On 18 August 2016, the Danish Tax Authorities (“SKAT”) released an update to guidelines on the FATCA reporting (the prior version was dated 15 March 2016). The update relates to technical solution of the reporting (Link-Danish)
The following three sections have been amended in the updated guidelines:
- Section 7.2: The schedule (schema) for the type of response files has been extended to include a column with names of response files (Link-Danish).
- Section 8: Details are added on how to do the re-reporting (correction of previously reported information).
The procedures concern situations, where (i) the information has been approved by SKAT but due to the IRS’s rules on validation have to be changed and (ii) where the reporting entity becomes aware of mistakes in the reported information (Link-Danish).
- Appendix 5: The error codes and list have been updated (Link-Danish)