Over the past week, countries have continued to change rules and regulations surrounding FATCA, CDOT, and CRS. Check out this week’s FATCA update roundup, straight from our team of tax and compliance experts. Estonia Releases Amended Tax Information Exchange Act Estonia has released an amended Tax Exchange Information Act. There are a few notable changes:
- A section is added regarding “Non-European Union exchange of financial accounts information.”
- Section 6, “Information protection and processing,” has been amended to not apply to information providers who have no obligation to submit the information collected for exchange of information to the tax authority
- A chapter was added for the “Automatic exchange of financial accounts information in tax matters for the European Union”
- Defines what a financial account is, what information needs to be reported, who is required to provide that information, who is the controlling person for that reporting, and allows for third-party reporting
- The information required for a controlling person with regards to FATCA reporting has been added
- Reporting institutions will apply the reporting and due diligence measures specified in this Act and collect information concerning financial accounts opened in 2016 for the first time by December 31, 2016
Sweden Alters Due Date for 2015 FATCA Information Reporting The Swedish Ministry of Finance has changed the due date for which to file FATCA information for the year 2015. The original dates were May 15, 2016, and July 31, 2016 for accounts identified after September 30, 2015. The new due dates are May 16, 2016, and August 1, 2016 for accounts identified after September 30, 2015. To view Sweden’s FATCA page, please click here. St. Kitts & Nevis Launches Portals for FATCA Enrollment and Reporting The Inland Revenue Department of St. Kitts & Nevis has launched two online portals relative to FATCA—one of which is for enrollment, and the other is for reporting. Please refer to the FATCA Portal User Guide (Version 1.1) for directions on submitting data through both portals. St. Kitts & Nevis Releases Updated FATCA Portal User Guide St. Kitts & Nevis has recently released an updated FATCA Portal User Guide (Version 1.1) on its website. The content of this newer version does not have many substantive updates from the prior version, but a few things to note include:
- When completing a manual entry filing, there is a threshold of 50 repeatable folders allowed for adding filings. Once reached, the “Add Section” icon will be removed. Note: This will not affect XML upload filing.
- A “Portal Comments” page has been added to the FATCA portal, accessible when viewing a filing, which contains notification files from the IRS.
- Submission deadline for 2015 data is August 31, 2016.
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