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

Related content



To subscribe to TaxNewsFlash, fill out the subscription form


>> Return to the TaxNewsFlash U.S. homepage

>> Go to the TaxNewsFlash "global" homepage

September 2016

26 Sep - Switzerland: Mutual administrative assistance in tax matters agreement ratified

22 Sep - Hong Kong: Guidance for financial institutions, CRS compliance

21 Sep - Singapore: Agreement with UK for AEOI

21 Sep - Malta: CRS registration deadline is 30 September

20 Sep - Andorra: AEOI taxation agreement approved by EU

20 Sep - Japan: Automatic exchange of information guidance under CRS

16 Sep - UK: Regulations to implement automatic exchange of information (AEOI) client notification obligations

14 Sep -  Switzerland: Court grants Dutch government’s “group request” for bank’s customers

14 Sep - Mauritius: Final version, CRS guidance notes published

14 Sep - Pakistan: Agreement (convention) for mutual administrative assistance in tax matters

13 Sep - Channel Islands: Reporting offshore interests to HMRC; voluntary disclosure by taxpayers

13 Sep - Russia: Draft legislation to implement CRS automatic exchange of information

13 Sep - Sweden: Financial institutions must notify change of status under CRS

12 Sep - Hong Kong: AEoI reference materials, guidance

12 Sep - Portugal: IGA with United States, entry into force

12 Sep - United States: FATCA IDES data preparation examples

9 Sep - South Korea: IGA entry into force

8 Sep - Switzerland: Status of AEoI implementation

7 Sep - Bahamas: Update on AEOI / CRS implementation

6 Sep - OECD: Status report on CRS for G20 leaders

1 Sep - United States: FATCA schema, FATCA report guidance updates 

1 Sep - Brazil: CRS automatic exchange implementing decree

August 2016

31 Aug - India: Extended time for FATCA self-certifications, due diligence requirements

31 Aug - Israel: FATCA regulations

26 Aug - Romania: Guidance for FATCA, CRS exchange of financial information

25 Aug - OECD: More countries agree to mutual tax matters assistance

24 Aug - Denmark: FATCA reporting guidelines updated

24 Aug - UK: Revised AEOI submission schema, v2.0

23 Aug - South Africa: FAQs on CRS, issued in draft form

22 Aug - Liechtenstein: Automatic exchange of CRS

19 Aug - Kuwait: Agreement under CRS, automatic exchange of financial account information

18 Aug - Bahamas: FATCA reporting reminder for 2015

16 Aug - Norway: Guidance for reporting of financial accounts

15 Aug - United States: IRS reminder on updating FATCA online registration

12 Aug - Germany: CRS-focused newsletter released by tax office

11 Aug - Canada: Financial institutions must begin to collect non-resident account details

11 Aug - New Zealand: AEOI implementation impact, options

10 Aug - United States: FATCA IDES data preparation guidance, updated FAQs

10 Aug - New Zealand: AEOI and foreign trust legislation is introduced

9 Aug - Canada: CRS measures included in legislative proposals

9 Aug - Cayman Islands: FATCA, CDOT deadlines extended to September 2016

5 Aug - Luxembourg: Grand-Ducal regulation on CRS implementation

5 Aug - UK: Charities and their responsibilities under CRS regime

4 Aug - Curaçao: IGA entry into force

1 Aug - Channel Islands: “Investment entity” defined for CRS purposes in Guernsey

Luxembourg: Grand-Ducal regulation on CRS implementation

Luxembourg: Grand-Ducal regulation on CRS implementation

Luxembourg: Grand-Ducal regulation on CRS implementation

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


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



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



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



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



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



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

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.

Read more

© 2016 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved.

The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us


Request for proposal



KPMG's new digital platform

KPMG's new digital platform