Japan releases updated FAQs on CRS

On 30 December 2018, Japan updated the Foreign Account Tax Compliance Act (“FATCA”) and Common Reporting Standard (“CRS”) Frequently Asked Questions (“FAQs”) regarding the Reporting System for Automatic Exchanges of Financial Account Information on Non-residents (Link-Japanese). The document provides Japanese Financial Institutions with the technical description and specification for filing CRS returns. The updated FAQs contain the following additional questions:

  • Q1 – 1-6;
  • Q2 – 7, 12 and 14.

In addition, amendments have been made to the following questions:

  • Q1 – 1-9;
  • Q2 – 1;
  • Q2 – 9.

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