Singapore issues CRS Guidance

On 18 July 2017, the Inland Revenue Authority of Singapore (“IRAS”) issued CRS Guidance comprising FAQs and basic guidelines on CRS (Link). This Guidance aims to assist financial institutions, service providers and account holders to understand substantial requirements of the CRS and how will they be affected by its implementation:

  • IRAS FAQs on the CRS (Link);
  • How Account Holders of FI Will be Affected (Link); and,
  • IRAS CRS Brochure for Account Holders (Link).

Chile publishes CRS law

On 5 July 2017, the Chilean Treasury published Regulations on the identification of obligations regarding financial accounts (Link-Spanish). Chile signed the Multilateral Competent Authority Agreement on 23 October 2014, an agreement which  was approved by the Chilean Congress in 5 November 2015, and which entered into force in 7 November 2016.

CITT Compare Tool Update: Data updated for Bahrain, Bermuda, Cayman Islands, Curacao, Cyprus, Germany, Hong Kong, Italy and New Zealand

On 11 July 2017, PwC’s CITT Compare Tool was updated to include the latest content from Bahrain, Cayman Islands, Cyprus, Hong Kong, Italy and New Zealand. On 13 July 2017, PwC’s CITT Compare Tool was updated to include the latest content from Bermuda, Curacao and Germany. Please take this opportunity to re-run reports for those countries and use the latest information within your projects.

Cyprus provides Guidance Notes on AEOI

On 19 June 2017, the Cyprus Tax Department issued Guidance Notes on Automatic Exchange of Financial Account Information and other information concerning the common reporting standard (“CRS”) (Link). The Guidance Notes contain guidance for tax department staff and other interested parties on substantial issues regarding the application of international agreement, as well as additional legislation on automatic exchange of financial information (Link).

IRS publishes revised W-8BEN-E Form

On 12 July 2017, the Internal Revenue Service (“IRS”) released a revised Form W-8BEN-E (Link). Instructions provided in April 2016 are still valid (Link). Form W-8BEN-E (Rev. 2014) that were provided in 2014, are still valid until 31 December 2017.  However, if a new W-8BEN-E must be provided to a withholding agent, the new form (Revised July 2017) should be used.