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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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May 2018

31 May - South Africa: Third-party data, annual submissions due 31 May

31 May - Bulgaria: Updated AEOI instructions for FATCA, CRS, DAC2 regimes

31 May - Ireland: New AEOI “tax and duty manuals”

30 May - Cayman Islands: FATCA, CRS reporting deadline is 31 May 2018

30 May - Liechtenstein: Updated CRS reporting instructions

30 May - Pakistan: CRS reporting deadline extended to 30 June

29 May - Bermuda: Amendment to CRS regulations

29 May - Channel Islands: FATCA, CRS deadline, 30 June 2018 (Guernsey)

29 May - China: CRS returns are due 31 May

29 May - United States: FATCA registration form (draft) for 2018

29 May - United States: FATCA testing schedule for IDES

25 May - Belgium: Updates to FATCA rules

25 May - Liechtenstein: FATCA, CRS returns for 2017 due 30 June 2018

25 May - United States: New FAQs for QI / WP / WT

24 May - Netherlands: Guidance on missing U.S. TINs

23 May - Australia: “Small reporters” and CRS XML returns

23 May - Pakistan: Guidance concerning CRS implementation

22 May - Australia: Update on CRS reporting

22 May - Belgium: Online portal open, correcting CRS returns for 2016

22 May - UK: Updated AEOI user guide, FATCA and CRS

18 May - Switzerland: AEOI agreements with Singapore, Hong Kong

17 May - Liechtenstein: Guidelines for third-party auditors for monitoring FATCA / CRS compliance

17 May - Saint Lucia: Updated guidance for CRS implementation

16 May - Isle of Man: AEOI industry advisory notice

16 May - Saint Lucia: Updated guidance for FATCA implementation

16 May - United States: FAQ and webpage updates relating to FATCA reporting

15 May - Australia: Update on FATCA reporting

10 May - Korea: Revised regulations, automatic exchange of financial information (CRS, FATCA)

10 May - UK: Updated AEOI guidance for FATCA and CRS

9 May - Finland: FAQs related to FATCA, CRS, DAC2

7 May - United States: New FAQs for QI / WP / WT certifications, periodic reviews

4 May - Germany: FATCA-focused newsletter released by tax office

4 May - United States: QI / WP / WT certification reminder

3 May - Italy: Extended reporting deadlines, CRS and FATCA returns for FY 2017

2 May - Brazil: Updated technical guidance for FATCA, CRS regimes

2 May - France: Updated FATCA technical guidance

April 2018

30 Apr - Singapore: Submission of CRS returns for 2017

26 Apr - Russia: Regulations relating to transfer and receipt of financial information

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

24 Apr - Channel Islands: Updated versions, FATCA and CRS guidance (Jersey)

19 Apr - Czech Republic: Expanded information reporting requirements; banks, attorneys, tax advisors

19 Apr - Hungary: Updated FATCA technical guidance

19 Apr - OECD: Challenges to CRS, misuse of residence or citizenship

18 Apr - Switzerland: Updated Q&As under FATCA, CRS regimes

17 Apr - Singapore: FATCA paper “nil return” available

17 Apr - Switzerland: Updated common reporting standard (CRS) technical guidance

13 Apr - Canada: Canadian financial institutions must provide first CRS report by 1 May 2018

12 Apr - India: Registrations, submissions under FATCA and CRS regimes

9 Apr - Belgium: Online FATCA portal now open; CRS correction process brochure

9 Apr - Hungary: Updated AEOI filing instructions

5 Apr - OECD: New common reporting standard exchange agreement, implementation handbook

5 Apr - OECD: New rules on “fictional residences” circumventing the AEOI

4 Apr - Australia: Offshore financial account information to be reported to ATO, update

4 Apr - UK: Updated AEOI submission user guide, FATCA and CRS

3 Apr - Brazil: Updated technical guidance for FATCA, common reporting standard regimes

2 Apr - Liechtenstein: Updated CRS reporting instructions

2 Apr - Netherlands: Updated CRS / FATCA “questions and answers”

March 2018

29 Mar - United States: New FATCA notification error messages, online user documentation

27 Mar - Belgium: Changes to CRS file validation; TIN and date of birth obligations

27 Mar - Bulgaria: New definition of “beneficial owner” and disclosure requirements

27 Mar - Dominican Republic: Tax returns modified, identifying ultimate “beneficial owner”

27 Mar - India: Guidance for FATCA, common reporting standard requirements

26 Mar - Cayman Islands: Updated guidance for CRS and FATCA

26 Mar - Singapore: Updated common reporting standard XML schema user guide

20 Mar - Australia: Updated AEOI guidance, FATCA and common reporting standard

20 Mar - Germany: Updated CRS guidance for financial institutions, foreign service providers

20 Mar - United States: Draft FATCA certification questions, assisting responsible officers with FATCA certifications

19 Mar - Japan: Updated FAQs on common reporting standard reporting

15 Mar - Indonesia: April 2018 deadline, financial institutions submitting customers’ data for AEOI purposes

15 Mar - United States: IRS releases new FAQ for withholding agents, under FATCA rules

15 Mar - United States: IRS systems accepting QI / WP / WT certifications beginning early April 2018

12 Mar - Ireland: Updated CRS “naming conventions” guidelines

9 Mar - OECD: New disclosure rules for advisors, attempts to avoid common reporting standard

8 Mar - Isle of Man: Guidance on reporting unknown U.S. TINs for pre-existing accounts for FATCA purposes

7 Mar - Bermuda: Updated CRS portal user guide, FAQs

7 Mar - Singapore: FATCA return filing begins 16 April 2018

6 Mar - Brazil: Updated FATCA, common reporting standard technical guidance

5 Mar - United States: Australia added to “no TIN list”

5 Mar - Ireland: Amendments to FATCA regulations, effective retroactively

5 Mar - Liechtenstein: English translations, automatic exchange of information (AEOI) guidance

5 Mar - Singapore: CRS registration due 31 March 2018

January 2018

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

30 Jan - Malta: Compliance obligations under FATCA and common reporting standard regimes

29 Jan - Hungary: Updated FATCA technical guidance

25 Jan - Ireland: Updated “frequently asked questions” and guidance, CRS and FATCA

23 Jan - India: Reporting of U.S. TINs for pre-existing accounts under FATCA

23 Jan - Portugal: Updated CRS manual

22 Jan - Singapore: Updated FAQs on FATCA

19 Jan - Channel Islands: Additional information for FATCA reports in Guernsey

19 Jan - OECD: Disclosure of CRS avoidance arrangements and offshore structures, public comments on draft

19 Jan - Romania: Updated list of reporting jurisdictions, automatic exchange of financial information 

18 Jan - Australia: Updated guidance on automatic exchange of information

17 Jan - France: Automatic exchange of information under FATCA, CRS regimes

17 Jan - Japan: Updated FAQs on common reporting standard

17 Jan - Vietnam: FATCA technical guidance

16 Jan - Isle of Man: Updated FATCA guidance notes

15 Jan - OECD: Panama signs CRS multilateral competent authority agreement

11 Jan - Switzerland: Updated Q&As, CRS technical guidance

10 Jan - Germany: Updated CRS guidance for financial institutions, foreign service providers

10 Jan - Korea: Revised regulations, automatic exchange of financial information (CRS, FATCA)

9 Jan - Brazil: FATCA and CRS reporting deadlines extended to June 2018

9 Jan - Finland: Updated common reporting standard guidance 

9 Jan - France: Updated FATCA, common reporting standard guidance

9 Jan - Netherlands: Missing U.S. taxpayer identification numbers under FATCA

9 Jan - OECD: Updated common reporting standard FAQs

3 Jan - Germany: Updated FATCA guidance for financial institutions, foreign service providers

3 Jan - Isle of Man: Updated CRS guidance notes

3 Jan - Netherlands: Issued bank and investment products manual v2019.1

2 Jan - UK: Updated AEOI guidance for FATCA and CRS

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