorporates the earlier issued notice on remiding entities that the FATCA registration page must always be updated with the current name and Email address of the entity’s Responsible Officer(RO) and Point of Contact(PoC).

Hong Kong Sep 27, 2018

Hong Kong announces that it has activated exchange relationships under AEOI with other jurisdictions on the basis of bilateral competent authority agreements or a MCAA under the Convention on Mutual Administrative Assistance in Tax Matters

Finland Sep 27, 2018

Finland's Tax Administration releases a bulletin announcing the limited availability of their Online Services from Oct 30 through Nov 8, 2018

IRS Sep 26, 2018

The IRS publishes notice reminding entities that the FATCA registration page must always be updated with the current name and Email address of the entity’s Responsible Officer and Point of Contact

Australia Sep 26, 2018

Australian Taxation Office “ATO” issues an update with respect to the validation of the XML schema files of CRS returns. As per the update, XML schema files must not contain the CorrMessageRefID. This element is not used for CRS and the file will fail the validation, if it is included. Additionally, ATO suggests to refer the CRS user guide for further information on correcting or deleting information previously provided.

OECD Sep 24, 2018

OECD updates list of jurisdictions participating in the Mutual Administrative Assistance in Tax Matters (MCAA). The updated list includes the dates of deposit of instrument of ratification and from when the Convention would come into force for Kuwait.

IRS Sep 24, 2018

IRS updates FATCA Foreign Financial Institution (FFI) list search and download tool.

Germany Sep 22, 2018

Federal Ministry of Finance, Germany releases a circular subject to Automatic exchange of information in tax matters, in addition to the BMF letter of February 1, 2017. This circular explains Para 230 that talks about Self-certifications for New accounts.

Netherlands Sep 21, 2018

The Netherlands Tax Administration announces the migration of its CRS and FATCA resource websites: Community Software Development (www.oswo.nl) and the Community Data Partners (www.cggp.nl) have been merged into a new website 'Support for Digital Message Traffic' on https://odb.belastingdienst.nl/ As of today no updates will be released on the old websites. The old websites will remain available until the end of this year.

China Sep 21, 2018

The Government of China introduced 17 new amendments to its Individual Income Tax Law. Specifically, it expands its tax residency rule via its Article 1. Starting January 1, 2019, an individual who has a residence in China or has no residence but has lived in China for at least 183 days in a tax year will be considered a Chinese tax resident

Qatar Sep 20, 2018

The Qatar Financial Centre has been sending emails directly to regulated entities to provide access to the CRS portal. RFIs have until September 25 to complete their reporting.

IRS Sep 20, 2018

IRS releases Notice 2018-72 that provides taxpayers with additional guidance for complying with the final and temporary regulations under sections 871(m), 1441, 1461, and 1473 of the Internal Revenue Code (the Code) (collectively referred to as the section 871(m) regulations) in 2019, 2020, and 2021. Specifically, this Notice announces that the Department of the Treasury (Treasury Department) and the Internal Revenue Service (IRS) intend to amend the section 871(m) regulations to delay the effective/applicability date of certain rules in those final regulations. This Notice also extends the phase-in period provided in Notice 2016-76, 2016-51 I.R.B. 834, for certain provisions of the section 871(m) regulations and permits withholding agents to apply the transition rules from Notice 2010-46, 2010-24 I.R.B. 757, in 2020.

United States Sep 19, 2018

IRS updates FATCA Certification FAQs section, FAQ 13 has been added which provides information on FATCA certification due date. For the certification period ending December 31, 2017, FATCA certifications are generally due no later than December 15, 2018; however, for sponsoring entities and trustees of a trustee-documented trusts, they are due no later than March 31, 2019.

Liechtenstein Sep 17, 2018

Liechtenstein's Data Protection Department is now online with a new and modern website. The focus of the revised website is on improving the clarity of content and facilitating finding content. The previous website will remain as an archive, but will not be maintained.

Switzerland Sep 17, 2018

The Swiss Parliament approves Automatic Exchange of Information (AEOI) agreements with Hong Kong and Singapore. Additionally, it determined to start the AEOI implementation process with eight other jurisdictions. These jurisdictions include 1. Anguilla 2. The Bahamas 3. Bahrain 4. Kuwait 5. Nauru 6. Panama 7. Qatar 8. Bonaire, St. Eustatius and Saba.

Russia Sep 15, 2018

Russia publishes updated guidance on the protocol of automatic exchange of information between Federal Tax Service (FTS) of Russia and the financial market organization. Annex 2 to Annex 5 of the document has been updated, in which the additional data protection guidance is made available. It also provides updated guidance on application designed to provide the exchange of information between clients and the FTS of Russia on filing the returns in electric form.

United States Sep 14, 2018

NEW - Jurisdictional Debrief Now Available (Week Ending September 14, 2018)

Cayman Islands Sep 14, 2018

The Cayman Islands AEOI Portal is currently online and open for notifications and reporting for all years. Users are advised to submit any outstanding reporting as soon as possible. PPoCs must ensure that reporting obligations have been met for all FIs that they are responsible for. This updated advisory also includes FATCA IRS and CRS error notification information which could be referred before attempting to submit a correction.

Saint Vincent and the Grenadines Sep 14, 2018

The Inland Revenue Department of Saint Vincent and the Grenadines extends FATCA and CRS Reporting deadlines to a date yet to be decided due to technical difficulties. Saint Vincent and the Grenadines is scheduled to exchange information with CRS participants on behalf of their financial institutions by September 30, 2018 with respect to TY 2017 information and are confident of successfully meeting this deadline.

United States Sep 13, 2018

Deloitte Insight: FATCA: Rev. Proc. 2018-36 on the implementation of nonresident alien deposit interest regulations.

Malaysia Sep 13, 2018

Inland Revenue Board of Malaysia announces the maintenance of e-PCB system until 5:30pm Sep 13, 2018 and hence access to the system is interrupted.

Lebanon Sep 13, 2018

Lebanon : Central bank of Lebanon (Banque du Liban) issues circular on General Data protection Regulation (GDPR) which directs FIs to take appropriate action in line with the provisions of the GDPR of the European Parliament and the council of the EU dated April 27, 2016. Inform the compliance unit of the Banque du Liban and the Banking Control Committee, within a maximum deadline of 31/12/2018, of the measures and measures that it may take in line with the content of the above-mentioned law. This decision shall be effective as soon as it is issued.

Qatar Sep 12, 2018

Qatar – Qatar Finance Center releases an update with respect to FATCA reporting. It states that reporting will be available from 16th September, 2018 to 20th September, 2018. Firms who are required to report under the FATCA IGA will be able to come to the 4th Floor of QFC Tower 1 from 8am on Sunday 16th September. The filing deadline for FATCA reporting using this tool is 20th September 2018.

Hong Kong Sep 11, 2018

Hong Kong and The Mainland (China) enters into an agreement for conducting automatic exchange of information (AEOI) which came into effect on September 6, 2018. With this agreement, Hong Kong will conduct AEOI with China for the first time later this month along with other 49 jurisdictions.

United States Sep 11, 2018

The US Department of Justice publishes first ever conviction for Failing to Comply with Foreign Account Tax Compliance Act (FATCA). A senior executive of an off-shore bank with offices in Budapest, Hungary and Saint Vincent and the Grenadines, pleaded guilty to conspiring to defraud the United States by failing to comply with the Foreign Account Tax Compliance Act (FATCA).

Mexico Sep 7, 2018

Mexico extends its FATCA and CRS reporting deadline to September 25, 2018. The extension also applies to the Nil returns reporting.

United States Sep 4, 2018

Deloitte Insight: FATCA: The IRS released new FAQ on QI certification requirement in the event of material failure or event of default and also a QI certification due date reminder.

Taiwan Sep 4, 2018

Taiwan publishes Reporting Form for the submissions of CRS reports along with the instructions that will assist RFIs to complete the reporting forms.

Singapore Aug 31, 2018

Singapore switches to a new service login platform for online business transactions with the Government including AEOI e-services. The new platform - CorpPass, will be the only login method to access the Tax Portal of Singapore beginning September 1, 2018. The step by step guide on setting up CorpPass is also made available by the Singapore Inland Revenue Authority.

United States Aug 31, 2018

NEW - Jurisdictional Debrief Now Available (Week Ending August 31, 2018)

Cayman Islands Aug 31, 2018

The Cayman Islands AEOI Portal is currently offline for the preparation of data transmission to the Competent Authorities of relevant treaty partners. The AEOI Portal will reopen on Friday, 14 September 2018 at 5:00pm (EST). Users are advised to submit any outstanding reporting when the Portal is back online. PPoCs are encouraged to ensure that reporting obligations have been met for all of the FIs. Cayman Financial Institutions with CRS reporting obligations are reminded that these obligations will not be regarded as complete, even if they have no Reportable Accounts, until they have successfully submitted a CRS Filing Declaration for the relevant reporting period.

IRS Aug 31, 2018

IRS releases Revenue procedure 2018-36, this revenue procedure provides a current list of the jurisdictions with respect to which the reporting requirement of §§ 1.6049-4(b)(5) and 1.6049-8(a) of the Income Tax Regulations applies, effective for interest paid on or after January 1, 2019.

Anguilla Aug 30, 2018

The Anguilla AEOI portal is now able to accept CRS returns as well as US FATCA reporting submissions at this time. Due to the unavailability of the portal for Reporting Financial Institutions to fulfil their reporting obligations under CRS Regulations, the Competent Authority will seek to extend the deadline to September 25th 2018. Further update will be provided once the deadline has been ratified.

Qatar Aug 29, 2018

The Qatar Financial Centre (QFC) has announced that the Ministry of Finance in coordination with the OECD will be hosting an event to walk QFC-regulated firms through the CRS due diligence obligations and reporting obligations. The sessions will be held on September 5, 2018. See additional information in the enclosed document.

Bahrain Aug 28, 2018

Bahrain - Central Bank of Bahrain ("CBB") extends the CRS and FATCA reporting deadlines to September 2, 2018.

OECD Aug 28, 2018

OECD updates list of jurisdictions participating in the Mutual Administrative Assistance in Tax Matters (MCAA). The updated list includes the dates of deposit of instrument of ratification and from when the Convention would come into force for Vanuatu.

Belgium Aug 28, 2018

The Ministry of Finance, Belgium announces that their E-services, which includes FATCA and CRS portal, will be unavailable from September 8, 6am (CEST) to September 9, 4pm (CEST) due to maintenance.

IRS Aug 27, 2018

IRS updates FATCA Foreign Financial Institution (FFI) list search and download tool.

Andorra Aug 22, 2018

Andorra amends Law on Automatic Exchange of Information(AEOI) in fiscal matter adding 22 jurisdictions that will be reportable from 2020 with respect to TY19 data. The amended Law also incorporates conditions for considering an account as Inactive, time frame for retaining all documents related to due diligence procedure, exceptions to information to be communicated and additional explanation on controlled entity

Poland Aug 22, 2018

Poland publishes update on CRS reportable jurisdictions. Update includes Hong Kong, Macau and Panama as reportable jurisdictions with respect to TY2017 data whereas Bahrain and Bahamas will not be reportable with respect to TY2017 data. Please note that the additional information on accounts reported for 2017 with respect to above jurisdictions should be provided by 31 August 2018.

IRS Aug 21, 2018

The IRS adds a question (Q17) under QI/WP/WT FAQs section. It provides more guidance on certification requirement under section 10.03 and Appendix I of the QI Agreement (“the Agreement”), when the QI’s responsible officer has identified an event of default described in section 11.06 of the Agreement, or a material failure described in section 10.03(B) of the Agreement, prior to the QI’s certification date.

IRS Aug 21, 2018

The IRS releases a final reminder for all QI/WP/WT entities. All QI/WP/WT entities with a certification period ending in December 31, 2017, have less than two weeks to log into the QI/WP/WT Application and Account Management System to select the periodic review year of their certification period by September 1, 2018. This includes those entities selecting 2017 as their periodic review year as stated in previous QI Newsletters.

India Aug 21, 2018

India releases updated version of its AEOI reporting schemas and report generation and validation utility for Forms 61, 61A and 61B.

India Aug 21, 2018

India publishes various updated AEOI user manuals which includes - Quick reference guide to data correction and deletion, How to upload and view statements, How to view and download DQR (data quality report), Reporting portal user guide and FAQs, AEOI reporting schema and report generation and validation utility user guides, etc.

United States Aug 17, 2018

NEW - Jurisdictional Debrief Now Available (Week Ending August 17, 2018)

Macau Aug 17, 2018

Macau publishes updated AEOI user login and operations manual for FIs v1.3. It also publishes updated AEOI system user application form (v19) and a declaration form (v8) to provide third party access to AEOI portal.

United Kingdom Aug 17, 2018

United Kingdom’s HMRC updates International Exchange of Information Manual. Major updates are made in the “Human Rights” section. The updated manual now includes checklist for applications for redaction and various clarifications that the guidance on human rights is not charity specific. This checklist is designed for the use of HMRC staff making decisions on applications for redaction from exchange under the Common Reporting Standard on human rights grounds, where the use of the data by the receiving jurisdiction may result in a threat to the human rights of one or more individuals identified in the data. It aims to help assess the risks to individuals as a result of the exchange of data, and provide an audit trail of the decision. This checklist should ensure that relevant factors have been taken into account, however, it is not exhaustive and you should use the blank space in section E to draw attention to any other relevant facts.

Gibraltar Aug 17, 2018

Gibraltar releases updated Reportable Jurisdictions list with the addition of Hong Kong and changes to the first intended exchange years for Brazil, Chile and Uruguay. It also updates the non-reciprocal jurisdiction list by adding Aruba, Bahamas, Bahrain, Grenada, Saint Kitts & Nevis and United Arab Emirates.

Barbados Aug 15, 2018

Barbados Revenue Authority announces further extension of FATCA and CRS reporting deadline to August 24th , 2018.

Malaysia Aug 14, 2018

Malaysia’s Inland Board of Revenue announces the extension of CRS reporting deadline from August 15th, 2018 to August 30th , 2018. FIs who have not submitted are kindly reminded to do so as there will be no further extension thereafter.

Austria Aug 14, 2018

Federal Ministry Republic of Austria issues Annual Tax Act, 2018 (JStG 2018) in Federal Law Gazette making amendments to Common Reporting Standard Act (Article 13). Following sections of the Act are updated- General provisions, Time form an transmission of returns, Identification of reportable accounts and information of the persons to be reported, Time of first inspection (review of preexisting high and low value accounts of Individual accounts), changes of circumstances for preexisting accounts, definition of Participating jurisdiction, Transmission of the reported information to foreign authorities, Entry into force..

Qatar Aug 13, 2018

Qatar Central Bank publishes letter confirming August 30, 2018 as the extended CRS reporting deadline and CRS XML Schema to be used for reporting. It also published sample tax residency self-certification forms for Controlling Persons (CRS - CP), for Individuals (CRS - I) and for Entities (CRS - E). These are sample forms which can be used by RFIs. RFIs are free to use its own form, but as a minimum a FI should collect the mandatory data detailed in the CRS commentary in accordance with local rules and regulations.

Monaco Aug 13, 2018

Monaco updates its CRS participating and reportable jurisdiction list for 2019. Six additional countries have been identified as reportable starting 2019 which are – Guernsey, Jersey, India, Indonesia, Norway and Switzerland.

United States Aug 9, 2018

Deloitte Insight: FATCA: The IRS publishes new QI/WP/WT FAQs.

Netherlands Aug 9, 2018

Netherlands Tax and Custom Administration announces that for the files delivered after August 1, 2018, the Tax Authority cannot deliver them on time to the United States and the CRS countries.

New Zealand Aug 9, 2018

New Zealand updates its CRS excluded accounts list. Foundation North which is a community trust, is a non-reporting FI for the purposes of the CRS applied requirements under part 11B of the Tax Administration Act 1994. This determination applies for the CRS reporting period 1 July 2017 to 31 March 2018, and subsequent CRS reporting periods under the CRS applied standard.

Mexico Aug 8, 2018

The Mexican Tax Authority (SAT) extends the FATCA and CRS reporting deadline to September 13, 2018. This extension includes nil and non-nil submissions

Taiwan Aug 7, 2018

Taiwan publishes updated CRS FAQs. Specific updates include update on how to exchange information of an account which is reportable in more than one jurisdiction (Q4). Update on how to determine threshold amount when value is not in US dollar and applicable conversion rate (Q46) and also an update on whether to consider third party service payment institutions/electronic payment institutions and electronic ticket issuing institutions as a depository institution (Q15).

Bahrain Aug 7, 2018

The Central Bank of Bahrain (“CBB”) updates its list of Reportable jurisdictions for TY 2017 by adding nine new jurisdictions. Therefore, the CBB requests all Reporting Financial Institutions to revise their final CRS reports by 19th August, 2018 through the new AEOI Portal.

OECD Aug 7, 2018

OECD publishes updated list of MCAA Signatories. The inclusion of Liberia in this updated list increases the strength of MCAA Signatories to 103.

Luxembourg Aug 6, 2018

The Luxembourg Government has passed an amendment to the CRS Law of December 18, 2015 by which the Tax Administration will have right of access on request to AML related documentation and information when exercising their review powers to determine compliance with local CRS requirements by Reporting Financial Institutions. This amendment gives the Luxembourg Tax Administration the powers to review AML processes and documentation when reviewing a Reporting Financial Institution’s compliance with the CRS Law

IRS Aug 6, 2018

IRS releases draft instructions for Form 8966 for informational purpose.

Bahamas Aug 3, 2018

Bahamas releases revised version of its CRS Guidance Notes. Specific additions include explanation on dormant accounts, trustee documented trusts under CRS due diligence and Reporting obligations section and also trusts as financial institutions under Entity Specific Issues section

Bahamas Aug 3, 2018

Bahamas releases updated list for Reportable Jurisdictions and specifies potential dates from when the Automatic exchange of information would commence.

United States Aug 3, 2018

NEW - Jurisdictional Debrief Now Available (Week Ending August 3, 2018)

Pakistan Aug 3, 2018

Pakistan’s Federal Board of Revenue announces the extension of CRS deadline to August 10, 2018

Malaysia Aug 2, 2018

Malaysia's Inland Board of Revenue announces the unavailability of its e-services application system owing to maintenance activities scheduled on August 3, 2018 commencing 6.00 pm MYT and ending at 11.59 pm MYT

IRS Aug 2, 2018

IRS updates FATCA Foreign Financial Institution (FFI) list search and download tool. The status is as of July 25, 2018.

IRS Aug 2, 2018

The IRS publishes a new FAQ on the Provisions for 2017 QI Agreement section (Q4). This new FAQ clarifies what are a QI’s obligations under the 2017 and 2014 QI Agreements with respect to certain tax-free savings accounts formed as trust arrangements under applicable non-U.S. law.

IRS Aug 2, 2018

IRS - All FATCA registered entities should monitor their message board for notifications. If you receive an account locked message stating, “The FATCA ID is locked either because the FI registration is being edited by another user with the same FATCA ID or because the session timed out while using the application,” please wait at least 24 hours before logging back into the system.

United States Jul 31, 2018

Deloitte Insight: FATCA: The IRS issues new FAQs on FATCA certifications and FATCA Registration System upgrades.

IRS Jul 31, 2018

The IRS adds three QI/WP/WT FAQs. The additions (Q 14, Q 15 and Q 16) are made to the Certifications and Periodic Reviews subsection on the FATCA FAQs General page. Q14 provides more guidance about the sample size of the documentation review under safe harbor method. Q15 and Q16 provide more guidance on number of the accounts in stratum population.

OECD Jul 31, 2018

Kazakhstan formally expresses its intention to commence automatic exchange of financial account information starting September 2020.

Canada Jul 31, 2018

Canada releases updated CRS Guidance to facilitate AEOI. Specific updates made to Controlling persons other than a corporation or trust, Depository accounts, Low risk excluded accounts, Entities considered as Canadian Financial Institutions and Electronic record search for lower value accounts

Canada Jul 31, 2018

Canada releases updated FATCA Guidance to facilitate AEOI. Specific updates are on General due diligence requirements, FIs that cease to be a deemed-compliant FFI, explanation on missing US TINs, Canadian FIs treated as a Trust under the agreement, Child considered as an Account Holder and — FIs that cease to be a deemed-compliant FFI with no reporting obligations to become a deemed-compliant FFI with limited reporting obligation

Netherlands Jul 30, 2018

Netherlands’s Tax and Custom Administration notifies that the deadline for submitting FATCA/CRS files is August 1, 2018. The authority confirms that initial file deliveries after this date can no longer be processed and hence requests to submit files in timely manner.

Germany Jul 30, 2018

The Federal Tax Office of Germany (BZSt) releases Infobrief 03/2018. This Infobrief talks about updated FATCA registration system in the U.S. released by the IRS through issue number 2018-8. With this newsletter, the Federal Tax Office informs that FATCA registration system in the US will be available in the coming weeks. Registered institutions are therefore invited to register in the IRS to check FATCA access and classifications, in particular if the email address are updated. Note: The entire registration process is exclusively in the United States. Therefore, the BZSt cannot provide any further information. Any questions or problems, please contact the IRS directly.

Mauritius Jul 30, 2018

Mauritius Revenue Authority extends FATCA reporting deadline to August 31, 2018 for TY 2017.

Barbados Jul 30, 2018

The Barbados Revenue Authority announces the opening of the FATCA and CRS reporting portal, publishes an AEOI Portal User Manual and extends the FATCA/CRS submission deadline to August 14, 2018. Entities must ensure to complete their registration -or re-registration- process in the portal before trying to finalize any submission

IRS Jul 30, 2018

IRS releases draft Form 8966 on FATCA Reporting subject to change. IRS states that the draft form is an early release to provide information and is not to be used for reporting

Bahrain Jul 30, 2018

Bahrain - Central Bank of Bahrain (“CBB”) announces that FATCA reporting for the year ending 31st Dec, 2017 will commence on 5th Aug, 2018 through new AEOI portal. CBB requests all reporting financial institutions to submit their final FATCA report by 20th Aug, 2018.

Saint Kitts and Nevis Jul 28, 2018

St. Kitts and Nevis extends CRS Reporting deadline to September 12, 2018 for TY 2017

Australia Jul 27, 2018

The Australian Tax Office started distributing a CRS questionnaire to Australian entities to assess their level of compliance with CRS requirements. Entities will have 28 days to return the questionnaire to the ATO from the date they received it

OECD Jul 27, 2018

Antigua and Barbuda signs the powerful multilateral instrument against offshore tax evasion and avoidance namely Multilateral Convention on Mutual Administrative Assistance in Tax Matters (MCAA) thus becoming the 125th signatory of the convention

Mauritius Jul 26, 2018

Mauritius Revenue Authority extends CRS Reporting deadline to August 31, 2018

United States Jul 26, 2018

Deloitte Insight - New details about FATCA Registration System upgrade

Seychelles Jul 25, 2018

Seychelles Revenue Commission informs all Financial Institutions (FIs) reporting under Common Reporting Standard (CRS) Regulations that the deadline for submitting CRS data which was due on the 30th June 2018 has been extended to the 31st July 2018.

IRS Jul 24, 2018

Update on FATCA Certifications: Note that the FATCA Portal currently indicates that the registration system will suggest the certification(s) for an entity based on its FATCA classification in question 4 of the registration system. Therefore, even entities that do not have a certification requirement (for example, certain Reporting Model 1 IGA FIs) should update their FATCA classification to avoid inapplicable certification-related notices in the future

OECD Jul 24, 2018

The OECD’s Secretary General has published a report to G20 finance ministers and central bank governors on the activities and achievements of the OECD’s tax agenda, which includes a summary on the progress made in the implementation of tax transparency standards as well as the proposed recommendations by the OECD to strengthen their criteria with regards to jurisdictions’ compliance with tax transparency standards

IRS Jul 23, 2018

The IRS publishes updated FATCA FFI Registration Guide. The FATCA Online Registration System is updated for financial institutions (FI). Among several changes the system is now enabled for FIs to submit certifications of pre-existing accounts and periodic certifications. Updates to home page includes Summary information for COPA and Periodic Certifications, Certification History Table, including viewing of certifications and Removal of Next Steps section from home page. Changes to Classification Values (Q4) and Member Types (Q12) has been updated on the Registration Form.

United States Jul 20, 2018

NEW - Jurisdictional Debrief Now Available (Week Ending July 20, 2018)

IRS Jul 20, 2018

The IRS publishes FATCA Certification FAQs covering what types of entities need to submit certifications, information needed in order to certify, process for submitting the certifications and other FATCA Certification related inquiries received by the IRS

Taiwan Jul 20, 2018

Taiwan’s Ministry of Finance publishes amendments with respect to CRS implementation. The revised amendments provide more information on due-diligence systems and penalties, including penalty relief to RFIs that comply with the different scenarios listed in the amended rules.

United States Jul 19, 2018

Deloitte Insight: FATCA: IRS releases updated IDES User Guide – Publication 5190, and Updates List of Approved Certificate Authorities

IRS Jul 19, 2018

The IRS releases a bulletin on the upcoming upgrades to the FATCA Registration System. Specific upgrades include updates on existing classifications, certification of pre-existing account and periodic certification

United Kingdom Jul 19, 2018

United Kingdom’s HMRC updates International Exchange of Information manual. The revised manual updates Reporting format page to include AEOI helpline number to be used by financial institutions if they need help with Automatic Exchange of Information (AEOI) and how to submit an AEOI return.

Israel Jul 19, 2018

Israel releases draft technical guidelines with respect to data input for CRS file reporting subject to change

Australia Jul 18, 2018

Australian Taxation Office issues update on CRS reporting, as the reporting deadline is July 31 and if any RFI is unable to file the report timely and need additional time to file, they should e-mail to: ato-dmi@ato.gov.au to apply for an extension. The email should include the ABN or TFN of the RFI, name of the RFI, contact name and daytime telephone number, reason for requesting extension and the date by which CRS reports will be submitted. Also ATO issues guidance on invalid characters in a XML and its replacements.

Greece Jul 18, 2018

Greece publishes additional CRS specific rules, administrative procedures and the necessary accompanying measures to ensure the effective and consistent application of the due diligence standards for RFIs.

Ireland Jul 17, 2018

Ireland releases updated filing guidelines for FATCA Reporting. Update specifies maximum XML file size to be 30 MB or 20,000 records. Any file size which is more than the prescribed size or record limit will be rejected.

Ireland Jul 17, 2018

Ireland releases updated filing guidelines for CRS/DAC 2 Reporting. Update specifies maximum XML file size to be 30 MB or 20,000 records. Any file size which is more than the prescribed size or record limit will be rejected.

Belgium Jul 16, 2018

Belgium's Ministry of Finance releases a consolidated CRS Participating and Reportable jurisdictions list for TY 17

OECD Jul 16, 2018

The Global Forum on Transparency and Exchange of Information for Tax Purposes, published 7 new peer review reports assessing compliance with the international standard on tax transparency and exchange of information on request (EOIR). Two jurisdictions – Guernsey and San Marino – received an overall rating of “Compliant.” Four others – Indonesia, Japan, the Philippines and the United States were rated “Largely Compliant.” Kazakhstan was rated “Partially Compliant.”

Canada Jul 13, 2018

Canada releases updated FATCA XML Schema (part XVIII information returns), which has an update on “Filer Category” and the Individual and Controlling Person TIN field(s) is also updated to allow specific alpha characters.

Malaysia Jul 13, 2018

Malaysia’s Inland Board of Revenue announces the extension of CRS submission deadline from July 31 to August 15, 2018 for TY 2017

Hong Kong Jul 12, 2018

Hong Kong’s Inland Revenue Department published Technical Explanations under its AEOI FAQs. Questions 29 through 32 have been added to provide guidance with regards to the “managed by” test related to investment entities as well as on the application of such test to Personal Investment Companies (PICs) opening a bank account with a discretionary mandate in a private bank. The new FAQs also clarify that the controlling person of a passive NFE that is a trust is defined to include an enforcer, and provide a definition of enforcer.

Bahamas Jul 12, 2018

The Bahamas Competent Authority releases a tutorial video on its website, explaining the process for FATCA and CRS reporting.

Cayman Islands Jul 12, 2018

The Cayman Islands AEOI Portal is online and will remain open until Friday, 31 August 2018 to permit Cayman Financial Institutions additional time to fulfil their reporting obligations. Completion of 2017 CRS and US FATCA reporting obligations on or before Tuesday, 31 July 2018 will not result in compliance measures being taken for late filing and will not therefore attract adverse consequences, enforcement measures or penalties. Reporting submitted thereafter will be noted and may be subject to compliance reviews by the DITC. Cayman Financial Institutions with CRS reporting obligations are reminded that these obligations will not be regarded as complete, even if they have no Reportable Accounts, until they have successfully submitted a CRS Filing Declaration for the relevant reporting period. It is anticipated the AEOI Portal will go offline on 31 August 2018 for the preparation of data transmission to the Competent Authorities of relevant treaty partners.

Pakistan Jul 12, 2018

Pakistan - Federal Board of Revenue announces the extension of the reporting deadline for submission of CRS reporting for reporting year 2017 to 31 July 2018.

Liechtenstein Jul 11, 2018

Liechtenstein Government passes report and motion to amend the CRS Law, the withholding tax agreement with Austria and the FATCA Law. It was found that national implementation is essentially in line with the OECD Common Reporting Standard (CRS). However, in some areas, adjustments are needed based on the recommendations and comments of the Global Forum. Most of the adjustments lead to no changes in practical application and are for clarification only. The outcome of Liechtenstein's review is to be seen as positive in this context.

IRS Jul 10, 2018

IRS - The International Data Exchange Service (IDES) will have an extended maintenance window on Saturday, July 21 from 8 a.m. to 12 midnight EST. There will be times during this maintenance window when the IDES portal will not be accessible.

Luxembourg Jul 10, 2018

The Government of Luxembourg released an updated Reportable jurisdictions list for TY 2017. The new list adds Hong Kong and Macau as Reportable Jurisdictions and excludes Bahamas. Note: the Luxembourg Authorities announced in June that the deadline to submit information with regards to tax residents in Hong Kong and Macau only will be extended to August 31, 2018

Netherlands Jul 9, 2018

Netherlands Tax and Custom Administration, releases Bank and Investment Products application (IBB) 2017.4 (fourth release) amending the third version. This version is made more compatible with Windows 10, preventing an error message in the Export screen. The CRS country table has been updated to the most recent version of January 12, 2018. Two country names in the CRS country table have been corrected and IBB checks whether the minimum Access version is being used and will stop with a message showing the low Access version if this is not the case. Netherlands suggest to use this version if a lower edition of IBB 2017 causes problems during use. The latest CRS country table can be uploaded via the separately downloadable country list for IBB.

Thailand Jul 6, 2018

The Revenue Department of Thailand, releases workshop documents on how to report data under the FATCA agreement. These documents include, how to report data according to the FATCA agreement and how to prepare a report file.

IRS Jul 6, 2018

The IRS will be hosting in person presentations on the QI/WP/WT certification and periodic review process in London and Frankfurt. The scope of the presentations will include the QI Certification/Periodic Review requirements, including waiver requests and CCGs, from initiation to submission. The same material will be covered in all four sessions. There is no cost to attend, but attendance is limited, so please reserve your seat now!

Bahamas Jul 6, 2018

The Bahamas Competent Authority informs RFIs that the AEOI Portal opened on July 6 for registration and submissions. The CRS/FATCA registration deadline is August 3, 2018 and the closing date for FATCA and CRS reporting is August 31, 2018.

United States Jul 6, 2018

NEW - Jurisdictional Debrief Now Available (Week Ending July 6, 2018)

OECD Jul 5, 2018

OECD publishes a new set of bilateral exchange relationships established under the Multilateral Competent Authority Agreement (CRS MCAA) to facilitate new members in exchanging CRS information from September 2018

IRS Jul 5, 2018

The Treasury Inspector General for Tax Administration (TIGTA) publishes a final report with the results of an audit performed on the IRS to evaluate the Service’s efforts to ensure that taxpayers, the FFIs, and withholding agents comply with FATCA. In its report, TIGTA determined that despite spending nearly $380 million, the IRS has taken limited or no action on a majority of the planned activities outlined in the FATCA Compliance Roadmap

Australia Jul 4, 2018

Australia - ATO advises RFIs not to archive CRS lodgment data for at least 12 months from the lodgment due date. A RFI can still receive enquiries on their CRS summitted reports irrespective of successful submissions through ATO portals.

Costa Rica Jul 4, 2018

Costa Rica publishes updated test tool for signing and encrypting CRS XML files.

Liechtenstein Jul 4, 2018

Liechtenstein publishes updated AEOI Guidance Notes which has additional information on deadlines with regards to passive NFEs, Non-Reciprocal agreements with AEOI countries and validity of self-certifications.

France Jul 4, 2018

The French Senate released a Decree-Law specifying the conditions for the establishment and transmission by FIs of the list of account holders who have not submitted the necessary information for the identification of their tax residences and TINs. Note that this Decree will enter into force on November 1, 2018.

Indonesia Jul 4, 2018

Indonesia releases updated CRS Participating and Reportable jurisdictions list.

IRS Jul 3, 2018

IRS publishes updated list of approved certificate authorities, if an entity has a valid certificate from an approved certificate authority, based on the prior version of the list, it may continue to use it until it expires. IRS also published updated IDES User Guide (Pub. 5190 Rev. 6-2018).

Uruguay Jul 3, 2018

Uruguayan Tax Authority informs financial institutions that the CRS submission system will reopen on Oct 1, 2018 to allow late submissions and clarifies that the penalties included in the Law will be applicable regardless of the opening of the portal for late submissions.

Russia Jul 2, 2018

Russian RFIs can start submitting CRS reports to the Russian Federal Tax Service starting July 17, 2018. Additional technical guidance related to usage to software and how to transmit data is made available for RFIs.

OECD Jul 2, 2018

Former Yugoslav Republic of Macedonia joins the multilateral Convention on Mutual Administrative Assistance in Tax Matters, becoming the 124th jurisdiction to join the list.

United States Jul 2, 2018

Deloitte Insight: FATCA: Application of good faith standard by QI to its section 871(m) transactions for periodic review purposes.

Malaysia Jun 30, 2018

Inland Board of Revenue, Malaysia releases an updated Reportable jurisdiction list.

China Jun 30, 2018

China issues notice confirming closure of its AEOI portal for 2018 which is in accordance of the timetable published by the authority.

New Zealand Jun 30, 2018

New Zealand publishes CRS Factsheet which provides a summary of obligations of an “account holder” and “financial institution”. It also briefly describes possible penalties that may apply and where to find additional information about the CRS.

Germany Jun 29, 2018

The Federal Central Tax Office of Germany (BZSt) releases Infobrief, 02/2018. The updates include (1) final Reportable and Participating jurisdictions list, (2) uploading XML in the BOP that allows bulk data submission via ELMA5 interface. (3) Infobrief also talks about annual release changes at the end of July in the transmission components, BOP and ELMA5, which can interrupt the transmission of CRS reports. Also, explanation to (4) Undocumented accounts and (5) updated the list of known errors.

Mexico Jun 27, 2018

The Mexican Tax Authority (SAT) releases instructions to renew the SAT’s public digital certificate needed to complete reporting. RFIs must send an email to the tax authority including the entity name, RFC and GIIN before August 1, 2018 in order to obtain the new public digital certificate

IRS Jun 27, 2018

The IRS publishes updated QI/WP/WT FAQs. The new FAQ can be found in the Certifications and Periodic Reviews (Q13) subsection on the FATCA – FAQs General page and clarifies how should a QI that is not acting as a QDD take into account the good faith standard described in Notices 2016-76 and 2017-42 with respect to its section 871(m) transactions as an intermediary for purposes of its periodic review

Denmark Jun 27, 2018

Denmark - Danish Ministry of Taxation, amends the Executive order on the identification and reporting of financial accounts related to the United States. The amendments include clarifications on the Penalties and Penalty payments. The Executive Order enters into force on Jan 1, 2019.

Czech Republic Jun 27, 2018

Czech Republic releases updated CRS Participating and Reportable Jurisdictions list.

OECD Jun 26, 2018

OECD publishes updated list of CRS MCAA signatories, bringing the current total number of signatories to 102. Most recently, Vanuatu and Kazakhstan joined the Agreement in June 2018.

Bahamas Jun 26, 2018

The Bahamas Competent Authority releases updated AEOI portal user guide v1.0N. The major update includes a note that says if there are more than 100 entities to enroll, Financial Institutions can contact Competent Authority at information@taxreporting.finance.gov.bs (Section 2- Enrolment).

OECD Jun 25, 2018

Vanuatu joins international efforts against tax evasion and avoidance. It signs (on June 21, 2018) the Multilateral Convention on Mutual Administrative Assistance in Tax Matters(MCAA) becoming the 123rd jurisdiction to join the list of MCAA signatories.

Thailand Jun 25, 2018

The Revenue Department, Thailand releases FATCA Reporting system in XML format for easy reporting.

Ireland Jun 25, 2018

Ireland publishes updated reporting guidance.

IRS Jun 25, 2018

IRS updates FATCA Foreign Financial Institution (FFI) list search and download tool.

Taiwan Jun 25, 2018

Taiwan publishes CRS FAQs which provides explanation on purpose of AEOI (FATCA and CRS both) in the state and covers questions on due diligence as well. It also releases sample self-certification forms for Individuals, Entities and Controlling Persons.

Malaysia Jun 24, 2018

Inland Revenue Board of Malaysia releases updated Reportable jurisdiction list.

United States Jun 22, 2018

NEW - Jurisdictional Debrief Now Available (Week Ending June 22, 2018)

Malta Jun 22, 2018

Malta publishes updated CRS Guidance Notes, it includes updated CRS participating jurisdiction list.

Mauritius Jun 22, 2018

Mauritius Revenue Authority releases updated Guidance notes on implementation of CRS. The updated version includes steps to be followed by Financial Institutions for reporting, explained in a flow chart, further guidance/explanation to Investment Entity. The new version also includes a section about Investment Advisers and Investment Managers.

Liechtenstein Jun 22, 2018

Liechtenstein extends reporting deadline for FATCA and CRS to July 31 for TY 2017. Also the First Exchange of Information scheduled with Australia from September 2018 is postponed to September 2019.

Bahamas Jun 22, 2018

The Bahamas Competent Authority releases AEOI portal user guide v1.0. This document includes enrollment and reporting information for both CRS and FATCA.

Belgium Jun 21, 2018

Ministry of Finance, Belgium releases Royal Decree of 13 June 2018 (amending the Royal Decree of 14 June 2017) updating the list of the other reporting areas subject to reporting and the list of participating jurisdictions that was published in the Belgian Official Gazette (20.06.2018). It announces that MyMinFinPRO CRS portal (simulation and production) is now open to submit CRS files for the year 2017. Also, Belgium extends the deadline for CRS report submissions to and including July 20, 2018 for TY 2017.

Bahamas Jun 21, 2018

The Bahamas releases CRS reportable jurisdictions list, there are four categories of reportable jurisdictions including those with which it has nonreciprocal agreement and with which it will exchange information in 2019 for the first time.

Bahrain Jun 21, 2018

Central Bank of Bahrain (CBB) publishes directive for RFIs to retain records for a period of at least five years following the end of the period within which the RFI must report the information required to be reported under the CRS.

Uruguay Jun 21, 2018

The Form 3915 (Declaration of Submissions of CRS Reports) is available in the Transactional Portal for the Automatic Exchange of Financial Information.

Switzerland Jun 20, 2018

Switzerland publishes notification on reduced availability of ESTV portal due to software updates hence the portal will remain unavailable between June 25 to July 2. During this time limited telephonic assistance is available. Portal will be back live as usual starting July 3rd.

OECD Jun 20, 2018

OECD publishes updated CRS FAQs. Specific updates are in sections related to Compartmentalization of Broad Participation Retirement Funds, Account Holders with respect to Cash Value Insurance Contracts and Income from the investment of the capital of insurance companies.

Luxembourg Jun 20, 2018

Luxembourg ACD adds Hong Kong and Macau to their reportable jurisdictions list following their recent signing of the Multilateral Agreement between Competent Authorities(MCAA) and so Luxembourg RFI’s are allowed to submit declarations related to these jurisdictions by August 31, 2018 applicable only for TY 2017 data. Luxembourg ACD also conveys to Reporting Luxembourg Financial Institutions that a Grand-Ducal Regulation amending the list of Jurisdictions subject to declaration will be published shortly.

Andorra Jun 20, 2018

Andorra suspends CRS reporting with respect to Australia for the year 2018 with respect to 2017 data. Therefore, RFIs obliged to communicate information, they do not have to do so in regard to Australia in the year 2018. This suspension will only apply in 2018 for information related to the year 2017.

Bahrain Jun 20, 2018

Central Bank of Bahrain (CBB) publishes update on its new AEOI portal which would be going live starting June 24th, 2018 (portal link: https://aeoi.cbb.gov.bh/aeoiportal). RFIs are required to submit final CRS reports by July 12, 2018. Also CBB published CRS reportable jurisdictions list.

Bahrain Jun 20, 2018

Central Bank of Bahrain (CBB) releases AEOI portal user manual describing the registration and reporting process along with screenshots of the portal.

Bahrain Jun 20, 2018

Central Bank of Bahrain (CBB) releases CRS Manual Data Entry Form which describes various reporting fields with its description. It also mentions whether if the field is mandatory field or not. It also releases a sample of CRS-FATCA IP registration form (format is excel) however a pdf sample is attached in the instructions.

Russia Jun 18, 2018

The Government of Russia adopts final AEOI (CRS) Regulations

New Zealand Jun 15, 2018

New Zealand releases FATCA validation guide to help while submitting FATCA information. It incorporates recent IRS update on “DocRefID” field.

New Zealand Jun 15, 2018

New Zealand releases update on reporting reportable accounts without valid self-certifications. RFI should only report such a new account to Inland Revenue if the account holder (or controlling person) has self-certified that they are a relevant foreign tax resident (reportable person). Once the valid self-certification has been completed the financial institution is then able to send an amended file (via any of the three reporting options: online form, Excel file or XML file). New Zealand also published a CRS validation guide.

Cayman Islands Jun 15, 2018

Cayman Island's TIA announces that the AEOI Portal will reopen on Wednesday, 20 June 2018 at 5:00pm (EST). It will remain open until Friday, 31 August 2018. Completion of 2017 CRS and US FATCA reporting obligations on or before Tuesday, 31 July 2018 will not result in compliance measures being taken for late filing and will not therefore attract adverse consequences, enforcement measures or penalties. Reporting submitted thereafter will be noted and may be subject to compliance reviews by the DITC

France Jun 14, 2018

France publishes updated CRS Technical Guidance, specific update includes updated reportable jurisdiction list for year 2017 and country code reporting is necessary for the data element “ResCountryCode”.

France Jun 14, 2018

France publishes updated FATCA technical Guidance incorporating IRS “DocRefID” update. Please note only “-“ and”.” Are allowed as non-alphanumeric character in the field rest all characters are not allowed.

Panama Jun 14, 2018

Panama publishes CRS reportable jurisdictions list.

Qatar Jun 14, 2018

Ministry of Finance of Qatar releases circular providing guidance on CRS due diligence procedures and on reporting. It also includes a list of reportable jurisdictions.

Malaysia Jun 13, 2018

The Inland Revenue Board of Malaysia (IRBM) announces that FATCA IDES is open for testing from June 18, 2018 at 8.00 AM EDIT to Friday, July 27, 2018 at 5.00 PM EDT. The test session will be open to users that have complete IDES enrolment by Thursday, June 14, 2018 at 5.00 PM EDT. Further, to participate in testing participants need to have an active password. All passwords and profile information should be updated BEFORE the enrolment cut-off. All testing sessions will be announced on the IDES Testing Schedule web page: https://www.irs.gov/businesses/corporations/ides-testing-schedule. Those requiring assistance with enrolment should contact the IDES Help Desk: https://www.ides-support.com/

Vietnam Jun 13, 2018

Vietnam publishes FATCA FAQs which covers technical questions related to reporting such as how to create XML, whether special characters are allowed or not, how to report missing TINs (using 9A’s), etc.

Switzerland Jun 12, 2018

Switzerland publishes updated technical guidance related to AEOI. Specific update includes an update on validation rule related to Account Holder type (Section 5.3.9). If the account holder is not a natural person, information concerning the entity and the AcctHolderType element must be completed. Also there is an update to Annex which has examples related to XML generation (Section 7.1).

IRS Jun 12, 2018

IRS publishes draft FATCA registration instructions (Form 8957) As this is draft only hence it should not be relied for filing purposes.

Luxembourg Jun 12, 2018

Luxembourg publishes a FATCA Newsletter providing further information on unauthorized character and updating the reporting rules for TINs.

Mauritius Jun 11, 2018

Mauritius Revenue Authority releases a communication stating that FATCA information in respect of 2017 will have to be reported to the MRA by July 31st, 2018. It also informs financial institutions that the facility for FATCA Reporting for the year 2017 is available on MRA’s website: www.mra.mu and it is to be noted that FATCA reporting will only be possible through the MRA website using the Username and Password provided.

Thailand Jun 11, 2018

Thailand Revenue Department releases tool to Sign and Encrypt FATCA reports and a program guide describing the steps. The tool can be downloaded from the website.

OECD Jun 11, 2018

Liberia signs the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, raising the total number of jurisdictions to 122.

United States Jun 8, 2018

NEW - Jurisdictional Debrief Now Available (Week Ending June 8, 2018)

Uruguay Jun 7, 2018

General Tax Direction, Uruguay releases an updated technical document illustrating the steps for preparation of CRS report to be submitted to DGI. The updated version covers an example of a signed report (Page 12), Coding restricted to UTF-8 files without BOM (Page 13) and Reference for links (Page 20).

Seychelles Jun 7, 2018

Seychelles Revenue Commission announces CRS Reports will be exchanged with other Competent Jurisdictions from June 2018. There would be no changes in the submission procedures for Financial Institutions that have submitted reports in 2017 and for Financial Institutions submitting information for the first time, the naming convention followed in August 2017 will be followed.

Australia Jun 5, 2018

Australian Tax Authority (ATO) publishes update on CRS XML’s, all CRS reports must contain a wrapper header otherwise CRS report will generate a “failed file format” error while submission (sample XML is attached). Also the maximum file size limit has been increased from 200MB to 250MB.

Malaysia Jun 5, 2018

Malaysia publishes updated CRS Guidance Notes, specific update includes update in reporting and financial institutions section. Malaysia also updates CRS FAQs (link: http://www.hasil.gov.my/bt_goindex.php?bt_kump=6&bt_skum=2&bt_posi=1&bt_unit=2&bt_sequ=8)

Slovak Republic Jun 5, 2018

Slovak Republic incorporates European Commission link on it's AEOI webpage under DAC2/CRS section to verify TIN structure issued by EU participating jurisdictions which can help to avoid TIN related XML errors.

Chile Jun 5, 2018

The Chilean Tax Authority announces the publication of the final version of CRS Reporting Resolution (Resolution 48)

Andorra Jun 5, 2018

Andorra publishes updated CRS Technical Manual and also has published updated CRS Guidance Notes which specifically covers the process of entity registration and process to prepare the XML for transmission.

Thailand Jun 2, 2018

The Revenue Department of Thailand, announces that the IRS will launch the IDES system for Thai financial institutions to send and receive IRS simulation data from June 18, 2018 to July 27, 2018 (Eastern Standard Time of the United States). IDES cannot be registered by the IRS until June 14, 2018 (according to the Eastern Standard Time of the United States). Further, it states that financial institutions that have registered in IDES system, do not have to re-register. However, a new password must be changed before June 14, 2018, to ensure that the password does not expire during the test. Also, Thai FIs have to make sure that the certificate used to receive valid data is valid throughout the test period. During testing Financial institutions will not be able to modify their passwords and upload certificates.

South Africa Jun 2, 2018

South African Revenue Service (SARS) publishes letter confirming AEOI third party data submission process has now closed on May 31, 2018. Submissions post this date, are late and should be submitted on priority as they may attract penalties.

United States Jun 2, 2018

Deloitte Insight: New IRS FAQs for QI/WP/WI. IRS added question 11 (Q11) and question 12 (Q12) to the Certifications and Periodic Reviews section of its General FATCA FAQs web page

Germany Jun 1, 2018

Germany publishes FATCA Infobrief mentioning FATCA submissions can be done until August 31, 2018. It also incorporates IRS update to DocRefID field of the reporting FATCA XML schema.

Germany May 31, 2018

Germany updates its FATCA technical FAQs. Specific update include additional information regarding mass data and single data transmission. Also the file size must not exceed 100 MB per transmission.

Finland May 31, 2018

Finland releases updated versions of various documents related to AEOI including advanced FATCA and CRS/DAC2-instructions, new OECD FAQs, CRS/FATCA FAQs.

France May 31, 2018

French Republic releases a Ministerial Order with regards to CRS Reporting. This order revises the threshold amount for high and low value accounts for the returns to be filed for 2018 and subsequent years. The order also updates the Participating and Reportable Jurisdiction list.

Bahrain May 31, 2018

Central Bank of Bahrain (CBB) publishes FATCA and CRS reporting software user guide to help RFIs to navigate the new AEOI portal. It contains guidance on features and functionality of the software and also has screenshots and demo for better understanding.

Malaysia May 30, 2018

Inland Revenue Board of Malaysia releases sample Signed CRS Transmission file.

Australia May 30, 2018

ATO publishes brochure for FIs and Tax agents to assist and to understand how the CRS may affect them and their clients. It basically covers type of accounts (depository, custodial, CVIC, debt or equity accounts) details which ATO will receive from foreign jurisdictions along with the data corresponding to it like account balance, interest and dividend payments, proceeds from sale of assets and any other income.

Slovak Republic May 30, 2018

Slovak Republic publishes updated FATCA XML Validation Guide.

China May 30, 2018

China extends its CRS reporting deadline to June 30, 2018 for information related to TY 2017.

India May 30, 2018

Income Tax Department of India, releases updated Reporting Portal FAQs version 3.0. The updated version covers Preparation of Control sheet (section 5.9), Capturing report details by CSV import (Section 5.3), Other specific queries

Anguilla May 29, 2018

Anguilla AEOI portal is not yet ready for accepting CRS returns, we will notify whenever it is ready for submissions. However FATCA reports can be continued to be submitted through the portal.

Paraguay May 29, 2018

Paraguay joins international efforts against tax evasion and avoidance. It signs the Multilateral Convention on Mutual Administrative Assistance in Tax Matters(MCAA) becoming the 119th jurisdiction to join the list of MCAA signatories

Pakistan May 29, 2018

Federal Board of Revenue, Pakistan announces the extension of CRS Reporting deadline to June 30, 2018 for TY 2017

Cayman Islands May 29, 2018

Cayman Island's TIA announces that the completion of 2017 CRS and US FATCA reporting obligations on or before 31 July 2018 will not result in compliance measures being taken for late filing and will not therefore attract adverse consequences, enforcement measures or penalties. The TIA also announces that the AEOI Portal will be taken offline on Friday, 1 June 2018 at 12:00 noon and that it is intended that the AEOI Portal will reopen on 15 June 2018 and will remain open until 31 August 2018

IRS May 29, 2018

IRS releases bulletin on IDES Testing Session. FATCA International Data Exchange Service (IDES) opens for testing from June 18, 2018 to July 27, 2018 and that this testing session will be open only to users that complete enrollment by June 14, 2018.

United States May 29, 2018

IRS releases draft 2018 FATCA registration form for reference purposes only. As this form is a draft version and it is subject to change hence this should not be used for filing purposes. Specific update includes additional options available now under FI classification section.

Peru May 28, 2018

Peru is set to join the list of signatories for the Multilateral Convention on Mutual Administrative Assistance in Tax Matters(MCAA). The convention is slated to come into force from September 1, 2018.

Saint Kitts and Nevis May 28, 2018

St. Kitts and Nevis amends CRS Regulations. Amendment includes the addition of 8 jurisdictions as reportable

Cook Islands May 26, 2018

Cook Islands publishes AEOI participating jurisdictions list.

United States May 25, 2018

NEW - Jurisdictional Debrief Now Available (Week Ending May 25, 2018)

Isle of Man May 25, 2018

Isle Of Man releases an Industry update applicable to all Isle of Man Financial Institutions, Sponsors and Third Parties and provides important updates in respect of US FATCA. The IRS recently changed their rules concerning the non-alphanumeric characters that can be used in the ‘DocRefId’ elements of a US FATCA report. Following the change the only non-alphanumeric characters that can be used in this element are hyphens and full stops.

IRS May 25, 2018

IRS updates its FAQs regarding the Qualified Intermediary. The first one is related to the purposes of satisfying the requirement in section 4.05(A)(1) of the 2017 QI Agreement (QI Agreement) and answering question D.3.a of Part I of the certification described in Appendix I to the QI Agreement. Second one is regarding waiver of periodic review requirement.

OECD May 25, 2018

Council of the European Union adopts rules aimed at boosting transparency to prevent aggressive cross-border tax planning. The directive targets intermediaries such as tax advisors, accountants and lawyers that design and/or promote tax planning schemes. It will require them to report schemes that are potentially aggressive

Ireland May 25, 2018

Ireland´s Revenue publishes updated FATCA Guidance Notes, CRS FAQs and AEOI FAQs

South Africa May 25, 2018

South Africa Revenue Services (SARS) reminds RFIs that SARS Third Party Data Annual Submissions process for the period 1 March 2017 – 28 February 2018 is currently underway and will close on 31 May 2018.

Liechtenstein May 25, 2018

Liechtenstein releases updated CRS Reporting instructions manual. The updated version covers reporting instructions for Undocumented and Dormant accounts

Germany May 25, 2018

The Federal Central Tax Office of Germany (BZSt) issues Communication manual FATCA Part II (v2.1) and Communication manual FATCA Part III (v2.3). The Communication Part II manual contains more detailed information about data transmission via the BZStOnline Portal. The Communication Part III manual contains more detailed information about data transmission via the mass data interface ELMA.

Germany May 25, 2018

The Federal Central Tax Office of Germany (BZSt) issues an updated version of FATCA XML schema based on IRS FATCA XML schema v2.0

Germany May 25, 2018

Germany publishes document on FATCA processing protocols between German tax authority (BZSt) and IRS. It describes the method of data transmission takes place between the two tax authorities and the description on error messages.

Indonesia May 24, 2018

Indonesia releases updated sample XML file for financial reporting

United Kingdom May 24, 2018

HMRC publishes updated AEOI submission schema set:2.0. Specific update include corrected error in Insurance Election guidance as it is now reportable.

Costa Rica May 24, 2018

Costa Rica publishes test tool for signing and encrypting CRS XML files.

IRS May 24, 2018

IRS updates FATCA Foreign Financial Institution (FFI) list search and download tool.

Guernsey May 23, 2018

The Guernsey Authority releases Bulletin 2018/2 reminding RFIs that June 30 is the FATCA and CRS Reporting deadline. It also covers registration requirement details for different types of entities and the information required for registration.

Belgium May 23, 2018

Belgium publishes update incorporating IRS new specification regarding the structure if the DocRefIDs validation rule. RFIs must take these adjusted specifications into account while submitting their TY17 FATCA information.

Liechtenstein May 23, 2018

Liechtenstein publishes AEOI/FATCA newsletter reminding RFIs that June 30 is the reporting deadline and that the reporting portal is now open for submission. Data can be transmitted to the tax authority both via a single upload and via XML upload.

Saint Kitts and Nevis May 23, 2018

Saint Kitts & Nevis publishes news announcing extension of its CRS reporting deadline form May 31 2018 to July 31, 2018.

Australia May 22, 2018

The Australian Tax Office publishes an update related to the use of country codes for CRS reporting. A link to access ISO codes is available. Until further notice accounts held by or connected with a Kosovo resident may be excluded while submitting CRS reports.

Bulgaria May 22, 2018

Bulgaria publishes updated data preparation guide related to AEOI. It also publishes updated participating and reportable jurisdiction list.

Netherlands May 19, 2018

Netherlands publishes newsletter on how to deal with missing US TINs while submitting FATCA returns.

Chile May 19, 2018

Chile issues a a draft resolution on CRS reporting requirement, this is open for the public consultation until May 23rd

Belgium May 18, 2018

Belgium announces that EOI XML Tool is now adjusted to accept corrections of CRS files concerning the year 2016. It also declares that portal opening date for the submission of information related to 2017 will be announced on its CRS e-service page.

Cook Islands May 18, 2018

Cook Islands CRS portal is now available for FIs to registration and submission of their CRS reports.

Aruba May 18, 2018

Aruba releases a list of CRS FAQs with respect to AEOI

Aruba May 18, 2018

Aruba releases FAQs for Financial Institutions (FI's) reporting through Multi Data Exchange Solutions (MDES)

Saint Lucia May 17, 2018

Saint Lucia publishes updated CRS Guidance Notes, notable updated include update on beneficial owners, self-certifications, etc. It also reminds RFIs that July 31 is the submission deadline.

Costa Rica May 17, 2018

Costa Rica publishes updated CRS FAQs.

China May 17, 2018

China updates its CRS FAQs, most of the updates includes additional guidance on resolving system login issues, providing administrative division codes used for reporting, etc.

Slovak Republic May 16, 2018

Slovak Republic publishes updated FATCA XML Validation Guide.

Liechtenstein May 16, 2018

Liechtenstein publishes sample compliance certificate for responsible officer of FIs to confirm FIs compliance with provisions of FATCA/AEOI. It also publishes sample inspection report guide to verify FATCA/AEOI compliance obligation.

Liechtenstein May 16, 2018

Liechtenstein publishes sample inspection report guide with respect to trustees and trust companies and persons related to FATCA/AEOI obligations.

Liechtenstein May 16, 2018

Liechtenstein publishes updated FATCA/AEOI guidance notes.

Australia May 16, 2018

Australian Tax Office, adopts new format requirements for DocRefID field with respect to FATCA. The DocRefID must not include any non-alphanumeric characters. However, there are two exceptions to the rule: periods (.) and dashes (-) can be used.

France May 16, 2018

French Senate issues Press Release inviting the Government to take into account the situation of "Accidental Americans" with respect to FATCA Reporting. Potential update on the News expected soon.

Aruba May 16, 2018

Aruba releases CRS/MDES Information worksheet which has registration process guidance.

IRS May 15, 2018

IRS publishes best practices related to FATCA XML Form 8966 “DocRefld” field where RFIs are recording error related to the particular field. IRS has also mentioned this on its ICMM FAQs section and on its FATCA IDES Technical FAQs section.

United Kingdom May 15, 2018

HMRC makes update to its CRS reportable jurisdictions list. The change removes Antigua and Barbuda, Brunei Darussalam, Grenada, Macau(China), Trinidad and Tobago and Vanuatu from the list for reporting to HMRC in May 2018. However since this change is close to its reporting deadline of May 31 RFIs can still go ahead and submit data for these jurisdictions and HMRC will filter data while exchanging the information with reportable jurisdictions.

Greece May 15, 2018

Greece publishes updated list of CRS participating and reportable jurisdictions.

Switzerland May 14, 2018

Switzerland updates its CRS reportable jurisdiction list

New Zealand May 14, 2018

New Zealand publishes AEOI Factsheet which covers information on pre-existing accounts, accounts held by entities (e.g. companies, trusts, partnerships). It also has information on penalties and requests account holders that respond to tax authority if they reach out for additional information related to tax residency, nature of your entity.

Bermuda May 12, 2018

Ministry of Finance, Bermuda releases Common Reporting Standard Amendment Regulations 2018. The revised Regulations mandate the Financial Institutions with no Reportable accounts to file Nil returns. There won’t be any penalty on Nil returns if they are filed by August 1, 2018.

United States May 11, 2018

NEW - Jurisdictional Debrief Now Available (Week Ending May 11, 2018)

Isle of Man May 11, 2018

Isle of man releases Industry Advisory Notice with respect to Automatic Exchange of Information. This update provides important updates in respect of US FATCA and the CRS, particularly regarding IT. This update includes, a reminder about the reporting deadline; an update on the Information Providers’ Online Service; and instructions for correcting a previously submitted file

United Kingdom May 11, 2018

HM Revenue and Customs publishes updated AEOI UK Submission User Guide, specific update includes corrected omission of Insurance Election guidance and correction to format of FIRegisterId pattern.

Samoa May 11, 2018

Samoa releases CRS MDES User Manual to facilitate AEOI

India May 10, 2018

Directorate of Income Tax, India issues Report Generation and Validation Utility User guide (v2.0) for Form 61B

Portugal May 10, 2018

The Portuguese Parliament approves a law (Law No. 130/XIII) that allows Portuguese Tax Authority to automatically access financial information of tax residents in Portugal

Australia May 9, 2018

Australia publishes CRS reporting manual to provide RFIs information related to reporting. It covers the format of XML schema, information on nil reporting and other important information with respect to reporting.

New Zealand May 9, 2018

New Zealand publishes FATCA Factsheet with respect to reporting US TINs. RFIs may reach out to their account holder if RFI has identified the account holder as a US person (based on indicators such as a US mailing address or self-certification) asking for missing TIN (if any). Factsheet also mentions penalties and account closure procedures if an account holder doesn’t respond to any such request from RFIs.

Switzerland May 9, 2018

Switzerland updates its reportable jurisdiction list with partner states and territories coming on board starting 01/01/2019 and first reporting will happen for these jurisdictions in 2020. Also it will have non-reciprocal agreements with Anguilla, Bahamans, Bahrain, Kuwait, Nauru and Qatar. It will have reciprocal agreement with Panama and Caribbean Netherlands (Bonaire, Saint-Eustache and Saba).

Ireland May 8, 2018

Ireland publishes updated guidance to include its plan to implement an EU directive requiring governments to automatically exchange information with other EU States about the private cross-border tax rulings and advance pricing agreements.

Finland May 8, 2018

Finland - The Tax Authority of Finland releases FAQs with respect to FATCA, CRS and DAC2 reporting.

China May 8, 2018

China issues notice that the CRS data transmission portal is now open and has reminded RFIs that May 31 is the submission deadline. It also publishes CRS Reporting Manual and a manual with respect to CRS login failure solutions.

Italy May 7, 2018

Italy publishes an updated list for Participating and Reportable Jurisdictions.

Liechtenstein May 4, 2018

Liechtenstein’s AEOI registration portal will be unavailable until May 15, 2018 for maintenance.

Australia May 4, 2018

The Australian Tax Authority updates its FATCA Reporting page. The major modifications are with respect to Due Diligence section which includes guidance on how to report missing US TINs, IRS notified errors.

Thailand May 4, 2018

The Revenue Department of Thailand renews the Digital Certificate and advises Financial Institutions to download the new IRS Public key. This Public key is available from May 4, 2018 through July 4, 2020

IRS May 4, 2018

IRS releases update that the QI/WP/WT application and account management system is now accepting QI/WP/WT Certifications. All QI/WP/WT entities must select the periodic review year of their certification period before September 1, 2018, including those entities as well which are selecting 2017 as their periodic review year. If any such entity is applying for a waiver it must submit its waiver application before September 1, 2018.

IRS May 4, 2018

The IRS published new QI/WP/WT FAQs. The FAQs can be found in the Certifications and Periodic Reviews (Q9 and Q10) subsection on the FATCA – FAQs General page

United States May 4, 2018

Deloitte Insight: FATCA : QI/WP/WT Application and Account Management System - Selection of Periodic Review Year of Certification Period

Slovak Republic May 2, 2018

Slovak Republic issues notification related to FATCA reporting wherein it provides additional guidance with respect to notice of cancellation of GIIN and procedures to follow and submitting corrections related to already filed FATCA returns.

Slovak Republic May 2, 2018

Slovak Republic issues notification related to CRS reporting wherein it provides additional guidance related to return submission procedures, submitting corrections related to already filed CRS returns and specific information related to TINs. It has also published CRS XML validation guide to help in preparing CRS XML.

United Kingdom May 2, 2018

UK’s HMRC publishes AEOI registration guidance relating to FATCA, CRS and CDOTs.

Pakistan May 1, 2018

Federal Board of Revenue, Pakistan issues Guidance note on Common Reporting Standard for Automatic Exchange of Information with Annexures

Indonesia Apr 30, 2018

Indonesia issues guidance for Financial Institutions submitting reports in a Microsoft Excel format, a folder containing excel reports must be directly encrypted and uploaded to the EOI Portal

Indonesia Apr 30, 2018

Indonesia publishes updated version of its AEOI excel filing template (v.1.2).

South Korea Apr 30, 2018

Ministry of Strategy and Finance, South Korea releases notification 2018-11, revising the Regulations for AEOI and FATCA. The revised Regulations have updated Article 15 relating to the exception for pre-existing account determination date. It also state that an FI may use the last day of the year as pre-existing account determination date for due-diligence process. These revised regulations came into force from May 1, 2018

United States Apr 28, 2018

Deloitte Insight: FATCA: IRS opens QI portal and releases updated QI/WP/WT Application and Account management system FAQs

Indonesia Apr 27, 2018

Indonesia releases updated XSD files for FATCA and CRS reporting

Brazil Apr 27, 2018

Brazil publishes an updated E-Financeira filing manual with respect to FATCA/CRS reporting

United States Apr 27, 2018

NEW - Jurisdictional Debrief Now Available (Week Ending April 27, 2018)

France Apr 27, 2018

France releases an updated version of its FATCA technical guide which has updates related to TINs reporting requirement under FATCA, for a preexisting account holder where TIN is unknown the field must be updated with nine A’s (AAAAAAAAA). Additionally, for preexisting NFFE owned by US person with unknown TIN nine 0’s (000000000) should be used. It also has examples related to TIN reporting.

Indonesia Apr 27, 2018

Indonesia releases FAQ technical guidelines with respect to AEOI reporting

India Apr 27, 2018

India releases updated Reporting Portal FAQs with respect to FATCA & CRS Reporting

Australia Apr 26, 2018

Australian Taxation Office (ATO) publishes newsletter related to FATCA news and updates.

Italy Apr 26, 2018

The Italian Tax Authority issues new deadlines for FATCA and CRS reporting.The extended reporting deadline for FATCA is May 31, 2018 and the extended reporting deadline for CRS is June 20, 2018.

Germany Apr 26, 2018

Germany releases updated FATCA Infobrief.

IRS Apr 26, 2018

Department of the Treasury and the Internal Revenue Service intend to issue proposed regulations in Notice 2018-41, providing guidance to assist taxpayers in complying with information reporting obligations for reportable policy sales of life insurance contracts under § 6050Y, which was added by section 13520 of “[a]n Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018,” P.L. 115-97 (the “Act”).

Indonesia Apr 25, 2018

Indonesia releases apps to encrypt the information for CRS Reporting purpose.

Singapore Apr 25, 2018

Singapore releases a quick guide to CRS submission and further notifies Reporting SGFIs to start submitting their CRS returns for Reporting Year 2017.

Malaysia Apr 25, 2018

Malaysia issues user manual for CRS registration and login. This manual helps Malaysian Financial Institutions to submit CRS reports using HiDEF Portal (International Data Exchange Facility)

Malaysia Apr 25, 2018

Malaysia’s Inland Revenue Board extends the CRS registration deadline to May 21, 2018.

Panama Apr 25, 2018

Panama announces opening of FATCA Reporting Portal

Indonesia Apr 24, 2018

Indonesia publishes AEOI Reporting Technical Advisory Material.

Indonesia Apr 24, 2018

Indonesia releases an application to check the XML to be reported

Slovak Republic Apr 24, 2018

Slovak Republic publishes updated guide related to validation fields with respect to FATCA. Also it has released XML validation tool for FTACA and CRS reporting.

Sweden Apr 24, 2018

Sweden releases an additional guideline to reporting financial institutions that says - If a reporting financial institution lacks the correct date of birth for a natural person, 1900-01-01 may be filled in as the date of birth in the control task when reporting for the calendar year 2017.

United States Apr 24, 2018

IRS updates FATCA Foreign Financial Institution (FFI) list search and download tool.

Indonesia Apr 23, 2018

Indonesia publishes updated version of Excel Template along with its filing instructions for reporting financial information under AEOI.

Malaysia Apr 20, 2018

Malaysia releases an updated user guide for CRS Data preparation and encryption of files for transmission.

Sweden Apr 20, 2018

The Swedish tax Authority releases an updated version of their CRS technical reporting guidance with respect to XML schema. The changes are reflected in the document SKV-260 CRS

Indonesia Apr 20, 2018

Indonesia publishes updated version of its Excel filing instructions for submitting financial information with respect to AEOI. It also has published guide to check XML and application to encrypt the reporting folder.

Australia Apr 19, 2018

Australia publishes CRS User Guide for the Small Reporter Tool. This tool can be used to submit CRS reports with 50 or less reportable accounts or those who wish to submit a Nil report. Files containing more than 50 reportable accounts will not be accepted in this tool. Also at this stage this option is unavailable for MAC users, a communication will be issued if this changes.

Indonesia Apr 19, 2018

Indonesia releases Technical Guidance for AEOI with respect to XML schema and Excel format

Hungary Apr 19, 2018

Hungary releases information about practical applicability of the US 2017-46 Notice on FATCA Agreement, for US TINs related to Existing Accounts

OECD Apr 19, 2018

OECD acknowledges the risk of misuse of residence by investment (RBI) and citizenship by investment (CBI) schemes for accurate CRS reporting. It has released a consultation document in this regard and will provide further elaborate actions to be taken to effectively address this.

New Zealand Apr 19, 2018

New Zealand releases an updated version of FATCA Registration and Reporting User guide

Italy Apr 19, 2018

Italy publishes updated instruction manual related to FATCA and CRS return preparation and transmission of data.

Curaçao Apr 18, 2018

Curacao releases FAQs related to AEOI.

Indonesia Apr 17, 2018

Indonesia releases updated guidance with respect to XML schema. The update includes change in the format for naming the folder before uploading XML to EOI portal.

New Zealand Apr 17, 2018

New Zealand publishes CRS Registration and Reporting User Guide.

Indonesia Apr 17, 2018

Indonesia publishes Excel Template along with filing instructions for financial report submission related to AEOI.

Jersey Apr 17, 2018

Jersey released updated CRS Practical Guidance Notes with updates to fields like Date of Birth, Address Country Code and Empty Data Tag.

Jersey Apr 17, 2018

Jersey released updated FATCA Practical Guidance Notes with updates on schema to be used, Validation Updates on the AEOI Portal for reporting year 2018 and an update on Data protection.

Jersey Apr 17, 2018

Jersey publishes updated CRS Practical Guidance Notes, specific update is on Nil Returns Section.

Switzerland Apr 17, 2018

Switzerland clears its position on the introduction of disclosure rules for intermediaries which sets up an offshore structure for a client aiming to circumvent AEOI. Switzerland considers it is premature at this stage to introduce more extensive requirements for intermediaries and believes that first jurisdictions should gain experience with AEOI before introducing further comprehensive disclosure requirements.

Singapore Apr 16, 2018

The Singapore Tax Authority announces that RFIs can file their FATCA returns starting April 16, 2018. RFIs that did not maintain any US Reportable Accounts in 2017 can provide nil returns by either transmitting information through IDES or can complete a paper FATCA Nil Return and mail it to IRAS

Malaysia Apr 16, 2018

Malaysia publishes CRS FAQs and a link to a sample CRS registration template

Malaysia Apr 16, 2018

Malaysia issues updated sample CRS XML file

Malaysia Apr 16, 2018

Malaysia publishes updated CRS reportable jurisdictions list

New Zealand Apr 16, 2018

The Inland Revenue, New Zealand releases an updated Participating list applicable from April 1, 2018

Saint Lucia Apr 16, 2018

Saint Lucia publishes updated FATCA Guidance Notes which includes a new section of FATCA Factsheet which has link to IRD FATCA portal, FATCA legislation, etc. Saint Lucia also incorporated IRS Notice 2017-46 related to guidelines obtaining US TIN (Section 6.4.2).

Sweden Apr 13, 2018

Sweden publishes webinars to help with CRS and FATCA practical and technical information.

United Kingdom Apr 13, 2018

UK's HMRC reminds RFIs that the AEOI submission deadline is May 31 and penalties may be imposed for late filing of returns. In addition, it has updated its reporting guidance to provide additional guidance on reporting of Cash Value Insurance Contracts (CVICs) and reporting of dormant accounts under CRS. UK also incorporates the US guidance on reporting TINs for FATCA reporting under IRS Notice 2017-46

United States Apr 13, 2018

NEW - Jurisdictional Debrief Now Available (Week Ending April 13, 2018)

Switzerland Apr 13, 2018

Switzerland releases an updated Technical guidance for Automatic Exchange of Information

IRS Apr 13, 2018

The IRS issues draft Instructions for the Requester of Forms W–8BEN, W–8BEN–E, W–8ECI, W–8EXP and W-8IMY

United States Apr 12, 2018

Deloitte Insight: CRS: OECD – Second edition of the CRS Implementation Handbook and set of bilateral exchange relationships

Indonesia Apr 12, 2018

Indonesia releases guidance with respect to XML schema for Financial information reporting. This guidance includes detailed instructions about the XML schema.

Switzerland Apr 12, 2018

Switzerland adds seven new FAQs to its CRS FAQ website

Indonesia Apr 11, 2018

Indonesia releases updated sample XSD files for Financial Information reporting. This is in accordance with the Automatic Exchange of Information.

Sweden Apr 11, 2018

Swedish tax Authority releases an updated version of FATCA technical reporting guidance with respect to XML schema. The changes are reflected in SKV-260 FATCA document.

India Apr 10, 2018

SEBI issues circular to all Foreign Portfolio Investors (“FPIs”) through their Designated Depository Participants (“DDPs”) and Custodian of Securities wherein risk based documentation requirements is prescribed for Know Your Client (KYC) requirements. This circular is with reference to earlier published circulars from SEBI to review KYC documentations. SEBI has proposed changes related to the various materiality thresholds for identification and verification of Beneficial Owners (BOs) and also provided a format for reporting of BOs.

Singapore Apr 9, 2018

Singapore Inland Revenue Authority publishes an updated list if reportable jurisdictions for 2017 reporting year. SGFIs are now required to submit CRS information for the new jurisdictions added to the list by 31 August 2018. Singapore has also made available second edition of OECD CRS Implementation Handbook on it's website.

Hungary Apr 9, 2018

Hungary releases updated FATCA Technical guidance

Russia Apr 9, 2018

Russia releases additional regulations which covers XML format to be used for reporting and data safeguard policies while transmitting information

Costa Rica Apr 7, 2018

The Republic Of Costa Rica launches a testing tool for signing and encryption of potential files for CRS Reporting

Sweden Apr 6, 2018

Sweden develops an e-service test portal in order to test files which meets Swedish Tax Agency requirements with regards to CRS, FATCA and CbCR data. This e-service requires no login. This portal enables testing of the xml files with control data validate against the schedule version that is relevant to either CRS or FATCA reporting. In early February 2018, the e-service was updated and it is now adapted for the 2017 income year.

Belgium Apr 5, 2018

Belgium releases an update about opening of portal "MyMinfinPRO FATCA" for declarations with regards to tax year 2017. In addition, it reminds that June 30, 2018 is the deadline for FATCA declaration 2017. Corrections with regards to 2014, 2015 and 2016 declarations can also be submitted via the portal.

Indonesia Apr 5, 2018

Indonesia - Directorate General of Taxation, Indonesia releases a list of participating and reportable jurisdictions in announcement 04/PJ/2018. In addition, it also lists types of Non-Reporting Financial institutions and Excluded Accounts

OECD Apr 5, 2018

The OECD publishes a new edition of the CRS Implementation handbook and published a new set of bilateral exchange relationships established under the Common Reporting Standard Multilateral Competent Authority Agreement (CRS MCAA) which for the first time includes activations by Panama

India Apr 5, 2018

Central Board of Direct Taxes (CBDT) has published notification related to procedures for registration and submission of statement of financial transactions (SFT). It provides additional guidance to RFIs related to submission of Form 61A and 61B as per Section 285BA of the Act, it also provided additional information regarding submission of correction statement in case of any discovery of inaccuracy. CBDT has launched a new Reporting Portal for submission of financial statement and existing data from e-filing portal has been migrated to the new portal.

IRS Apr 4, 2018

IRS has updated QI/WP/WT FAQs, new section on periodic certification has been added.

IRS Apr 4, 2018

QI/WP/WT application and account management system now available to accept QI/WP/WT certifications

United States Apr 4, 2018

Deloitte Insight: FATCA: New FATCA notification Error messages and supporting Online user documentation

Belgium Apr 4, 2018

Belgium releases a brochure with guidelines and examples for the formatting of corrective CRS files.

Belgium Apr 4, 2018

Belgium - Link to the new version of the web application EOI XML tool for the creation of corrective CRS files is now available.

Slovak Republic Apr 3, 2018

Slovak Republic issues guidelines for reporting financial institutions with regards to IRS Notice 2017-46 dated September 25. This update provides revised guidance with respect to obtaining and reporting taxpayer identification number (“TIN”) and Date of Birth by Financial Institutions.

Aruba Apr 1, 2018

Aruba releases a list of Reportable Jurisdictions with respect to CRS Reporting for TY 2017

Curaçao Mar 30, 2018

Curacao extends FATCA and CRS submission deadline to April 6, 2018

United States Mar 30, 2018

Deloitte Insight: CRS: Reopening of Cayman Islands AEOI portal and issuance of revised documentation

United States Mar 30, 2018

NEW - Jurisdictional Debrief Now Available (Week Ending March 30, 2018)

South Africa Mar 29, 2018

The South African Revenue Service (SARS) opened the third-party data annual submissions process for the period 1 March 2017 - 28 February 2018. Submissions will be accepted until 31 May 2018

New Zealand Mar 29, 2018

The Inland Revenue, New Zealand releases updated Reportable jurisdictions list

Ukraine Mar 28, 2018

The Ukrainian government on March 21 issued Decision 171-r approving for ratification the pending Model 1A intergovernmental agreement on Ukraine's implementation of the U.S. Foreign Account Tax Compliance Act.

Indonesia Mar 28, 2018

Indonesia releases Electronic forms for registration on EOI Portal

Indonesia Mar 27, 2018

Indonesia publishes updated FAQs relating to CRS.

Bulgaria Mar 27, 2018

Bulgaria publishes State Gazette which enforces corporates and other legal entities to disclose their beneficial owners. It states complex procedures to perform due diligence activities to prevent use of financial system for the purposes of money laundering.

Liechtenstein Mar 27, 2018

Liechtenstein issues an updated version of CRS Reporting Instructions

United Kingdom Mar 27, 2018

HM Revenue and Customs UK, releases new version of AEOI UK submission guide v2.0

United States Mar 26, 2018

IRS updates FATCA Foreign Financial Institution (FFI) list search and download tool.

Switzerland Mar 26, 2018

Switzerland added Note 8 and Note 9 to its AEOI partner states list mentioning that they will be non-reciprocal jurisdictions for reporting. These partner jurisdictions lack data security and data confidentiality measures, however reporting FIs need to submit data to the tax authority for these jurisdictions. Data will only be exchanged with these states only when Global Forum Action Plan in the areas of privacy and data security are implemented.

United States Mar 24, 2018

IRS has updated ICMM FAQs, newly added FAQs are on Certificate Failure Notification (NCF), Failed Decoding Notification (NDF), Invalid File Format (NIF).

IRS Mar 23, 2018

Deloitte Insight : Draft FATCA certifications and possible extension of certification submission deadline

Brazil Mar 23, 2018

Brazil has published an updated e-Financeira filing manual. Specific update includes reporting field updates, Section 3.3.1.29 onwards. Section 4.1.4 has been removed which had information on financial operation movement. Also a new Section 5.9 has been added which entails information on annual financial transactions.

Netherlands Mar 23, 2018

Netherlands issues updated version of CRS/FATCA questions and answers

United States Mar 22, 2018

Deloitte Insight - Updated QI/WP/WT Application and Account Management System Certification Opening Announcement.

IRS Mar 22, 2018

Deloitte Insight - FATCA: New FAQ Relating to the Withholding and Reporting on Certain Dividend Equivalent Payments

Liechtenstein Mar 22, 2018

The Tax Administration of the Principality of Liechtenstein releases a news letter with regard to the non-reciprocal AIA partner countries and lists the Non-reciprocal countries for the purposes of reporting periods 2017 and 2018.

Singapore Mar 21, 2018

Singapore releases updated CRS XML user guide in relation to XML File Preparation and Submission. It has also published list of CRS File and Record Level Errors with respect to validation.

Singapore Mar 21, 2018

The "Submit CRS Return" module for Reporting SGFIs to submit their CRS Returns for Reporting Year 2017 will be launched in the second half of April 2018.

India Mar 21, 2018

Securities and Exchange Board of India (SEBI) issues circular regarding due diligence and reporting requirements under FATCA and CRS. Designated Depository Participants ("DDPs")/ Custodians of Securities are required to obtain valid self-certifications at the time of account opening. RFIs are required to certify to SEBI regarding compliance with FATCA/CRS rules on annual basis. DDPs should grant registration to a foreign Portfolio Investor (FPIs) only after obtaining valid self-certification/FATCA/CRS declaration forms.

Cayman Islands Mar 20, 2018

Cayman Islands reopens its AEOI Portal for registration and reporting in relation to FATCA and CRS reporting.

Cayman Islands Mar 20, 2018

Cayman Islands publishes updated CRS Guidance Notes (v3.0). The updated version provides guidance on closing account, record keeping post-dissolution. In addition, they updated Entity Self Certification form.

Costa Rica Mar 20, 2018

Costa Rica publishes application note, form for the registration of reporting entities and persons authorized by the entity to make the CRS report

Costa Rica Mar 20, 2018

Costa Rica passes Resolution: No. DGT-R-006-2018, it partially modifies resolution DGT-R-006-2017 with regards to modification of the Resolution on Due Diligence provision of Information from the Financial and non-Financial Entities, for the Automatic Exchange Of Tax Information per CRS regime.

United Kingdom Mar 20, 2018

United Kingdom releases an update with respect to Automatic Exchange of Information-Registration guidance. The instruction for step 8 in the registration guidance has been updated.

Canada Mar 20, 2018

Canada releases updated XML schema-2018V1

Australia Mar 19, 2018

Australia updates the AEOI guidance with respect to CRS and FATCA. This update comprises of the revised list of Participating Jurisdiction, in addition 4.19 section now covers the deleted section from section 4.20.

Belgium Mar 19, 2018

Belgium issues a note to the Financial Institutions regarding the US notice 2017-46. This document contains information about the obligation to obtain and report the US TIN and the date of birth. Following this memo, the new version of the document with the validation rules and instructions for formatting of XML schema have been also published.

Belgium Mar 19, 2018

Belgium publishes a new version of the document with the Belgian validation rules for CRS XML Schema that apply to CRS files from 01/04/2018. The adjustments were indicated in red. This document also contains an overview of the validation rules applicable to corrective files.

IRS Mar 17, 2018

IRS releases DRAFT FATCA Certification Questions and announces that ROs will have no less than 3 months from deployment of the certifications on the FATCA Registration Portal to submit them

United States Mar 16, 2018

NEW - Jurisdictional Debrief Now Available (Week Ending March 16, 2018)

United States Mar 16, 2018

Deloitte Insight: CRS: OECD issues new Model Mandatory Disclosure Rules for CRS Avoidance Arrangements and Opaque Offshore Structures.

Curaçao Mar 15, 2018

The Curacao Tax Authority announces that the reporting portal is now open for submissions. In addition, the address of the PFGU website has been changed to MDES.

IRS Mar 15, 2018

The IRS publishes a new FAQ (Q23) in the General Compliance subsection on the FATCA – FAQs General page

Poland Mar 15, 2018

Polish Tax Administration announces deadline for FATCA reporting to be June 30, 2018. This year Form FAT-1 form (3) will be used for reporting which will be published later. The main updates are in the field "FilerCategory" element (due to errors identified in reporting, which took place in 2017), as well as the "FATCA" element. Also removal of the "Report for Non-Excluded Institutions" element (because the obligation to report information on payments to these institutions concerned the years 2015 and 2016). Working version of FAT-1 from (3) XSD is also published along with a document which contains a description of the form elements and its instructions.

Poland Mar 15, 2018

Polish Tax Administration announces CRS reporting deadline to be June 30, 2018. The CRS-1 form (CRS reporting Form) remains unchanged.

Japan Mar 15, 2018

Japan publishes updated CRS Reporting FAQs. This version is updated for the Nil reporting requirement, E-Certificates and guidance about reporting of closed accounts.

Cayman Islands Mar 15, 2018

Cayman Islands releases updated version of Portal user guide. This User Guide v4.0 replaces all earlier versions and explains how Cayman Financial Institutions must use the AEOI Portal to perform their Notification (registration) and Reporting obligations in respect of US FATCA and the OECD Common Reporting Standard (CRS).

IRS Mar 14, 2018

IRS issued a communication announcing that the QI/WP/WT application and account management system will be available to accept certifications beginning early April

IRS Mar 14, 2018

IRS publishes International Compliance Management Model (ICMM) Notifications User Guide to provide detailed explanation about potential notification filers when files are submitted through IDES.

United States Mar 14, 2018

IRS publishes International Compliance Management Model (ICMM) Notification XML Schema User Guide to provide a general description of the FATCA Notification Schema V2.3 that will be basis for all electronic notifications form the IRS to FATCA filers FFIs.

New Zealand Mar 13, 2018

New Zealand's Inland Revenue announces that NZFIs with CRS reporting obligations will be able to register in myIR from 17 April 2018.

New Zealand Mar 13, 2018

New Zealand's Inland Revenue announces that NZFIs with FATCA reporting obligations will be able to register in myIR from 17 April 2018.

Germany Mar 13, 2018

Federal Central office for Taxes of Germany has published Infobrief which mentions CRS reporting can be started from May 1, 2018. However CRS deadline for reporting is July 31, 2018. It also mentions a character limit in 2108 particularly related to length of the Doc and CorrDocRefId fields.

Malaysia Mar 13, 2018

Malaysia issues CRS XML Schema for reporting

Austria Mar 12, 2018

Austria publishes FATCA FAQs to help FIs in relation to requests for disclosure of pooling information cover notification to the IRS.

United States Mar 10, 2018

Deloitte Insight: FATCA: IRS expands list of jurisdictions included on No TIN List.

Malaysia Mar 9, 2018

Malaysia publishes CRS Data Preparation Guide

Malaysia Mar 9, 2018

Malaysia issues sample CRS XML File

OECD Mar 9, 2018

The OECD issues new model disclosure rules that require lawyers, accountants, financial advisors, banks and other service providers to inform tax authorities of any schemes they put in place for their clients to avoid reporting under the OECD/G20 Common Reporting Standard (CRS) or prevent the identification of the beneficial owners of entities or trusts

Luxembourg Mar 8, 2018

Luxembourg's ACD announces the publication of an updated list of CRS Reportable Jurisdictions

Curaçao Mar 7, 2018

Curacao's AEOI Community reminds RFIs that the registration in the PFGU portal should be completed by March 12, 2018

Singapore Mar 5, 2018

Inland Revenge Authority of Singapore announces that FATCA return filing for reporting year 2017 will commence on April 16, 2018. All SGFIs must submit FATCA returns by May 31, 2018. Also, it strongly encourages SGFIs to submit returns by May 15, 2018 to allow sufficient time to resolve any unexpected issues. Reporting SGFIs that did not maintain any US Reportable Accounts may continue to submit a Paper Nil Return for Reporting Year 2017. The Paper Nil Return for Reporting Year 2017 will be made available for download from 13 April 2018.

New Zealand Mar 5, 2018

New Zealand's Inland Revenue announces that NZFIs with FATCA reporting obligations will be able to register in myIR from April 2018. Starting mid-March 2018 the International Data Exchange Portal (IDEP) will not be accessible to register and report. FATCA reporting can be done through myIR from April 2018 until the reporting deadline of June 30, 2018.

New Zealand Mar 5, 2018

New Zealand's Inland Revenue announces that NZFIs with CRS reporting obligations will be able to register in myIR from April 2018. CRS reporting can be done through myIR from April 2018 until the reporting deadline of June 30, 2018

United States Mar 5, 2018

The IRS issues Notice 2018-20 announcing that it will expand the list of jurisdictions that do not issue tax identification numbers (TINs) to their residents. Such jurisdictions should make a request to the U.S. competent authority to be included on such list, as of now Australia is added to the no TIN list.

Switzerland Mar 5, 2018

Switzerland publishes fact sheet on individuals' data protection in the context of CRS.

Sweden Mar 3, 2018

Sweden publishes application form for individuals who represent a reporting financial institution, duly filled form must be submitted to the Swedish Tax Agency no later than two months after CRS/DAC reporting.

Sweden Mar 3, 2018

Sweden provides guidance to taxable financial institutions on information to be submitted to Swedish Tax Agency. CRS verification data should be submitted to Swedish Tax Agency by May 15, 2018. Financial institutions trying to submit corrected or completed CRS returns for TY 16 should contact Skatteverket via e-mail (to: financial.konton@skatteverket.se) before submission

Liechtenstein Mar 3, 2018

Liechtenstein issues an updated version of CRS Reporting Instructions

Indonesia Mar 2, 2018

Indonesia issues clarification in relation to the reporting on unspecified inheritance reporting in the form of financial accounts. Tax will not be imposed on inheritance but only on income derived from inheritance. Inheritance reporting has not been divided into account balances by Financial Institutions is a form of consistency in the implementation of AEOI.

Isle of Man Mar 2, 2018

Isle Of Man issues an industry update with respect to FATCA. This industry update is applicable to all Isle of Man Financial Institutions, Sponsors and Third Parties. As a result of IRS notice 2017-46, the Isle of Man Information Provider’s Online Service has been updated to accept nine A’s and disallow any TINs containing nine zeroes. The Assessor will update GN55 in relation to the US TIN format in due course.

United States Mar 2, 2018

NEW - Jurisdictional Debrief Now Available (Week Ending March 2, 2018)

Australia Mar 2, 2018

Australian Taxation Office updated its CRS home landing page

United States Mar 2, 2018

Deloitte Insight: FATCA: New QI/WP/WT FAQs

Bermuda Mar 1, 2018

Bermuda releases updated Tax Information Reporting Portal User Guide

Bermuda Mar 1, 2018

Bermuda releases updated Tax Information Reporting Portal FAQs

Indonesia Mar 1, 2018

Indonesia’s president signed presidential decree to strengthen its commitment towards AEOI on beneficial ownership, which enables authorities to identify the beneficial owners of firms and cooperatives, among other institutions. The new rule will require institutions like corporations, foundations, cooperatives, limited partnerships and firm federations to submit the identities of their respective beneficial owners to the authorities. They will also be required to update this information annually.

Aruba Mar 1, 2018

Aruba releases a list of Non-financial Institutions with respect to AEoI

Morocco Mar 1, 2018

Morocco publishes law with respect to Automatic Exchange of Information.

Malaysia Feb 28, 2018

Inland Revenue Board of Malaysia (IRBM) announces that the Common Reporting Standard (CRS) Registration is now open. Please be informed that the due date of CRS Registration for Malaysia Financial Institution is on 30 April 2018.

Brazil Feb 28, 2018

Brazil published updated FATCA/CRS technical guidance. New Chapter 7 has been added

China Feb 28, 2018

China reopened its Multilateral Tax Data Service Platform for registration. Login for registered users is temporary unavailable

Indonesia Feb 27, 2018

Indonesia's Authorities extend the deadline for registration to the end of March 2018

Portugal Feb 27, 2018

Portugal releases list of Participating Jurisdiction.

Singapore Feb 26, 2018

Singapore issues notice to Financial Institutions with respect to CRS registration obligation. The CRS registration deadline is March 31, 2018. However, the notice strongly encourages Financial Institutions to register by March 15, 2018.

Singapore Feb 26, 2018

Singapore - Inland Revenue Authority ("IRAS") releases a quick guide to CRS registration. This guide provides additional information about registration requirements and the instructions for CRS registration.

United States Feb 25, 2018

The IRS publishes new QI/WP/WT FAQs. The FAQs can be found in the Certifications and Periodic Reviews (Q4, Q5, Q6, Q7 and Q8) subsections on the FATCA – FAQs General page.

United States Feb 24, 2018

Deloitte Insight: FATCA: Announcement 2018-01

United States Feb 24, 2018

Deloitte Insight: CRS: OECD releases consultation document on preventing misuse of residence by investment schemes to circumvent the Common Reporting Standard (CRS)

Curaçao Feb 23, 2018

Curacao issues a list of Reportable Jurisdictions.

United States Feb 22, 2018

IRS announces that the QI/WP/WT application and account management system will be open to accept QI/WP/WT certifications beginning early April. The certification due date for a QI/WP/WT that selected 2015 or 2016 for its periodic review and that has a certification period ending in 2017, or that obtained a waiver of its periodic review and that has a certification period ending in 2017, is July 1st, 2018. For these cases, the IRS will permit an extension to September 1st, 2018 to provide the certification. The certification due date for a QI/WP/WT that selected 2017 for its periodic review is December 31st, 2018. IRS will permit an extension in these cases to March 1st, 2019 for providing the certification

Curaçao Feb 22, 2018

Curacao issues an announcement about adding a supplement with respect to Filer Category to the Manual automatic exchange of information. It instructs that from fiscal year 2016 and later, FATCA105 may only be used by a ReportingFI, which is a Direct Reporting NFFE ( FilerCategory = FATCA606). FATCA606= Direct Reporting NFFE must be used if AcctHolderTypeFATCA in one or more of the accountholder organization is equal to FATCA105 (Direct Reporting NFFE).

United States Feb 22, 2018

IRS updates FATCA Foreign Financial Institution (FFI) list search and download tool.

Ireland Feb 21, 2018

Ireland releases Statutory Instrument (SI No. 19 of 2018)- Financial Accounts Reporting (US) (Amendment) Regulations. These Regulations amend the arrangements put in place by the S.I. No. 292 of 2014. Further, it inserts Regulation 12 to provide for the authorisation of an officer by the Revenue Commissioners and inserts Regulation 13 to provide for the inspection of records and provision of information and assistance to an “authorised officer”.

Australia Feb 19, 2018

Australia issues updated CRS guidance page. This update provides guidance about CRS XML Schema validation. In order to pass validation, all CRS XML Schema files must contain "MessageRefID" and "DocRefID" elements with the following format: "AUReportingYearAUSendingCompanyINUniqueReference"

OECD Feb 19, 2018

OECD releases consultation document on misuse of residence by investment schemes to circumvent the Common Reporting Standard

Monaco Feb 19, 2018

Monaco releases user guide for Automatic Information Exchange portal. This will enable Financial Institutions for reporting. This guide covers the registration process, data validation and declaration and user management.

United States Feb 16, 2018

NEW - Jurisdictional Debrief Now Available (Week Ending Feb. 16, 2018)

Ireland Feb 16, 2018

Ireland issues updated revenue guide for filing FATCA return. Updated guide provides additional information on the FATCA File validation items such as TIN format, naming convention and alternative naming convention.

United Kingdom Feb 15, 2018

UK publishes updated guidance on registration and reporting with respect to Automatic Exchange of Information (AEOI). The updated guidance provides steps for creating an account to access and register for the AEOI service.

Russia Feb 15, 2018

Russia's Federal Tax Service launches a website on AEOI. The site includes links to final and draft law, reporting guidance, reporting portal and draft list of jurisdictions with which Russia will exchange data (Reminder that Russia is adopting the wider approach to reporting)

Japan Feb 14, 2018

Japan issues updated versions of sample XML and CSV file for reporting of CRS returns

Andorra Feb 14, 2018

Andorra issues a Decree approving amendments to Law 19/2016, of November 30 on AEOI. The amendments align the local rules to the OECD's CRS

France Feb 14, 2018

France updates FATCA technical guidance with respect to TIN for NFEs (section 3.3.13)

Singapore Feb 13, 2018

Singapore releases a quick guide to the newly launched AEOI e-Services. Further, Reporting SGFIs can now authorize their staff and/or Third party to access the new AEOI e-services portal.

Armenia Feb 11, 2018

Armenia - US Model 2 IGA Signed

British Virgin Islands Feb 9, 2018

British Virgin Islands' TIA announces that Financial Account Reporting System is now online

Curaçao Feb 9, 2018

Curacao's AEOI Community publishes Ministry of Finance's FATCA and CRS Manual Version 3.0

Canada Feb 9, 2018

Canada updates guidance on Registering for a U.S. identifier or CRA RZ program account, access to CRA My Business Account or Represent a Client, and Web access code.

Canada Feb 9, 2018

Canada updates its guidance on Completing Part XVIII Information Return slips and summary. This section provides details about the information to be entered in the various slip fields.

British Virgin Islands Feb 8, 2018

The government of the British Virgin Islands publishes an updated list of CRS Participating Jurisdictions

British Virgin Islands Feb 8, 2018

The government of the British Virgin Islands publishes an updated list of CRS Reportable Jurisdictions

Bahamas Feb 7, 2018

Bahamas publishes an amendment to Automatic Exchange of Financial Account Information Act, 2017 to strengthen compliance and enforcement with respect to the common reporting standard.

Macau Feb 7, 2018

Macau releases Participating and Reportable (declaring) Jurisdictions list.

Australia Feb 6, 2018

Australia updates FATCA reporting page. The revised page provides guidance with respect to obtaining and reporting taxpayer identification number (“TIN”) and Dates of Birth by Financial Institutions as mentioned in the IRS Notice 2017-46 dated 25 September. In addition, it provides guidance over FATCA report errors and potential measure to correct and amending the reports

British Virgin Islands Feb 6, 2018

BVI releases updated user guide, version 9.0 for BVI Financial account reporting system. This updated version of the user guide includes guidance on 1) Viewing CRS record errors from partner jurisdictions 2) List of potential OECD record validation errors 3) Submitting CRS corrections.

Vietnam Feb 6, 2018

Vietnam: State Bank of Vietnam issues the Vietnamese translation of the IRS Notice 2017-46. It provides revised guidance with respect to obtaining and reporting taxpayer identification number (“TIN”) and Dates of Birth by Financial Institutions as mentioned in the IRS Notice 2017-46 dated 25 September.

Singapore Feb 5, 2018

Singapore - Inland Revenue Authority ("IRAS") issues guidance for preparing a FATCA reporting packet. With effect from 1 March 2018, all FATCA reporting packets that are uploaded to the IDES for transmission to IRAS must be encrypted using the new IRAS public key.

Malaysia Feb 5, 2018

Malaysia releases Regulations with respect to Automatic Exchange of Financial Account Information.

Malaysia Feb 5, 2018

Malaysia releases revised CRS guidance.

Indonesia Feb 5, 2018

The Republic of Indonesia Directorate General of Taxes releases guidance on Registration procedures for Financial Institutions and submission of reports containing Financial Information

Indonesia Feb 5, 2018

Indonesia releases an updated guidance on registration procedure and submission of reports. The Directorate General of Tax (DGT) has issued regulations no PER-04-PJ-2018, these regulations comprises the procedures for Financial Institutions to register with DGT as reporting or non-reporting FIs.

United States Feb 2, 2018

NEW - Jurisdictional Debrief Now Available (Week Ending Feb. 2, 2018)

Hong Kong Feb 2, 2018

The Inland Revenue (Amendment) Ordinance 2018 (the Ordinance) was gazetted. The technical amendments on automatic exchange of financial account information in tax matters (AEOI) (i.e. clauses 5 to 11) under the Ordinance will come into operation on January 1, 2019, while other provisions take effect today.

Hong Kong Feb 2, 2018

Hong Kong gazettes Inland Revenue (amendment) Ordinance 2018. This Ordinance amends the Inland Revenue Ordinance to empower the Chief Executive in Council to give effect to the Multilateral Convention on Mutual Administrative Assistance in Tax matters and other tax agreements that apply to Hong Kong. This further makes technical amendments to certain provisions on AEOI to align them with the Common Reporting Standard.

Cayman Islands Feb 1, 2018

Cayman Islands publishes an updated list for Participating and Reportable Jurisdictions. Pakistan and Azerbaijan have been added to Participating and Reportable Jurisdictions for reports due in 2018 onwards. In addition, Kuwait has been removed as Reportable Jurisdiction for reports due in 2018 onwards.

India Feb 1, 2018

India – Government of India proposes the amendment to revise the FATCA and CRS penalties in the current Budget session of the Parliament. Under Section 271FA of the Income tax Act, it proposes to increase the penalty from INR 100 to INR 500 per day for not furnishing the information (Form 61B) by 31st May. Post non-filing notice, the penalty is proposed to increase from INR 500 to INR 1000 per day.

Japan Feb 1, 2018

Japan – National Tax Agency (“NTA”) issues updated version of the FAQs with respect to CRS reporting. The updated FAQs provide clarification on reporting of the Financial Instruments Firms and Special Purpose Company. The latest version also updated for some of the existing questions (Q 1, Q 2, Q 10, Q 34, Q 37, Q 38, Q 39, Q 45, Q 46)

Sweden Feb 1, 2018

Sweden releases FATCA draft technical guidance with respect to data submission.

United States Jan 31, 2018

January CRS Newsletter Now Available

United States Jan 31, 2018

NEW - Deloitte CRS January Newsletter

United States Jan 31, 2018

Deloitte Insight: FATCA: IRS released a new FAQ addressing final certification upon lapse of QI/WP/WT status.

Netherlands Jan 30, 2018

The Dutch Tax and Customs Administration announces receipt of notifications on reported data from the IRS indicating detected errors or omissions in the reportable data received. These errors or omissions must be addressed within 120 days from the notification through a new submission. The notifications received for 2016 are related to incorrect or missing TINs or GIINs. For data related to 2016 the Tax and Customs Administration will submit amended information on behalf of the RFIs.

Malta Jan 29, 2018

Malta publishes updated guidelines for implementation of the EU Council directive 2014/107/EU (DAC2) and Common Reporting System.

United States Jan 25, 2018

IRS updates FATCA Foreign Financial Institution (FFI) list search and download tool.

Liechtenstein Jan 24, 2018

Liechtenstein provides additional guidance with respect to FATCA XML Schema V2.0. This new FATCA XML Schema V2.0 is mandatory for Liechtenstein FI's effective 1st January 2017.

Ireland Jan 22, 2018

Ireland issues an update to CRS FAQs. Updated FAQs provide additional guidance for reportable accounts on reporting requirements and due diligence procedures.

Isle of Man Jan 22, 2018

Isle of Man issues a practice note regarding prescribed format for domestic reporting obligations for Financial Institutions under section 78 of the Income Tax Act 1970.

Macau Jan 20, 2018

Macau publishes revised version of AEOI XML Schema v1.2 user guide.

Monaco Jan 19, 2018

Monaco updates participating and reportable jurisdictions list.

Ireland Jan 19, 2018

Ireland releases guidance notes on the implementation of FATCA in Ireland.

France Jan 18, 2018

OECD receives public comments on new tax rules requiring disclosure of CRS avoidance arrangements and offshore structures.

United Kingdom Jan 17, 2018

HMRC Updates Guidance re: Reporting on Non-Participating FFIs to clarify that there is no requirement to report the name and aggregate value of payments to NPFFIs for 2017 and subsequent years

Guernsey Jan 16, 2018

Guernsey issues a bulletin regarding TIN validations for FATCA reporting periods 2017-2019.

Panama Jan 15, 2018

Panama signs the Common Reporting Standard Multilateral Competent Authority Agreement (CRS MCAA)

India Jan 15, 2018

India publishes an update with respect to reporting of US tax identification numbers (TINs) for pre-existing accounts by Financial Institutions

Malaysia Jan 15, 2018

Malaysia releases draft Common Reporting Standard (CRS) guidance.

Malaysia Jan 15, 2018

The Inland Revenue Board of Malaysia publishes an initial list of Reportable Jurisdictions for CRS

Uruguay Jan 15, 2018

Uruguay releases guidance regarding designation of Web Administrator for CRS portal and necessary documentation for the Web Administrator.

Saint Lucia Jan 15, 2018

Saint Lucia publishes updated AEOI participating jurisdictions list.

Singapore Jan 12, 2018

Singapore releases updated list of Reportable Jurisdictions.

Singapore Jan 12, 2018

Singapore updates IRAS FAQs: Update FAQ G.2: To provide more details on CRS registration and reporting.

Bermuda Jan 12, 2018

Bermuda´s Ministry of Finance releases a list of Reportable Jurisdictions for 2017 reporting period

Netherlands Jan 11, 2018

The Dutch Tax Authority informs RFIs that the list of reportable jurisdictions published on January 5, 2018 is incorrect and publishes an updated new list of reportable jurisdictions as of January 10, 2018

Vietnam Jan 11, 2018

Vietnam issues FATCA technical guidance relating to reporting software.

Australia Jan 9, 2018

Australia releases updated guidance on Automatic exchange of Information with respect to FATCA and CRS.

Netherlands Jan 5, 2018

Netherlands updates list of reportable jurisdictions.

Singapore Jan 5, 2018

Singapore updates FATCA FAQs. This update provides revised guidance with respect to obtaining and reporting taxpayer identification number (“TIN”) and Dates of Birth by Financial Institutions as mentioned in the IRS Notice 2017-46 dated 25 September.

France Jan 5, 2018

France publishes updated CRS participating jurisdictions list, section 6.1 provides the updated list.

Andorra Jan 5, 2018

Andorra Ministry of Finance published updated CRS Technical Guidance

Switzerland Jan 3, 2018

Switzerland publishes an updated list of Reportable Jurisdictions with respect to AEI.

United Kingdom Jan 3, 2018

UK updates HMRC International Exchange of Information Manual section on "Non-Reporting Financial Institutions: Collective Investment Vehicles" to fix broken link

Switzerland Jan 3, 2018

Switzerland updates CRS technical guidance with respect to Trustee-Documented-Trusts (Section 5.3.4)

Brazil Jan 2, 2018

Brazil extends the reporting deadline due by the end of February 2018 ( for delivery of the e-Financial, in relation to the data related to the events that occurred in the second half of 2017) to the last business day of June 2018.

United States Jan 2, 2018

The Internal Revenue Service ("IRS") releases Rev. Proc. 2018-7 containing an updated International No-Rule List. The updated list reaffirms that the IRS will not "ordinarily" issue ruling or determination letters with respect to FATCA (see page 273)

Australia Jan 2, 2018

Australian Tax Office updates list of approved forms -- FATCA

Portugal Jan 2, 2018

Portugal releases updated CRS User Manual. Updated manual provides guidance with respect to the registration of reporting entities. It also furnishes guidance related to preparation and submission of the CRS reports to the tax authority for Financial and Insurance companies.

Malaysia Jan 2, 2018

The Inland Revenue Board of Malaysia publishes a list of participating jurisdictions for CRS

Spain Dec 30, 2017

Spain publishes updated lists of reportable and participating jurisdictions for CRS.

Japan Dec 29, 2017

Japan publishes updated CRS FAQs.

Bahamas Dec 29, 2017

Bahamas Publishes CRS Guidance Notes

South Korea Dec 29, 2017

South Korea publishes a revised version of the Regulations with respect to Automatic Exchange of Financial information for CRS and FATCA.

France Dec 29, 2017

France issues amended Finance Law 2017 (Law No. 2017-1775 of 28 December 2017) which includes rules related to AEOI

Japan Dec 28, 2017

Japan publishes list of Reportable Jurisdictions for CRS.

Colombia Dec 26, 2017

Colombia releases updated guidance with respect to TIN Format for FATCA reporting.

Singapore Dec 26, 2017

Singapore releases updated list of Participating Jurisdictions. The revised list adds Azerbaijan, the Maldives, Nigeria, and Pakistan

Gibraltar Dec 24, 2017

Gibraltar issues an updated list for Reportable jursidictions.

Switzerland Dec 22, 2017

The Swiss Tax Administration releases updated FAQs for AEOI.

France Dec 22, 2017

France updates guidance with respect to transfer of information pursuant to the FATCA law

France Dec 22, 2017

France updates guidance with respect to the transfer of information pursuant to the CRS/DAC schemes 2 -- Specifications -- Revenues 2017

United States Dec 22, 2017

Deloitte Insight : IRS Issues Notice 2018-05: Transition Rules on QSL Regime Extended.

Finland Dec 22, 2017

Finland publishes updated version of CRS and DAC2 Guidance.

Mexico Dec 22, 2017

Mexico publishes calendar of FATCA/CRS reporting for 2018.

Hungary Dec 22, 2017

Hungary issues updated FATCA guidance. This updated version provides information about data preparation and submission method.

Malaysia Dec 22, 2017

Malaysia's Federal Government passess an Amendment to the Automatic Exchange of Financial Account Information Rules

Aruba Dec 22, 2017

Aruba publishes Council decision, containing general measures, of 19 December 2017 to implement Article 6 of the National Ordinance on International Assistance taxes (State Decree implementing Common Reporting Standard)

Isle of Man Dec 21, 2017

Isle of Man publishes updated guidance for CRS.

Isle of Man Dec 21, 2017

Isle of Man publishes updated guidance for FATCA.

China Dec 21, 2017

China releases updated guidance with respect to registration process to it's CRS Portal.

China Dec 21, 2017

China publishes new login Manual for CRS Portal.

Germany Dec 21, 2017

Germany releases Infobrief with respect to CRS reporting. It covers information regarding data transmission for reporting period 2017 and information about integration test.

United Kingdom Dec 21, 2017

UK updates HMRC International Exchange of Information Manual with respect to "Due Diligence: Pre-Existing Individual Accounts: Higher Value Accounts: Hold Mail or In-Care-Of Address Only"

France Dec 21, 2017

OECD announces revised number of bilateral relationships in place for the exchange of CRS information

France Dec 21, 2017

OECD releases updated CRS FAQs

Mexico Dec 21, 2017

Mexico releases reportable and participating jurisdictions for TY 2017.

Germany Dec 20, 2017

Germany issues updates on FATCA reporting.

Saudi Arabia Dec 20, 2017

U.S. signs Competent Authority Arrangement with Saudi Arabia

Canada Dec 20, 2017

Canada releases revised XML Specifications for CRS Reporting

Liechtenstein Dec 20, 2017

Liechtenstein Tax Administration released updated FATCA reporting guidance

Czech Republic Dec 20, 2017

Czech Republic issues an updated list of Reportable Jurisdictions.

Netherlands Dec 19, 2017

Netherlands releases FATCA guidance on :How to deal with missing TINs for data year 2017, 2018 and 2019.

IRS Dec 19, 2017

IRS releases updated Qualified Intermediaries (QI) Agreement Provision FAQs.

United Kingdom Dec 18, 2017

UK makes numerous changes to HMRC International Exchange of Information Manual. Changes include a newly revised timetable with respect to the transition from CDOT to CRS reporting and a revised section on "Non-Reporting Financial Institutions : Trustee Documented Trusts"

Costa Rica Dec 15, 2017

Cost Rica releases an updated list of Jurisdictions Participating in the Convention on Mutual Administrative Assistance in Tax Matters.

Bahamas Dec 15, 2017

Bahamas signs the Convention on Mutual Administrative Assistance in Tax Matters

Netherlands Dec 14, 2017

Netherlands: The Tax and Customs Administration releases guidance on how to complete reporting on information related to derivatives such as futures and options for year 2017. If a data provider is unable to determine the gross proceeds for options and futures in the framework of FATCA and CRS due to lack of clarity in the regulations, the delivery of these gross proceeds may be waived for the year 2017

Cayman Islands Dec 14, 2017

Cayman Islands updates their “AEOI News and Updates"page.

China Dec 13, 2017

China opens its CRS portal and releases CRS guidance.

Bahamas Dec 13, 2017

Bahamas signs the Multilateral Competent Authority Agreement (MCAA).

Guernsey Dec 12, 2017

Guernsey releases Reportable and Participating Jurisdictions for Reporting Period 2017

Guernsey Dec 12, 2017

Guernsey: CRS and US IGA Additional validations and Corrections for Reporting Period 2016

Guernsey Dec 12, 2017

Guernsey publishes an update on the previous resolution to introduce the domestic reporting of interest paid to Guernsey residents on 11 December 2013 (Billet d’État XXIV of 2013)

Bermuda Dec 12, 2017

Bermuda updates its Tax Information Reporting Portal User Guide.

Bermuda Dec 12, 2017

Bermuda updates CRS portal FAQs

France Dec 11, 2017

OECD opens consultation period until January 15, 2017 on draft Mandatory Disclosure Rules for Addressing CRS Avoidance Arrangements and Offshore Structures

Hong Kong Dec 11, 2017

Hong Kong updates it's self-certification section.

United Kingdom Dec 11, 2017

United Kingdom updates Reportable Jurisdictions and Participating Jurisdictions lists for FATCA and CRS

United States Dec 11, 2017

Deloitte Insight: OECD announces the publication of a consultation document seeking comments on new tax rules that would require disclosure of CRS avoidance arrangements and offshore structures.

Andorra Dec 8, 2017

Andorra publishes CRS technical guidance

Andorra Dec 8, 2017

Andorra publishes CRS FAQs

United States Dec 8, 2017

IRS publishes new QI/WP/WT FAQs. The FAQs can be found in the New Applications/Renewals (Q17, Q18 and Q19) and Certifications and Periodic Reviews (Q1 and Q2) subsections on the FATCA FAQs general page.

Australia Dec 7, 2017

Australia releases a list of completed consultative matters begun in 2015. This list of completed matters includes Australian Tax Office (“ATO”) consultation that had taken place with respect to the Australia AEOI Portal.

Bahamas Dec 7, 2017

Bahamas releases sample templates in Excel and CSV formats to assist in uploading data to the TIE portal

United States Dec 7, 2017

IRS releases the next testing schedule for the FATCA International Data Exchange Service (IDES)

Hong Kong Dec 7, 2017

Hong Kong updates it's Compliance and Sanctions section.

United States Dec 6, 2017

IRS publishes an update regarding FFI List Search and Download Tool to find out if Foreign Financial Institutions (FFIs) have been registered with and approved by FATCA.

Finland Dec 5, 2017

Finland: Tax Administration Guidelines for the Implementation of the FATCA Agreement on Tax Information Exchange between Finland and the United States

Finland Dec 4, 2017

Finland updates FATCA technical guidance

Hong Kong Dec 1, 2017

Hong Kong releases updated guidance for Registration and Return Filing via AEOI Portal

Mexico Dec 1, 2017

The Mexican Tax Authorities (SAT) announce that RFIs that were not able to submit their FATCA and CRS returns before the August 15, 2017 deadline may exceptionally submit late returns according to the following deadlines: o Between December 4 and December 11, 2017 – test submissions, o Between December 11 and December 20, 2017 – final submissions, o Nil returns may be submitted between December 4 and December 20, 2017

United States Nov 30, 2017

IRS Releases Proposed Regulations with respect to Chapter 4 withholding

New Zealand Nov 30, 2017

New Zealand Releases Guidance with respect to the application of the Common Reporting Standard to corporate trustees within a professional group (and to the trusts that such companies provide services to)

Brazil Nov 30, 2017

Brazil issues updated CRS Reporting Guidance

United States Nov 29, 2017

IRS Updates FATCA FAQs/Section on New Applications and Renewals/FAQ Q17 & Q18

Ireland Nov 29, 2017

Ireland publishes updated CRS FAQs

Brazil Nov 29, 2017

The Brazilian Tax Authorities pass an amendment to the CRS rules

United States Nov 29, 2017

Deloitte Insight: IRS updates FATCA FAQs addressing questions about QDD status application and QDD status effective date

Cameroon Nov 28, 2017

OECD launches programme to assist Cameroon to implement new international tax standards

Ireland Nov 28, 2017

Ireland Revenue Updated Guidance on FATCA XML Schema

Australia Nov 28, 2017

Australia's ATO Releases Updates to FATCA/CRS Guidance

Singapore Nov 24, 2017

Singapore IRA updates on CRS Registration FAQ's - updates were made to FAQ's 5, 6, 7, 8, 9, 10, 13, and 14.

Singapore Nov 24, 2017

Singapore reminds entities that are or become a Reporting SGFI at any time between 1 January 2017 and 31 December 2017 (both dates inclusive) to apply for CRS registration by 31 March 2018

Liechtenstein Nov 24, 2017

Liechtenstein releases FATCA XML user guide with additional specifications

Liechtenstein Nov 24, 2017

Liechtenstein : Instructions for FATCA reporting

Chile Nov 23, 2017

Chile passes CRS Law (N 21.047) including CRS penalty regime which will enter into force from Dec 1, 2017.

United States Nov 21, 2017

IRS announces updated Country-by-Country Reporting Jurisdiction Status Table

Gibraltar Nov 21, 2017

Gibraltar Updates its CRS guidance notes

Canada Nov 20, 2017

Canada releases revised instructions for filing Part XVIII (FATCA) Information Returns

Ireland Nov 17, 2017

Ireland to use "machine-learning" technologies to identify taxpayers engaged in tax evasion

Switzerland Nov 17, 2017

Switzerland Releases Updated CRS FAQs

Switzerland Nov 17, 2017

Switzerland issues user manual for AIA data transmission

Taiwan Nov 16, 2017

Taiwan releases Guidelines for Financial Institutions to Implement Common Reporting Standards and Due Diligence Procedures

Netherlands Nov 16, 2017

Netherlands releases updated reporting application for banks and investement products application

France Nov 15, 2017

France releases second draft of the amended Finance Bill 2017. The draft Bill provides rules relating to due diligence and customer identification procedures under FATCA and CRS

United States Nov 13, 2017

All QI/QDD/WP/WT applicants that desire to have an agreement in effect in 2017 must submit their applications through the Qualified Intermediary Application Account Management System (QAAMS) no later than November 17th, 2017, because the portal will be shutting down

Bahamas Nov 13, 2017

Bahamas publishes an (1) amended draft of its CRS Guidance Notes; (2) an amendment to the International Tax Cooperation bill; (3) an amendment to the Automatic Exchange of Financial Account information Bill; and (4) an amendment to the Automatic Exchange of Financial Account information Regulations

Mauritius Nov 12, 2017

Mauritius Releases Updated CRS Guidance Notes

Guernsey Nov 12, 2017

Guernsey publishes Bulletin 2017/7- CRS and US IGA (“FATCA”) Corrections for Reporting Period 2016

Qatar Nov 10, 2017

Qatar signs the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, a step towards the signing and implementation of the CRS

United States Nov 10, 2017

IRS Publishes November 2017 FATCA FFI List

Cayman Islands Nov 9, 2017

Cayman Islands updates AEOI News and Updates with respect to AEOI Portal Accessibility and Portal Team Communications

Liechtenstein Nov 9, 2017

Liechtenstein : FATCA/CRS classification table for reporting relevant payments

Iceland Nov 9, 2017

Iceland announces issuance of Participating jurisdiction list

Russia Nov 8, 2017

Russia releases CRS Legislative Proposal Documents

Switzerland Nov 7, 2017

Switzerland Issues Updated CRS Registration Guide

Hong Kong Nov 7, 2017

Hong Kong Updates Ch. 10 of CRS Guidance relating to Due Diligence : New Individual Accounts

Switzerland Nov 6, 2017

Switzerland Releases Updated CRS FAQs

Switzerland Nov 5, 2017

Switzerland Releases AEOI Data Transfer Fact Sheet

British Virgin Islands Nov 3, 2017

BVI Financial Institutions (FIs) are advised that the BVI Financial Account Reporting System (BVIFARS) remains offline at this time and a Press Release will be issued to inform all FIs when the system is back online

Singapore Nov 2, 2017

IRAS CRS FAQs Updated: Update was made to FAQ E.8

Switzerland Nov 1, 2017

Switzerland releases updated CRS technical guidance

United States Nov 1, 2017

Deloitte Monthly CRS Newsletter - October

United States Nov 1, 2017

IRS Delays Publication of November 2017 Foreign Financial Institution (FFI) List. List will be published no later than November 10, 2017

Monaco Oct 31, 2017

Monaco releases Third Version of General CRS Guidance

Monaco Oct 31, 2017

Monaco Releases CRS Technical Guidance

Austria Oct 31, 2017

Austria Releases CRS Reporting Guidance

Greece Oct 30, 2017

Greece Ratifies FATCA MOU with USA

Saint Lucia Oct 30, 2017

Saint Lucia publishes Amendments to CRS Law in respect to schedule 2.

Japan Oct 29, 2017

Japan National Tax Agency (“NTA”) releases updated technical CRS FAQs

Jersey Oct 27, 2017

Jersey Releases Updated CRS Guidance Notes

Isle of Man Oct 26, 2017

OECD Releases Tax Residency Guidance for Isle of Man

New Zealand Oct 26, 2017

New Zealand's Inland Revenue publishes FATCA validations (updated draft)

Canada Oct 26, 2017

Registering for a U.S. identifier or CRA RZ program account, access to CRA My Business Account or Represent a Client, and Web access code

Lebanon Oct 25, 2017

The Ministry of Finance, Lebanon releases CRS Guidance notes.

Mexico Oct 24, 2017

OECD Publishes TIN Guidance for Mexico

Peru Oct 24, 2017

Peru Signs MCAA

Canada Oct 24, 2017

OECD Publishes TIN Guidance for Canada

Vietnam Oct 20, 2017

Vietnam MOF Executes MOU with Australia MOF

Canada Oct 20, 2017

Canada releases steps on completing Part XIX information return slips and summary

Canada Oct 20, 2017

Canada releases steps after filing FATCA return

Bahamas Oct 19, 2017

Bahamas Amends TIEA with Finland

Hong Kong Oct 19, 2017

Hong Kong Revises AEOI Portal Guidance

Mexico Oct 19, 2017

Mexico announces first AEOI with CRS jurisdictions

Curaçao Oct 18, 2017

Curacao issues Guidelines for FATCA/CRS with technical explantory note. These guidelines from the Ministry of Finance of Curaçao gives further details on the application of the CUR IGA and the CRS regulations.

United States Oct 17, 2017

IRS Alert: QI (including QDD) Application Deadline

Jersey Oct 17, 2017

Jersey enacts amendment to CRS Regulations

Hong Kong Oct 16, 2017

Hong Kong Revises Reportable Jurisdictions List

Singapore Oct 13, 2017

Singapore's IRAS publishes CRS Reporting Guidance

Singapore Oct 13, 2017

Singapore Publishes First Edition Schema UserGuide

Singapore Oct 13, 2017

Singapore Releases Responses to Userguide Consult.

Hong Kong Oct 13, 2017

Hong Kong Signs AEOI Agreement with Switzerland

Singapore Oct 13, 2017

Singapore Publishes Updated CRS FAQs

Costa Rica Oct 11, 2017

Costa Rica releases updated CRS FAQs

Russia Oct 11, 2017

Russia Releases Draft CRS Guidance for discussion

Netherlands Oct 11, 2017

Dutch Tax Authorities Announce Extensions to the 2018 FATCA and CRS Reporting Deadlines. General deadline is August 1, 2018. For FIs marketing investment and loan products deadline is February 6, 2018. For FIs with payment and savings products deadline is May 1, 2018

Liechtenstein Oct 10, 2017

Liechtenstein Proposes Expanded List of CRS Partner Jurisdictions

Ireland Oct 9, 2017

Ireland's Inland Revenue updates CRS FAQs

Belize Oct 9, 2017

Belize Revises List of Signed TIEA

Colombia Oct 9, 2017

Colombia 12/31/2017 voluntary disclosure deadline

Hong Kong Oct 6, 2017

HK - Inland Revenue (Amendment) No. 5 Bill 2017

Saint Lucia Oct 3, 2017

Saint Lucia publishes amendments to it's CRS law.

Canada Oct 2, 2017

Canada releases instructions on electronic filing only by using Web Forms or Internet file transfer (XML)

Canada Oct 2, 2017

Canada releases guidance on penalties and interest for FATCA and CRS

Dominican Republic Oct 1, 2017

The General Directorate of Internal Taxes (DGII), has developed a new web-based platform for Dominican Republic Financial Institutions to complete their FATCA reporting obligations

Germany Sep 29, 2017

Germany's announcement on AEOI exchanges

Ukraine Sep 27, 2017

Ukraine announces launching of CRS in 2020

United States Sep 25, 2017

IRS issues Notice 2017-46

United States Sep 25, 2017

Deloitte Insight:IRS Notice 2017-46 on TIN and DOB

Switzerland Sep 22, 2017

Switzerland's AFC publishes CRS Reporting Guidance

Bermuda Sep 21, 2017

Bermuda publishes FAQs on it's tax information reporting portal

Bermuda Sep 15, 2017

Bermuda releases Reporting User Guide version 2.0

Hong Kong Sep 15, 2017

Hong Kong provides guidance on TDT CRS Registratio

United States Sep 14, 2017

IRS reminder on FFI Agreement renewal

Cayman Islands Sep 13, 2017

Cayman Island's TIA publishes industry advisory on AEOI Portal Accessibilty and Portal Team Communications

Vietnam Sep 12, 2017

Vietnam releases FAQs for FATCA in Vietnamese. These are adopted from IRS.

Guernsey Sep 11, 2017

Guernsey releases CRS Bulletin 2017/06

Finland Sep 10, 2017

Finland's Vero Skatt publishes FATCA/CRS materials

France Sep 6, 2017

France's Tax Authorities update CRS Guidance notes on preexisting low value individual accounts

Hong Kong Sep 3, 2017

Hong Kong's Inland Revenue Department updates CRS Guidance Chapter 3, 9 and 10

Japan Aug 28, 2017

Japan releases CRS FAQs

Singapore Aug 28, 2017

Singapore releases updated CRS FAQs and invites public comment on draft IRAS CRS e-Tax guide

Belgium Aug 28, 2017

Belgium’s Public Service of Federal Finances publishes updated CRS Guidance Notes

Monaco Aug 25, 2017

Monaco's Government publishes CRS XML Schema v1.0 and User Guide

Hong Kong Aug 25, 2017

Hong Kong’s Inland Revenue Department updates the Financial Account Information Return XML Schema v1.0 User Guide

Australia Aug 24, 2017

Australia released updated AEOI Guidance for FATCA and CRS

British Virgin Islands Aug 22, 2017

BVI releases an updated reportable jurisdictions list

Singapore Aug 17, 2017

The Inland Revenue Authority of Singapore announces that Reporting SGFIs can submit an application for CRS Registration from 31 August 2017

Liechtenstein Aug 16, 2017

Liechtenstein’s Tax Authorities publish AEOI Newsletter 6/2017

United Kingdom Aug 16, 2017

HMRC updates lists of CRS participating and reportable jurisdictions

British Virgin Islands Aug 14, 2017

The Government of the BVI extends CRS/UK-CDOT reporting deadline to September 1, 2017

Canada Aug 12, 2017

Canada's Revenue Agency publishes CRS Schema Guidance

France Aug 12, 2017

France's Tax Authority publishes updated CRS reporting guidance (v1.4)

Liechtenstein Aug 11, 2017

Liechtenstein updates AEOI Guidance Notes

Germany Aug 8, 2017

The German Federal Tax Office publishes FATCA Infobrief

Ireland Aug 3, 2017

Ireland’s Revenue extends CRS/DAC 2 reporting deadline to September 4, 2017

Andorra Aug 2, 2017

Andorra General Council Approves CRS Legislation

Nauru Aug 2, 2017

Nauru amends regulations for Automatic Exchange of Financial Account Information.

Anguilla Aug 1, 2017

Anguilla´s Revenue Department publishes CRS Guidance Notes

Cayman Islands Jul 31, 2017

Cayman Island’s TIA publishes industry advisory and releases CRS Guidance Notes v.2.1

Cayman Islands Jul 31, 2017

Cayman Island’s TIA publishes industry advisory and releases CRS Guidance Notes v.2.1

Mauritius Jul 28, 2017

The Mauritius Revenue Authority extends FATCA reporting deadline to August 31

Germany Jul 28, 2017

Germany’s Federal Tax Office publishes FATCA Infobrief 06/2017

Germany Jul 28, 2017

Germany’s Federal Tax Office publishes CRS Infobrief 05/2017

Ireland Jul 28, 2017

Ireland’s Revenue updates CRS FAQs

Singapore Jul 27, 2017

Singapore´s IRAs updates its FATCA website

Russia Jul 27, 2017

Russia’s Ministry of Finance submits draft AEOI Law to state Duma (legislative body) for approval

Jersey Jul 26, 2017

The States of Jersey approve Amendment Regulations for CRS

United Kingdom Jul 25, 2017

HMRC Updates the International Exchange of Information Manual, sections IEIM102000, IEIM130500 and IEIM210440

Cayman Islands Jul 19, 2017

Cayman Islands: The TIA extends the reporting deadline to August 31, 2017 at 4pm

Luxembourg Jul 19, 2017

The Luxembourg Tax Authorities publish a newsletter on XML Reporting and Validations

Curaçao Jul 18, 2017

The Curacao Tax Authorities extend the FATCA Reporting deadline to August 1, 2017

Singapore Jul 18, 2017

Singapore’s IRAS updates CRS FAQs

United Arab Emirates Jul 17, 2017

The Board of Directors of the Abu Dhabi Global Market releases CRS Regulations

Hong Kong Jul 14, 2017

The Hong Kong Inland Revenue Department updates Chapter 8 and 9 of CRS Guidance Notes

Gibraltar Jul 14, 2017

The Gibraltar Tax Authorities publish updated informational document on CRS Reporting

Bahamas Jul 13, 2017

The Bahamas Government publishes FAQs on AEOI Portal Use

Turkey Jul 12, 2017

Turkey’s Ministry of Finance publishes CRS Guidance

Bermuda Jul 11, 2017

The Bermuda Tax Authorities issue updated Tax Information Reporting Portal FAQs

Germany Jul 11, 2017

Germany’s Federal Tax Office publishes CRS Infobrief 04/2017 with common reporting errors

Curaçao Jul 10, 2017

The Curacao Tax Authorities extend the FATCA deadline to July 18, 2017

Canada Jul 6, 2017

Canada’s Inland Revenue updates their CRS Guidance notes

Switzerland Jul 6, 2017

Swiss Tax Authorities issue draft CRS Reporting Technical User Guide

Malta Jul 6, 2017

The Malta Tax Authorities publish Version 1.6 of CRS/DAC Guidance Notes

Bahamas Jul 6, 2017

Bahamas publishes FATCA Financial Institution File Creation Instructions

Chile Jul 5, 2017

The Chilean Government passes final CRS Decree

Curaçao Jul 5, 2017

The Curacao Tax Authorities announce through their AEOI Community Website the passage of the CRS Decree

Italy Jul 5, 2017

The Italian Tax Authorities set the CRS Reporting deadline to August 21, 2017 for TY 16

New Zealand Jul 5, 2017

New Zealand’s Inland Revenue issues a determination on CRS Excluded Accounts

United States Jul 5, 2017

Deloitte insight on new IRS Form W-8IMY

United States Jul 5, 2017

Deloitte insight on draft instructions for Form W-8BEN

Italy Jul 5, 2017

The Italian Tax Authorities issue a legislative act approving CRS Reporting Guidance, and issue CRS Reporting Technical Guidance

Italy Jul 5, 2017

The Italian Tax Authorities issue CRS Reporting Technical Guidance

Germany Jul 4, 2017

Germany’s Federal Tax Office publishes FATCA Infobrief 5/2017

Hong Kong Jul 4, 2017

Hong Kong’s Inland Revenue launches AEOI Portal

Liechtenstein Jul 4, 2017

Liechtenstein’s Tax Authorities issue updated CRS Guidance Notes

Seychelles Jul 3, 2017

The Seychelles Revenue Commission extends CRS Reporting deadline to July 10, 2017

Bahamas Jun 30, 2017

Bahamas releases list of jurisdictions for intended AEOI exchange

Bahamas Jun 30, 2017

The Government of The Bahamas issues an Industry Notice on key CRS dates

Cayman Islands Jun 30, 2017

TIA issues Industry Advisory with new information on Principal Point of Contact changes in the Cayman AEOI Portal

South Africa Jun 30, 2017

South Africa’s Tax Authorities announce the possible imposition of penalties to reporting financial institutions that missed reporting under FATCA/CRS

British Virgin Islands Jun 28, 2017

BVI announces that the deadline to submit Enrolment Applications to BVIFARS for CRS has been extended to July 31, 2017 and submission of reports to August 18 2017

Australia Jun 28, 2017

ATO publishes updated CRS Guidance to add countries to the list of participating jurisdictions

Bahrain Jun 28, 2017

Bahrain signs the Multilateral Convention on Mutual Administrative Assistance in Tax Matters

Belgium Jun 23, 2017

The Belgium Tax Authorities extend the CRS reporting deadline to July 31, 2017 (FATCA deadline remains June 30, 2017)

Bermuda Jun 22, 2017

The Bermuda Tax Authorities open CRS enrolment and reporting portal and issue updated Tax Information Reporting FAQs and User Guide

Bermuda Jun 22, 2017

Bermuda: Tax Information Reporting FAQs

Bermuda Jun 22, 2017

Bermuda: User Guide

Bermuda Jun 22, 2017

Bermuda: Enrolment Portal

Bermuda Jun 22, 2017

Bermuda: AEOI Portal

Cayman Islands Jun 22, 2017

Cayman portal opened and new Portal User Guide V3.2

Cyprus Jun 22, 2017

Cyprus tax authorities extend the CRS Reporting deadline to July 21, 2017

Cyprus Jun 22, 2017

Cyprus tax authorities issue CRS Guidance Notes

Cyprus Jun 22, 2017

Cyprus tax authorities issue Information on Nil returns

Belgium Jun 21, 2017

The Belgium Tax Authorities release their list of reportable jurisdictions

Curaçao Jun 20, 2017

Curacao’s Tax Authorities extend FATCA reporting deadline to July 11, 2017

Cayman Islands Jun 20, 2017

Cayman Islands’ TIA publishes an Industry Advisory on reporting requirements and announces the extension of registration deadline to July 31, 2017

British Virgin Islands Jun 19, 2017

BVI announces that the BVIFARS is being updated to accommodate reporting under the CRS and will be unavailable June 19, 2017. The system will be restored June 20, 2017

Luxembourg Jun 19, 2017

Luxembourg’s ACD publishes an updated version of Circular ECHA 4 (Reporting Guide)

Guernsey Jun 16, 2017

Guernsey releases Bulletin 2017/5

Germany Jun 16, 2017

Germany releases FATCA Infobrief 04/2017

British Virgin Islands Jun 16, 2017

The International Tax Authority (ITA) updates the BVIFARS User Guide (version 7.0) in relation to CRS submissions

New Zealand Jun 16, 2017

New Zealand approves their list of Reportable Jurisdictions for CRS purposes. The Regulations enacting the list of reportable jurisdictions enter into force on July 1, 2017

France Jun 16, 2017

The French Tax Authorities publish a complete set of Guidance Notes for CRS implementation and extend the CRS reporting deadline for reporting year 2016 to September 8, 2017.

France Jun 16, 2017

France's Guidance Notes for CRS implementation: Section BOI-INT-AEA-20-10 provides details on the definitions of reporting financial institutions and reportable accounts

France Jun 16, 2017

France's Guidance Notes for CRS implementation: Section BOI-INT-AEA-20-20 provides details on due diligence procedures applicable to reporting financial institutions

France Jun 16, 2017

France's Guidance Notes for CRS implementation: Section BOI-INT-AEA-20-30 provides details on reporting data elements and provides the deadline extension

India Jun 15, 2017

India’s Securities and Exchange Board releases a Circular with guidance on FATCA and CRS reporting of Interest and Dividends

Ireland Jun 15, 2017

Ireland’s Revenue publishes updated CRS FAQs

Taiwan Jun 14, 2017

Taiwan’s Ministry of Finance proposes amendments to the Tax Collection Act to enhance information transparency and comply with international standards

Singapore Jun 12, 2017

Singapore’s IRAS releases a draft CRS Schema User Guide for public consultation until July 12

Ireland Jun 9, 2017

Ireland’s Revenue extends CRS reporting deadline to August 18, 2017. FATCA deadline remains the same

Ireland Jun 9, 2017

Ireland’s Revenue updates its AEOI website and publishes FATCA and CRS submission guidelines

Macau Jun 2, 2017

Macao´s tax authorities approve AEOI Law (implementation date July 1, 2017)

Germany Jun 1, 2017

Germany’s Tax Authorities publish CRS Infobrief 3/2017

Hong Kong Jun 1, 2017

Hong Kong: OECD’s press release on the results of its disclosure facility for information on schemes designed to circumvent the application of the CRS (Hong Kong’s Occupational Retirement Schemes (ORS) in Hong Kong found to avoid reporting under the CRS)

Hong Kong Jun 1, 2017

Hong Kong’s Inland Revenue issue Guidance on the exclusion of ORS

Mexico Jun 1, 2017

The Mexican Tax Authorities publish a set of operational criteria for building CRS XML reports and a calendar of reporting activities

Isle of Man Jun 1, 2017

Isle of Man’s Treasury issues an Industry Notice on FATCA and CRS Reporting

Guernsey May 31, 2017

CRS reporting deadline extended to July 31, 2017. FATCA reporting deadline not extended

Anguilla May 26, 2017

The Government of Anguilla extends the CRS reporting deadline to August 31, 2017 and the FATCA reporting deadline to July 31, 2017

Portugal May 25, 2017

The Portuguese Tax Authorities (AT) pass Portaria n.º 169/2017 introducing amendments to the FATCA XML Schema

Israel May 22, 2017

The Israeli Tax Authority releases a FATCA Circular

Cayman Islands May 22, 2017

The Cayman Islands Department for International Cooperation issues an Industry Advisory on FATCA/CRS

Cayman Islands May 22, 2017

Cayman Islands publishes AEOI Portal User Guide V.3.1

Turkey May 20, 2017

Turkey’s Grand National Assembly enacts Law No. 7018 officially approving the Convention on Mutual Administrative Assistance in Tax Matters.

Argentina May 19, 2017

The Argentinean Tax Authorities (AFIP) publish General Resolution N° 4056/2017 extending the CRS reporting deadline to June 30

China May 19, 2017

China: The State Administration of Taxation (“SAT”) releases the final Measures on the Due Diligence of Non-resident Financial Account Information in Tax Matters (“Announcement 14”)

China May 19, 2017

The SAT has also set up an AEOI dedicated website providing a variety of general information respecting Chinese CRS rules.

Gibraltar May 18, 2017

Gibraltar’s Tax Authorities release a list of reportable jurisdictions for CRS/DAC purposes

United Kingdom May 17, 2017

United Kingdom: HMRC publishes The International Tax Compliance (Amendment) Regulations 2017

United Kingdom May 17, 2017

UK: HMRC publishes The International Tax Compliance (Amendment) Regulations 2017

United Kingdom May 15, 2017

UK: HMRC updates its list of reportable jurisdictions to exclude Barbados, Curacao, Niue, and Trinidad & Tobago

Lebanon May 12, 2017

Lebanon officially signs the CRS Multilateral Competent Authority Agreement Multilateral Convention on Administrative Assistance in Tax Matters

Panama May 12, 2017

Panama’s Ministry of Finance enacts Executive Decree 124 of 2017 on due diligence and reporting requirements for AEOI purposes

Belgium May 8, 2017

Belgium tax authority announces the opening of the MyMinfinPro CRS simulation portal for sending CRS test files.

Germany May 8, 2017

Germany’s Federal Tax Office (BZSt) publishes FATCA Infobrief

Indonesia May 8, 2017

Indonesia’s president approves Government Regulation No. 1, 2017 (“GR-1”) regulating the Access to Financial Information for Tax Purposes (CRS Reporting)

Spain May 1, 2017

The Spanish Tax Authorities publish FAQs on FATCA and CRS

Bahrain Apr 30, 2017

The Government of Bahrain Publishes a Directive on CRS and a Participating Jurisdictions List

British Virgin Islands Apr 27, 2017

British Virgin Islands: Press release on FATCA/CRS Reporting

Guernsey Apr 26, 2017

Guernsey: Bulletin 2017/3 on Trustee Documented Trusts (TDT) Reporting for CRS

Luxembourg Apr 25, 2017

Luxembourg: Testing and production platforms for submittal of CRS reports are available starting April 24, 2017

Germany Apr 25, 2017

Germany’s Federal Tax Office publishes CRS Infobrief

Luxembourg Apr 25, 2017

Testing and production platforms for submittal of CRS reports are available starting April 24, 2017

Monaco Apr 25, 2017

Monaco’s Tax Authorities publish an updated version of their CRS Guidance Notes

Malta Apr 24, 2017

Malta: Deadline for 2016 CRS/DAC 2 Reporting extended from April 30 to June 30, 2017

Guernsey Apr 24, 2017

Guernsey: Bulletin 2017/2 on US FATCA, UK-CDOT and CRS reporting

Australia Apr 21, 2017

Australia: ATO updates CRS Guidance Notes

Trinidad and Tobago Apr 21, 2017

The House of Representatives of Trinidad and Tobago introduces the Mutual Administrative Assistance in Tax Matters Bill, 2017

Pakistan Apr 19, 2017

Pakistan: Circular Letter No. 10 of 2017 announcing finalization of CRS rules and adopting CRS

Bermuda Apr 19, 2017

Bermuda: CRS Regulations

Bermuda Apr 19, 2017

Bermuda: Draft Guidance Notes

Indonesia Apr 16, 2017

Indonesia: Circular Letter No. 16/SEOJK.03/2017 on the implementation of the CRS

Malaysia Apr 15, 2017

Malaysia: Press release: FATCA deadline tentatively deferred to June 30, 2018 for TY 14, 15, 16, and 17 reporting

Cayman Islands Apr 13, 2017

Cayman Islands: Industry notice on FATCA/CRS/UKCDOT reporting

Cayman Islands Apr 13, 2017

Cayman Islands: TIA publishes CRS Guidance Notes v2.0

Bahamas Apr 10, 2017

The Bahamas Competent Authority published a notice advising RFIs that the TIE Portal will open for registration and reporting on July 17, 2017, at 9 am and will close on August 25, 2017 at 5pm EDT.

Liechtenstein Apr 10, 2017

Liechtenstein’s Tax Authorities publish updated CRS Guidance Notes

Hong Kong Apr 10, 2017

Hong Kong: Updated Chapter 11 and Chapter 12 of CRS Guidance Notes

Liechtenstein Apr 10, 2017

Liechtenstein: FATCA deadline extensions from June 30, 2017 to July 31, 2017

Liechtenstein Apr 10, 2017

Liechtenstein: CRS reporting deadline extensions from June 30, 2017 to July 31, 2017

Malta Apr 7, 2017

Malta: Updated CRS/DAC 2 Guidance Notes

Spain Apr 6, 2017

Spanish Tax Authorities (AT) publish updated version of their CRS Technical Reporting Guidance

United Kingdom Apr 4, 2017

UK: HMRC released updated lists of Participating Jurisdictions (ieim400090) and Reportable Jurisdictions (ieim402340). The reportable jurisdictions list now excludes Trinidad and Tobago.

Singapore Apr 3, 2017

Singapore’s Inland Revenue Authority (IRAS) announced an amendment to their CRS Regulations effective April 4, 2017. IRAS also issued updated CRS FAQs.

South Africa Apr 1, 2017

The South African Revenue Service (SARS) notifies Reporting Financial Institutions that their Third Party Data Annual Submissions process (for the period March 1, 2016 to February 28, 2017) opened on April 1, 2017 and will close on May 31, 2017.

Cayman Islands Mar 31, 2017

Cayman Islands: Released a new list of Reportable Jurisdictions and an updated list of Participating Jurisdictions for CRS (see attached)

New Zealand Mar 31, 2017

New Zealand Inland Revenue (Te Tari Taake) issues a Request for Submissions respecting which countries should and should not be included on New Zealand’s pending reportable jurisdictions list.

Hong Kong Mar 29, 2017

Hong Kong: List of reportable jurisdictions

British Virgin Islands Mar 24, 2017

British Virgin Islands: Press release on FATCA/CRS/UK-CDOT reporting

Italy Mar 23, 2017

Italy: Press release announcing extension for FATCA Reporting to May 31, 2017

Gibraltar Mar 23, 2017

Gibraltar: Amendments to the US FATCA and UK-CDOT Regulations extending reporting deadline to July 31

Canada Mar 22, 2017

Canada: Updated FATCA Guidance Notes, new CRS Guidance Notes, sample self-certifications

Germany Mar 21, 2017

Germany: CRS InfoBrief 01/2017

Belgium Mar 14, 2017

Belgium: CRS Guidance Notes

Luxembourg Mar 13, 2017

Luxembourg: Updated CRS FAQs

Germany Mar 10, 2017

Germany: FATCA InfoBrief

Poland Mar 9, 2017

Poland: CRS Law receives approval

Bahamas Mar 7, 2017

Bahamas: CRS Implementation Regulations (Automatic Exchange of Financial Account Information Act, 2016)

Russia Mar 6, 2017

Russia: Updated Draft regulations

Cayman Islands Mar 3, 2017

Cayman Islands: TIA Industry Advisory

Ireland Mar 3, 2017

Ireland: CRS FAQs

Japan Mar 3, 2017

Japan: Updated CRS FAQs

Singapore Mar 3, 2017

Singapore: Update on FATCA Reporting

Sweden Mar 1, 2017

Sweden: Bill modifying prior AEOI Regulations

Guernsey Feb 28, 2017

Guernsey: Updated list of Reportable and Participating Jurisdictions

Hong Kong Feb 28, 2017

Hong Kong: CRS Reporting User Guide for CRS

Luxembourg Feb 27, 2017

Luxembourg: Updated list of Participating Jurisdictions for CRS purposes

Cayman Islands Feb 22, 2017

Cayman Islands: AEOI Update.

Costa Rica Feb 21, 2017

Costa Rica: Final CRS Regulations (Resolución Nº DGT-R-006-2017).

New Zealand Feb 21, 2017

New Zealand: CRS Act receives royal assent

New Zealand Feb 21, 2017

New Zealand: Special report on AEOI

Luxembourg Feb 6, 2017

Luxembourg: CRS Reporting Guidance Notes (Circular ECHA No. 4)

South Africa Feb 1, 2017

South Africa: Updated FATCA Guidance Notes

Denmark Feb 1, 2017

Denmark: Updated CRS Reporting Guidance.

Mexico Jan 31, 2017

Mexico: Mexican Reporting Financial Institutions may submit missed FATCA reports for TY 2014 and 2015 up until March 31, 2017

Bahrain Jan 30, 2017

Bahrain: CBB’s Directive on CRS

Italy Jan 30, 2017

Italy: Updated list of Reportable Jurisdictions

Sweden Jan 27, 2017

Sweden: Updated CRS Reporting Guidance

Luxembourg Jan 19, 2017

Luxembourg: Updated FATCA reporting guidance notes (ECHA No. 3)

Singapore Jan 17, 2017

Singapore: IRAS updates FATCA Reporting FAQs

Switzerland Jan 17, 2017

Switzerland: Final CRS Guidance Notes

Cayman Islands Jan 15, 2017

Cayman Islands: Draft CRS Guidance Notes v2.0 for industry comments

Singapore Jan 15, 2017

Singapore: Updated CRS FAQs

Spain Jan 14, 2017

Spain: Updated FATCA Reporting Guidance

South Korea Jan 10, 2017

South Korea: Updated combined FATCA/CRS Regulations.

Mexico Jan 6, 2017

Mexico: Amendment to the FATCA Regulations (Anexo 25 de la Resolucion Miscelanea Fiscal para 2016)

United States Jan 1, 2017

Deloitte Tax Insight: New final and temporary chapter 4 regulations

United States Jan 1, 2017

Deloitte Tax Insight: Final and Temporary FATCA Coordination Regulations under Chapters 3 and 61 and Section 3406

United States Jan 1, 2017

Deloitte Tax Insight: Updated FFI Agreement

United States Jan 1, 2017

Deloitte Tax Insight: Proposed Chapter 4 regulations describing verification and certification requirements

Malaysia Dec 30, 2016

Malaysia: The Inland Revenue Board releases a list of Participating Jurisdictions for CRS

Brazil Dec 29, 2016

Brazil: Final CRS Implementation Regulations (Normative Instruction Nº 1680, from December 28, 2016)

Luxembourg Dec 29, 2016

Luxembourg: Luxembourg’s Tax Authorities (“ACD”) announce the modification of FATCA Schema to adopt the new V.2.0 which is of mandatory use as of January 7, 2017. A new version of ACD’s reporting guidance notes (ECHA No. 3) will be published in the following weeks

Uruguay Dec 29, 2016

Uruguay: Uruguay´s Parliament approves the law on international tax transparency which includes CRS requirements

Portugal Dec 28, 2016

Portugal: FATCA reporting for FY 2014 and 2015 postponed to January 10, 2017

Guernsey Dec 23, 2016

Guernsey: The States of Guernsey Income Tax Department publishes Bulletin 2016/8 on FATCA/CRS Reporting

Malaysia Dec 23, 2016

Malaysia: Malaysia’s Attorney General publishes final CRS Regulations (Income Tax (Automatic Exchange of Financial Account Information) Rules 2016

Monaco Dec 22, 2016

Monaco: CRS FAQs, CRS Guidance Notes and sample Self-Certifications

Monaco Dec 22, 2016

Monaco: The Government of Monaco releases CRS FAQs, CRS Guidance Notes and sample Self-Certifications

United Arab Emirates Dec 22, 2016

United Arab Emirates: UAE’s Ministry of Finance publishes CRS Guidance Notes. The UAE CRS Regulations will be published by the UAE Financial Institution’s Regulators: UAE Central Bank, Securities and Commodities Authority, Insurance Authority, DIFC and ADGM

Bahamas Dec 21, 2016

Bahamas: Bahamas Parliament approves CRS Implementation Act

New Zealand Dec 21, 2016

New Zealand: Draft CRS Guidance Notes

Jersey Dec 21, 2016

Jersey: Jersey publishes a list of Participating Jurisdictions for CRS

Cayman Islands Dec 19, 2016

Cayman Islands: Final Amendment to the CRS Regulations (The Tax Information Authority (International Tax Compliance) (Common Reporting Standard) (Amendment) Regulations, 2016)

Germany Dec 19, 2016

Germany: Infobrief CRS 02/2016

Denmark Dec 19, 2016

Denmark: Denmark´s Tax Authorities (SKAT) release a newsletter on FATCA and CRS reporting and CRS Reporting guidance

Guernsey Dec 15, 2016

Guernsey: Notice extending the FATCA remediation deadline for Pre-Existing Low Value Individual Accounts and Pre-Existing Entity accounts to December 31, 2016

Canada Dec 15, 2016

Canada’s Parliament passes CRS Regulations

United Kingdom Dec 13, 2016

United Kingdom: HMRC´s updates their AEOI submission schema set to adjust to include a revised AEOI_UK_Submission Guide v2.0

Austria Dec 12, 2016

Austria: The Austrian Tax Authorities publish CRS Guidance Notes

Ireland Dec 9, 2016

Ireland: Ireland’s Revenue releases an updated Reporting Entity Registration Form

Ireland Dec 9, 2016

Ireland: Ireland’s Revenue releases an updated list of Participating Jurisdictions for CRS

Spain Dec 9, 2016

Spain: CRS Reporting User Guide, CRS Schema, and portal for testing purposes

South Africa Dec 8, 2016

South Africa: Updated Business Requirements Specification on AEOI (FATCA and CRS)

Singapore Dec 7, 2016

Singapore: Singapore’s IRAS releases updated CRS FAQs adding three FAQs to the text first published on December 7 2016

South Africa Dec 5, 2016

South Africa: South Africa’s Revenue System (SARS) releases final CRS FAQs

Austria Dec 5, 2016

Austria: Austria’s Ministry of Finance releases a list of Participating Jurisdictions for AEOI purposes

France Dec 5, 2016

France: Decree for the implementation of the CRS

Portugal Dec 2, 2016

Portugal: Participating Jurisdictions for CRS purposes

Singapore Dec 2, 2016

Singapore: Enactment of CRS Regulations

Singapore Dec 2, 2016

Singapore: List of Participating Jurisdictions

Mexico Dec 1, 2016

Mexico: The Mexican Tax Authorities (SAT) publish final amended regulations for CRS purposes without modification to the draft version circulated in early November

Mexico Dec 1, 2016

The Mexican Tax Authorities (SAT) are issuing “friendly notices” to local Reporting Financial Institutions that submitted erroneous information in their FATCA returns so that the reports can be amended and re-submitted

Switzerland Dec 1, 2016

Switzerland: The Swiss Federal Department of Finance publishes a set of questions and answers on the automatic exchange of financial account information (AEOI)

India Nov 30, 2016

India: Updated FATCA/CRS Guidance Notes

British Virgin Islands Nov 28, 2016

British Virgin Islands: CRS Guidance Notes

Switzerland Nov 23, 2016

Switzerland: The Swiss Tax Authorities publish an Ordinance on the Automatic Exchange of Information in Tax Matters

Chile Nov 22, 2016

Chile: The Chilean Tax Authorities have announced that the CRS implementation date will be pushed to July 1, 2017. The Chilean Tax Authorities have not yet released final CRS Regulations

Singapore Nov 22, 2016

Singapore: Singapore concludes bilateral CAA for information exchange with Finland.

Germany Nov 18, 2016

Germany: The German Federal Tax Office releases a FATCA reporting newsletter informing German Reporting Financial Institutions that they must use the FATCA XML Schema V.2.0. for submitting reports after January 1, 2017. The new Schema must also be used for submitting amendments to reports filed in 2016 and before. As a result of the changes included in the new Schema the FATCA portal will be closed for adjustments until June 2017. The reporting deadline has been pushed to August 31, 2017

Saudi Arabia Nov 15, 2016

Saudi Arabia: Signs Model 1 IGA

Cayman Islands Nov 11, 2016

Cayman Islands: Cayman Islands Ministry of Finance circulates proposed amendments to the CRS Regulations for Industry comments

Mexico Nov 10, 2016

Mexico: Updated version of CRS Regulations

Brazil Nov 2, 2016

Brazil: Signature of the Multilateral Competent Authority Agreement on AEOI

Jersey Nov 2, 2016

Jersey: Enhanced policy on beneficial ownership and a register of directors.

Germany Nov 1, 2016

Germany: Draft regulations on domestic beneficial owners/controlling persons of foreign structures

Malaysia Nov 1, 2016

Malaysia: Go-live date for new client onboarding for CRS moved to 1 July 2017

New Zealand Nov 1, 2016

New Zealand: Request to submit suggestions on entities that should be considered as low risk Non-Reporting FIs

Uruguay Nov 1, 2016

Uruguay: Uruguay signs the CRS Multilateral Competent Authority Agreement to start exchanging information in 2018

Canada Oct 28, 2016

Canada: Informational note on FATCA Reporting

Hong Kong Oct 26, 2016

Hong-Kong: Bilateral agreements for AEOI with Japan and the United Kingdom

Liechtenstein Oct 18, 2016

Liechtenstein: CRS Guidance Notes

Jersey Oct 16, 2016

Jersey: Updated CRS Guidance Notes (October)

Netherlands Oct 15, 2016

Netherlands: Updated list of Participating Jurisdictions and CRS/FATCA FAQs: Extension of time to file FATCA reports (official deadline for certain FIs is January 31, 2017): For domestic information reporting (including FATCA and CRS) on custodial accounts and debt/equity interest: 9 February 2017 - For domestic information reporting (including FATCA and CRS) on depository accounts: 1 May 2017 For FATCA and/or CRS only reporting on all accounts: 1 August 2017

China Oct 14, 2016

China: Updated draft CRS Measures for industry comments

Poland Oct 11, 2016

Poland: Updated version of Draft CRS/DAC Regulations

Portugal Oct 11, 2016

Portugal: Combined FATCA and CRS Regulations

Singapore Oct 11, 2016

Singapore: IRAS announces adoption of FATCA XML Schema Version 2.0

Lebanon Oct 10, 2016

Law no: 55, Exchange of Information for Tax Purposes

Singapore Oct 8, 2016

Singapore: Bilateral CAAs for information exchange with a number of jurisdictions (see list here)

Panama Aug 1, 2016

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The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool with the FIs that are in approved status as of April 24, 2025.

The Inland Revenue Board of Malaysia (IRBM) publishes an updated IRBM single Public Key (for the production environment) for CRS, CbCR, and FATCA submissions that is effective April 29, 2025.

The Barbados Revenue Authority (BRA) publishes a guidance note informing RFIs of the availability of the AEOI Portal for TY2024 FATCA and CRS submissions from May 1, 2025, until July 31, 2025. It also reminds RFIs of applicable penalties in the case of failure to submit the reports.

The Government of Anguilla makes publicly available a notice reminding RFIs that the FATCA and CRS reporting deadlines for the reporting year 2024 is May 31, 2025.

The Tax Authority of Oman releases an updated list of CRS participating jurisdictions with the addition of Canada, Hong Kong, Kenya, and Moldova.

The National Bureau for Revenue of Bahrain publishes an updated list of CRS reportable and participating jurisdictions with the addition of Armenia and Hong Kong for 2025 reporting year.

The Barbados Revenue Authority publishes a notice informing RFIs of the opening of the AEOI Portal for TY2024 reporting from May 1, 2025, to July 31, 2025. It further informs RFIs that reports submitted after July 31, 2025, will incur a late filing penalty.

The IRS publishes an alert confirming that the extended deadline to file Form 1042-S for the Withholding agents who filed for an extension is April 17, 2025.

The IRS publishes a reminder that the extended deadline to file Form 1042-S for the Withholding agents who filed for an extension is April 14, 2025. Also, the Form 1042-S Data Integrity Tool is no longer available to identify potential errors before filing Forms 1042-S.

The National Agency for Fiscal Administration (ANAF) of Romania publishes a notice reminding RFIs that the deadline to report FATCA and CRS data via the F3000 Form is May 15, 2025.

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool with the FIs that are in approved status as of March 25, 2025.

The International Tax Authority (ITA) of the BVI publishes its BVIFARS Payment User Guide (v1.0). It also makes available a bulk payment template to facilitate bulk payments.

The Ministry of Finance in Curaçao publishes an announcement informing RFIs of the extension of the FATCA and CRS submissions deadline from March 31, 2025, to April 11, 2025.

The Ministry of Finance in Sweden updates its list of CRS participating jurisdictions. Jamaica, Kenya and Thailand have been added to the list.

The Mauritius Revenue Authority (MRA) publishes a revised list of CRS reportable jurisdictions. South Korea has been re-added to the list.

The International Tax Authority (ITA) of the BVI publishes updated lists of CRS reportable and participating jurisdictions. Belize has been added to both the lists for TY2024.

The Barbados Revenue Authority publishes a guidance note for all relevant stakeholders on the collection of US TINs for Foreign Account Tax Compliance Act (FATCA) compliance purposes describing the relief TIN codes that can be used along with its conditions.

The Ministry of Finance in Bermuda publishes updated lists of CRS reportable and participating jurisdictions. Armenia, Georgia, Moldova, and Ukraine have been added to the reportable list. The aforementioned jurisdictions have also been added to the participating list along with New Caledonia.

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool with the FIs that are in approved status as of February 24, 2025.

The Inland Revenue Authority of Singapore (IRAS) publishes an announcement reminding RFIs that the CRS registration deadline is March 31, 2025, for entities that became reporting SGFIs between January 1, 2024, and December 31, 2024.

The Tax Authority of Israel releases an updated list of CRS participating jurisdictions which will also be considered reportable jurisdictions for TY2024 reporting. A total of 25 jurisdictions have been added to the list.

The French Tax Authority (DGFiP) makes available an updated administrative procedure on FATCA agreement on the automatic exchange of information with the US. The agreement provides updated information on the presentation of the agreement and related annexes.

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool with the FIs that are in approved status as of January 27, 2025.

The IRS releases 2025 Draft version for Form 1099-SB (Seller’s Investment in Life Insurance Contract).

The Ministry of Finance and Economy in Brunei Darussalam releases an updated list of CRS reportable jurisdictions for TY24 reporting. Ghana, Latvia, Lithuania, Panama, and Russia have been added to the list.

The Federal Tax Administration (FTA) of Switzerland updates its list of CRS participating jurisdictions. The updated list includes Georgia, Moldova, and Ukraine which are informed to come into effect beginning January 1, 2025.

The French Tax Authority releases an updated version of the FATCA technical guide (v5.0) that includes technical specifications on declaring the FTIN on a FATCA return.

The IRS publishes draft instructions for Form 1099-SB - Seller's Investment in Life Insurance Contract (Rev. April 2025) and Form 1099-LS - Reportable Life Insurance Sale (Rev. April 2025).

The United Kingdom’s HMRC publishes updated guidance on TINs informing RFIs that the detailed information on TINs for individual sellers, entity sellers such as companies, partnerships, charities, trusts, and sellers in partner jurisdictions have been updated.

The Principality of Monaco makes publicly available the Ministerial Decree No. 2024-734 of December 27, 2024, which provides the list of CRS reportable and participating jurisdictions. Armenia, Moldova, and Ukraine have been added to both the lists for TY2024 reporting.

The Federal Tax Administration (FTA) of Switzerland updates its list of CRS reportable jurisdictions. The date of entry into force for Uganda has been updated to beginning January 1, 2026.

The IRS releases 2025 instructions for Form 1099-B (Proceeds from Broker and Barter Exchange Transactions).

The IRS releases 2025 version for form 1099-B (Proceeds from Broker and Barter Exchange Transaction).

The IRS updates its FATCA Foreign Financial Institution (FFI) list search and download tool with the FIs that are in approved status as of December 23, 2024.

The Office of the Revenue Commissioners in Ireland publishes an updated Tax and Duty Manual on Filing Guidelines for DAC2-Common Reporting Standard (CRS). The updated guidelines provide additional guidance on ResCountry Code that has been further clarified under section 7.5.

The Department for International Tax Cooperation (DITC) of the Cayman Islands publishes an update on Government fees for certain General Registry and Cayman Islands Monetary Authority (CIMA) services which is informed to come into effect on January 1, 2025.

The Spanish Tax Agency (Agencia Tributaria) updates its AEOI deadlines to remind RFIs that the period for submitting CRS and FATCA returns (Modelo 289 and 290 respectively) is January 1, 2025, to June 2, 2025.

The Financial Directorate of the Slovak Republic publishes an updated list of CRS reportable jurisdictions with the addition of Moldova and Oman for TY2024.

The Tax and Customs Administration of Netherlands (TCA) publishes an update informing RFIs of the changes made to the EWLS XML from 2025 (v05). The document of changes in EWLS as of February 2025 has also been published.

The IRS releases draft instructions for the 2025 version of Form 1099-S (Proceeds from Real Estate Transactions).

The Federal Tax Administration (FTA) of Switzerland updates its list of CRS reportable jurisdictions. Uganda has been added as a new reciprocal jurisdiction, with entry into force beginning January 1, 2025.