Weekly Global Update: May 7-May 13, 2016

Sovos
May 13, 2016

Today you are in luck. This Friday the 13th round-up covers FATCA, CDOT, and CRS changes from around the world for a truly global update that covers all three of these new reporting regimes.

 

Poland Announces New FATCA Filing Form (FAT-1)

Poland has announced the impending release of a new form (FAT-1) that will assist Polish financial institutions to submit information FATCA information with Poland’s government. Currently, the form is not yet available for testing. However, when it becomes available Poland’s Ministry of Finance will publish another message. In the meantime, Poland’s Ministry of Finance has released two separate documents: a diagram of a working version of FAT-1, and a document describing the form elements.

 

Jersey Re-Opens AEOI Online Returns Page

Jersey has re-opened their AEOI Online Returns Page. As a reminder, the due date for 2015 Information Reporting is June 30, 2016.

 

Slovak Republic Releases FATCA XML Report Fillable Form (Form 347) for Manual FATCA Filing

The Slovak Republic has issued a press release about the new FATCA XML Report Fillable Form (Form 347) for those who are manually filing FATCA information with the country. The Slovak Republic recommends that those filing 100 and more reports with the government instead use the EDAN Win application to file their information.

 

Romania Releases Draft Legislation Extending FATCA Filing Deadline

Romania has released draft legislation extending the FATCA filing deadline for filing TY2014 and TY2015 information with Romania to September 1, 2016. The current deadline cannot be met by financial institutions because neither law nor the necessary computer applications have been finalized.

 

Ireland Releases Live Level of FATCA Offline Validation Tool and General AEOI Informational Guide

In preparation for the 2015 filing deadline of June 30, 2016, Ireland recently released a Live Level version of their FATCA offline validation tool. Previously, only a Development Level version of the Tool was available.

Ireland has also updated their Automatic Exchange of Information page (AEOI) with the Revenue Guide to Automatic Exchange of Information (AEOI) for Financial Account Holders. This is a general information guide that describes AEOI in general, how it relates to taxpayers in Ireland, and reviews some of the important details of AEOI.

The guide is available for review here. For more information on FATCA and AEOI, please visit the Ireland Revenue site at the link provided below.

 

Bahrain, Lebanon, Nauru, Panama, and Vanuatu Commit to CRS

The OECD has released a statement confirming that Bahrain, Lebanon, Nauru, Panama, and Vanuatu have committed to the automatic exchange of account information through the Common Reporting Standard (CRS). These jurisdictions are considered “late adopters,” meaning CRS will commence on January 1, 2017 with the first exchange taking place by September 2018. These jurisdictions can be expected to enact primary legislation concerning the Automatic Exchange of Information in the coming months.

 

Sign Up and Stay in the Know With Our Weekly Global Update

We encourage you to sign up for our blog as well as our monthly State of Compliance newsletter so you can easily receive weekly updates and important news. And, speak with one of our experts about our AEOI solution to achieve full global information compliance.

Sign up for Email Updates

Stay up to date with the latest tax and compliance updates that may impact your business.

Author

Sovos

Sovos is a leading global provider of software that safeguards businesses from the burden and risk of modern transactional taxes. As VAT and sales and use tax go digital, businesses face increased risks, costs and complexity. The Sovos Intelligent Compliance Cloud is the first complete solution for modern tax, giving businesses a global solution for tax determination, e-invoicing compliance and tax reporting. Sovos supports more than 7,000 customers, including half of the Fortune 500, and integrates with a wide variety of business applications. The company has offices throughout North America, Latin America and Europe. Sovos is owned by London-based Hg. For more information visit www.sovos.com and follow us on LinkedIn and Twitter.
Share This Post

LATAM VAT & Fiscal Reporting
May 20, 2020
Sovos Acquires Taxweb, Extends Tax Determination Capabilities in World’s Most Challenging Compliance Landscape

Earlier this month Sovos announced its second acquisition of 2020, completing our solution for Brazil with an unparalleled offering that solves tax compliance in the place where it is most challenging to do so.  Too many companies doing business in Brazil have been burdened by managing multiple point solutions for continuous transaction controls (CTCs), tax […]

EMEA VAT & Fiscal Reporting
August 4, 2020
New VAT Rules for Online Marketplaces and Imports of Goods into the UK

The United Kingdom’s HMRC has issued new guidance on the VAT treatment of cross-border sales of goods and online marketplaces beginning 1 January 2021, following the end of the transition period. Cross-Border Sales under £135 New rules will apply when a business sells goods for £135 or less to a UK customer and the goods […]

EMEA VAT & Fiscal Reporting
August 3, 2020
New EU Tax Package: VAT Priorities

On 15 July 2020, the European Commission (EC) adopted a new Tax Package, intended to increase tax compliance while reducing administrative burden on businesses. The Tax Package contains a number of proposals related to VAT, of which three in particular stand out: A single EU VAT registration for taxpayers; Modernized VAT reporting obligations; and Facilitated […]

IPT
August 3, 2020
Should Insurers Receive an IPT Holiday From Their Governments?

It’s been a tough year for businesses. Whilst many have accepted that 2020 is likely to be a year to forget, unfortunately tax still needs filing and paying. Tax authorities have been understanding – nobody could have foreseen this – and there has been a concerted effort to provide SMEs with tax relief and postponements […]

Asia Pacific E-Invoicing Compliance EMEA India
July 31, 2020
India: Last-Minute Changes to the Proposed E-Invoicing System

The October deadline is fast approaching for the Indian CTC invoicing mandate, but it remains a moving target. In a swift move that was published just two months prior to go-live, authorities have now changed the scope of who is affected by the reform, as well as updated the JSON format. Why the change? The […]

ShipCompliant United States
July 30, 2020
2020 DtC Wine Shipping Mid-Year Report

Since we released the annual Direct-to-Consumer Wine Shipping Report in partnership with Wines Vines Analytics back in January, a lot has changed when it comes to how consumers are getting their wine. The COVID-19 pandemic swayed buying channels drastically, shifting traditional retail and on-premise sales over to ecommerce sales. With brick-and-mortar retailers being closed down […]