Countries from all over are still working on laying out FATCA and CRS guidelines. Check out this week’s global round-up from our tireless experts on the tax team.
IRS Publishes New FAQ Regarding Submission of Form 8809-I
The IRS has released a new FATCA FAQ relative to filing Form 8809-I, which is the application for an extension of time to file FATCA Form 8966. If after 45 days the IRS has not responded to a filer’s submission of Form 8809-I, the filer should contact the IRS about an additional extension to file Form 8966. The 45-day period runs from the date on which the filer mailed the submission. The IRS contact phone number for these matters is 1-267-941-1000.
Anguilla, Portugal, and the Slovak Republic Release CRS Regulations
Anguilla has released its CRS regulations. The regulations inform Financial Institutions that next year’s reporting deadline is May 31, nil reports will be required, third parties may be used, and other relevant information. Anguilla has previously indicated that it will require formatting in the OECD schema. Portugal has released its first legislation on CRS. It gives the government authorization to carry out the provisions of CRS. The legislation does not provide any information on due dates, schema, due diligence, or other information relating to reporting requirements. Portugal is an early adopter jurisdiction. Slovak Republic’s CRS regulations provide detailed instructions on due diligence procedures. The Slovak Republic is an early adopter and will commence reporting next year. It has previously announced that its reporting deadline is June 30.
Ireland Updates Its Guidance Notes
Ireland’s Revenue Commissioners have recently updated its Guidance Notes for FATCA reporting. There are two note-worthy changes. First, Revenue has added a new section about due diligence for accounts held by beneficiaries of a Life Insurance Contract. Essentially, an FI can treat the beneficiary as a non-US Person if that beneficiary received a death benefit so long as the FI does not have knowledge or reason to know that the beneficiary is a US Person. Revenue also updated their email address. Going forward, the appropriate address is vimahelp@revenue.ie.
Portugal Delays FATCA Reporting
Portugal announced that it is delaying FATCA reporting, as the FATCA agreement has still not been internally approved. 2014 and 2015 FATCA reports are now due September 30, 2016. This is Portugal’s second announced delay for FATCA filings in 2016 and the first delay for 2015 FATCA information.
Mauritius Releases FATCA Communique
Mauritius recently released a FATCA communique. The communique reminds filers that reports are due to the Mauritius Revenue Authority by July 31, 2016. Financial institutions should now have the FATCA reporting options available under the “E-services” menu on the MRA website.
Saint Lucia FATCA Deadline for 2014 and 2015 Information: September 30, 2016
The deadline for St. Lucia’s financial institutions to report 2014 and 2015 FATCA information will be September 30, 2016. For 2014 returns, the following information must be reported with respect to relevant accounts:
- Name
- TIN
- Address
- Date of Birth and National Insurance Number (where applicable for preexisting accounts)
- Account Number or functional equivalent
- Name and GIIN or local tax identification number of Reporting Financial Institution
- Account Balance or Value
For 2015 returns, all of the foregoing information, in addition to income and gross amounts paid to the accounts (except for proceeds from redemption or sale of property), must be reported.
Need a Weekly Global Round-Up Delivered Straight to Your Inbox? Sign Up for Our Blog.
Sign up to the Sovos blog for our AEoI updates and our State of Compliance newsletter for other important news, webinars, events and more. We also encourage you to contact one of our experts to learn more about how we can help you achieve compliance for all your FATCA, CDOT and CRS reporting obligations.
