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FATCA / IGA / CRS

TaxNewsFlash-FATCA / IGA / CRS — KPMG's reports of developments concerning the Foreign Account Tax Compliance Act (FATCA)

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Recent Articles

July 2016

20 Jul - Singapore: FATCA 2015 reporting reminder

20 Jul - United States: IRS reminder to update FATCA registration, contact information 

18 Jul - Finland: Public consultation on draft CRS, DAC2 guidance

18 Jul - Panama: Mutual administrative assistance in tax matters, OECD agreement signed

18 Jul - UAE: AEoI agreement, registration of financial institutions in “free zone” ADGM

15 Jul - Vietnam: IGA’s entry into force; MOU clarifies FATCA provisions

12 Jul - EU: Tax transparency agreement signed with Monaco

11 Jul - FATCA: IDES testing schedule

11 Jul - Luxembourg: United States removed from list of “participating
jurisdictions” for CRS purposes

11 Jul - OECD: Standardised format, common reporting standard (CRS) information feedback

8 Jul - Switzerland: Effect of AEoI on wealth management structures, involved stakeholders 

8 Jul - Switzerland: Foreign tax authorities seeking to obtain banking client data with “group requests” 

5 Jul - United States: IRS proposed qualified intermediary (QI) agreement

5 Jul - EU: New plan, actions to foster tax transparency

1 Jul - FATCA: New FAQ, "general compliance" area

1 Jul - Portugal: FATCA reporting deadline extended to 30 September

June 2016

30 Jun - South Africa: Final business requirements specification for FATCA, CRS

30 Jun - Hong Kong: Common reporting standard (CRS) bill gazetted; effective date set for 1 January 2017

28 Jun - British Virgin Islands: FATCA reporting deadline extended

28 Jun - New Zealand: Recommendations for foreign trusts, inbound investment, BEPS proposals

28 Jun - OECD: Offshore tax evasion convention signed by Dominican Republic, Nauru

27 Jun - Cyprus: FATCA reporting deadline extended to 15 July

24 Jun - Malta: FATCA reporting by trustees

22 Jun - India: Guidance for FATCA, CRS requirements 

22 Jun - Cayman Islands: CDOT, FATCA notification date extended to 10 August

16 Jun - Paraguay: Exchange of information for tax purposes

15 Jun - Cayman Islands: FATCA deadlines extended to 10 August, final extension

15 Jun - British Virgin Islands: FATCA reporting deadline extended to 17 June

15 Jun - India: FATCA and CRS guidance

15 Jun - Liechtenstein: FATCA reporting deadline is 31 July

15 Jun - Romania: FATCA reporting deadline extended to 31 August

15 Jun - UK: Automatic exchange of information, guidance for charities

15 Jun - Italy: FATCA reporting deadline is 15 June

14 Jun - Malta: CRS registration date, extended to 30 September

13 Jun - Brazil: Updated FATCA guidance

9 Jun - FATCA: IRS announces IDES testing begins 16 June

6 Jun - Brazil: Extended deadlines for FATCA compliance

6 Jun - Channel Islands: Additional IGA-related guidance issued by Jersey

6 Jun - FATCA: IRS provides new version of data exchange

1 Jun - FATCA: IRS to update IDES data preparation process, examples

May 2016

25 May - Switzerland: Draft ordinance, AEOI on tax matters

25 May - Channel Islands: FATCA, IGA reporting guidance issued by Jersey

24 May - Ireland: FATCA returns due 30 June 2016

24 May - UK: Updated guidance, documents for AEOI

20 May - China: Participation in global tax initiatives (BEPS, CRS)

19 May - Australia: CRS to be implemented from July 2017

13 May - UK: New AEoI guidance 

12 May - OECD: Israel, Russia join CRS agreement

11 May - OECD: Bahrain, Lebanon, Nauru, Panama, Vanuatu agree to implement CRS

6 May - Malta: FATCA submission deadline extended to 31 May 2016

6 May - US final rules: Customer due diligence requirements for financial institutions, identifying “beneficial owners”

2 May - Luxembourg: FAQs on common reporting standard (CRS)

April 2016

19 Apr - Brazil: Updated FATCA guidance

17 Apr - Canada: Implementing common reporting standard (CRS) for Canadian financial institutions

15 Apr - G5 to establish registers of beneficial owners of companies

14 Apr - OECD: Report to G20, additional steps under tax transparency standards 

14 Apr - Australia: CRS implementation guidance addresses overlap with FATCA

13 Apr - OECD: Tax administrations meet on “Panama papers”

13 Apr - India: FATCA, CRS registration procedures

12 Apr - Cayman Islands: Due dates for UK CDOT, US FATCA reporting

5 Apr - Luxembourg: Revised FATCA reporting guidelines, CRS decree

4 Apr - Switzerland: Dutch “group request” for unnamed bank customers rejected

1 Apr - Portugal: FATCA reporting deadline extended to 30 June 2016

March 2016

29 Mar - FATCA: Change to encryption for data transmissions

29 Mar - Vietnam: FATCA reporting due 30 June, unless extension is granted

23 Mar - Australia: Common reporting standard (CRS) enacted

17 Mar - British Virgin Islands: FATCA / CRS registration, reporting reminder

11 Mar - Switzerland: Automatic exchange of information, update

7 Mar - FATCA: Competent authority arrangement, United States and Barbados

7 Mar - South Africa: Commitment to AEOI / CRS regimes

4 Mar - FATCA: Competent authority agreement, Brazil and United States

4 Mar - FATCA: US, Swiss competent authority agreement, lawyers’ accounts

February 2016

22 Feb - Australia: Status of CRS legislation

22 Feb - New Zealand: Implementing AEOI regime

22 Feb - EU: Tax transparency agreement with Monaco

22 Feb - US: Rules for reporting foreign financial assets

17 Feb - Notice 2016-08: Changes to timing of certain FATCA reporting, republished

12 Feb - Canada: CRS to be implemented July 2017

12 Feb - EU: Tax transparency agreement with Andorra

11 Feb - Singapore: FATCA guidance for financial institutions

2 Feb - FATCA: IRS adds new FAQs

January 2016

27 Jan - British Virgin Islands: CRS implementation update

27 Jan - Netherlands: FATCA deadline is 31 January for certain financial institutions

20 Jan - Mauritius: CRS implementation date, deferred to 2017

19 Jan - Notice 2016-08: IRS to revise timing of certain FATCA
reporting

19 Jan - Hong Kong: Update on CRS / AEOI legislation

14 Jan - Australia: CRS implementation scheduled for 1 July 2017

13 Jan - OECD: List of 97 jurisdictions committed to AEOI

13 Jan - Mauritius: CRS implementation is delayed

11 Jan - Cyprus: CRS implementing decree, effective 2016

7 Jan - Luxembourg: CRS law (DAC 2) is enacted

4 Jan - Argentina: Guidance implementing CRS regime

4 Jan - Portugal: FATCA reporting deadline extended again, 31 March 2016

2015 Articles

December

29 Dec - Belgium: Reporting requirements, with publication of FATCA implementing law

21 Dec - Ireland: CRS regulations are released, effective 31 December 2015

18 Dec - FATCA: IRS announces updates to IDES

16 Dec - Turks and Caicos: FATCA guidance notes

15 Dec - Luxembourg: CRS implementing legislation moves forward

15 Dec - EU: Rules for tax authorities to exchange information beginning 2016

15 Dec - OECD: Response to EU request, more “CRS XML schema” fields

10 Dec - Cayman Islands: Updated CRS guidance

8 Dec - FATCA: New general compliance FAQs

3 Dec - Netherlands: CRS draft implementing decree

3 Dec - Mauritius: CRS draft guidance

2 Dec - Portugal: FATCA reporting deadline is again extended, 31 December 2015

1 Dec - Denmark: CRS administrative guidance 

November

30 Nov - New Zealand: FATCA implications for trusts

27 Nov - Isle of Man: CRS regulations

25 Nov - Switzerland: Dutch group requests for assistance, AEoI 

24 Nov - FATCA: Applications for QI, WP, WT status, for 2015

23 Nov - IRS announces upgrade to FATCA online registration system

23 Nov - Spain: Common reporting standard (CRS) effective January 2016

20 Nov - Mexico: Common reporting standard, AEOI rules are implemented

19 Nov - Indonesia: AEOI guidance, procedures for exchange of tax information

19 Nov - OECD: Frequently asked questions, CRS

17 Nov - FATCA: IRS updated FAQ

12 Nov - Channel Islands: Common reporting standard (CRS) in Guernsey

11 Nov - Luxembourg: “DAC 2” legislation introduced; CRS-like regime

11 Nov - EU: Savings tax directive is repealed, replaced by new standard

11 Nov - FATCA: IGA signed with Angola

10 Nov - Austria: Common reporting standard implementation

5 Nov - FATCA: Competent Authority arrangement with Luxembourg

5 Nov - FATCA: IGA signed with Azerbaijan

4 Nov - Germany: Final guidance notes, implementing FATCA

3 Nov - FATCA: IGA signed with San Marino

3 Nov - Mexico: FATCA reporting due date

2 Nov - FATCA: Competent Authority arrangements with Estonia, Guernsey, Iceland, Malta, Mexico

October

27 Oct - Australia: First round of FATCA data sharing

22 Oct - Channel Islands: CRS measures in Jersey

21 Oct - Cayman Islands: CRS rules are enacted

19 Oct - FATCA: IGA signed with Algeria

16 Oct - FATCA: Competent Authority arrangements with Czech Republic, Gibraltar, Liechtenstein, others

14 Oct - Hong Kong: Update on CRS, automatic exchange of tax information

8 Oct - Cayman Islands: Update on CRS implementation, regulations

8 Oct - FATCA: Competent Authority arrangement with India

8 Oct - FATCA: IRS guidance on WP/WT deadlines for submitting applications

7 Oct - FATCA: Competent Authority arrangement with Hungary

7 Oct - France: FATCA guidance for French “reporting financial institutions”

2 Oct - FATCA: IRS reports meeting deadline, program milestone

1 Oct - Australia: Implications of CRS regime, broader reach than FATCA

1 Oct - FATCA: IGA signed with Cambodia

September

30 Sep - FATCA: Updated "more favorable terms" under Model 1 IGA

29 Sep - Rev. Proc. 2015-50: Deposit interest paid to nonresident aliens by U.S. financial institutions

29 Sep - FATCA: IGA signed with Montserrat

28 Sep - Spain: FATCA, CRS reporting requirements

28 Sep - UK: Automatic exchange of information guidance notes, informal consultation

24 Sep - US: FATCA-related Competent Authority arrangements with UK, Australia

23 Sep - Mauritius: FATCA reporting, available to 30 September

22 Sep - Mexico: Common Reporting Standard (CRS) proposal

22 Sep - UK: FATCA and related guidance

18 Sep - Australia: CRS exposure draft

18 Sep - UK: FATCA guidance notes

18 Sep - US: Extended FATCA transition rules

16 Sep - Japan: CRS implementation, effective 2017

15 Sep - Cyprus: FATCA implementing decree

15 Sep - Malaysia: Guidance for FATCA compliance

14 Sep - Belgium: Update on FATCA reporting for 2014

10 Sep - Panama: Update on FATCA

9 Sep - India: FATCA guidance notes

8 Sep - Cyprus: FATCA guidance

3 Sep - FATCA: IGA signed with St. Kitts, Nevis

2 Sep - Luxembourg: Final version of FATCA guidance

August

28 Aug - FATCA: Updated version ICMM; related error messages

27 Aug - FATCA: Updated FAQs on branch registration

27 Aug - India: FATCA reporting deadline extended to 10 September

26 Aug - Cayman Islands: FATCA portal closes 28 August 

21 Aug - Iceland: FATCA due diligence requirements

21 Aug - Italy: FATCA reporting guidance

20 Aug - FATCA: IGA signed with St. Vincent, Grenadines

18 Aug - Barbados: FATCA update; reporting deadline is 15 September

18 Aug - FATCA: Updated "more favorable terms" for Model 1 IGA

17 Aug - FATCA: Updated FAQs, other IDES guidance

11 Aug - FATCA: More favorable terms of Model 1 and Model 2 IGAs

10 Aug - India: FATCA implementation measures

10 Aug - OECD: CRS implementation handbook

7 Aug - FATCA: IGA signed with Portugal

7 Aug - Portugal: IGA signed with US

3 Aug - FATCA: New FAQs on registration updates

 

July

31 Jul - Portugal: FATCA reporting deadline extended to 30 November 

30 Jul - FATCA: IGA signed with Turkey

29 Jul - FATCA: Notification of “more favorable terms” under Model 1 IGA

28 Jul - FATCA: Updated FAQs on IDES transmission, security

24 Jul - Mauritius: FATCA reporting deadline extended to 31 August

22 Jul - Ireland: Updated FAQs for FATCA, CRS

20 Jul - FATCA: IRS memo on protection of IDES-provided data

16 Jul - FATCA: IGA signed with Philippines

14 Jul - BVI: FATCA reporting deadline, 31 July

14 Jul - FATCA: IGAs signed with India, Georgia

14 Jul - FATCA: Updated FAQs 

8 Jul - Brazil: FATCA-related filings due 15 August 2015

6 Jul - Cayman Islands: Guidance notes under FATCA intergovernmental agreements

6 Jul - Germany: Draft guidance for implementing FATCA

6 Jul - Mauritius: Reminder, initial FATCA report due 31 July

 

June

23 Jun - Ireland: FATCA reporting deadline extended to 31 July

19 Jun - Vietnam: FATCA guidance, extended reporting deadline

18 Jun - Cayman Islands: FATCA reporting deadline, 26 June

18 Jun - FATCA: IGA signed with UAE

17 Jun - Channel Islands: Jersey extends FATCA reporting deadline, if requested

16 Jun - Romania: FATCA intergovernmental agreement

12 Jun - Netherlands: Official translation of FATCA guidance

12 Jun - FATCA: IGA signed with Korea

12 Jun - Canada: “Global FATCA” agreement is signed

11 Jun - FATCA: IGA signed with Vatican

11 Jun - Malta: FATCA reporting deadline is again extended

11 Jun - Spain: Draft guidance for common reporting standard (CRS); FATCA

10 Jun - FATCA: Reminder of reporting requirements for foreign assets (FBAR and FATCA filings)

9 Jun - FATCA: FAQs on extensions of time to file Form 8966

9 Jun - FATCA: XML schema, IDES technical FAQs

9 Jun - South Africa: FATCA guide for financial institutions

5 Jun - BVI: FATCA deadlines extended

5 Jun - Luxembourg: FATCA reporting deadline is extended

4 Jun - OECD: Seven more countries agree to CRS on AEOI

3 Jun - France: Updates on FATCA reporting deadline, "nil" reporting

1 Jun - UAE: FATCA reporting deadllines are extended

1 Jun - Bahamas: FATCA guidance notes

 

May

29 May - FATCA: IGAs signed with Iceland, Romania

28 May - FATCA: IDES digital certificate product, IDES test reminder

28 May - FATCA: IGA signed with Colombia

28 May - Switzerland: Automatic exchange of information agreement with EU

26 May - FATCA: Production data transmitted to IDES production environment

26 May - Malaysia: FATCA reporting deadline is extended

26 May - Mexico: Deadline for filing amended FATCA returns extended

22 May - Germany: FATCA-reporting draft guidance

21 May - Cayman Islands: FATCA notification, reporting deadlines again extended

20 May - FATCA: IDES testing program

14 May - Belgium: FATCA guideliens; reporting by 30 June

12 May - Cayman Islands: Extended deadlines for FATCA notification, reporting

11 May - New Zealand: FATCA guidance on “recalcitrant accounts”

8 May - FATCA: New FAQs, new enrollment process under IDES

8 May - United Kingdom: FATCA implications for non-financial entities

 

April

29 Apr - FATCA: IGA signed with Kuwait

28 Apr - FATCA: Refund claims by non-resident aliens, withholdings not deposited

21 Apr - FATCA: Metadata user guide for FATCA reporting

15 Apr - FATCA: IDES testing opportunity

14 Apr - FATCA: New FAQ on ICMM notifications

13 Apr - FATCA: IGA signed with Uzbekistan

9 Apr - FATCA: IRS publications on FATCA reports, notifications

 

March

27 Mar - FATCA: Electronic filing of Form 1042-S for tax year 2014

24 Mar - FATCA: New FAQs on reporting

23 Mar - FATCA: IGA signed with Croatia

20 Mar - FATCA: IGA signed with Belarus

Prior Editions

Prior editions of TaxNewsFlash-FATCA (from 2014 and the first half of 2015) are listed below, and are searchable by key words.

For a copy of a prior edition, send an email to US-KPMGWNT@kpmg.com with (1) date and (2) title.  A copy will be sent to you as soon as possible.

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