On 30 August 2019, the Republic of Serbia deposits ratification instruments for Multilateral Convention on Mutual Administrative Assistance in Tax Matters (“Convention”) (Link). The signing on 13 June 2019 raised the total number of jurisdictions to 129 (Link-Blog).
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. Furthermore, 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”), the Republic of Serbia is closer to become a CRS participating jurisdiction (Link).
On 26 August 2019, Ecuador deposits ratification instruments for Multilateral Convention on Mutual Administrative Assistance in Tax Matters (“Convention”) (Link). The signing on 29 October 2018 raised the total number of jurisdictions to 126 (Link-Blog).
As the Convention is the premier instrument for the implementation of the Common Reporting Standard (“CRS”), Ecuador is closer to become a CRS participating jurisdiction (Link).
On 30 August 2019, the Organisation for Economic Co-operation and Development (“OECD”) issued a press release featuring the major data breach in the National Revenue Agency of Bulgaria (Link). The OECD states that Bulgaria subsequently confirmed that this data was from NRA systems and that it included data automatically exchanged with international treaty partners under the Common Reporting Standard (“CRS”) Multilateral Competent Authority Agreement and the EU Directive on Administrative Cooperation.
On 26 August 2019, PwC’s CITT Compare Tool was updated to include the latest content from Australia. Please take this opportunity to re-run reports for this country and use the latest information within your projects.
In August 2019, the Dutch Tax Authorities issued new 2020 Automatic Exchange of Information (“AEOI”) Guidance Notes. Please note that the guidance notes are only available in Dutch through the portal of the Dutch tax authorities (Link).
On 23 August 2019, the Belarus Ministry of Taxes and Levies again reminded of the approaching Foreign Account Tax Compliance Act (“FATCA”) deadline for the 2018 data submission by financial institutions of the Republic of Belarus (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.
In August 2019, the Mauritius Revenue Authority (“MRA”) issued a Frequently Asked Question (“FAQ”) document regarding the Common Reporting Standard (Link). The 23 questions and answers help taxpayers and financial institutions to understand their responsibilities under the Common Reporting Standard in Mauritius.
On 28 August 2019, the Belgium Ministry of Finance announced that they temporarily will not acknowledge receipts for declarations submitted via the MyMinfinProCRS portal (Link-French).
The Ministry states that it is currently making the necessary preparations to process the CRS declarations received. For this reason, declarations submitted via the MyMinfinPro portal (production) will temporarily not be acknowledged. The acknowledgement of receipt will be sent as soon as the shipments to partner countries are completed. Errors related to the XSD schema itself will be detected immediately.
On 29 August 2019, the Cyprus Tax Department announced that their Foreign Account Tax Compliance Act (“FATCA”), Common Reporting Standard (“CRS”)/DAC2 and CbCR/DAC4 Data Submission System will be offline due to maintenance from 30 August 2019 to 2 September 2019 (Link).
On 7 August 2019, Switzerland announced that they will amend the Federal Act and the Ordinance on the International Automatic Exchange of Information (“AEOI”) in Tax Matters in 2021 at the earliest (Link-German).
Switzerland reports that the Global Forum on Transparency and Exchange of Information for Tax Purposes reviews the domestic implementation of the Global Standard on International Automatic Information Exchange in Tax Matters through country reviews. In this context, the Global Forum has addressed recommendations to Switzerland. The purpose of this proposal is to take the necessary measures to implement the recommendations of the Global Forum.
The information is also available in French (Link-French) and Italian (Link-Italian).