Bermuda has published Guidance for Financial Institutions to follow with respect to the Common Reporting Standard. Financial Institutions and their advisors should pay particular attention to the information as it covers many facets of the due diligence and reporting requirements. In particular, the Guidance provides that the due date for this year’s reporting will be […]
Bahrain, a late adopter jurisdiction, has recently posted legislation (CRS Directive) concerning the Common Reporting Standard. The legislation, though brief, does provide some important information for Financial Institutions. Of note, Bahrain will require CRS returns to be furnished by May 2, and that FIs submit nil reports. In addition, there is a list of Participating Jurisdictions […]
Monaco recently published an updated publication on the implementation of the automatic exchange of information. This publication relates to how financial institutions must report under the OECD’s Common Reporting Standard (CRS). This most recent update includes a few updates to existing language surrounding trusts, specifically with regard to controlling persons. The settlor, trustee, protector, or beneficiary […]
In a move that creates increased liability and risk for non-compliant institutions and individuals in the United Kingdom, HM Treasury recently published an Amendment to the International Tax Compliance Regulations. In summary, the Amendment grants HM Revenue and Customs (HMRC) additional power to police AEOI compliance and expands potential liability to both financial institutions and their […]
Now that Colombia’s e-invoicing pilot program has concluded, the country’s tax administration (DIAN) is evaluating lessons learned and next steps prior to unveiling its official e-invoicing legislation. Recently, Sovos was invited to attend a meeting with the DIAN to discuss its plans going forward. Our primary takeaway from the meeting? Nothing is certain yet. What […]
India recently published an update to Form 61B, which is part of the XML schema used by India for AEOI reporting. The two changes apply to the following fields: The XML Element Name “AcctCatg” was added under Form61B/PartBReportDetails/AccountDtls; The XML Element “CurrCode” was modified by providing all currency codes along with INR were added in […]
The OECD has released the April 2017 version of its Frequently Asked Questions, which give detailed explanations on a variety of CRS topics. The following additional issues are addressed in the updated FAQ publication: Qualification of usufruct (a legal right to use and derive profit from property) for CRS purposes Identification of Controlling Persons of […]
Starting with Brazil in 2008, government-mandated e-invoicing has proven extremely effective in helping tax authorities gain visibility into corporate tax liability in order to close loopholes, eliminate fraud and maximize tax collections. The goal of e-invoicing requirements is to automate tax reporting so that governments no longer have to rely on businesses to self-report their […]
The United Kingdom Parliament has passed a set of amendments to the previously enacted International Tax Compliance Regulations of 2015. This legislation governs the responsibilities of British Financial Institutions to comply with both the FATCA and CRS reporting regimes. These new regulations, which are scheduled to come into force on May 17, 2017, modify the […]
Tax reform is a primary focus in Washington right now, so it is important that U.S. manufacturers understand how changes could impact their business — particularly with regard to imports and exports. To prepare for these new tax rules, let’s examine how proposals such as raising import tariffs, the Border Adjustment Tax and indirect tax […]
The Luxembourg Direct Tax Administration published a newsletter stating that it has opened its pre-validation (testing) and production environments for the filing of CRS returns. Filers are advised to carry out end-to-end tests on the pre-validation platform before submitting any reports. As was the case last year, the platform may be accessed using one of […]
[UPDATE – June 2017] The likely decision to postpone the implementation of changes in VAT reporting has now finally been announced. Hungary has now postponed the entry into force of this requirement by one year until July 2018 for two reasons: To actually get the technical specification published well in advance To give taxpayers and […]
In this conclusion to our three-part series on how tax authorities in VAT jurisdictions are using e-invoicing to control the VAT return process, we’ll look at some of the transitional systems E.U. governments are leveraging prior to or in lieu of mandating ex-post remittance/validation or ex-ante/real-time invoice validation. Governments are reporting increased VAT revenues as […]
For multinational organizations operating in Latin America, local supplier stability is crucial because production depends on the availability of resources. When there is a long window to receive payment for materials provided, the resulting impact on suppliers’ liquidity may impact their ability to provide resources in the future. Despite the compliance challenges that abound in […]
The Bahamas Ministry of Finance has released information regarding the timeline for portal registration and reporting for this year’s filing season. The TIE Portal will open for registration and reporting on July 17, 2017 at 9:00am EST and will close on August 25, 2017 at 5:00pm EST. As a general reminder, FIs were required to […]
The Liechtenstein Tax Administration has released a document containing additional XML specifications, which will supplement the FATCA XML Schema v2.0 and CRS XML Schema that Liechtenstein FIs will use to report account information and receive notifications. Reporting Financial Institutions needs to be mindful that their own jurisdiction is allowed to implement their own changes to […]
The Maltese Inland Revenue Division has published an updated version of its CRS implementation guidelines for Financial Institutions. There is only one significant change of which filers should take note – regarding trustee-documented trusts: During 2017, consolidated reporting by trustees will only be supported through the upload of CRS XML data files using an IRD […]