Category: General

Stay up to date - the General RSS-Feed

Brazil issues new version of CRS regulation

On 7 August 2019, Brazil issued a press release stating that the Normative Instruction RFB nº1,905 was published in the Federal Official Gazette (Link-Portuguese).

The new release makes corrections to the RFB Normative Instruction No. 1680 (Link-Portuguese) that establishes the information to be exchanged and the due diligence procedures to be followed for the collection and appropriate classification by the reporting financial institutions in accordance with the Common Reporting Standard (“CRS”) (Link-Portuguese).

New Zealand updates information on Investment Entities and Corporate Trustees under CRS

On 1 August 2019, the Automatic Exchange of Information Team of the New Zealand Revenue released information on Investment Entities and Corporate Trustees under the Common Reporting Standard (“CRS”).

The New Zealand Revenue announced that the Organisation for Economic Co-operation and Development (“OECD”) has confirmed certain circumstances when corporate trustees will be financial (see question 9 on page 14 of the FAQs on the OECD’s CRS portal (Link)). The New Zealand Revenue’s guidance on the application of the CRS to corporate trustees within a professional group now reflects those changes (Link). The same approach applies to both the CRS definitions of investment entity and custodial institution.

A Tax Information Bulletin including this subject is expected to be published in early September 2019.

Taiwan updates information on CRS reporting

On 7 August 2019, the Taiwan Ministry of Finance published updated Frequently Asked Questions (“FAQ”) on the reporting under the Common Reporting Standard (“CRS”) to reflect the recent changes in the Taiwanese CRS implementation and due diligence process (Link-Chinese).

For more information regarding the Automatic Exchange of Information in Taiwan, the Taiwan Ministry of Finance published Questions and Answers (“Q&A”) on the implementation of the CRS (Link-Chinese). Questions on what CRS is, how it works and how Taiwan will keep up with the CRS implementation are answered in downloadable files.

It is also possible to view the Taiwanese Automatic Exchange of Information documents in English. Please keep in mind that the English documents may not be as current as the Chinese documents. Should discrepancy due to translation occur, the Chinese version shall prevail (Link).

Belarus reminds of upcoming FATCA deadline

On 15 August 2019, the Belarus Ministry of Taxes and Levies reminded of the approaching deadline for the 2018 data submission by financial institutions of the Republic of Belarus of information under the Foreign Account Tax Compliance Act (“FATCA”) (Link-Russian).

The FATCA report in 2019 must be sent to the Ministry of Taxes and Levies in accordance with the procedure established since 2018, i.e. in the form of an electronic document (xml file) by means of the “Payer” workstation by 1 September 2019.

St. Vincent and the Grenadines extends FATCA and CRS reporting deadlines

In August 2019, the Financial Services Authority of St. Vincent and the Grenadines (“FSA”) informed the Financial Institutions reporting under the Foreign Account Tax Compliance Act (“FATCA”) and the Common Reporting Standard (“CRS”) that it has managed to extend the reporting deadlines for both regimes to 30 August 2019.

The online portal is available for registration and reporting purposes. Financial Institution Administrators must first be approved by the Competent Authority before reporting can take place. By uploading an authorization letter from the Financial Institution and a copy of an identification document for the Competent Authority the approval process, strictly online, can be initiated (Link).

The newly installed St. Vincent and the Grenadines reporting portal is also used to answer general questions on FATCA and CRS as well as to provide Automatic Exchange of Information related documents, such as FATCA and CRS Schema and a list of reportable jurisdictions (Link).

Swiss AEOI agreements with Hong Kong and Singapore have come into force

On 2 August 2019, Switzerland released the text of the recently signed Automatic Exchange of Information (“AEOI”) agreements between Switzerland and Hong Kong (Link) as well as between Switzerland and Singapore (Link).

The bilateral agreements on the introduction of the automatic exchange of financial account information with Hong Kong, signed on 13 October 2017, entered into force on 1 July 2019 and the one with Singapore, signed on 17 July 2017, and on 1 August 2019.

Both agreements were provisionally applied for the time being due to the fact that the parliamentary approval procedures had not yet been completed. The Swiss parliament approved the agreements in the 2018 winter session. After the expiry of the referendum deadlines in spring 2019, the notifications required for entry into force were exchanged between the parties. Based on these agreements with Hong Kong and Singapore, Switzerland will exchange information on financial accounts collected in 2018 with Hong Kong and Singapore in September 2019.

The information is also available in German (Link-German), French (Link-French) and Italian (Link-Italian).

IRS releases draft 2019 Form 8966

On 12 August 2019, the U.S. Internal Revenue Service (“IRS”) released a draft version of the 2019 Form 8966 FATCA Report (Link). This is an early release draft of the Form 8966 release for information purpose only. One shall not rely on or utilize the form.

It is possible to submit comments about draft or final forms, instructions, or publications at the IRS comments section (Link).

IRS releases issue number 2019-7 on updated FATCA User Guides

On 9 August 2019, the U.S. Internal Revenue Service (“IRS”) released issue number 2019-7 related to updated Foreign Account Tax Compliance Act (“FATCA”) User Guides (Link).

Updated User Guides include:

  • FATCA Metadata XML Schema v1.2 User Guide – Publication 5188 (addition of one new Exchange File Type) (Link)
  • IDES User Guide – Publication 5190 (Link)
  • FATCA-IDES Sender File Metadata XML (Link)

Saint Kitts and Nevis extends CRS reporting deadline

On 12 July 2019, the Inland Revenue Department of the Federation of St. Kitts and Nevis revised the filing deadline for CRS reporting (Link).

The reporting deadline for the Common Reporting Standard (“CRS”) is extended to 29 August 2019, for 2018 CRS reporting. The filing deadline for the Foreign Account Tax Compliance Act (“FATCA”) remains 29 August 2019, to allow Financial Institutions to meet both reporting obligations at once.

To provide an explanation of the process of enrolling in the St. Christopher (“St. Kitts”) and Nevis FATCA Portal, along with completing a filing on behalf of Financial Institutions, a user training presentation is available (Link). By the end of this tutorial, the user should be able to complete an enrollment, log-in to the St. Kitts and Nevis FATCA Portal, create, select, complete and submit a filing.

HMRC publishes updates to International Exchange of Information Manual

On 1 August 2019, Her Majesty’s Revenue & Customs (“HMRC”) published updates to its “International Exchange of Information Manual” (“EoI Manual”) (Link). In addition to several formatting changes, the primary updates were made within the sections:

  • Directions relating to notification requirements (email address); and,
  • Instructions on how to find guidance on completing template and hyperlink updated.
/* */