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Sweden issues Newsletter on AEOI

On 8 February 2019, the Swedish Tax Agency released a Newsletter summarizing the latest Automatic Exchange of Information (“AEOI”) events in Sweden.

The newsletter, which is only available in Swedish, once again, explains Lex Asea dividends, which must be submitted based on the Foreign Account Tax Compliance Act (“FATCA”) and the Common Reporting Standard (“CRS”). Further topics include:

  • The e-service for submitting FATCA and CRS data is now available. It is recommended to wait until April 2019, with the data submission;
  • The new draft of the CRS technical guidances with changes on undocumented accounts, country codes and Controlling persons is now available on the Swedish CRS information webpage (Link-Swedish); and,
  • The new draft of the FATCA technical guidances with changes on mandatory topics to report to the Internal Revenue Service in the U.S. (“IRS”), and on the U.S. Tax Identification Number is now available on the Swedish CRS information webpage (Link-Swedish).

The final versions of the technical guidances will be available by March 2019.

Please note that the above information have been received through an email subscription. If you would like to receive the latest news regarding AEOI in Sweden, feel free to send a request to the following email address: finansiella.konton@skatteverket.se.

France releases updated technical guidance for FATCA and CRS, as well as ‘cahier des charges’ for CRS

On 1 February 2019, the French Tax Administration (“FTA”) released a revised version 3.7 of the Foreign Account Tax Compliance Act (“FATCA”) technical guidance, which, on page 54, contains information on the amended FATCA timelines for 2019 (Link-French). In addition, an updated version 1.8 of the Common Reporting Standard (“CRS”) guidance has been released (Link-French).

Furthermore, on the very same day, the FTA published a new “cahier des charges” for CRS concerning 2018 revenues. A provisional list of countries with 5 new entries is available on page 58, and these countries are: Azerbaijan, Barbados, Hong-Kong, Israel and Panama. Nevertheless, the official decree for updating the annual list has not yet been published (Link-French).

Remarks can be submitted to the FTA via email: bureau.cf1c@dgfip.finances.gouv.fr.

India updates documents on FATCA and CRS reporting

On 11 February 2019, the Income Tax Department of India issued new versions of the Common Reporting Standard (“CRS”) and the Foreign Account Tax Compliance Act (“FATCA”) related documents on their User Manual Download portal (Link). The documents include the new version 4.0 of the Reporting Portal Frequently Asked Questions.

Bermuda amends CRS List of Reportable Jurisdictions

On 31 January 2019, the Ministry of Finance in Bermuda released an updated List of Reportable Jurisdictions under the Common Reporting Standard (“CRS”). A total of 57 countries are on the list of jurisdictions that are to be treated as Reportable Jurisdictions for purposes of the CRS for the 2018 reporting period, who will receive 2018 calendar year CRS information from Bermuda in 2019 (Link).

Mauretania signs Multilateral Convention on Mutual Administrative Assistance in Tax Matters

On 12 February 2019, Mauritania signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters (“Convention”), raising the total number of jurisdictions to 127 (Link).

The Convention is one of the most important and powerful instruments in the area of international tax cooperation. It provides for all forms of administrative assistance in tax matters, e.g. exchange of information on request, spontaneous exchange, automatic exchange, etc. Furthermore, the Convention provides for the extensive safeguards concerning the protection of the taxpayers’ rights. As the Convention is the premier instrument for the implementation of the Common Reporting Standard (“CRS”), Mauritania is closer to become a CRS participating jurisdiction (Link).

Estonia releases FATCA announcement

On 5 February 2019, the Estonian Tax and Customs Board released a notice stating that recently circulating letters with the headline “FATCA NOTICE” from the “U.S. Compliance Department” are not official communication from the Internal Revenue Service in the U.S. (“IRS”) (Link-Estonian).

Recently, Estonian companies received letters on the Foreign Account Tax Compliance Act (“FATCA”) which appear to be sent by the “U.S. Compliance Department”. Most of the letters require contacting an indicated phone number. Upon request from the Estonian Government, the IRS confirmed that they have not sent such letters.

The Tax and Customs Board in Estonia now requests not to react to such letters, but to send a copy of the letter to infovahetus@emta.ee.

More information on FATCA in Estonia can be found on the Estonian FATCA information webpage (Link-Estonian).