FATCA / IGA / CRS

FATCA / IGA / CRS

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

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TaxNewsFlash-FATCA

TaxNewsFlash-FATCA

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July 2016

29 Jul - United States: Jurisdictions treated as if they have an IGA in effect

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

29 Jul - New Zealand: AEOI implementation update

26 Jul - Turks and Caicos Islands: FATCA agreement, entry into force

25 Jul - OECD: Report on AEOI, tax transparency project

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 - United States: 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 - United States: New FATCA 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 - United States: IRS announces FATCA 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 - United States: IRS provides new version of FATCA data exchange

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

August

28 Aug - United States: FATCA updated version ICMM; related error messages

27 Aug - United States: Updated FATCA 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 - United States: FATCA IGA signed with St. Vincent, Grenadines

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

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

17 Aug - United States: Updated FAQs, other FATCA IDES guidance

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

10 Aug - India: FATCA implementation measures

10 Aug - OECD: CRS implementation handbook

7 Aug - United States: FATCA IGA signed with Portugal

7 Aug - Portugal: IGA signed with US

3 Aug - United States: New FATCA FAQs on registration updates

 

July

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

30 Jul - United States: FATCA IGA signed with Turkey

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

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

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

22 Jul - Ireland: Updated FAQs for FATCA, CRS

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

16 Jul - United States: FATCA IGA signed with Philippines

14 Jul - BVI: FATCA reporting deadline, 31 July

14 Jul - United States: FATCA IGAs signed with India, Georgia

14 Jul - United States: Updated FATCA 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 - United States: 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 - United States: FATCA IGA signed with Korea

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

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

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

9 Jun - United States: 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 - United States: FATCA IGAs signed with Iceland, Romania

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

28 May - United States: FATCA IGA signed with Colombia

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

26 May - United States: Production data transmitted to FATCA 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 - United States: 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 - United States: New FATCA FAQs, new enrollment process under IDES

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

 

April

29 Apr - United States: FATCA IGA signed with Kuwait

28 Apr - United States: FATCA refund claims by non-resident aliens, withholdings not deposited

21 Apr - United States: Metadata user guide for FATCA reporting

15 Apr - United States: FATCA IDES testing opportunity

14 Apr - United States: New FAQ on FATCA ICMM notifications

13 Apr - United States: FATCA IGA signed with Uzbekistan

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

 

March

27 Mar - United States: FATCA electronic filing of Form 1042-S for tax year 2014

24 Mar - United States: New FAQs on FATCA reporting

23 Mar - United States: FATCA IGA signed with Croatia

20 Mar - United States: 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.

Automatic Exchange of Information

CRS is a globally co-ordinated approach to the disclosure of income earned by individuals and organizations outside their country of tax residence.

 
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