Weekly Global Roundup: July 30-August 5, 2016

Sovos
August 8, 2016

This blog was last updated on June 27, 2021

Besides the Treasure department considering changing the IGA statuses of jurisdictions that are currently “In Effect” to “In Force” here are the other changes going on throughout the world in our global roundup compiled by our expert researchers.

Cyprus Releases New FATCA Filing Notice

Cyprus has released a new FATCA filing notice reminding Financial Institutions and their representative that any submissions made should use only the following entries:

  • FATCA1- New Data
  • FATCA3- Annulment Data
  • FATCA4- Amendment Data

Additionally, Cyprus reminds all filers that FATCA data should be submitted according to the instructions contained in FATCA XML v.1.1 User Guide (Publication 5124), pages 13-14.

Germany Releases CRS-Infobrief 1/2016

Germany has released its first CRS-Infobrief. The BZSt newsletter is aimed at providing German financial institutions (FIs) and foreign service providers with information on current developments regarding the technical implementation of CRS in Germany. The Infobrief also provides information on the release of a new communication manual (KHB CRS) consisting of the following six parts:

  • Part 0: CRS-Process Overview
  • Part 1: BZSt registration
  • Part 2: CRS data transmission to the Federal Central Tax Office about the BZStOnline Portal (BOP)
  • Part 3a: CRS data transmission to the Federal Central Tax Office on the ELMA mass data interface
  • Part 3b: CRS data transmission to the Federal Central Tax Office on the ELMA mass data interface
  • Part 4: CRS Content Requirements for XML Schema, Error Messages

The registration process consists of three steps:

  • Step 1: Register with the Federal Central Tax Office. This is independent of whether the Elster Online Portal (EOP) or BZStOnlinePortal (BOP) has already received your data previously.
  • Step 2: Register with the EOP or BOP, if you do not already have an active BZSt number
  • Step 3: Reporting FIs submit the CRS data using the ELMA mass data interface

IRS Releases Turks and Caicos Islands Competent Authority Arrangement

The IRS has released the Competent Authority Arrangement with the Turks and Caicos Islands. The purpose of the Arrangement is to describe how each country’s tax authority will administer the FATCA reporting scheme, including the timing of the data exchange, and confidentiality agreements.  

Have Our Global Roundup Delivered Straight to Your Inbox. Sign Up for Our Blog.

Sign up to the Sovos blog for our AEoI updates and our State of Compliance newsletter for other important news, webinars, events and more. Please do not hesitate to contact one of our experts to learn more about how we can help you achieve compliance for all your FATCA, CDOT and CRS reporting obligations.

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

2025 tax filing season
North America Tax Information Reporting
November 21, 2024
Top 5 FAQs to Prepare for the 2025 Tax Filing Season

This blog was last updated on November 21, 2024 While “spooky season” may be over for most of us, the scariest time of year for many businesses is right around the corner: tax filing season. As they brace themselves for the flood of forms, regulatory updates, and tight deadlines, the fear of missing a critical […]

dtc shipping law updates
North America ShipCompliant
November 13, 2024
DtC Shipping Laws: Key Updates for Alcohol Shippers

This blog was last updated on November 13, 2024 When engaging in direct-to-consumer (DtC) shipping of alcohol, compliance with different state laws is paramount and so keeping up with law changes is critical. In 2024, the rules in several states for DtC have already been adjusted or will change soon. Here is a review of […]

sales tax vs. use taxes
North America Sales & Use Tax
November 8, 2024
Sales Tax vs. Use Tax, Explained. Who Reports What, and When?

This blog was last updated on November 19, 2024 One of the core concepts in sales tax compliance is also one of the most frequently misunderstood: the differences between sales tax and use tax. These tax types may look similar on the surface, but knowing the differences is essential for staying compliant and avoiding costly […]

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

This blog was last updated on November 14, 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
VAT in the Digital Age Approved in ECOFIN

This blog was last updated on November 7, 2024 The long-awaited VAT in the Digital Age (ViDA) proposal has been approved by Member States’ Economic and Finance Ministers. On 5 November 2024, during the Economic and Financial Affairs Council (ECOFIN) meeting, Member States unanimously agreed on adopting the ViDA package. This decision marks a major […]