Belgium Updates CRS Business Rules and Example Scenarios

April 13, 2017

Paul Ogawa

Author

Sovos

This blog was last updated on June 27, 2021

The Belgium Ministry of Finance recently published updated Business Rules and Example Scenarios to aid financial institutions in creating compliant CRS XML files for reporting purposes. These most recent updates include changes to important elements critical to a successful transmittal.

The Business Rules, which lay out the multitude of requirements for each field in an easy-to-read format, contain an update related to the ResCountryCode under the PersonParty_Type section. More specifically, a list of countries with EU Savings Agreements was added: these countries include Liechtenstein, San Marino, Switzerland, Andorra, and Monaco. Also, a list of non-EU countries will be added upon determination.

The updates to the Example Scenarios were relatively minor in comparison, adding Belgium (BE) as a ResCountryCode in situations where an account holders or organizations reside in Belgium.

Please note that the Business Rules are still in draft form, which means they will likely be subject to updates in the future. To review the Business rules in full, click here. To review the Example Scenarios, click here.

Paul Ogawa

Paul Ogawa is a Senior Regulatory Counsel at Sovos Compliance. As part of the Regulatory Analysis team, his main areas of focus are state and federal tax withholding, the Affordable Care Act (ACA), and Canadian tax information reporting. Prior to Sovos, Paul worked as a litigation attorney in Boston area law firms, representing clients in insurance subrogation claims, family law matters, and employment disputes. Paul is a member of the Massachusetts Bar, earned his B.A. from Brandeis University and his J.D. from the Suffolk University Law School.

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