Weekly FATCA Update: April 16-29, 2016

April 29, 2016

The last two weeks have seen countries from all over the globe make strides in preparing to accept information for FATCA, CDOT, and CRS. Take a look through the list compiled by our in-house research department to stay in the know.


Germany Releases New InfoBrief; Updates Prior Testing InfoBrief

Germany recently released InfoBrief 04/2016. The new Infobrief announces production release information; adjustment to testing time period, information about error handling in the use of mass data interface, and information regarding the field length limit of the amount fields in the individual data messages.

The production environment for the transmission of FATCA data is officially available beginning May 9th for reporting period 2015. FATCA data may be submitted until July 31, 2016 to the Federal Central Tax Office (BZSt).

Testing will only be available until July 15, 2016. The 03/2016 Infobrief with the testing application has been updated to reflect this date.

Field length limit of the amount fields for “Account Balance” and “PaymentAmnt” are a length of 17. If the number of characters is not sufficient, then the amount shall be converted into US Dollars instead of local currency. If using ELMA to transmit, the field length is 200 characters.

For ELMA errors, users should consult the Communication Manual Part 3.  For complete rejections, users should also consult this Infobrief for clarifications.


Belgium Opens Portal for FATCA 2015 Filing

Belgium recently announced that the MyMinFin Pro FATCA portal is open for 2015 FATCA filings. As a reminder, the deadline for submitting 2015 FATCA filings to Belgium FPS Finance is June 30, 2016.


Ireland Opens FATCA Filing Portal

Ireland has opened their FATCA Filing Portal for Tax Year 2015 FATCA filings.

All FATCA returns must be filed on Ireland’s Revenue Online Service (ROS) and the reporting deadlines is June 30, 2016. Agents and Reporting Financial Institutions should make sure they have access to ROS well in advance of this date to meet the reporting deadline.

To view the announcement and gain access to an offline validator tool, please click here.


Guernsey Releases FATCA and UK CDOT Guidance Clarification, FATCA Registration Reminders, and CRS Participating and Reportable Jurisdictions List

Guernsey recently released Bulletin 2016/3 containing both FATCA and UK CDOT Clarification. The guidance also contains reminders regarding registration and reporting deadlines. Reporting Guernsey Financial Institutions need to register with IGOR. Guernsey suggests that RGFIs who need to report FATCA information register with the IRS for a GIIN by May 11, 2016, in to order appear on the Global GIIN list by June 1, 2016, which enables registration on IGOR to meet the June 30, 2016 reporting deadline.

Guernsey also recently released a bulletin containing two lists for Reporting Financial Institutions.

  • The first list is the Participating Jurisdiction list, which is a list of all jurisdictions that have an Agreement in place to collect and exchange information with Guernsey under the CRS, or with which Guernsey anticipates having such an Agreement in place for the first exchange of information in 2018 (relating to calendar year 2017). This list is particularly relevant for the classification for Investment Entities as Investment Entities need to apply the “look through” treatment.
  • The second list is the Reportable Jurisdictions list, which consists of jurisdictions that are first reporting by June 30, 2017.


Bulgaria, Cyprus, France, and Philippines Sign Competent Authority Arrangements

Bulgaria, Cyprus, France, and Philippines have each signed a Competent Authority Arrangement with the United States. The agreement’s purpose is to describe how each country will administer the FATCA reporting scheme, including the timing of the data exchange, the format of the data exchange, and confidentiality requirements. The arrangement is contemplated in the IGA.

  • To access the Bulgaria CAA, please click here.
  • To access the Cyprus CAA, please click here.
  • To access the France CAA, please click here.
  • To access the Philippines CAA, please click here.


Kuwait Releases List of GIIN Numbers for National Bank of Kuwait and Affiliates

The National Bank of Kuwait has released a list of GIIN numbers for itself and other leads, branches, and members of its Expanded Affiliated Group. These GIIN numbers are to be used by each Kuwaiti financial institution as a means of identification when transmitting its FATCA information to Kuwait’s competent authority.


Qatar Releases Guidance Notes for FATCA

The Qatar Central Bank published Guidance Notes for FATCA. The Notes provide information regarding registration and reporting, including:

  • Schema: Qatar requires use of the reporting schema issued by the IRS, Publication 5124.
  • Registration and Transmission: Reports must be made to the Qatar Central Bank (QCB) through the FATCA Reporting Portal.
  • Nil Reports: Nil reports will be required when there are no accounts to be reported.
  • Reporting Dates: Reports must be made to the QCB by:
    • September 10, 2015 for Reporting Year 2014;
    • July 31, 2016 for Reporting Year 2015;
    • July 31, 2017 for Reporting Year 2016;
    • July 31 on each year thereafter.

Want to know more about global reporting and how to stay compliant? Speak with one of our experts about our solutions. We also encourage you to sign up for our blog as well as our monthly State of Compliance newsletter

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