Spain Publishes New CRS and FATCA FAQs

Tom Hospod
May 12, 2017

This blog was last updated on December 22, 2021

The Spanish Tax Administration has published additional answers to Frequently Asked Questions regarding FATCA and CRS reporting. The questions address specific circumstances – under both FATCA and CRS – in which a Financial Institution is obligated to carry out blocking of a financial account for both entities and natural persons:

  • A Financial Institution must block an account of an individual when the TIN is not included in a new account declaration. Additionally, the FI must communicate that the TIN is missing to the country or jurisdiction of tax residency that appears in the new account declaration.
  • For entity accounts, the mere absence of an active or passive determination does not require the FI to block the account.

The new FAQs also address the treatment of certain Spanish not-for-profit foundations and other tax-exempt entities for the purposes of CRS and FATCA.

Sign up for Email Updates

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

Author

Tom Hospod

Tom Hospod is a Regulatory Counsel at Sovos Compliance. Within Sovos’ Regulatory Analysis function, Tom focuses om Affordable Care Act (ACA) reporting, Tax Withholding, and Automatic Exchange of Information (AEOI). Prior to Sovos, Tom worked as a legislative aide in the Massachusetts House of Representatives. Tom is a member of the Massachusetts Bar, earned his B.A. from Boston College and his J.D. from the University of Miami.
Share this post

customer centric
North America Tax Compliance
January 7, 2025
“The first step to being customer centric is being with the client through thick and thin”

This blog was last updated on January 7, 2025 Interview with: Sergio Severo, Managing Director Sovos Latin America He was seriously considering retiring after an extensive and remarkable professional career when he received an invitation to lead our team in the region. Something about Sovos caught Sergio Severo’s attention, prompting him to abandon his retirement […]

agent of the consumer tnabc
North America ShipCompliant
January 6, 2025
TNABC Warns DtC Shippers Against ‘Agent of Consumer’ Sales

This blog was last updated on January 8, 2025 Learn why Tennessee’s Alcoholic Beverage Commission (TNABC) is cracking down on ‘agent of the consumer’ sales for DtC wine shippers. The Tennessee Alcoholic Beverage Commission (TNABC) recently sent a notice to licensed direct-to-consumer (DtC) wine shippers indicating that shipping as an “agent of the consumer” is […]

california unclaimed property notice
North America Unclaimed Property
January 6, 2025
California’s Unclaimed Property Crackdown: How to Respond to Notices

This blog was last updated on January 10, 2025 Learn how to respond to California’s unclaimed property notices. Avoid audits, penalties, and interest with timely actions and the Voluntary Compliance Program. Be aware! California is ramping up its enforcement of unclaimed property law, and businesses are in the crosshairs. Recently, the State Controller’s Office (SCO) […]

SAP Clean Core implementation
North America Tax Compliance
January 6, 2025
SAP: Your Business’ Path to Clean Core

This blog was last updated on January 10, 2025 In the first blog in our series, we introduced SAP Clean Core concept and how much is being made about its impact on business, specifically the ability to customize an ERP to meet operational needs. In part two, we addressed how businesses can use the SAP […]

alcohol deliveries
North America ShipCompliant
December 20, 2024
What if No One is Home to Sign for an Alcohol Delivery?

This blog was last updated on January 2, 2025 When no one is home to sign for an alcohol delivery, it becomes more than just a minor hiccup for direct-to-consumer (DtC) alcohol shippers. It’s a domino effect that transforms a perfectly curated product into a customer’s disappointment before it’s ever opened. This becomes an even […]