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.

Leave a reply

Your email address will not be published. Required fields are marked *

/* */