UK publishes its Third-Party Tax Software and Application Programme Interface (API) strategy

On 1 September 2015, the HM Revenue and Customs (“HMRC”) published its Application Programme Interface (API) strategy and a third-party tax software (Link). This new API strategy includes “richer capabilities” allowing tax software developers to do more. This strategy aims to improve tax compliance by helping customers “to get it right first time and make tax easier”.

IRS releases new FATCA International Compliance Management Model (ICMM)

On 8 August 2015, the IRS issued an updated version of FATCA International Compliance Management Model (ICMM). The new ICMM validates record-level processing of FATCA 8966 XML files, including report files submitted before 8 August to correct two known errors regarding “Account Holder Type Not Valid” and “Pooled Reporting Type Not Populated”.

Based on the guidance, no response is required by the filer to the abovementioned error messages. The IRS will correct and send notifications for concerned files.

Additional information on this issue can be found under the “Q1” and “Q2” references of the “Field Level Errors” category of the Frequently Asked Questions (FAQs) (Link).

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