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St. Kitts and Nevis extends FATCA and CRS reporting deadlines

On 20 May 2020, the Inland Revenue Authority of the Federation of St. Kitts and Nevis revised the filing deadline for the Common Reporting Standard (“CRS”) and the Foreign Account Tax Compliance Act (“FATCA”) (Link).

The reporting deadline for CRS is extended to 30 November 2020, for 2019 CRS reporting. The filing deadline for FATCA has also been extended to 30 November 2020 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.

Please also keep the St. Kitts and Nevis FATCA Frequently Asked Questions General and Reporting in mind (Link).

Switzerland updates FATCA Guidance

On 18 and 19 May 2020, the Federal Tax Administration (“FTA”) in Switzerland updated a number of Foreign Account Tax Compliance Act (“FATCA”) related documents.

Updates were made within the following documents:

  • FATCA Information Delivery (Link)
  • Business & Validation Rules FTA (Link)

The FATCA Information Delivery PDF supports users with technical specifications and acts as a general FATCA User Guide for Financial Institutions in Switzerland according to FATCA IGA 2. The

FATCA group requests PDF provides important business and validation rules for SEI XML and FATCA XML. Furthermore, the FTA has compiled an overview of Frequently Asked Questions (“FAQ”) regarding FATCA group requests. The FAQs can now be obtained on request from the FTA via the following e-mail address: amtshilfe.usa@estv.admin.ch.

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

In addition, from 30 May 2020 17:00 to 31 May 2020 12:00, maintenance work is taking place in the Swiss AEOI Portal (Link).

Please keep in mind the FTA’s 2019 Activity Report (Link-German). The activity report of the FTA explains the revenue of federal taxes and the content of tax policy transactions. Pages 14 and 15 provide relevant figures regarding International administrative assistance including Automatic Exchange of Information.

Canada updates Guidance on FATCA

In addition to the previous update of the Canadian Guidance on the Common Reporting Standard (“CRS”) (Link-Blog), on 20 April 2020, the Canada Revenue Agency (“CRA”) issued an updated version of the Foreign Account Tax Compliance Act (“FATCA”) Guidance to reflect the recent changes and making the following documents available:

  • Guidance on the Common Reporting Standard Part XIX of the Income Tax Act (Link)
  • Guidance on the Canada-U.S. Enhanced Tax Information Exchange Agreement Part XVIII of the Income Tax Act (Link)

As previously reported (Link-Blog), as a result of the ongoing impacts of COVID-19, the CRA extended the return filing deadline for 2019 date of the Foreign Account Tax Compliance Act (“FATCA”) and Common Reporting Standard (“CRS”).

The Netherlands issue FATCA and CRS Reporting Guidance for 2021

On 20 May 2020, the Dutch Tax Authorities (“DTA”) released tax information on the Common Reporting Standard (“CRS”) and the Foreign Account Tax Compliance Act (“FATCA”).

The document “Product Overview Banking and Investment Products 2021 version 2.0” is now available. The Specifications Validation Test Service Banking and Investment Products 2021 version 1.0 should be referred to when testing with the newly installed Validation Test Service (“VTS”) for Banking and Investment Products for 2021 (Link-Dutch).

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.

The Kingdom of Saudi Arabia extends FATCA and CRS Reporting Deadlines

In May 2020, the Kingdom of Saudi Arabia released tax information on the Common Reporting Standard (“CRS”) and the Foreign Account Tax Compliance Act (“FATCA”).

The deadlines for submitting 2019 information under CRS and FATCA have been extended to 30 September 2020.

Please note that the above information has been received through internal communication. The CRA website has not yet been updated (Link).

China extends CRS Reporting Deadline

In May 2020, the People’s Republic of China released tax information on the Common Reporting Standard (“CRS”) (Link-Chinese).

  • The Chinese platform will be open from 1 August 2020 until 30 September 2020.
  • The deadline for submitting 2019 information under CRS will be extended to 30 September 2020
  • The system is enhanced in validating TINs, English names and addresses. It will not allow Chinese characters and meaningless contents. The submission parties should prepare the correctness of their submitted dat

France postpones FATCA and CRS Reporting Deadlines

On 25 May 2020, the French Tax Administration (“FTA”) released a revised version of the Foreign Account Tax Compliance Act (“FATCA”) French IT guidance version 4.1 (Link-French) and the Common Reporting Standard (“CRS”) French IT guidance version 2.4 (Link-French).

In these documents, as a result of the ongoing impacts of COVID-19, the deadlines for reporting Financial Account Information under the Foreign Account Tax Compliance Act (“FATCA”) and under the Common Reporting Standard (“CRS”) have been extended to 15 October 2020.

Isle of Man extends FATCA and CRS reporting deadlines

On 27 May 2020, the Isle of Man Treasury released an Industry Advisory Notice to all Isle of Man Financial Institutions and third parties to provide important updates with respect to the Automatic Exchange of Information (“AEOI”) (Link).

The Assessor of Income Tax states that, in recognition of the considerable pressures that the coronavirus outbreak is placing on all aspects of the everyday lives of individuals and businesses in the Isle of Man, the deadline for the submission of 2019 Foreign Account Tax Compliance Act (“FATCA”) and Common Reporting Standard (“CRS”) reports by Isle of Man Financial Institutions to the Income Tax Division, before the imposition of any penalty, will be extended from 30 June 2020 to 30 September 2020.

The current CRS Schema v1.0 must be used. The Schema v2.0, released in June 2019 will only be

used for data exchanged on or after 1 January 2021.

New Zealand postpones FATCA and CRS Reporting Deadlines

On 28 May 2020, the Automatic Exchange of Information (“AEOI”) team of the New Zealand Inland Revenue, as a result of the ongoing impacts of COVID-19, announced the extension of the international deadlines for exchange by three months. New Zealand’s 30 June domestic reporting deadline for Financial Institutions for the submission of 2019 Foreign Account Tax Compliance Act (“FATCA”) and Common Reporting Standard (“CRS”) data is now extended to a new deadline of 30 September 2020.

If it is not possible to meet this extended deadline, one should get in touch with the New Zealand Inland Revenue at their earliest convenience under either fatca@ird.govt.nz or global.aeoi@ird.govt.nz.

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