AEOI Compass Update: Week of Oct. 16, 2017

Sovos
October 19, 2017

Changes to global FATCA and CRS compliance requirements happen frequently.  In order to provide customers with the updated and accurate information they need, Sovos documents each of these changes in its Compass portal. Here are some notable recent developments in AEOI reporting.

Cyprus Extends Country-by-Country Reporting Deadlines for CRS

Cyprus recently announced that the submission deadline for country-by-country reporting for accounting years between January 1, 2016, and October 20, 2016, is extended until November 20, 2017.  Submission may be completed through the Cyprus’s CRS reporting portal, Ariadne. To read the full announcement, please follow the link below.

Link

Cook Islands Update Income Tax Act of 1997 to Include Tax Amnesty and CRS Provision Reform

The Cook Islands recently amended the Income Tax Act of 1997 (“Act”) with Income Tax Amendment Act 2017 (“Amendment”).  Key changes to the Act include the creation of Section 17A, which establishes a tax amnesty period, and the creation of Section 96C, which expands provisions relating to CRS. Section 17A establishes a tax amnesty (August 1, 2017 to December 31, 2017) for any taxpayer who, before August 1, 2017, derived taxable income from any source within or outside the Cook Islands, but has not yet declared that income.  The return of undeclared income must be made during the amnesty period, as well as pay a penalty equal to 20% of the amount of the tax payable on the undeclared income.  The creation of Section 96C created further provisions relating to the Common Reporting Standard (CRS), updating key dates and reportable jurisdictions.  Due Diligence deadlines are December 31, 2017 for high-value individual accounts, and December 31, 2018 for low-value individual accounts.

Schedules 1 and 2 have been amended, and Schedule 2A has been substituted with a new version.

To read the Amendment in its entirety, please follow the link below. 

Link

Cook Islands Release Income Tax Regulations for 2017

The Cook Islands recently updated their Income Tax (Automatic Exchange of Financial Account Information) Regulations with a 2017 version.  The 2017 Regulations repeal the Income Tax (Automatic Exchange of Financial Account Information) Regulations 2016, and includes the Common Reporting Standard in the Schedule attached to the regulation.  The Schedule establishes the general reporting requirements, due diligence requirements for individual and entity accounts both new and pre-existing, defined terms, and effective implementation guidelines.  To view the entirety of the legislation, please follow the link below.

Link

Guernsey Expands Timing of Self-Certificates for New Accounts under CRS

The States of Guernsey published Bulletin 2017/6, announcing that in rare situations where financial institutions are unable to obtain a self-certification of an account on “day one” of the account opening process, the reporting financial institution must acquire the self-certification within 90 days.  Please follow the link below to read the bulletin.

Link

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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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