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Early News Alert

Due to tomorrow’s holiday in much of Europe, we are sending out this week’s alert one day early. The next News Alert will be published on Friday 25 April 2019, as usual.

CITT Compare Tool Update: Data updated for Cameroon, Chad, the Czech Republic, Egypt, Jordan, Lebanon, Saudi Arabia and the United Arab Emirates

On 17 April 2019, PwC’s CITT Compare Tool was updated to include the latest content from Cameroon, Chad, the Czech Republic, Egypt, Jordan, Lebanon, Saudi Arabia and the United Arab Emirates. Please take this opportunity to re-run reports for those countries and use the latest information within your projects.

Cayman Islands updates AEOI User Guide

On 9 April 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 the recent changes regarding the AEOI (Link). TIA announced that the submissions for the 2018 filing year completed on or before 31 July 2019, i.e. two months after the statutory 31 May deadline “will not result in compliance measures being taken for late filing and will not therefore attract adverse consequences, enforcement measures or penalties”. The list of CRS reportable jurisdictions remains unchanged for this year.

In Addition, also on 9 April 2019, the Cayman Islands Automatic Exchange of Information Portal User Guide was updated (Link). The updates include:

  • A new validation rule for reports in the case of Pre-Existing Specified US Person (Entity) and Substantial Owner type Organisation, where the RFI has been unable to obtain the U.S. TIN (page 27)
  • Examples of common errors included and required actions clarified (page 52)
  • Guidance on how to download a CRS Status Message (page 83)

Further information on the latest AEOI developments can be found on the Cayman Islands AEOI website (Link).

Denmark issues updated CRS FAQs

On 5 April 2019, the Danish Tax Authorities (“SKAT”) updated their Frequently Asked Questions (“FAQs”) on the Common Reporting Standard (“CRS”) (Link-Danish). The FAQs can be found in the fourth drop-down menu.

Questions regarding the “Tax Control Act, Section 8” (FATCA and CRS), can be submitted in Danish language to the following email address: ekapital@sktst.dk. All questions will be answered on this page.

Hong Kong releases update for AEOI Guidance

On 4 April 2019, the Inland Revenue Department of Hong Kong (“IRD”) updated chapter 18 of the Hong Kong Guidance for Financial Institutions (Link), which is intended to aid financial institutions in complying with their obligations under Part 8A of the Inland Revenue Ordinance (Cap. 112). It contains the Department’s views on the due diligence procedures required by the Common Reporting Standard (“CRS”) of the Organisation for Economic Co-operation and Development (“OECD”).

More information on AEOI in Hong Kong is provided on the government’s information webpage (Link).

Singapore makes FATCA Paper Nil Return available

On 15 April 2019, the Inland Revenue Authority of Singapore (“IRAS”) announced that the Foreign Account Tax Compliance Act (“FATCA”) Paper Nil Return for Reporting Year 2018 is available for download (Link).

The User should refer to the FATCA Reporting Requirements section on the Singapore website for more information and download of the Paper Nil Return (Link).

Jersey releases practical guidance on CRS reporting and CRS compliance note

On 5 April 2019, the Government of Jersey issued version 3.0 of its practical guidance on reporting under the Common Reporting Standard (“CRS”) (Link). In this document, Financial Institutions which are preparing CRS reports will find assistance regarding the following topics:

  • Submission of CRS reports to Jersey
  • Registering on the live and test portals (Updated)
  • Importance of testing reports
  • How to report – the OECD schema
  • Single or multi-jurisdictional reporting
  • Empty/Blank Data Tag (New)
  • Date of Birth (Updated)
  • Trustee and third party reporting (Updated)
  • Nil Returns (Updated)
  • Data Protection
  • Specific aspects of CRS reporting (Updated)

In addition, also on 5 April 2019, the Government of Jersey published compliance Note 1: “CRS reporting by third party service providers” (Link). The note states, that Revenue Jersey has identified that some third party reporters, including trust and company service providers (“TCSPs”), have incorrectly reported that individuals and/or entities hold accounts directly in that third party. Where the third party wishes to submit a report on behalf of a client, which is a Reporting Financial

Institution (“RFI”) in its own right, or would otherwise be a Trustee Documented Trust (“TDT”), the report must show the RFI or the TDT as the reporting financial institution, and its controlling persons as account holders. An RFI or a TDT has not complied with its obligations under the CRS Regulations if it has not been shown as the reporting financial institution in the report. Financial institutions or third party service providers whose CRS reports have been structured incorrectly will be expected to submit correct reports for all affected periods as soon as they identify the issue, unless they have already been contacted by Revenue Jersey about this.

More on CRS in Jersey can be found on the CRS information website from the government of Jersey (Link).

Mauritius issues updated list of Reportable Jurisdictions under CRS

In April 2019, the Mauritius Revenue Authority issued an updated List of Reportable Jurisdictions under the Common Reporting Standard (“CRS”) (Link). A total of 110 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.

Amendments on CRS in Mauritius are gathered in a recently released communique (Link).

Aruba issues updated list of Reportable Jurisdictions under CRS

In late January 2019, the Aruba Revenue Authority (“Departamento di Impuesto”) released “Handleiding Automatic Exchange of Information”, which is an updated guidance on the Common Reporting Standard (“CRS”) (Link).

A total of 61 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 (Link). Financial Institutions are obliged to use the Aruba reporting environment (Multi Data Exchange Solution (“MDES”)), which went live on 27 August 2018, to upload their XML files (Link).

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