AEOI Compass Update: Week of Oct. 30, 2017

Gerry Nelligan
November 3, 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.

Singapore Releases Updated CRS FAQ

Singapore has updated its CRS FAQ.  The updated FAQ provides revised guidance on determining whether the holder of a new account is a reportable person.  The FAQ directs Financial Institutions to obtain self-certification for the purposes of reporting when an account is opened if the account is to be treated as a preexisting account or if the FI determines the account holder may be a reasonable person.  According to the FAQ, if it is not possible when the account is opened then the FI may have 90 days to obtain self-certification.  The FAQ makes it clear this extension is permitted when circumstances do not permit contemporaneous self-certifications, such as when an insurance contract has been assigned from one person to another or where an investor acquires an interest in a trust on the secondary market.

To review the revised CRS FAQ from Singapore, please follow the link below.

Link

British Virgin Islands Announces Portal Temporarily Closed

The British Virgin Islands (BVI) have announced that the BVI Financial Account Reporting System (BVIFARS) remains offline at this time, and a Press Release will be issued to inform Financial Institutions (FIs)when the system will be back online. FIs who have not yet submitted their filings will be able to submit their filings once the system is back online although they may be subject to penalties for not complying with the final extended deadline of September 1, 2017.

To view the announcement, please click the link below.

Link

Lithuania Releases CRS XML Schema and Format Specifications

Lithuania recently released Specifications for CRS reporting.  The Specifications establish general reporting principles, provides sample schemas, and details how reports should be structured.  To read the Specifications and access the XML format, please follow this link.  

Take Action

Find out how Sovos facilitates AEOI reporting.

Get in touch to learn more about Sovos Compass.

Sign up for Email Updates

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

Author

Gerry Nelligan

Gerry Nelligan is a Regulatory Analysis Supervisor at Sovos, leading a team of counsels covering information reporting, including 10-Series IRS reporting, Affordable Care Act (ACA) reporting and Automatic Exchange of Information (AEOI). Gerry received his J.D. from Suffolk University Law School and his B.A. from Providence College. He is a licensed attorney in the state of Massachusetts.
Share This Post

Latin America 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 […]

North America Sales & Use Tax
January 20, 2021
Key Points in the South Carolina Economic Nexus

The South Dakota v. Wayfair, Inc. decision pushed changes in many state economic nexus laws, including in South Carolina. The state enacted regulation similar to what was laid out in South Dakota, but there are a few key differences. We have outlined those important changes in the following blog post. Enforcement date: November 1, 2018. […]

EMEA IPT
January 20, 2021
Navigating Insurance’s Digital Highway Copy

From underwriting to reporting, the insurance industry is having to adjust and by choice or imposed, is embracing the digital evolution of its practices. On the reporting front, more tax authorities are forcing insurance companies to tailor their internal processes by jurisdiction, directly impacting the collection of information at the underwriting stage. Digitized services continue […]

Tax Information Reporting
January 20, 2021
Better Late Than Never: IRS Releases 1099 Reporting Guidance Impacting 2020 Season

January is in full-swing as businesses and software filers scramble to prepare Forms W-2, 1099, 1098 and other information returns to issue to recipients by the end of this month. As the deadline approaches for what is arguably the busiest month of tax season, the IRS released Notice 2021-06 impacting 1099’s that your company may […]

Tax Information Reporting
January 19, 2021
IRS and States Continue To Focus on Gaps in Nonemployee Compensation Income Reporting

Nonemployee compensation is the income paid by companies that classify an individual as a nonemployee. Nonemployee compensation can represent a variety of business payments including fees, commissions, prizes or rewards. The IRS and states use a variety of information returns to verify the accuracy of income claimed by individuals and business taxpayers including Form 1099-MISC […]

EMEA Tax Compliance Turkey VAT & Fiscal Reporting
January 18, 2021
What to Consider When Changing E-Transformation Service Provider in Turkey

In today’s business world, it’s common for companies to use third party providers. This includes for activities such as regulatory integrations, with organizations using third parties to assist with the processing and submitting of electronic records in Turkey including e-invoice, e-ledger, e-arşiv invoice and e-delivery note on behalf of the taxpayer in compliance with the […]