Although financial institutions (FIs) certainly struggled to comply with the Foreign Account Tax Compliance Act (FATCA) during its first reporting season in 2015, panelists at SIFMA’s Global Tax Symposium in New York City agreed that FATCA is far less complex than the Common Reporting Standard (CRS). One panelist noted that the biggest challenge in complying […]
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 changes in AEOI reporting from this week. New Zealand Updates Guidance Notes for Reportable Accounts and Collective Investment […]
Norway’s tax administration recently advised Sovos regarding its previous plan to make the new SAF-T regulations mandatory by January 1, 2018, which it now says is unrealistic. Sovos’ Jeroen Wensveen discussed this development in our webinar at the beginning of September, ‘Helping companies meet their eAccounting obligations is what we do. Next up is Norway […]
Why the First Year of CRS Reporting Isn’t Really Over Yet Don’t break up your Automatic Exchange of Information (AEOI) team just yet. The first round of reporting under the Common Reporting Standard (CRS) might be over, but jurisdictions themselves will soon begin exchanging information using the Common Transmission System (CTS). For financial institutions (FIs), […]
Norway’s government planned to officially require SAF-T reporting beginning in January 2017, but pushed the deadline back to 2018 as it finalizes details. With the 2018 deadline looming, companies need to start implementing their Norway SAF-T compliance solution now, or risk fines, penalties and business disruptions. SAF-T mandates have already been implemented in several EU […]
Overview: Sovos AEOI Event in New York City Sovos recently hosted its AEOI Global Compliance Series event in New York with an event focused on Automatic Exchange of Information (AEOI) reporting. Speakers for the event included Jennifer Sponzilli from KPMG, Darren Rykers from Ernst & Young, Chris Orchard from Hansuke and Lanu Chou from Pricewaterhouse […]
The first round of UK CRS filings didn’t go quite as well as some tax professionals at financial institutions thought it would. Just before the filing deadline, a survey of FIs revealed an air of confidence about the first transmittal, despite the fact that the first FATCA filing in the US was challenging. But participants […]
Global tax compliance and reporting software leader recognized with two Stevie Awards in Global Risk & Compliance and FinTech Categories Wilmington, Mass. – July 26, 2017 – Global tax compliance and reporting software leader Sovos announced today it has been honored with two Product of the Year awards at the The 15th Annual American Business Awards, a […]
The Cayman Islands’ Department for International Tax Cooperation has recently announced a “final extension” for reporting under the FATCA and CRS regimes in a “AEOI News & Updates” release. Reporting under both systems will now be due August 31, 2017. Reporting entities must register with the Department by July 31, 2017 to ensure they meet […]
Bahrain has recently published the Competent Authority Arrangement between itself and the United States for the purposes of FATCA reporting. The agreement is required by the Inter-Governmental Agreement between the two states to facilitate FATCA reporting.
France has updated its technical guidance, Transfert d’Informations to version 1.3. The new version contains some schema changes including the addition of the Address Type attribute that was previously not required, even though it is required under the OECD’s schema. Reporting French Financial Institutions, who have Reportable Accounts, should give close attention to the new guidance to […]
Tax compliance has evolved at a rapid pace in recent years. As governments go digital, loopholes are closing and reporting timelines are shrinking from weeks to milliseconds. The old way of doing things isn’t enough for the new world of rapid-response compliance. But these new challenges can also foster new opportunities. Businesses are taking a […]
Belgium recently announced it will extend the deadline for CRS reporting this year. Reporting was originally due at the end of June, but Belgium has delayed reporting until the end of July. This delay is only for CRS and does not affect FATCA reporting which was due at the end of June. The announcement of […]
At last week’s G20 summit, OECD Secretary General Angel Gurría reported to world leaders that the past year has seen progress on multiple fronts in the fight against tax avoidance and evasion – thanks in large part to the Convention on Mutual Administrative Assistance in Tax Matters. The official report explores the key areas of progress, including the movement […]
The British Virgin Island’s Ministry of Finance recently announced an extension for reporting under the Common Reporting Standard (CRS). CRS reporting had previously been due July 31, but a in a June 28 press release, the Ministry announced the due date will be August 18 for reporting 2016 information. CDOT information, now reported as part […]
There is much speculation about the potential of blockchain in the context of B2B automation. This speculation normally focuses on open or public blockchains, which are distributed databases where different types of transactions can be securely recorded and transparently verified by all parties without depending on a trusted third party. The scheme was first used […]