Austria issues Tax Act with amendments on CRS

On 29 October 2019, the Government of Austria issued the Finanz-Organisationsreformgesetz – (“FORG”), which is a law modifying taxes (Link-German). The FORG is the Austrian Financial Organisation Reform Act and amends multiple Austrian Laws. In this respect, Art.42 of the FORG “Änderung des Gemeinsamer Meldestandard-Gesetzes”, contains amendments related to the reporting requirements within the Common Reporting Standard (“CRS”). The changes relate to definitions and general information on CRS reporting.

France opens online reporting portal

In late October 2019, with regard to the latest updates to the Foreign Account Tax Compliance Act (“FATCA”) and Common Reporting Standard (“CRS”) Technical guidance  (Link-Blog), the French Tax Administration (“FTA”) opened the French online reporting portal “Télé-TD” (Link-French). To find out how to use the portal the FTA provides a detailed instruction in chapter 5 of their Technical Guidance for CRS (Link-French).

India and the United States plan to improve quality of exchanged FATCA information

On 1 November 2019, the U.S. Department of the Treasury issued the Joint Statement on the India – U.S. Economic and Financial Partnership which follows a meeting of Indian Finance Minister Nirmala Sitharaman and U.S. Secretary of the Treasury Steven Mnuchin (Link). India and the U.S. are committed to greater economic cooperation on global economic issues, both bilaterally and multilaterally. To enhance the fight against offshore tax evasion both sides will work together to further improve the quality and usability of Foreign Account Tax Compliance Act (“FATCA”) data for mutual benefit.

IRS final reminder: QI (including QDD), WP, WT application deadline for 2019

On 7 November 2019, the U.S. Internal Revenue Service (“IRS”) released Issue Number 2019-9, which is the final reminder on the deadline for all Qualified Intermediary (“QI”), including Qualified Derivatives Dealer (“QDD”), Withholding Foreign Partnership (“WP”) and Withholding Foreign Trust (“WT”) applications for the year 2019 (Link). The deadline is 15 November 2019.

All applicants wishing to have an agreement in effect in 2019 must submit their applications through the Qualified Intermediary, Withholding Foreign Partnership, Withholding Foreign Trust Application & Account Management System (QAAMS) no later than 15 November 2019, to allow sufficient time for processing by year-end. Applicants must have obtained a GIIN prior to submitting their applications, if needed. See section 2.22 of the QI Agreement in Rev. Proc. 2017-15, or section 12.01(a) of the WP or WT Agreement in Rev. Proc. 2017-21 for the effective date of an agreement for a new applicant.

In addition, on 6 November 2019, Publication 3112, which is the IRS E-file Application and Participation Guidance, was updated (Link).

Switzerland implements Global Forum’s recommendations

On 31 October 2019, the Federal Tax Administration (“FTA”) in Switzerland ended the discussion (Link-Blog) on the implementation of the Organisation for Economic Co-operation and Development (“OECD”) Global Forum’s recommendations by implementing said recommendations (Link). The Federal Act on the Implementation of Recommendations of the Global Forum on Transparency and Exchange of Information for Tax Purposes (“Global Forum”) will enter into force on 1 November 2019. Relevant guidance is now available.

The information on the Swiss website is also available in German (Link-German),  French (Link-French) and Italian (Link-Italian).

HMRC publishes update to International Exchange of Information Manual

On 18 October 2019, Her Majesty’s Revenue & Customs (“HMRC”) published updates to its “International Exchange of Information Manual” (“EoI Manual”) (Link). In addition to several formatting changes, the primary updates were made within the section “Reportable Information: Tax Identification Number” (Link). Reference to the Foreign Account Tax Compliance Act (“FATCA”) U.S. Internal Revenue Service Frequently Asked Questions published on 15 October 2019 in respect of missing Tax Identification Numbers have been included.

Austria issues Tax Act with amendments on CRS

On 22 October 2019, the Government of Austria issued the Abgabenänderungsgesetz 2020 (“AbgÄG 2020”), which is a law modifying taxes (Link). The AbgÄG 2020 amends 10 different Austrian tax laws. In this respect, Article 2 “EU-Meldepflichtgesetz” and Article 8 “Änderung des Gemeinsamer Meldestandard-Gesetzes”, contains amendments related to the reporting requirements within the European Union and the Common Reporting Standard (“CRS”). The changes relate to definitions and general information on CRS reporting.

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