U.S. signs Competent Authority Arrangements with the Czech Republic, Hungary, India, Liechtenstein and Mauritius

In late September and early October 2015, the U.S. signed Competent Authority Arrangements (“CAAs”) with the Czech Republic (Link), Hungary (Link) , India (Link), Liechtenstein (Link) and Mauritius (Link) in accordance with the IGAs previously signed with these jurisdictions. In general, a Competent Authority Agreement is a bilateral agreement between the U.S. and a treaty partner to clarify or interpret treaty provisions (Link). These CAAs establish the procedures for the automatic exchange obligations and for the exchange of information between these jurisdictions.

Link to US Tax Insights:  US publishes first FATCA competent authority arrangements

IRS issues Draft Forms on FATCA Reporting Extension – Form 8809-I

On 29 September 2015, the IRS released Draft Form 8809-I (Link) with instructions (Link). Form 8809-I is used to request an initial or additional extension of time to file Form 8966 “FATCA Report” (Link) for the current tax year and should be filed before the due date of Form 8966.

The draft instructions state:  File Form 8809-I as soon as you know an extension of time to file is necessary, but not before January 1 of the filing year. Form 8809-I must be filed by the due date of Form 8966. The due date for filing Form 8966 is March 31 of the year following the year to which the Form 8966 relates, unless you are an FFI reporting under a Model 2 IGA (reporting Model 2 FFI) with a different reporting date specified in the applicable Model 2 IGA. If you are requesting an additional hardship extension, Form 8809-I must be filed by the first extended due date of Form 8966.

Singapore issues updates to FATCA reporting information

On 18 September 2015, the Inland Revenue Authority of Singapore (IRAS) issued updates regarding the transmission of FATCA reports to the IRAS, via the International Data Exchange Services (IDES) within Section 4 of its FATCA page (Link). More precisely, Reporting Singapore FIs will transmit their FATCA reports to IRAS via the IDES Gateway and will be able to upload and transmit a file using web UI or SFTP. Reporting Singapore FIs will also receive alerts from IDES regarding the submission of FATCA reports. This is in addition to the General FAQs (Link) FATCA Filing FAQs (Link), both of which were last updated on 2 September.

Denmark issues draft bill on the implementation of the DAC

On 18 September 2015, the Danish Ministry of Taxation sent a draft bill into public hearing regarding the implementation of the Directive on Administrative Cooperation into the Danish tax law (Link – Danish). At the same time, the implementation of the European Savings Directive will be repealed. The deadline for submission of comments is set for 16 October 2015.

The executive order on the implementation of the Common Reporting Standard will be issued at a later date.

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