Weekly Global Update: May 8-May 20, 2016

Sovos
May 20, 2016

This blog was last updated on May 20, 2016

This week’s global update covers FATCA, CDOT, and CRS modifications as we near the first-ever reporting deadline for CDOT and a critical deadline for FATCA. Check out all the different types of changes compiled by our expert research team, including countries that are shifting their FATCA due date late in the game.

 

Liechtenstein Extends due date for 2015 FATCA Reporting

Liechtenstein recently published a notice on their FATCA website stating that the 2015 FATCA Reporting Deadline has been extended from June 30, 2016 to July 31, 2016. The announcement (translated) reads as follows:

“05.20.2016  The deadline relating to the reporting period 2015 for the transmission of the FATCA reporting to the tax authorities is the tax administration from 30.06.2016 to 07.31.2016  extended.”

Please note that no press release is available at this time. To view this notice and all other Liechtenstein FATCA information, please visit their FATCA page.

 

Italy Extends 2015 FATCA Reporting Due Date

Italy’s Revenue Agency issued a Decree (Prot. n. 61659) in which the 2015 FATCA Reporting Due Date has been extended from April 30, 2016 to June 15, 2016.

 

HMRC Releases New Schema User Guide

HMRC has released a new user guide to its FATCA and CDOT schema.  The new user guide has the following updates:

  • For CDOT, 2014 information and 2015 information cannot be combined.  Instead, they must be submitted separately.
  • Element has been changed to
  • Element can now have values NPFFI for “Non-Participating Financial Institution,” and “NANUM” for situations where it is impossible to differentiate between an aggregate report and a genuine account data which does not have an account reference
  • Account balances should have minor units, or pence.
  • The transmittal can now have either TINCode or TIN, previously, either each had to be reported or neither of the two.

 

Jersey Releases Alternative Reporting Regime (ARR) Reporting Template

Jersey has released an Alternative Reporting Regime (ARR) template. According to the Jersey/UK IGA, this method of alternative reporting is due one year and nine months from the Relevant Reporting Period to which the information relates. For 2015 reporting, the timeline will place the reporting due date in September 2016.

Please note this is an alternative method of reporting for selective information. For more information regarding the ARR, see Annex IV of the UK/Jersey IGA.

 

South Korea Releases Updated Regulations and Changes to Implementing Regulations

South Korea released 2016-9, containing updated regulations and a summary of changes to the regulations.  These regulations apply both to FATCA and CRS.  As a reminder, South Korea FATCA filings are due July 31.

 

Poland’s New FATCA Filing Form (FAT-1) Now Available For Testing

In addition to Poland issuing the new draft FAT-1 form for Poland that will assist Polish financial institutions in submitting information FATCA information with Poland’s government, there is also an announcement stating it is now available for testing.

 

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Author

Sovos

Sovos is a global provider of tax, compliance and trust solutions and services that enable businesses to navigate an increasingly regulated world with true confidence. Purpose-built for always-on compliance capabilities, our scalable IT-driven solutions meet the demands of an evolving and complex global regulatory landscape. Sovos’ cloud-based software platform provides an unparalleled level of integration with business applications and government compliance processes. More than 100,000 customers in 100+ countries – including half the Fortune 500 – trust Sovos for their compliance needs. Sovos annually processes more than three billion transactions across 19,000 global tax jurisdictions. Bolstered by a robust partner program more than 400 strong, Sovos brings to bear an unrivaled global network for companies across industries and geographies. Founded in 1979, Sovos has operations across the Americas and Europe, and is owned by Hg and TA Associates.
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