On 20 November 2019, the Swiss Federal Council adopted the dispatch on amending the Federal Act on the International Automatic Exchange of Information in Tax Matters (“AEOI”) (Link). The aim of the proposal is to implement the recommendations of the Global Forum. The proposal is not expected to come into force until the start of 2021, at the earliest.
The information on the Swiss website is also available in German (Link-German), French (Link-French), and Italian (Link-Italian).
A new version of the AIA-Qualifikationsgremium’s AEOI and Foreign Account Tax Compliance Act (“FATCA”) assessment documents to answer recent questions was also released on 20 November 2019 (Link-Blog).
On 19 November 2019, the States of Guernsey Revenue Service issued an updated version of Guernsey’s policy on Tax Information Exchange Agreements (“TIEAs”) and Double Taxation Arrangements (“DTAs”) (Link). The comprehensive DTA negotiations with Bahrain, Gibraltar and the United Arab Emirates have recently been completed and arrangements to sign the Agreements are currently being discussed. Discussions with Panama and Thailand have been terminated, as Panama has signed, and Thailand is considering signing, the Multilateral Convention. Discussions with Bermuda regarding a DTA have been terminated as an alternative agreement to facilitate the Common Reporting Standard (“CRS”) has been signed.
On 18 November 2019, China published a revised version of the Frequently Asked Questions (“FAQ”) on the Automatic Exchange of Information (“AEOI”) (Link-Chinese). The 42 questions and answers help taxpayers and financial institutions to understand their responsibilities regarding the AEOI in China.
On 2 October 2019, Montserrat published the “Tax Information Exchange (FATCA Agreement) (UK IGA) (CRS) (Montserrat) (Implementation) (Amendment) Regulations, 2019” (Link). Apart from adding and deleting several sections in the Montserrat Automatic Exchange of Information Regulations, this publication aments six tax information exchange regulations (Link).
On 22 November 2019, the Central Board of Direct Tax (“CBDT”) in India introduced a portal for exchange of information on Income Tax. The Exchange of Information portal consolidates all the AEOI related information in one place.
This portal is intended to be a repository of policy and technical circulars, guidance and notifications issued by the CBDT (Link).
On 20 November 2019, the Government of Austria issued regulation 339 modifying the regulation for the Common Reporting Standard (“CRS”) in Austria (Link-German).
The list of non-reporting financial institutions now includes seven exemptions. In addition, ten accounts are listed on the list of accounts that are to be treated as excluded accounts to remove real estate funds.
The amendments will enter into force on 1 January 2020.
On 22 November 2019, Uruguay’s Director of General Taxes informed Financial Institutions that the Common Reporting Standard (“CRS”) system for sending reports through the Automatic Financial Information Exchange Portal is only available until 30 November 2019 (Link-Spanish).
For queries related to the site and/or information on the reporting obligations, please submit emails to firstname.lastname@example.org.
On 20 November 2019, the Tax Administration of Finland published a revised version of the Frequently Asked Questions (“FAQ”) on the Foreign Account Tax Compliance Act (“FATCA”) and the Common Reporting Standard (“CRS”) (Link-Finnish). The 20 questions and answers help taxpayers and financial institutions to understand their responsibilities under CRS and FATCA in Finland.
On 28 November 2019, Thailand updated its Foreign Account Tax Compliance Act (“FATCA”) information website to provide for recent changes to their legislation. The Thai Revenue Department also issued a reminder of the newly scheduled U.S. Internal Revenue Service (“IRS”) International Data Exchange Service (“IDES”) testing session (Link-Thai).
On 28 November 2019, the Federal Tax Service of Russia updated the list of organizations, which shall be treated as Financial Institutions (Link-Russian). This list only represents the opinion of the Federal Tax Service of Russia, agreed with the Ministry of Finance of Russia and the Bank of Russia. The list is not intended to be an exhaustive list and will be supplemented. In addition, the list is not a regulatory legal act and only has an informative character. The list does not prevent organizations to be guided by the norms of the legislation of the Russian Federation in a different understanding from the list.
In addition, also on 28 November 2019, Russia issued a document with questions on the application of certain chapters of the Russian Federal Tax Code (Link-Russian).
A webpage explaining the new reporting rules for Financial Institutions in Russia was also implemented on 28 November 2019 (Link-Russian).