Finland: Public consultation on draft CRS, DAC2 guidance

Finland: Public consultation on draft CRS

Finland’s tax administration released, for public comment, draft guidance for implementation in Finland of the common reporting standard (CRS) and the updated “directive on administrative cooperation” known as “DAC2.”

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The draft guidance includes measures and guidelines for financial institutions to follow concerning the due diligence and reporting requirements. The due date for public comments on the consultation is 15 August 2016. 

Background

The European Council in December 2014 adopted DAC2 to amend Directive 2011/16/EU on administrative cooperation in the field of taxation—a step towards the adoption of a FATCA-like automatic exchange of information mechanism throughout the European Union. 

Under the DAC2, beginning in 2017, information related to fiscal years, measured from 1 January 2016, would be exchanged on an automatic basis among the EU Member States.

 

Read a July 2016 report [PDF 72 KB] prepared by the KPMG member firm in Finland

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