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CITT Compare Tool Update: Data updated for Austria, Canada, Colombia, France, Germany, Hungary, Indonesia, Luxembourg, Malaysia, Mongolia, the Netherlands, the Philippines, Portugal, Russia, South Africa, Singapore, Spain, Switzerland, Taiwan and Tunisia

On 15 and 16 January 2020, PwC’s CITT Compare Tool was updated to include the latest content from 20 countries. The countries are: Austria, Canada, Colombia, France, Germany, Hungary, Indonesia, Luxembourg, Malaysia, Mongolia, the Netherlands, the Philippines, Portugal, Russia, South Africa, Singapore, Spain, Switzerland, Taiwan and Tunisia. Please take this opportunity to re-run reports for those countries and use the latest information within your projects.

Malaysia updates Reportable Jurisdiction List and issues reporting deadline

On 15 January 2020, the Inland Revenue Board of Malaysia (“IRBM”) updated the List of Reportable Jurisdictions under the Common Reporting Standard (“CRS”) (Link). The new list includes 67 countries.

Malaysian Financial Institutions (“MYFI”) are required to collect financial account information from all non-residents and report to IRBM that information relating to the Reportable Jurisdictions according to the timeline as stated on the CRS information webpage (Link).

To ensure that MYFIs are ready to submit the information relating to the reportable jurisdictions within the timeline, MYFIs are advised to prepare the report of all participating jurisdictions and not only the reportable jurisdictions. The initial List of Reportable Jurisdictions was published on 15 January 2018. For 2020 reporting onwards, the list will be updated again on 31 May 2020.

In addition, on 16 January 2020, the Inland Revenue Board of Malaysia (“IRBM”) announced the Common Reporting Standard (“CRS”) reporting deadline for the reporting year 2019 (Link). The deadline for submitting the CRS Report is 1 March 2020 to 30 June 2020. IRBM states that there will be no further extension.

The registration portal is open (Link). FIs registering after the submission deadline will be

considered to have registered late and, upon submission of their reports, will be subject to a penalty.

Japan releases updated FAQ on CRS

In December 2019, Japan updated the Foreign Account Tax Compliance Act (“FATCA”) and Common Reporting Standard (“CRS”) Frequently Asked Questions (“FAQ”) regarding the Reporting System for Automatic Exchanges of Financial Account Information on Non-residents (Link-Japanese). The document provides Japanese Financial Institutions with the technical description and specification for filing CRS returns. The updated FAQs contain the following additional questions:

Q1 – 1-11;

Q2 – 13;

Q3 – 7.

Amendments have been made to the following questions:

Q1 – 2-1;

Q2 – 14;

Q3 – 2.

In addition, also in December 2019, the Japanese Reporting FAQ have been updated (Link-Japanese) including the following changes:

Q1 – 1-11;

Q2 – 13;

Q3 – 4.

Amendments have been made to the following questions:

Q1 – 2-1;

Q2 – 14;

Q3 – 2.

Hungary releases updated CRS and FATCA documents

On 2 January 2020, the Hungarian Parliament published an updated version of the filing guidance for the Common Reporting Standard (“CRS”) reporting (Link-Hungarian). The 2019 filing instructions include the list of reportable jurisdictions.

In addition, the documents for the 2019 Foreign Account Tax Compliance Act (“FATCA”) filing have also been made available on 1 January 2020 (Link-Hungarian).

Cayman Islands releases AEOI News & Updates

On 9 January 2020, 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).

DITC is developing a new Automatic Exchange of Information Portal for notification and reporting purposes, which is set to launch in two phases over the first and second quarters of 2020.

The new Portal will include additional features such as bulk upload options for reporting and User changes, a centralized overview of all assigned FIs and downloadable reports to assist with monitoring

the annual reporting progress for Foreign Account Tax Compliance Act (“FATCA”) and Common Reporting Standard (“CRS”).

Canada updates CRS XML Schema

On 6 January 2020, 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 (Link).

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 11 January 2020, and the XML specifications version of 13 January 2020 (Link).

The Netherlands releases FATCA and CRS reporting deadlines

In December 2019, the Dutch Tax Authorities (“DTA”) released tax information on the Common Reporting Standard (“CRS”) and the Foreign Account Tax Compliance Act (“FATCA”).

The DTA have an integrated approach to account holder tax reporting that combines domestic reporting requirements (Vooraf ingevulde aangifte/renseignering or “VIA”), FATCA, and CRS into the same reporting process and deadlines. Instead of approaching reporting deadlines by regime, the DTA instead approaches deadlines by financial product. The deadline for the various regimes is provided to indicate that the earliest applicable deadline must be applied to all 3 regimes for that product type. For example, if an FI does not have anything to report under VIA for DIVIDWEP then the later FATCA/CRS deadline would apply instead. If an FI receives correspondence from the DTA it will usually reference the financial product or short name rather than the reporting regime.

Financial Product Short Name VIA & FATCA/CRS FATCA/CRS Only
Investment products (e.g. custodial accounts / debt & equity interests in investment entities) DIVIDWEP 31 January 2020 31 July 2020
Lending products (mortgages and consumer loan products) LENSAGEG 31 January 2020 31 July 2020
Depository accounts (payment and savings products) RENSAGEG 30 April 2020 31 July 2020

 

Please note that the official link to the Netherlands Automatic Exchange of Information webpage is only accessible for subscribers of the Belastingdienst, which is the Tax and Customs Administration. (Link).

Switzerland issues review on international financial and tax matters

On 14 January 2020, the Swiss State Secretariat for International Financial Matters listed the most important events for Switzerland in international financial and tax matters and provides information on the status of current regulatory projects (Link).

The Swiss report highlights the importance of transparency in international financial and tax relations.

In September 2019, Switzerland transmitted account data to over 70 partner states within the framework of the automatic exchange of information. Switzerland was assessed by the Global Forum. Findings are due in March 2020.

The Swiss news release is also available in German (Link-German), French (Link-French), and Italian (Link-Italian).

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