Can you believe it has been another week already? FATCA revisions and updates keep rolling in and here at Sovos we are here to bring them to you. Catch up on this week’s roundup compiled by our research team.
Cyprus Releases Instructions for Correcting FATCA Reports
Cyprus has released instructions for all Financial Institutions that have to correct FATCA information that has been reported. Cyprus will allow the submission of corrected FATCA reports until July 31, 2016. Additionally, each Financial Institution is only allowed one file, so the most recently filed FATCA report will replace the previous one. These corrected records should be titled FATCA1.
Slovenia Releases Update to FATCA Schema
Slovenia recently released an updated .zip file which includes an updated schema file for use in transmitting reporting data to the Slovenian Ministry of Finance (PARS).
Georgia Signs Competent Authority Arrangement
Georgia has signed a Competent Authority Arrangement with the United States. The agreement’s purpose is to describe how each country will administer the FATCA reporting scheme, including the timing of the data exchange, the format of the data exchange, and confidentiality requirements. The agreement is contemplated in the IGA.
Colombia Releases Updated FATCA Reporting FAQ
Colombia has released an updated version of their FATCA Reporting FAQ that covers topics previous revisions have not. Topics include, but are not limited to:
- The process of signing on and uploading FATCA reporting files
- Questions about proper formatting for DocRefIds
- Changes from the original IRS schema for Colombian FATCA reporting
- How to report information for those who do not possess a TIN
- What information should go in the “AcctHolderType” field
Cayman Islands Releases Updated AEOI User Guide
Cayman Islands Department for International Tax Cooperation recently released an updated AEOI user guide. The user guide is intended to provide a simple “how-to” guide of the most commonly used functionalities of the AEOI portal. A sample of changes to the guide are as follows:
- A clarification regarding changing the reporting obligations after Notification has been added. Only Principal Points of Contact, being the authorized user, may submit a change to the reporting obligation. (See pg. 11);
- A clarification regarding Completing and Submitting a Variation of Reporting Obligation was added. Only one GIIN can be entered on a notification. If a GIIN was provided on the original notification, users will be prevented from adding another GIIN. (See pg. 12);
- Clarification on the differences between US FATCA Schema and UK CDOT schema, including the addition of the receiving country for UK CDOT returns. (see pg. 47)
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