On 2 and 3 December 2019, PwC’s CITT Compare Tool was updated to include the latest content from Germany, Malaysia, Mauritius, Sweden and Ukraine. Please take this opportunity to re-run reports for those countries and use the latest information within your projects.
On 20 November 2019, the Australian Taxation Office (“ATO”) issued an update to the Common Reporting Standard (“CRS”) reporting process. The latest CRS updates include:
- an update to the reporting webpage (Link); and,
- the CRS Small Reporter Tool user guide (Link).
In addition, on 4 December 2019, ATO reminded all Digital Service Providers (“DSP”) of the upcoming changes to the login for ATO’s online services (Link). From 13 January 2020, All DSPs will need to use the myGovID instead of AUSkey to log in to Online services. Prior to 13 January, DSPs will still need to use AUSkey.
On 2 December 2019, the Federal Public Service of Finances in Belgium published a reminder on the recent release of the following two Common Reporting Standard (“CRS”) publications (Link-French):
- document concerning the communication of the Tax Identification Number (“TIN”) (Link-French); and,
- Frequently asked Question and Documentation page (Link-French).
In addition, on 4 December 2019, the Federal Public Service of Finances in Belgium reported that correction requests from the U.S. Internal Revenue Service (“IRS”) for Foreign Account Tax Compliance Act (“FATCA”) files submitted for the 2016, 2017 and 2018 revenue years have been communicated to the relevant Financial Institutions (“FIs”) (Link-French). FIs which received a correction request now have one month and 3 working days to provide accurate and/or complete information.
In addition to last week’s update on Financial Account reporting in Russia (Link-Blog), the Federal Tax Service of Russia issued draft documents for public discussion (Link-Russian). The following documents are available for public proposals and comments:
- checklist for financial market organizations to conduct an independent analysis of the proper implementation of Russian requirements in the field of CRS (Link-Russian); and,
- new version of the format of the report on customers – tax residents of foreign states version 5.03 (Link-Russian).
The feedback can be sent until 16 December 2019.
On 25 November 2019, the Canada Revenue Agency (“CRA”) updated the International Exchange of Information on Financial Accounts Common Reporting Standard (“CRS”) XML Schema for filing returns in 2020. The recent changes contain an update on the XML specifications for Part XVIII (Link) and Part XIX (Link) information returns in 2020, related to the 2019 tax year.
For more information on the XML Scheme filing in Canada, one can review the Completing Part XIX Information Return slips and summary (Link), which was updated on 1 November 2019, and the XML specifications (Link).
On 2 December 2019, the Inland Revenue Board of Malaysia (“IRBM”) updated its Foreign Account Tax Compliance Act (“FATCA”) information website to provide for recent changes to their legislation. The IRBM also issued a reminder of the newly scheduled U.S. Internal Revenue Service (“IRS”) International Data Exchange Service (“IDES”) testing session (Link).
IRBM also announced that the date for submitting the 2014, 2015, 2016, 2017, 2018 and 2019 reportable information and NIL Returns under FATCA to IRBM has been tentatively deferred to 30 June 2020.
Following the adoption of the dispatch on amending the Federal Act on the International Automatic Exchange of Information in Tax Matters (“AEOI”) to implement the recommendations of the Global Forum (Link-Blog), the Swiss Federal Council passed Global Forum’s annual meeting in review. A Swiss delegation attended the 2019 Global Forum meeting in Paris (Link-German).
The information on the Swiss website is also available in French (Link-French).
On 29 November 2019, the Cayman Islands’ Department for International Tax Cooperation (“DITC”) released an updated version of the Automatic Exchange of Information (“AEOI”) News & Updates circular: “AEOI News & Updates” to reflect recent changes regarding the AEOI (Link).
The Cayman Islands AEOI Portal is currently offline for essential maintenance (Link).
The AEOI Portal will reopen during the first quarter of 2020 for CRS and US FATCA Notification and
On 28 November 2019, the Organisation for Economic Co-operation and Development (“OECD”) released OECD Taxation working paper No.46 on the “Exchange of information and bank deposits in international financial centres” (Link).
Inter alia, this paper presents the result that the commencement of Automatic Exchange of Information in 2017 and 2018 is associated with a further reduction in bank deposits of 22%. When also accounting for the Foreign Account Tax Compliance Act, the result declines to about 17%.
On 28 November 2019, PwC’s CITT Compare Tool was updated to include the latest content from Singapore and the United Arab Emirates. Please take this opportunity to re-run reports for those countries and use the latest information within your projects.