Category: General

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OECD issues statement on data breach in Bulgaria

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.

Belarus reminds of upcoming FATCA deadline once more

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.

Mauritius published CRS FAQ

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.

Belgium prepares for processing CRS data

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.

Switzerland announces future changes in AEOI Federal Act

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).

Guinea, Namibia and Honduras become members of the Global Forum on Transparency and Exchange of Information for Tax Purposes

On 26 August 2019, Guinea, Namibia and Honduras joined the Global Forum on Transparency and Exchange of Information for Tax Purposes as its 155th, 156th and 157th members. By joining the Global Forum they are announcing their commitment to implement both the international standard of exchange of information on request and the standard on automatic exchange of financial account information (Link).

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