Weekly Global Update: June 3-June 10, 2016

Sovos
June 10, 2016

As part of this week’s global update rumor has it that the IRS is about to announce a delay in terms of when financial institutions must begin withholding for FATCA. In the meantime, jurisdictions are continuing to be made throughout the world for FATCA, CDOT and CRS. Check out this weeks compilation from our expert research team.

 

Bulgaria Releases Nil Report Guidance and Sample XML Schema

The Bulgarian National Revenue Agency has released guidance and schema sample regarding the submission of Nil Reports, including a sample Nil Report XML. The National Revenue Authority has indicated that financial institutions will be required to submit these reports when they do not have any accounts that are reportable under the IGA. Nil Reports will be filed in the same manner as the submission of reportable accounts through Bulgaria’s online service.

 

Cyprus Releases Registration Information

Cyprus has released instructions and guidance for registering for submitting FATCA returns. FIs are required to register at the Government Gateway Portal (Ariadni) website.  A link is provided in the guidance.

 

Finland Releases CRS Legislation

Finland has posted new CRS legislation. The legislation is very short but it does include information on Finland’s due date.  For most years, the due date is January 31, however, for the first year, the due date is March 31. Reporting for Finland will begin in 2017.

 

Liechtenstein Releases New Version of FATCA FAQs

In advance of their extended July 31, 2016 due date for 2015 reporting, Liechtenstein released a new version of their FATCA FAQs in order to address questions and concerns from market participants. These FAQs cover Classification & Definitions, Registration, Due Diligence, Reporting, and Organization & Process.

 

France Releases New Guidance

France has recently released new guidance for FATCA reporting. The new guidance introduces language about the requirement to keep the DocRefId field unique. This requirement originates from the IRS, and the guidance includes links to the IRS’s requirement. There is also changed language in section 4.3 with respect to reporting requirements for Non-Financial Foreign Entities, or NFFEs.

 

Cayman Islands Extends Deadlines for FATCA and CDOT Reporting

The Cayman Islands Department for International Cooperation has sent an Industry Advisory to financial institutions relative to this year’s filing deadline. The reporting due date has been extended from July 8 to August 10, 2016. The Advisory encourages financial institutions to file before the deadline in order to leave sufficient time to address any issues that may arise. This will be the final extension of the FATCA and CDOT reporting due dates for calendar year 2016.

Please see the Industry Advisory in read full.

 

Jersey Publishes Document Detailing Common FATCA Reporting Errors

Among a number of recent updates published by Jersey leading up to the June 30 reporting deadline is a document detailing common FATCA (US) reporting errors. These errors were identified by the IRS based on 2014 FATCA reports submitted in 2015, and provides solutions to twelve (12) of the most common reporting errors.

Click here to view this document in full.

 

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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.
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