Regulatory Analysis
On May 15, Costa Rica released additional documentation for reporting under FATCA 2.0. The documentation include Client Configuration Guide v 2.0, a user guide for the FATCA reporting site, and example XML files according to the 2.0 standard. These documents provide essential guidance for parties needing to file FATCA returns with Costa Rica. To […]
The Cayman Islands has opened its AEOI Portal for CRS and FATCA notification and reporting. In addition, a new portal user guide has been released. The guide provides assistance with both the notification and reporting requirements. Reporting Financial Institutions should keep in mind that there will be no CDOT functionality on the portal for this […]
North Dakota recently enacted legislation which will increase the Prepaid Wireless Emergency 911 Fee from 2.0% to 2.5% effective July 1, 2017. Retailers are required to collect this fee on all sales of prepaid wireless services and minutes. Retailers must remit the collection of such fees to the State Tax Commissioner. Revenue generated from this increase […]
Effective July 1, 2017, North Dakota will begin to provide an exemption from sales tax for sales of “internet access services.” Since 1998, the Internet Tax Freedom Act has prohibited federal, state and local governments from levying a tax on internet access however, seven states which previously had imposed taxes on internet access, including North Dakota, were […]
Effective July 1, 2017, North Dakota will expand the definition of “Farm Machinery” to include machinery, equipment and materials used exclusively in a milking operation of a dairy farm. In North Dakota, sales of new farm machinery sold exclusively for agricultural purposes are taxed at a lower tax rate of 3% compared to the general […]
North Dakota’s sales and use tax exemption for tangible personal property used to construct or expand telecommunications service infrastructure is set to expire on June 30, 2017. This exemption covers cell towers, switching equipment, cable, and other infrastructure items used directly in delivering telecommunication services and owned by a telecommunications company. In order to receive […]
The Spanish Tax Administration has updated its XML guidance for submitting FATCA returns. There is only one significant revision of which filers should take note. It provides a web address for the consultation of presentations made in the preproduction test environment. In order to access this page, the filer will need to have a […]
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 […]
Jersey has posted guidance for next month’s CRS reporting. Jersey had previously released guidance in April for FATCA. This publication contains information on single or multi-jurisdictional reporting, trustee and third party reporting, and nil returns, amongst others. Jersey’s due date is June 30. As such, this publication should be reviewed by Reporting Financial Institutions to […]
Bermuda has published Guidance for Financial Institutions to follow with respect to the Common Reporting Standard. Financial Institutions and their advisors should pay particular attention to the information as it covers many facets of the due diligence and reporting requirements. In particular, the Guidance provides that the due date for this year’s reporting will be […]
Bahrain, a late adopter jurisdiction, has recently posted legislation (CRS Directive) concerning the Common Reporting Standard. The legislation, though brief, does provide some important information for Financial Institutions. Of note, Bahrain will require CRS returns to be furnished by May 2, and that FIs submit nil reports. In addition, there is a list of Participating Jurisdictions […]
Costa Rica recently published a communique on FATCA reporting. The document sets the reporting dates for 2016 information to be reporting in 2017. Reporting dates will run from May 12 to August 11, 2017. The document also provides links to the portals available for reporting, as well instructions for registration of reporters and, validation, testing, […]
Monaco recently published an updated publication on the implementation of the automatic exchange of information. This publication relates to how financial institutions must report under the OECD’s Common Reporting Standard (CRS). This most recent update includes a few updates to existing language surrounding trusts, specifically with regard to controlling persons. The settlor, trustee, protector, […]
India recently published an update to Form 61B, which is part of the XML schema used by India for AEOI reporting. The two changes apply to the following fields: The XML Element Name “AcctCatg” was added under Form61B/PartBReportDetails/AccountDtls; The XML Element “CurrCode” was modified by providing all currency codes along with INR […]
The OECD has released the April 2017 version of its Frequently Asked Questions, which give detailed explanations on a variety of CRS topics. The following additional issues are addressed in the updated FAQ publication: Qualification of usufruct (a legal right to use and derive profit from property) for CRS purposes Identification of Controlling […]
The United Kingdom Parliament has passed a set of amendments to the previously enacted International Tax Compliance Regulations of 2015. This legislation governs the responsibilities of British Financial Institutions to comply with both the FATCA and CRS reporting regimes. These new regulations, which are scheduled to come into force on May 17, 2017, modify […]
France has updated its FATCA Guidance for this July’s reporting. Specific changes are highlighted in blue through out the publication, and a summary is provided on the second page. Filers should be mindful of any changes made to ensure that they will be able to send proper FATCA returns. In particular, there is guidance on […]
The Luxembourg Direct Tax Administration published a newsletter stating that it has opened its pre-validation (testing) and production environments for the filing of CRS returns. Filers are advised to carry out end-to-end tests on the pre-validation platform before submitting any reports. As was the case last year, the platform may be accessed using one of […]