Germany issues provisional country exchange list for CRS

On 6 April 2017, the German Ministry of Finance (“Bundesministerium für Finanzen” or “BMF”) released a Publication of a provisional country exchange list pursuant to § 1 (1) Gesetz zum automatischen Austausch von Informationen über Finanzkonten in Steuersachen (“FKAustG”) for the first automatic exchange of information on financial accounts in tax matters as at 30 September 2017 (Link-German).

This country exchange list deviates from the one published earlier on the website of the Federal Central Tax Office (“Bundeszentralamt für Steuern” or “BZSt”), especially with regard to some overseas territories. However, the BMF has stated that the final country exchange list will be released in late June 2017.  Considering the 31 July 2017 reporting deadline this timeline from the BZSt could be critical for German financial institutions in preparing for the reporting deadline and being flexible to incorporate the final list of exchange jurisdictions when it is released.

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