Category: General

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CITT Compare Tool Update: Data updated for Singapore and Reportable Jurisdiction Matrix

On 15 November 2017, PwC’s CITT Compare Tool was updated to include the latest content from Singapore. In addition, the Reportable Jurisdiction Matrix which provides a list of the ISO codes of the jurisdictions of which the resident account holders must be reported in the selected country and indicates the first year in which reporting is required has been updated. Please take this opportunity to re-run reports for Singapore and use the latest information within your projects.

 

Final Reminder: QI/QDD/WP/WT applications are due by 17 November 2017

On 14 November 2017, the U.S. Internal Revenue Service (“IRS”) released a reminder of the deadline for filing applications for Qualified Intermediary (“QI”), Qualified Derivatives Dealer (“QDD”), Withholding Foreign Partnership (“WP”) and Withholding Foreign Trust (“WT”). The respective applicants must ensure that their applications are submitted no later than 17 November 2017, in order to have an agreement in effect in 2017. The Qualified Intermediary Application Account Management System (“QAAMS”) must be used for the submission. Before the submission of applications, the GIIN must be allocated, if this is necessary (Link).

 

Cayman Islands releases updates on AEOI Portal

On 7 November 2017, the Cayman Islands Department for International Tax Cooperation has released updates on the Automatic Exchange of Information (“AEOI”) Portal (Link). One change concerns the AEOI Portal accessibility and notifies users that the AEOI Portal is currently offline and that its reopening will be communicated through an Industry Advisory and on the AEOI Portal News and Updates page of the Department for International Tax Cooperation’s website. The other change concerns the AEOI Portal Team communications and notifies users who sent an email to the AEOI Portal Team with regards to an issue not relating to FI terminations on the Portal prior to 13 September 2017, who have not received a response to resend their email, as the email has perhaps not been received by the AEOI Portal Team due to technical difficulties.

Qatar signs Multilateral Convention on Mutual Administrative Assistance in Tax Matters

On 10 November 2017, Qatar signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters (“Convention”), raising the total number of jurisdictions to 115 (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. Further, 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”), Qatar is, therefore, closer to become a jurisdiction participating with the CRS (Link).

 

Guernsey issues Bulletin regarding FATCA/CRS corrections for the reporting period 2016

On 13 November 2017, the Government of Guernsey issued Common Reporting Standard and US IGA (“FATCA”) Corrections for Reporting Period 2016 Bulletin 2017/7 (“Bulletin”). The Bulletin states that the data received from reporting Financial Institutions for the calendar year 2016 both in respect of FATCA and CRS reporting was transmitted by the Director to the United States of America (in relation to FATCA data) and Reportable Jurisdictions (in relation to CRS data), by the deadline of 30 September 2017. However, subsequent to the transmittal of this data, the Director has been in receipt of notifications which have indicated record level errors in need of correction both for FATCA and CRS. The purpose of the Bulletin is to make reporting Financial Institutions aware of the fact that formal Notices may be issued by the Director requiring correction reports for FATCA and/or CRS (Link).

U.S. signs CAA with Greece

On 19 January 2017, the U.S. has signed a Competent Authority Arrangement (“CAA”) with Greece (Link) in accordance with the IGA signed between these jurisdictions (Link). In general, a Competent Authority Arrangement is a bilateral agreement between the U.S. and a treaty partner to clarify or interpret treaty provisions (Link). These CAAs establish the procedures for the automatic exchange obligations and for the exchange of information between these jurisdictions.

REMINDER: QI/QDD/WP/WT applications are due by 17 November 2017

On 6 November 2017, the U.S. Internal Revenue Service (“IRS”) released a reminder of the deadline for filing applications for Qualified Intermediary (“QI”), Qualified Derivatives Dealer (“QDD”), Withholding Foreign Partnership (“WP”) and Withholding Foreign Trust (“WT”). To have an agreement in effect in 2017, the respective applicants must ensure that their applications are submitted no later than 17 November 2017. The Qualified Intermediary Application Account Management System (“QAAMS”) must be used for the submission. Before the submission of applications, the GIIN must be allocated, if this is necessary (Link).