The British Virgin Islands announce extension of CRS notification and reporting deadlines

On 24 March 2017, the International Tax Authority (“ITA”) of the British Virgin Islands (“BVI”) reminded BVI Financial institutions of the annual reporting obligations under US FATCA, UK CDOT and CRS (Link).  Accordingly, the deadlines for FATCA reports to be filed remains 31 May 2017, with enrollment required by 1 April 2017.  It was also noted that the UK CDOT reporting will be transitioning to CRS in the future.  More information on this transition period can be found on the ITA’s FATCA site (Link).

Portugal and South Africa sign CRS competent authority agreements with Hong Kong

On 3 April 2017, Hong Kong signed AEOI agreements with two more jurisdictions (Link):  Portugal and South Africa.  This brings the total agreements to eleven, which also includes Belgium, Canada, Guernsey, Italy, Japan, Korea, Mexico, the Netherlands and the United Kingdom.  In addition, the press release states:  The Government introduced the Inland Revenue (Amendment) (No. 3) Bill 2017 into the Legislative Council on March 29. The Bill seeks to include Hong Kong’s newly confirmed AEOI partners as well as prospective ones in the list of “reportable jurisdictions” under the Inland Revenue Ordinance.

Previous PwC coverage (Link)

IRS updates publication on Backup Withholding for Missing and Incorrect Names/TIN(s)

In March 2017, the U.S. Internal Revenue Service (“IRS”) released a revised version of Publication 1281 (Link): Backup Withholding for Missing and Incorrect Names/TIN(s).  This publication provides guidance on filing information returns with the IRS in cases where missing or incorrect names or taxpayer identification numbers are included.

Webcast: PwC’s AEoI Reporting Solution demo

PwC is delighted to announce that our next  PwC AEoI Reporting Solution demo will take place on 7 April at 7:00EST/13:00CET.

The demonstration will focus on the enhanced capabilities of the Reporting Solution, including workflow monitoring and task management functionality to facilitate FATCA and CRS reporting on a global basis.

Brochure – PwC CITT AEoI Reporting Solution

PwC’s AEoI Reporting Solution can help you with the FATCA and CRS reporting process from an end-to-end perspective, from data import and data conversion to report submission to the local, relevant tax authority.

CITT Compare Tool Update: Chile added and data updated for Algeria, Japan, Spain, Taiwan and Ukraine

On 15 March 2017, PwC’s CITT Compare Tool was updated to reflect the latest information from Taiwan and Ukraine.  On 21 March, updated content for Spain was added to reflect the reporting deadlines for FATCA and CRS. Finally, on 24 March, Chile was added and updated content for Algeria and Japan was added. Please take this opportunity to re-run reports for those countries and use the latest information within your projects.

QI Renewal – 31 March Deadline Alert

As a reminder, QIs are urged to renew their agreements prior to the 31 March deadline.  Additional information can be found on the Qualified Intermediary (QI), Withholding Foreign Partnership (WP), and Withholding Foreign Trust (WT) Application and Account Management System (Link), including the QI Agreement (Link), FAQs (Link), System User Guide (Link) and System FAQs (Link).

German BZSt releases new FATCA XML Schema allowing for optional nil reporting and CRS update

On 10 March 2017, the German Central Tax Office (Bundeszentralamt für Steuern or “BZSt”) released an “Infobrief” where the new FATCA-XML Schema V 2.0 is published (Link-German). The new FATCA-XML Schema V 2.0 will replace the FATCA XML 1.1. In this context, FIs will again be able to transmit files to the BZSt from 19 June 2017. It is also stated that the updated Communication Handbooks will be available in April. Additionally, the AEOI-BMF-Schreiben which was released on 1 February 2017 is replacing the FATCA-BMF-Schreiben. Finally, within the new FATCA-XML Schema V 2.0, nil reporting is now possible – nevertheless it is only optional and not mandatory (see also AEOI-BMF Schreiben Nr. 120).

Belgium, Canada, Guernsey, the Netherlands, Italy and Mexico sign CRS competent authority agreement with Hong Kong

On 16 March 2017, Hong Kong signed AEoI agreements with six jurisdictions (Link):  Belgium, Canada, Guernsey, Italy, Mexico and the Netherlands.  This brings the total agreements to nine, which also includes Japan, Korea and the United Kingdom.  The announcement does note that:  “The Government will later amend the list of ‘reportable jurisdictions’ under the Inland Revenue Ordinance so as to include the jurisdictions concerned in the list.”