In May 2020, the Ministry of Finance in Bermuda, as a result of the ongoing impacts of COVID-19, extended the deadline for Bermuda Common Reporting Standard (“CRS”) Reporting (Link).
The deadline for submission of CRS filings for the period ended 31 December 2019, has been extended to 31 August 2020. Any new CRS registrations must be submitted by 31 July 2020.
On 27 May 2020, the States of Guernsey Revenue Service released Automatic Exchange of Information (“AEOI”) Bulletin 2020/2 on the Foreign Account Tax Compliance Act (“FATCA”) and the Common Reporting Standard (“CRS”) (Link). The focal point is the extension of FATCA and CRS Reporting Deadlines.
- The State of Guernsey Revenue Service requires all Guernsey Financial Institutions to make reports under the US IGA, implementing FATCA, in respect of the calendar year 2019 on or before 30 September 2020.
- Furthermore, all Guernsey Financial Institutions are required to make reports under the CRS, in respect of the calendar year 2019 on or before 30 September 2020.
Nevertheless, the Revenue Service strongly encourages to report by 30 June 2020 to minimize the operational and administrative time scales through having to transition to the new Schema.
Financial Institutions should note that any delay in reporting after the 30 September 2020, would be non-compliant with the Regulations, and the appropriate enforcement action will be considered by the Revenue Service in all cases.
In addition, on 12 May 2020, the States of Guernsey Revenue Services released “The Income Tax (Approved International Agreements) (Common Reporting Standard) (Amendment) Regulations, 2020” (Link).
The amendment came into force on 12 May 2020.
On 27 May 2020, the Taiwan (“R.O.C.”) Ministry of Finance issued a Notice for Reporting Financial Institutions under the Common Reporting Standard (“CRS”) regulations (Link).
The Ministry of Finance states that Financial Institutions must complete their first reporting of CRS information through the “CRS Financial Institution Portal” (Link) of the Ministry of Finance from 1 June 2020 to 30 June 2020. The first exchange will be carried out with Japan and Australia in September 2020. The Ministry of Finance urges unregistered financial institutions to register their CRS accounts on the portal as early as possible.
Recently released documents (Link) on the portal website include:
- CRS XML Schema User Guide v.1.4 (15 May 2020)
- CRS-Data-Preparation-Tool v.2-1 (25 May 2020)
On 7 May 2020, the Government of Lebanon issued decree No. 6327 dated 4 May 2020 ratifying the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information (“MCAA”) (Link). When signing, Lebanon committed to begin exchanging information by September 2018 (Link).
On 27 May 2020, the Bulgarian Government released the text of Government Order No. 693, which provides the basis of the 2019 List of Reportable Jurisdictions and the list of Participating Jurisdictions under the Common Reporting Standard (“CRS”) (Link).
In February 2020, the Government of Albania, in light of the ratification of the Common Reporting Standard (“CRS”), published law 4/2020 “On automatic exchange of financial accounts information”.
The law is effective from 12 March 2020 (Link).
In addition an information webpage with regard to the Foreign Account Tax Compliance Act (“FATCA”) and the Common Reporting Standard (“CRS”) in Albania has been implemented (Link).
On 4 June 2020, PwC in the Netherlands will hold a webcast on the upcoming preparation for the Qualified Intermediary (“QI”) certification cycle.
Are you required to certify in 2021 on QI compliance to the US Internal Revenue Service? If so, we invite you to join PwC on Thursday, 4 June 2020 between 15.00 to 15.45 CEST for a lively discussion of preparations for the periodic review and periodic certification.
In the webcast we will discuss practical insights in how to best prepare for the periodic review and certification, including various options for a health check or test-run, lessons learned from previous cycles, and expectations for the coming cycle.
After the webcast there is a possibility for Q&A. The webcast will be conducted in English.
Please register by sending an email to email@example.com with the name, email address, company, and job title of each registrant. After registration and prior to the webcast you will receive a link to the online environment. This invitation can also be forwarded to colleagues.
On 15 and 19 May 2020, PwC’s CITT Compare Tool was updated to include the latest content from Cyprus, France and Singapore. Please take this opportunity to re-run reports for those countries and use the latest information within your projects.
On 15 May 2020, the Inland Revenue Authority of Singapore (“IRAS”) announced that, consistent with international practices to help financial institutions in light of the COVID-19 situation, IRAS is automatically extending the Common Reporting Standard (“CRS”) filing deadline for the Reporting Year 2019 to 31 August 2020 (Link). Reporting Singapore Financial Institutions are encouraged to submit their CRS return(s) by 15 August 2020 to allow sufficient time to resolve any unexpected issues.
In addition, also on 15 May 2020, and in line with the announcement by the United States Internal Revenue Service and considering the COVID-19 situation, IRAS is automatically extending the Foreign Account Tax Compliance Act (“FATCA”) filing deadline for the Reporting Year 2019 to 31 August 2020 (Link). Reporting Singapore Financial Institutions are encouraged to submit their FATCA return(s) by 15 Aug 2020 to allow sufficient time to resolve any unexpected issues.
Reporting SGFIs that can file their FATCA and/or CRS return(s) earlier by 31 May 2020 should continue to do so.
On 19 May 2020, the Cayman Islands Department for International Tax Cooperation (“DITC”) released an updated version of the Automatic Exchange of Information (“AEOI”) News & Updates circular: “AEOI News & Updates” to reflect the recent changes regarding the AEOI (Link).
A new launch date for the DITC Portal will be provided in due course. All functionality (notifications and
reporting) will be available at that time. All user accounts from the AEOI Portal will be migrated to the new DITC Portal along with their assigned FIs. APs and PPoCs should expect an email from the DITC in due course, which will contain steps on how to log onto the DITC Portal.
In addition, the DITC Portal Frequently Asked Questions have been updated. The eleven questions and answers help taxpayers and financial institutions to understand the capabilities of the new DITC portal and their responsibilities when using it.