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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 […]
Costa Rica recently published a communique on FATCA reporting. The document sets the reporting dates for 2016 information to be reporting in 2017. Reporting dates will run from May 12 to August 11, 2017. The document also provides links to the portals available for reporting, as well instructions for registration of reporters and, validation, testing, […]
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 […]
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 […]
Jersey has posted guidance for next month’s CRS reporting. Jersey had previously released guidance in April for FATCA. This publication contains information on single or multi-jurisdictional reporting, trustee and third party reporting, and nil returns, amongst others. Jersey’s due date is June 30. As such, this publication should be reviewed by Reporting Financial Institutions to […]
The Spanish Tax Administration has published additional answers to Frequently Asked Questions regarding FATCA and CRS reporting. The questions address specific circumstances – under both FATCA and CRS – in which a Financial Institution is obligated to carry out blocking of a financial account for both entities and natural persons: A Financial Institution must block […]
The Spanish Tax Administration has updated its XML guidance for submitting FATCA returns. There is only one significant revision of which filers should take note. It provides a web address for the consultation of presentations made in the preproduction test environment. In order to access this page, the filer will need to have a digital […]
The IRS released an updated FFI Agreement for Financial Institutions with FATCA obligations on December 30, 2016. Those FFIs whose agreements expired at the end of last year, and that wish to retain their GIINs, are required to renew their FFI Agreements. They can do so through the FATCA FFI Registration System. The FFIs will […]
Pushed by fierce competition and under constant pressure from corporations to enable savings and optimize business processes, B2B transaction automation vendors are constantly looking into new features and functions to enhance the added value of their solutions. Many vendors in this space are developing into ‘business networks’ which go far beyond the early days of […]
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 […]
Regulatory analysis: A group of Republican Senators is drafting its own health care legislation, “incorporating” some provisions of the House plan. In all likelihood, the Senate version will be drastically different from the House bill. Under the amended American Health Care Act, information reporting requirements remain intact for the immediate and likely the distant future, […]
The IRS has released an updated Publication 1586, Reasonable Cause Regulations & Requirements for Missing and Incorrect Name/TINs . There are a number of changes from the previous revision: More information has been provided as to when a penalty will not be imposed Where the error on a timely-filed information return relates to an incorrect […]
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 House Freedom Caucus endorsed the MacArthur Amendment last week, bringing Republicans closer to the 216 votes they need in order for the AHCA to pass. For now, there is no reason to assume that the MacArthur Amendment will have any impact on reporting requirements beyond those contemplated in the original bill. Many are wondering […]