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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Recent Articles

May 2017

25 May - Indonesia: Financial account information access for AEOI purposes

24 May - China: Due diligence; non-resident financial account information (AEOI standard for CRS)

23 May - Cayman Islands: User guide for AEOI portal

23 May - Indonesia: CRS reporting obligations of financial service institutions

23 May - United States: Draft instructions for Form 8957 on FATCA registration

22 May - Belgium: Simulation portal for CRS test files

22 May - Bulgaria: FATCA, CRS, DAC2 reporting requirements

19 May - Cayman Islands: Updated AEOI portal user guide

18 May - United States: QI/WP/WT agreement renewal deadline is 31 May 2017

17 May - Bermuda: CRS guidance for financial institutions

16 May - Germany: FATCA test procedure and test manual

12 May - OECD: Lebanon signs CRS, mutual assistance in tax matters agreements

10 May - Monaco: Guidance for CRS automatic exchange of financial account information

10 May - UK: Amended regulations, explanatory memorandum for implementation of CRS

9 May - Bermuda: Legislative amendments, regulations, and draft guidance for CRS implementation

5 May - OECD: Process identifying CRS avoidance schemes; automatic CRS exchange relationships

5 May - United States: Reminder for renewal of FFI agreement

3 May - Channel Islands: FATCA, CRS registration due by 30 June 2017 in Guernsey

2 May - Germany: CRS guidance for financial institutions

2 May - Liechtenstein: CRS reporting deadline extended to 31 July

2 May - Luxembourg: Pre-validation and production platforms available to financial institutions

April 2017

28 Apr - Liechtenstein: FATCA reporting deadline extended to 31 July

27 Apr - BVI: Update on financial account reporting system

26 Apr - Australia: Updated AEOI guidance for CRS and FATCA

26 Apr - Ireland: Updated CRS FAQs

26 Apr - United States: Oversight subcommittee hearing on FATCA

25 Apr - Malta: CRS, DAC2 reporting deadline extended to 30 June 2017

24 Apr - United States: Draft registration form (Form 8957)

21 Apr - Malta: Updated guidelines, implementation of DAC2 and CRS

21 Apr - OECD: UAE signs agreement on mutual assistance in tax matters

20 Apr - Cayman Islands: Updated version (v2.0) of CRS guidance notes

20 Apr - India: Revised timeline for FATCA self-certifications, due diligence requirements

20 Apr - Singapore: Updated CRS FAQs

19 Apr - Malaysia: FATCA reporting deadline extended

18 Apr - Hong Kong: Updated AEOI guidance for financial institutions, CRS regime

17 Apr - Germany: Revised communication manual; FATCA update

12 Apr - Cayman Islands: AEOI portal accessibility

12 Apr - Spain: Updated technical guidance for CRS regime

11 Apr - Liechtenstein: Updated version of the AEOI guidance for CRS

11 Apr - OECD: Discussion of FAQ updates under common reporting standard (CRS)

11 Apr - United States: Model 1 financial institution reporting without TIN; IDES FAQ

7 Apr - United States: New FAQs, “general compliance” area

6 Apr - Canada: CRS guidance for financial institutions

6 Apr - Canada: New FATCA guidance provides relief

6 Apr - Singapore: Amendments to CRS regulations

6 Apr - OECD: Updated FAQs released under common reporting standard (CRS)

6 Apr - Sweden: Technical guidance for filing CRS reports

4 Apr - Belgium: Draft CRS business rules issued

4 Apr - Cayman Islands: CRS participating and reportable jurisdictions announced

4 Apr - South Africa: Third-party data annual submissions open

March 2017

31 Mar - United States: IRS extends renewals, applications involving QDDs through May 2017

31 Mar - British Virgin Islands: Reminder of FATCA, CRS reporting obligations

31 Mar - New Zealand: “Reportable jurisdictions” list expected May 2017;
comments requested

30 Mar - Canada: FATCA update; new CRS guidance released

28 Mar - Germany: Registration procedure for electronic submission of CRS returns

28 Mar - Italy: FATCA reporting deadline extended

27 Mar - Russia: New CRS draft legislation published

27 Mar - United States: QI/WP/WT agreement renewals, IRS final reminder of 31 March deadline

22 Mar - Ireland: Updated CRS FAQs, FATCA and CRS reporting deadline 30 June

20 Mar - Isle of Man: Implementation of common reporting standard (CRS) regime

17 Mar - Russia: Draft legislation for CRS implementation

17 Mar - Belgium: Guidance under common reporting standard (CRS)

17 Mar - Hong Kong: Expansion of CRS "reportable jurisdictions" being planned

16 Mar - OECD: Hong Kong updates AEOI agreements; Panama deposits CRS agreement

15 Mar United States: QI/WP/WT agreement renewals, IRS reminder of 31 March deadline

14 Mar - Germany: FATCA XML schema update; new FATCA/CRS guidance

14 Mar - Luxembourg: Updated FAQs for CRS implementation

10 Mar - Belgium: Guidelines for correcting FATCA return

10 Mar - Bahamas: Regulations implementing AEOI, CRS regimes

9 Mar - Denmark: Updated FATCA reporting guidelines

8 Mar - Ireland: Common reporting standard FAQs

7 Mar - Cayman Islands: CRS notification, reporting due date relief

7 Mar - Hong Kong: User guide for financial account information returns

7 Mar - Japan: Updated FAQs on CRS reporting

7 Mar - Singapore: Due dates for FATCA returns, reporting

7 Mar - Thailand: Status of common reporting standard (CRS) implementation

6 Mar - Sweden: Parliament approves amendments to AEOI law

6 Mar - UK: Reporting of beneficial ownership of offshore entities, and ultimate beneficial interests in offshore partnerships, trusts, other entities

3 Mar - Belgium: Guidelines for reporting of CRS information in XML schema

2 Mar - Malta: Updated guidelines, implementation of DAC2 and CRS

1 Mar - New Zealand: CRS implementation legislation receives Royal Assent

January 2017

26 Jan - Thailand: Exchange of financial account information, OECD agreement signed

25 Jan - United States: Final and temporary regulations under chapter 4; FFI agreement updates

24 Jan - Luxembourg: Amendments reflecting FATCA XML schema v2.0

24 Jan - United States: Withholding foreign partnership, withholding foreign trust agreements

23 Jan - Channel Islands: Amendments to CRS regulations in Jersey

23 Jan - Switzerland: Guidance for CRS automatic exchange of financial account information

19 Jan - United States: Updated withholding foreign partnership, foreign trust agreement

19 Jan - Denmark: Updated FAQs and CRS reporting guidelines

19 Jan - Ireland: Common reporting standard, FAQs

18 Jan - Cayman Islands: Amendments to CRS regulations

17 Jan - United States: QI, WP, WT application and account management system

17 Jan - Malta: Changes to the FATCA XML schema

17 Jan - Malta: Updated guidelines, implementation of DAC2 and CRS

16 Jan - KPMG report: Final and temporary regulations under Chapters 3 and 61

12 Jan - Ireland: Updated list of AEOI jurisdictions for CRS purposes

12 Jan - United States: Updates on FATCA IDES system

11 Jan - Singapore: Updated list of jurisdictions, AEOI for CRS purposes

10 Jan - United States: FATCA XML schema v2.0 sample files

9 Jan - Luxembourg: New FATCA reporting schema

6 Jan - Bahamas: AEOI measures are effective January 2017

6 Jan - Singapore: Amendments to FATCA regulations

6 Jan - Taiwan: Model 2 IGA signed with United States

6 Jan - United States: Final qualified intermediary (QI) agreement

5 Jan - Channel Islands: Guidance in Guernsey on FATCA, CRS regimes

5 Jan - Denmark: FATCA and CRS information published

5 Jan - Portugal: FATCA reporting deadline extended to 10 January

5 Jan - Malaysia: Implementing regulations, AEOI under CRS regime

4 Jan - Isle of Man: AEOI industry advisory notice

4 Jan - Liechtenstein: Updated version of the AEOI guidance for CRS

4 Jan - Monaco: Guidance for AEOI implementation, self-certification forms templates

4 Jan - Singapore: Updated FAQs on CRS; FATCA XML schema implementation

3 Jan - Brazil: Legislation for implementation of CRS

3 Jan - Germany: Revision of communication manual, test manual, participating jurisdictions, certificates

3 Jan - Ireland: List of jurisdictions, CRS automatic exchanges

2 Jan - Mauritius: Registration of sponsored investment entities for FATCA purposes

2016 Articles

December 2016

30 Dec - United States: FATCA regulations on information reporting and backup withholding; final QI and FFI agreements

29 Dec - Cayman Islands: Revised CRS regulations, “second tranche”

29 Dec - France: Description of CRS implementing regulations, guidance

29 Dec - Switzerland: Draft guidelines, AEOI standard under CRS

22 Dec - OECD: Status of CRS exchange network; over 1,300 relationships to allow for automatic exchange information among tax authorities

21 Dec - British Virgin Islands: File FATCA returns before 29 December 2016

21 Dec - Monaco: Convention on Mutual Administrative Assistance in Tax Matters ratified

21 Dec - New Zealand: Draft guidance, exchanges under common reporting standard (CRS)

20 Dec - Brazil: Extended deadline, public consultation on CRS draft legislation

20 Dec - Ireland: Reporting entity registration form

20 Dec - South Africa: Updated business requirements specification (BRS) reflects FATCA schema

20 Dec - United States: Updated user guide, FATCA online registration

19 Dec - Germany: German-language version, IRS draft FATCA XML Schema v2.0 user guide

16 Dec - Liechtenstein: Closure of FATCA reporting portal

16 Dec - UK: Updated AEOI submission schema (v2.0)

15 Dec - Channel Islands: Guernsey extends IGA-related due diligence to 31 December 2016

15 Dec - United States: FATCA exchange system, reports, test session

14 Dec - Portugal: List of participating jurisdictions for CRS purposes

14 Dec - Singapore: Agreements for automatic exchange of information under CRS

14 Dec - Spain: Updated annual disclosure statement, financial accounts

13 Dec - Cayman Islands: FATCA, CRS actions due by 31 December 2016

13 Dec - France: Rules, procedures for financial institutions under CRS

9 Dec - Singapore: CRS implementation and related guidance issued

9 Dec - Sweden: Proposed amendments to AEOI measures

8 Dec - Bahamas: AEOI legislation is tabled

8 Dec - Brazil: CRS draft legislation published for public consultation

7 Dec - Austria: List of participating jurisdictions for CRS purposes

7 Dec - South Africa: CRS guide in FAQ format

7 Dec - Switzerland: Draft guidelines, AEOI under CRS

6 Dec - India: Updated guidance notes on FATCA and CRS regimes

6 Dec - United States: IRS updates FATCA XML Schema v2.0 sample files

2 Dec - Switzerland: Consultation on introduction of AEOI with new jurisdictions

2 Dec - United States: Phase-in rules for section 871(m) regulations, QI agreement

1 Dec - Belgium: Changes to FATCA file validation rules

1 Dec - Netherlands: Sponsored FFIs need their own GIIN

1 Dec - United States: IRS updates FATCA XML schema, will test IDES

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

August

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

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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