Tunisia signs Agreement with the U.S.

On 13 May 2019, the Tunisian Minister of Finance and the U.S. Ambassador to Tunisia signed an agreement to improve international tax compliance and cooperation in the field of taxation, between Tunisia and the United States. The U.S. Ambassador pointed out that the signing is a further indication of the strength of the bilateral relationship and the increasing cooperation on economic issues between Tunisia and the United States. The United States is committed to promoting economic growth in Tunisia through their assistance programs. However, the governments are also working hard to increase trade and investment relations aimed at creating wealth and jobs in both countries, a subject that will be at the center of the second Joint Economic Commission meeting this June in Tunisia (Link).

Belgium issues clarification statements regarding accounts of asylum seekers and CBI/RBI schemes under CRS

On 9 May 2019, the Government of Belgium announced that persons for whom an asylum application is processed are presumed to be non-tax residents (Link-French). Regarding the Common Reporting Standard (“CRS”) information, those accounts should not be considered as “reportable accounts”, provided that the account holder can prove his/her status as an asylum seeker on the basis of documents issued by the Belgian authorities.

An asylum seeker’s account may have the status of “non-reportable account” for a maximum of two consecutive calendar years. This time limit may only be extended in the event of evidence to the contrary, for example in the context of ongoing legal proceedings concerning an asylum application.

In addition, also on 9 May 2019, the Government of Belgium released an explanatory document with regard to the risks of Citizenship by Investment (“CBI”) and Residence by Investment (“RBI”) schemes under CRS (Link-French).

Italy updates filing guidelines for FATCA and CRS-DAC2

On 7 May 2019, the Agenzia delle Entrate, which is Italy’s revenue agency, released an updated version of the Foreign Account Tax Compliance Act (“FATCA”) filing instruction (Link-Italian). Besides several formatting changes, the primary updates were made by introducing a new communication cancelation system.

In addition, also on 7 May 2019, an updated version of the Common Reporting Standard (“CRS”) and DAC2 filing instruction (Link-Italian). Paragraphs 3.5.2, 3.5.3, 3.9, 4.7.3 and 4.7.4. have been updated. Those updates include:

  • Introduction of new splitting mechanism for transmitting a large data package
  • Communication of new batch data (3.5.2),
  • Substitute communications (3.5.3),
  • Summary of permissible and non-eligible communications in a table (3.9),
  • Example of corrections within the timeline for batch communication (4.7.3); and,
  • Corrective methods in cases of multiple residence (4.7.4).

The guidelines on the filing of the Foreign Account Tax Compliance Act (“FATCA”) and the Common Reporting Standard (“CRS”) are designed to provide information in relation to FATCA and CRS-DAC2 Reporting in Italy. While every effort is made to ensure that the information given in these guidelines is accurate, it is not a legal document. Responsibility cannot be accepted for any liability incurred or loss suffered as a result of reliance on any matter published.

Mauritius issues CRS Regulations 2019

On 23 April 2019, the Mauritius Revenue Authority issued the Income Tax (Common Reporting Standard (“CRS”)) (Amendment) Regulations 2019 (Link). The Regulations, made by the Minister under section 76 and 124(3) of the Mauritius Income Tax Act, update section 12A -Anti-Avoidance- and section 12B – Penalty-.

Taiwan updates information on CRS reporting

On 16 May 2019, the Taiwan Ministry of Finance published updated information on the reporting under the Common Reporting Standard (“CRS”) to reflect the recent changes in the Taiwanese CRS reporting process (Link-Chinese).

The recently published List of Reportable Jurisdictions under CRS, which can also be found on the Taiwanese website, contains two countries, Australia and Japan (Link-Chinese). For more information regarding the Automatic Exchange of Information in Taiwan, the Taiwan Ministry of Finance published Questions and Answers (“Q&A”) on the implementation of the CRS (Link-Chinese). Questions on what CRS is, how it works and how Taiwan will keep up with the CRS implementation are answered in downloadable files.

Slovenia releases FATCA Notice

On 16 May 2019, the Ministry of Finance in Slovenia published a Foreign Account Tax Compliance Act (“FATCA”) Notice containing information about the 2018 FATCA reporting in Slovenia (Link-Slovenian). Slovenian Reporting Financial Institutions are obliged to inform the Financial Administration of the Republic of Slovenia by 30 June 2019, based on the FATCA agreement.

In the event that the US taxpayer’s identification number is not known, it is mandatory to report the date of birth. Other reporting obligation are summarized in the newly released Technical Protocol v.1.9 (Link-Slovenian). The Notice also contains useful information regarding the registration and communication within the Slovenian reporting portal.

Technical remarks and questions can be submitted to the Ministry of Finance in Slovenia via email: sd.fu@gov.si. Other contact requests can be submitted to the Ministry of Finance in Slovenia via email: fatca.produkcija.fu@gov.si.

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