Category: General

Stay up to date - the General RSS-Feed

CITT Compare Tool Update: Data updated for Germany, Hong Kong, Kazakhstan, Mauritius, Mexico, New Zealand, Senegal, Slovenia, South Korea and Spain

On 23 and 24 January 2020, PwC’s CITT Compare Tool was updated to include the latest content from Germany, Hong Kong, Kazakhstan, Mauritius, Mexico, New Zealand, Senegal, Slovenia, South Korea and Spain. Please take this opportunity to re-run reports for those countries and use the latest information within your projects.

Australia updates login process for Business Portal

On 28 January 2019, the Australian Taxation Office (“ATO”) issued and update to the login for the Australian Business Portal (Link). The portal is used to lodge Foreign Account Tax Compliance Act (“FATCA”) reports online using the file transfer facility (Link).

In addition to previous updates to AUSkey (Link-Blog), from the end of March 2020 AUSkey will no longer be available.

With the end of March deadline for AUSkey’s decommission, Sending Digital Service Providers in Australia are expected to transition to the Machine to machine (M2M) authentication solution. A machine credential is installed on a device and enables you to interact directly with government online services through your business software. Machine credentials will replace any AUSkey used in software (Link).

One can subscribe to receive e-mail alerts from the ATO when new information regarding FATCA and CRS reporting is released by e-mailing ato-dmi@ato.gov.au.

PwC Nigeria Tax Bites on CRS

On 10 January 2020, PwC Nigeria prepared a Tax Bites article on the recent developments on the Common Reporting Standard (“CRS”) in Nigeria (Link). The article covers questions such as the affect for banks, insurance companies, asset managers and other financial institutions due to Nigeria’s Common Reporting Standard Regulations.

The “Income Tax (Common Reporting Standard) Regulations, 2019” was published in July 2019 in the Official Gazette (Link).

Estonia posts an English language translation of the Estonian Tax Information Exchange Act

On 14 January 2020, Estonia posts an English language translation of the recently updated Estonian Tax Information Exchange Act (Link).

The legislation was updated on 18 December 2019 and came into effect on 1 January 2020. The original text “Maksualase teabevahetuse seadus1” was published on 21 December 2019 (Link-Estonian).

More information on FATCA in Estonia can be found on the Estonian FATCA information webpage (Link-Estonian).

Malaysia updates CRS Reporting Information

On 14 January 2020, the Inland Revenue Board of Malaysia (“IRBM”) updated the Common Reporting Standard (“CRS”) webpage to include information on the related reporting deadline (Link).

The deadline for submitting the CRS Report is from 1 March 2020 to 30 June 2020. There will be no further extension thereafter. The registration portal is open and the submission in the production environment will take place from 1 March 2020 to 30 June 2020.

For queries related to the site and/or information on the reporting obligations in Malaysia, the public is invited to submit emails to fatca@hasil.gov.my.

Vietnam and Palau become members of the Global Forum on Transparency and Exchange of Information for Tax Purposes

On 24 January 2020, Vietnam and Palau joined the Global Forum on Transparency and Exchange of Information for Tax Purposes as its 159th and 160th 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).

OECD Tax Talks on Friday 31 January

On 31 January 2020, the Organization for Economic Co-operation and Development (“OECD”) is going to hold a Tax Talk with a number of important recent and upcoming developments in the OECD’s international tax work.

One can join the live webcast with experts from the Centre for Tax Policy and Administration for an update on the work relating to the tax challenges arising from the digitalization of the economy (Link).

The webcast will be held on Friday, 31 January 2020 14:00 – 15:00 (CET).

Mexico updates AEOI information documents

On 15 January 2020, the Mexican Tax Authority (“Servicio de Administración Tributaria or SAT”) released an updated calendar of Automatic Exchange of Information (“AEOI”) activities for 2020, including several important deadlines (Link-Spanish).

In addition, on 8 January 2020, the Mexican List of Reportable Jurisdictions (Link-Spanish) and the List of Participating Jurisdictions (Link-Spanish) were updated.

Further documents, which have been updated on 14 and 17 January 2020, respectively include:

  • Guide with technical information for data transmission for the Common Reporting Standard (“CRS”) (Link-Spanish)
  • General AEOI communication guideline (Link-Spanish)
  • CRS Reporting User Guide (Link-Spanish)
  • Official CRS Rules “Anexo 25-Bis de la Resolución Miscelánea Fiscal para 2020” (Link-Spanish)
  • Official Foreign Account Tax Compliance Act (“FATCA”) Rules “Anexo 25 de la Resolución Miscelánea Fiscal para 2020” (Link-Spanish)

Information on the 2020 tax reform in Mexico was reprocessed by PwC Mexico (Link-Spanish).

/* */