Reporting deadline in Mauritius extended to 31 August 2015

On 23 July 2015, the Mauritius Revenue Authority announced that it has decided to extend the deadline for FATCA reporting from 31 July to 31 August 2015 (Link).  The Mauritius Revenue Authority released Guidance Notes (Link) in May 2015 to support financial institutions in implementing the Mauritius-U.S. IGA (Link).  In addition, Reporting Guidance for filers can be found on the MRA website (Link).

New Zealand Issues FATCA User Guide

On 20 July 2015, Inland Revenue of New Zealand issued the FATCA Inland Revenue user guide (Link) to support the implementation of the New Zealand – U.S. IGA (Link) to implement infomration reporting and withholding provisions under FATCA. Additional information on the local implementation of FATCA in New Zealand is available on the Inland Revenue website (Link).

Brazil: e-Financeira schema and manual is released – Reporting still due 15 August

On 31 July 2015, the Secretary of the Federal Revenue released the e-Financeira manual, which is over 200 pages of information containing detailed instructions, including, e.g. nil reporting requirements, for Brazilian Financial Institutions (FIs) to complete the e-Financeira return which is due on 15 August 2015 (for purposes of the information and persons defined under the IGA). Brazilian FIs may access the e-Financeira schema on the government’s website (Link).

Luxembourg FATCA reporting deadline extended to 31 August 2015

On 1 July 2015, the Luxembourg Parliament passed a law (Link – French) to adopt the Luxembourg-U.S. IGA (Link), under which financial institutions were expected to submit their FATCA reports by 30 June 2015.  Given the timing of the adoption into law, the authorities announced on 22 June that the reporting deadline would be exceptionally extended until 31 July 2015 (Link – CITT post).  Now again, due to the fact that the law has not been officially published, thus meaning it is not yet in force, the tax authorities have extended the deadline to 31 August 2015 (Link – PwC Flash News).

U.S. Treasury updates Notification of More Favorable Terms

On 31 July 2015, the U.S. Treasury updated the Notification of More Favorable Terms – Model 1 (Hold Mail Address Indicia) (Link) notifying partner jurisdictions of more favourable terms regarding “hold mail address indicia” under IGAs with other Model 1 jurisdictions.  At the same time, U.S. Treasury also released the Notification of More Favorable Terms – Model 2 (Link) informing Switzerland of more favourable terms within the IGAs signed with other Model 2 jurisdictions.  Finally, on 27 July 2015, the U.S. Treasury also updated the ​Notification of More Favorable Terms – Model 1 (Certain Alternative Procedures) (Link) to include terms from the BVI IGA starting on page 5 of the document.

IDES Planned Maintenance

On 3 August 2015, the IRS reminded filers of planned maintenance to the FATCA International Data Exchange Service system.  The system will be unavailable from 18:00EDT (GMT-5) on 8 August until 2:00EDT (GMT-5) on 9 August.

FATCA XML Schema Characters Restrictions updated

On 28 July 2015, the IRS apologized for an error in the FATCA XML Schema Best Practices web page related to the inclusion of entity references in FATCA XML documents.  In order to prevent file error notifications, filers are advised to review the guidelines and characters described in the FATCA XML Schema Best Practices web page (Link) and to review the corrected FATCA IDES Technical FAQs C16 (Link). Finally, the IRS has stated that the The FATCA XML schema reference documents will be updated to include these restrictions.

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