AEOI Updates: Feb. 4 – Feb. 22

Sovos
February 24, 2017

This blog was last updated on June 26, 2021

Automatic Exchange of Information (AEOI) legislation is constantly evolving worldwide as the standard is rolled out around the world. The Sovos research team continually monitors new regulations and updates across the globe and publishes them in our Taxport Compass tool. Here are some important changes that occurred in recent weeks:

Ukraine Signs Model 1 IGA

Ukraine recently signed a Model 1B IGA with the United States to implement FATCA. The Treasury previously listed Ukraine as having an agreement “In-Substance” with the US. The IGA lists the Ministry of Finance as the Competent Authority. The two countries signed a Convention for the Avoidance of Double Taxation in 1994.

British Virgin Islands Releases Portal User Guide

The British Virgin Islands has updated its User Guide for BVIFARS, its AEOI reporting portal. The new guide contains updated information on FATCA returns that will be done in the IRS schema v.2.0 for this year’s reporting. Of note, the new user guide does not contain any information on CRS filing, but the guide indicates that it will be updated.

Luxembourg Releases CRS Schema Guide

Luxembourg released a schema guide as part of ECHA Circular No. 4. The guide provides instructions on how to properly format CRS returns in an XML format. Luxembourg has their own domestic schema which is used for CRS and FATCA reporting. Previously, Luxembourg released a FATCA guide. Both CRS and FATCA returns are due by the end of June.

Denmark Publishes AEOI-Related Reference Documentation

Denmark’s Competent Authority, SKAT, recently updated its guidance to FATCA reporting (version 2.7 of CF9.2.20.5). The guidance reviews the differences between definitions and categories included in the 2014 OECD Model Convention and FATCA. The second and third articles provide more general information on FATCA and its requirements. Denmark’s FATCA returns are due by May 1. This year, Danish FIs must use the IRS schema v.2.0 for their FATCA. SKAT is expected to release guidance soon concerning the schema requirements.

Nauru Posts CRS Regulations

Nauru published regulations for CRS, entitled “Automatic Exchange of Financial Account Information Regulations, 2017.” The regulations provide that Nauru will have a due date of May 31, and will require Nil reports. Nauru is a late adopter. FIs are expected to begin due diligence this year, and to report the following year.

South Korea Publishes AEOI Regulations

South Korea issued Implementation Rules for FATCA and CRS, providing guidance for the various AEOI requirements. Topics covered include due diligence, identification of reportable accounts, and documentation requirements. Of particular note, the due date for FATCA is now June 30, and not July 31 as is the case with the CRS due date.

France Releases New Version of CRS Guidance

France recently published version 1.1 of Transfert D’Informations En Application Des Deispositifs CRS-DAC2 Par Procede Informatique, which functions as their technical guidance for CRS reporting. Version 1.1 makes minor technical changes and includes new references to legal documentation previously left out of version 1.0. There is also a sample reporting format for second level reporting, which is based off the XML schema available on the OECD website. France’s tax website has also added a new page for AEOI where this guidance and other AEOI related materials can be found.

Take Action

Stay on top of constant AEOI evolution with regulatory updates delivered straight to your inbox. Sign up for a free trial of Taxport Compass today.

Sign up for Email Updates

Stay up to date with the latest tax and compliance updates that may impact your business.

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.
Share this post

Hungary Supplemental Insurance Premium Tax
EMEA IPT
July 11, 2022
Extra Profit Tax: An Introduction to Supplemental IPT in Hungary

This blog was last updated on October 28, 2024 Update 7 October 2024 by Edit Buliczka Hungarian Tax Office Updates IPT Declaration Form for 2023 The procedure necessary to correct an underdeclared premium figure in Hungary can be complicated. The complexity of a correction for return form 2320 has become even more challenging. Following a […]

2025 bond project
North America Tax Information Reporting
November 4, 2024
The Insurer’s Guide to the 2025 Bond Project

This blog was last updated on November 4, 2024 The regulatory landscape for insurance companies is undergoing significant changes with the Principles-Based Bond Project which is set to take effect on January 1, 2025. These changes, driven by the National Association of Insurance Commissioners (NAIC), will impact how insurance companies classify and value bond investments, […]

E-Invoicing Compliance EMEA VAT & Fiscal Reporting
November 1, 2024
New ViDA Proposal Set for ECOFIN Approval

This blog was last updated on November 1, 2024 The Council of the European Union has released a new proposal regarding the VAT in the Digital Age (ViDA) reform. The proposal aims to modernise and streamline VAT systems across the EU, notably e-invoicing and Continuous Transaction Controls (CTC). Members States will review it on 5 […]

what is peppol
E-Invoicing Compliance North America
October 29, 2024
What it is PEPPOL?

This blog was last updated on October 29, 2024 Peppol E-invoicing explained: What it is and how it works The global adoption of electronic invoicing is accelerating. Governments worldwide are pushing to adopt e-invoicing to digitally transform their national systems and, often, to close the VAT gap. While many countries have introduced their own e-invoicing […]

remote sellers sales tax
North America Sales & Use Tax
October 28, 2024
Will Congress Act to Simplify Remote Seller Sales Tax Collection

This blog was last updated on October 29, 2024 When the United States Supreme Court ruled in 2018, that South Dakota’s law imposing sales tax collection requirements on sellers without in-state physical presence was constitutional, it did not grant states free reign. States are still responsible for ensuring that their sales tax requirements are manageable, […]

dtc shipping laws for craft spirits
North America ShipCompliant
October 23, 2024
Why It’s Time to Reform DtC Shipping Laws for Craft Spirits

This blog was last updated on October 23, 2024 While wine lovers have enjoyed the convenience of direct-to-consumer (DtC) shipping for nearly two decades, the craft spirits market is still not afforded the same access. Outdated and restrictive spirits shipping laws have kept the spirits industry from fully leveraging the benefits of DtC shipping, leaving […]