Weekly Global Roundup: July 30-August 5, 2016

August 8, 2016

Sovos

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Sovos

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.

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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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