The IRS issued an updated version of frequently asked questions (“FAQs”) on the international data exchange system (IDES) and compliance management model systems used for FATCA data (Link). More precisely, several questions have been updated with two questions regarding third party tax return preparers having been added.
On 29 June 2015, the IRS has published specifications for the printing of red-ink substitutes for the 2015 revisions of some information returns in Revenue Procedure 2015-35 [2015-26 IRB 1142] (Link). It should be noted that this revenue procedure will be published in the next version of IRS Publication 1179.
On 22 June 2015, the Lichtenstein Tax Administration announced that the deadline for the first FATCA reporting for 2014 has been postponed from 30 June 2015 to 31 July 2015 (Link – German). In addition, an updated version of the Q&A has been made available online (Link – German).
In June, the Irish Revenue issued two additional sets of FAQs. The first is a supplement (Link) to the guidance notes issued in October 2014 (Link). The second set of FAQs (Link) highlights information reporting requirements for U.S. citizens under the Ireland-U.S. IGA (Link). Additional information can also be found on the Irish Revenue’s website (Link).
In June, the Irish Revenue uploaded a guide to support users in uploading FATCA returns to Irish Revenue (Link). The 8-page document walks users through the steps of verifying a valid file, logging into ROS (Revenue On-Line Service), uploading, signing and submitting FATCA returns. Additional information can also be found on the Irish Revenue’s website (Link).
A list of non-compliant countries as seen by EU Member States can be found on the Commission’s website (Link). This list will be updated once a year by the Commission in order to reflect recent changes in the Member States’ lists.
On 17 June 2015, the EU Commission issued a Communication on “A Fair and Efficient Corporate Tax in the European Union: 5 Key Areas for Action” (Link) which sets a comprehensive European approach to corporate taxation. The Communication also has an accompanying staff working document (Link). This Communication comes as a follow up to the Commission’s proposal for a package of measures to create more transparency in corporate taxation issued in March (Link). In brief, the five key areas for action aim to address mechanisms widely used to facilitate aggressive tax planning including transfer pricing, patent boxes and debt.
The IRS has released an updated version of Form 14345 “Application for Qualified Intermediary, Withholding Foreign Partnership, or Withholding Foreign Trust Status” (Link). A previous version of the Form did not contain information regarding FATCA.
In a press release from the Treasury of the Isle of Man (Link), Isle of Man Reporting Financial Institutions were reminded that the deadline for submitting 2014 FATCA reports is 30 June 2015. The 2014 FATCA reports can only be submitted to the Assessor in the prescribed XML format. Additional details for Reporting Financial Institutions can be found on the Division of Income Tax’s website (Link).
The Assessor encourages any Isle of Man Reporting Financial Institution with concerns about reporting in XML format or meeting the 30 June deadline to contact the Income Tax Division (Link to contacts) as soon as possible, provided that good faith efforts are being made to comply with the requirements.
On 20 May 2015, the Cayman Islands Department for International Tax Coopration provided an update (Link) on the registration and reporting deadlines for FATCA. Accordingly, the deadline for FATCA reporting is Friday, 26 June 2015. FATCA returns can be submitted via the Cayman AEOI portal (Link) through XML upload or by manual data entry onto a web-based form.