On 27 April 2017, PwC’s CITT Compare Tool was updated to reflect the latest information for the British Virgin Islands, Bahamas and Japan. Please take this opportunity to re-run reports for those countries and use the latest information within your projects.
On 17 April 2017, the Inland Revenue Board of Malaysia (“IRBM”) announced (Link) that there will be an extension of time to submit 2014, 2015 and 2016 reportable information under FATCA until 30 June 2017. In addition, the date for submitting 2017 reportable information is schedule to be 30 June 2018. The IGA between Malaysia and the US is still being finalized, which has resulted in this delay. Financial institutions should keep in mind that nil reports are required in Malaysia, using this template which has been provided by the Inland Revenue Board of Malaysia.
On 24 April 2017, the Commissioner of Inland Revenue in Malta announced (Link) the extension of CRS reporting on 2016 accounts from 30 April to 30 June 2017. This is expected to be an extraordinary extension and the subsequent reporting will occur on 30 April annually.
On 25 April 2017, the U.S. Internal Revenue Service (“IRS”) published updated the content of the Frequently Asked Questions (FAQs) – FATCA Registration System (Link). In total, 19 questions were updated or added to the FAQs.
On 31 March 2017, the Cayman Islands Gazette (Link) was issued to include (1) the list of CRS Reportable Jurisdictions (for reports due in 2017 and onwards) on page 15 as well as (2) the list of CRS Participating Jurisdictions on pages 16 and 17.
On 18 April 2017, the Cayman Department for International Tax Cooperation released an update (Link) followed by an Industry Advisory on 13 April 2017, which include the following updates:
- The AEOI Portal will be offline until “the beginning of May” due to software upgrades and updates for CRS notifications.
On 12 April 2017, the Cayman Islands Ministry of Financial Services issued an Industry Advisory (Link) stating that the Department for International Tax Cooperation (“DITC”) issued the Common Reporting Standard for Automatic Exchange of Financial Account Information in Tax Matters Guidance Notes Version 2.0 (Link).
In addition, an updated Self-Certification Form for entity account holders (Link) was also circulated for industry use.
On 4 April 2017 and 10 April 2017, the Singapore authorities issued amendments to the Singapore Common Reporting Standard (“CRS”) Regulations (Link) and updates to the Inland Revenue Authority of Singapore (“IRAS”) CRS FAQs (Link) respectively. Updates were made to FAQs C.13, E.21 and E.22. In addition, a CRS brochure (Link) was released by the IRAS which is intended to assist account holders in understanding CRS.
PwC Singapore has prepared a summary which provides a brief overview of how these changes to the CRS regulations and updated FAQs may impact financial institutions in Singapore in its latest Tax Bulletin.
On 10 April 2017, the Inland Revenue Authority of Singapore (“IRAS”) announced (Link) that it has concluded a bilateral Competent Authority Agreement (“CAA”) with Guernsey (Link) for the automatic exchange of financial account information. Under the CAA, the IRAS will automatically exchange financial information of accounts in Singapore held by tax residents of Guernsey with the competent authorities of Guernsey for reciprocal information.
This brings the total number of CAAs which have been signed up to 22. The first submission by Singapore FIs is scheduled for 31 May 2018 under all existing CAAs with the first exchange between governments occurring by September 2018.
On 19 April 2017, the State Bank of Pakistan issued a Circular (Link) reminding financial institutions that Pakistan has signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters and that it has finalized the CRS Rules on 15 March 2017 (Link). Finally, financial institutions were reminded that they should begin due diligence of customers as of 1 July 2017.
The Inland Revenue Division of the Government of Grenada has announced (Link) that implementation of the FATCA IGA with the United States which was signed on 29 November 2016, is “now a formality”.