In late September 2019, the Financial Services Authority of St. Vincent and the Grenadines (“FSA”) informed Financial Institutions reporting under the Foreign Account Tax Compliance Act (“FATCA”) and the Common Reporting Standard (“CRS”) that it has managed to extend the reporting deadlines for both regimes to 20 September 2019 (Link).
The online portal is available for registration and reporting purposes. Financial Institution Administrators must first be approved by the Competent Authority before reporting can take place. By uploading an authorization letter from the Financial Institution and a copy of an identification document for the Competent Authority the approval process, strictly online, can be initiated (Link).
On 10 September 2019, Her Majesty’s Revenue & Customs (“HMRC”) in the United Kingdom published an Automatic Exchange of Information (“AEOI”) Privacy Notice (Link). This Privacy Notice updates the AEOI Guidance in the United Kingdom and explains 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.
In addition, on 13 September 2019, published updates to its “International Exchange of Information Manual” (“EoI Manual”) (Link).
On 5 September 2019, the Australian Taxation Office (“ATO”) released version 1.7 of its Package Contents for the Common Reporting Standard (“CRS”) (Link).
The following item was updated with functional changes:
- ATO CRS.0001 2017 Validation Rules.xlsx
Added validation rule VR.ATO.CRS.000283
Removed VR.ATO.CRS.W00224 – Replaced by VR.ATO.CRS.000283
One can subscribe to receive e-mail alerts from the ATO when new information regarding CRS reporting is released by e-mailing firstname.lastname@example.org.
On 2 September 2019, the Colombian Tax Authority (“DIAN”) updated its Foreign Account Tax Compliance Act (“FATCA”) and Common Reporting Standard (“CRS”) information transmission guidance (Link-Spanish). This guidance includes information on how to report to the Colombian Tax Authority under FATCA and CRS.
In September 2019, the Federal Inland Revenue Service (“FIRS”) in Nigeria issued the Income Tax (Common Reporting Standard) Regulations, 2019 (CRS Regulations) (Link). This follows Nigeria’s signing of the Multilateral Convention on Mutual Administrative Assistance in Tax Matters (MAC) and the Multilateral Competent Authority Agreement (MCAA) on the Automatic Exchange of Financial Account Information, signed by Nigeria on 17 August 2017.
For more information, PwC Nigeria prepared a summary in their tax blog (Link). A related PwC Tax Alert from PwC Nigeria is also available online (Link).
On 16 September 2019, the European Commission presented the first Evaluation of the Council Directive 2011/16/EU on administrative cooperation in the field of taxation and repealing Directive
77/799/EEC (Link). This evaluation answers a specific requirement set out in the legal basis of the
Intervention. Article 27 of the directive requires the Commission to present such a report to the European Parliament and Council every five years.
The Commission states that the scope of the Directive encompasses all taxes of any kind with the exception of VAT, customs duties, excise duties and compulsory social contributions because these are already covered by other Union legislation on administrative cooperation. The Directive provides for the exchange of specified information in three forms: spontaneous, automatic and on request (Link).
A summary of the evaluation is also available online (Link).
On 17 September 2019, Congresswoman Carolyn B. Maloney, Americans Abroad Caucus Co-Chair, introduced two pieces of legislation (Link). The two bills, Commission on Americans Living Overseas Act of 2019 (Link) and the Overseas Americans Financial Access Act (Link), would offer relief, including an important relief from the Foreign Account Tax Compliance Act (“FATCA”) for Americans living overseas according to the Congresswoman.
In response to the bills, on 18 September 2019, L’Association des Américains Accidentels (“AAA”) (Link) submitted a letter to Congresswoman Carolyn B. Maloney welcoming her approach to introduce the two pieces of legislation but also pointing out, that the bills do not mention consequences of the American tax laws for “accidental Americans” who are most affected. The full letter is available on Twitter (Link).
On 11 September 2019, the U.S. Internal Revenue Service (“IRS”) released an updated version of the International Data Exchange Service (“IDES”) Data Preparation User Tips (Link).
On 11 September 2019, PwC’s CITT Compare Tool was updated to include the latest content from the Bahamas. Please take this opportunity to re-run reports for this country and use the latest information within your projects.
On 5 September 2019, Estonia updated its general Foreign Account Tax Compliance Act (“FATCA”) information webpage to explain the FATCA declaration process and to introduce the new upgraded desktop of the e-services e-MTA reporting environment (Link-Estonian). The update includes a step-by-step description of the FATCA information declaration process to the Tax and Customs Board via e-MTA.
Information, including an introduction video (Link-YouTube), on the upgraded e-service desktop can also be found on the Estonian webpage (Link-Estonian).
In addition, from 12 September 2019 to 13 September 2019, SK ID Solutions will carry out scheduled maintenance of Smart-ID service and, therefore, logging into e-services with Smart-ID may be interrupted (Link-Estonian).
More information on FATCA in Estonia can be found on the Estonian FATCA information webpage (Link-Estonian).