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

North America
June 6, 2024
Observations and Predictions: The Future of Tax and Compliance

When I became the CEO of Sovos one year ago, I knew that I was stepping into an innovative company in an industry primed for a seismic transformation. However, even with this knowledge in place, I must admit that the speed and scope of change over the past year has been extraordinary to witness. Here […]

EMEA IPT
July 8, 2024
Hungary Insurance Premium Tax (IPT): An Overview

Regarding calculating Insurance Premium Tax (IPT), Hungary is the only country in the EU where the regime uses the so-called sliding scale rate model.

North America ShipCompliant
July 3, 2024
The Prospects and Perils of AI in Beverage Alcohol

I recently had the privilege of speaking on a panel at the National Conference of State Liquor Administrators (NCSLA) Annual Conference, a regular meeting of regulators, attorneys and other members of the beverage alcohol industry to discuss important issues affecting our trade. Alongside Claire Mitchell, of Stoel Rives, and Erlinda Doherty, of Vinicola Consulting, and […]

North America ShipCompliant
June 27, 2024
Shifting Focus: How to Make Wine Country Interesting to Millennials

Guest blog written by Susan DeMatei, President, WineGlass Marketing WineGlass Marketing recently conducted a study to explore how Millennials and Gen X feel about wine, wine culture and wine country. The goal was to gain insight into how we can make wine, wine club and wine country appealing to these new audiences. We’ll showcase in-depth […]

North America Sales & Use Tax
June 24, 2024
Illinois to Adjust Sales Tax Nexus Rules in Light of PetMeds Threat

Illinois is poised to change their sourcing rules again, trying to find their way in a world where states apply their sales tax compliance requirements equally to both in-state and remote sellers. With this tweak, they will effectively equalize the responsibilities of remote sellers with no in-state presence, to those that have an Illinois location. […]

EMEA VAT & Fiscal Reporting
June 21, 2024
ViDA Rejected Again – Europe Misses Another Chance to Harmonize e-Invoicing

During the latest ECOFIN meeting on 21 June, Member States met to discuss if they could come to an agreement to implement the VAT in the Digital Age (ViDA) proposals. At the ECOFIN meeting in May, Estonia objected to the platform rules being proposed, instead requesting to make the new deemed supplier rules optional (an […]