The German Federal Central Tax Office provides an update on reporting on 2015 data

On 8 March 2016, an announcement was made by the German Federal Central Tax Office (BZSt)  providing an opportunity for testing of the mass data interface (ELMA) for the reporting period 2015 (Link – German). On 22 April 2016, the BZSt released a “FATCA-Infobrief (04/2016)” (Link – German) including the following information:

  1. Production environment is available as of 9 May 2016; already transmitted data for reporting year 2015 must not be transmitted again. Local reporting deadline is 31 July 2016.
  2. Time adjustments on the testing procedures – contrary to the information published in “FATCA-Infobrief (03/2016)”, the testing environment will only be available until the end of 15 July 2016; participation in the testing procedure requires registration and successful activation of the ELMA interface within the BOP for the specific FATCA procedures.
  3. Information regarding error handling in the use of mass data interface (ELMA) was published.
  4. Field length limitations of relevant “amount” data fields in the use of single data messages will apply (“AccountBalance”, “PaymentAmnt” etc.).

More information on local reporting matters are available on the BZSt website (Link-German).

Turks and Caicos publishes International Tax Compliance Regulations 2016

Turks and Caicos published the International Tax Compliance Regulations 2016 (Link) incorporating the United Kingdom and Turks and Caicos Islands Agreement to Improve International Tax Compliance (Link), Turks and Caicos Islands and United States of America Agreement to Improve International Tax Compliance (Link) and the Common Reporting Standard (“CRS”) to the national law. The Regulations took effect on 1 April 2016. According to the law, the cut-off date for new/preexisting accounts is 31 December 2015, while they will also adopt the wider approach.

U.S. signs Competent Authority Arrangements with Cyprus, France and Slovak Republic

In April 2016, the U.S. signed Competent Authority Arrangements (“CAA”) with the Cyprus (Link), France (Link) and the Slovak Republic (Link) in accordance with the IGA signed between these jurisdictions (Link-Cyprus) (Link-France) (Link-Slovak Republic). In general, a Competent Authority Arrangement is a bilateral agreement between the U.S. and a treaty partner to clarify or interpret treaty provisions (Link). The CAAs establish the procedures for the automatic exchange obligations and for the exchange of information between these jurisdictions.

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