Weekly Global Update: May 7-May 13, 2016

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.


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