Regulatory Analysis
The Belgian parliament is currently debating a bill that would grant VAT enforcement authorities the power to attach property implicated in willful tax evasion. According to the Commission of Finance and Budget, such attachment will follow the common law regarding seizures. At this time, there is no indication of when the bill will enter into force […]
Pennsylvania recently released an updated Form PA-100, the Enterprise Registration Form and Instructions. This form is used by enterprise businesses to register with the state for certain taxes and services administered by the Pennsylvania Department of Revenue and Department of Labor & Industry. For the purposes of this form, “enterprise” does not indicate size of […]
The Turks and Caicos Islands Exchange of Information Unit has published a set of guidance notes for the implementation of the Common Reporting Standard and related domestic legislation. The guidance addresses a wide range of AEOI topics, including the following: Operation of CRS in Turks and Caicos Treatment of investment manager/adviser financial accounts […]
The UK HMRC has updated its list of CRS Reportable Jurisdictions in order to remove three countries from the list: Barbados, Curacao, and Niue. HMRC has decided that it will not be sharing financial account information with these three jurisdictions at this time. Financial Institutions may still send reports to HMRC containing data for […]
Pennsylvania recently updated the file imports for their W-2 Employee Wage Records and 1099-MISC Distribution. These file imports are used by employers to report W-2 and 1099-MISC data to the Pennsylvania Department of Revenue. The changes made are as follows: Employer W-2 Employee Wage Records: For the Fields “PA Income Tax Withheld”, “Taxable Compensation”, […]
The New Jersey Division of Taxation has released an updated version of its Form NJ-W-4P, Certificate of Voluntary Withholding of New Jersey Gross Income Tax from Pension and Annuity Payments. Pensioners and annuitants may use this form to instruct the payer withholding New Jersey Income Tax rather than making estimated tax payments. The form […]
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 […]
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 […]
Guernsey recently published Bulletin 2017/3, detailing how Trustee Documented Trusts (“TDT”) must report under the Common Reporting Standard (“CRS”). This bulletin provides guidance on the format for electronic reporting through the Information Gateway Online Reporter (IGOR), the Guernsey electronic reporting portal. While trusts would ordinarily be considered Reporting Financial Institutions (RFIs) under Schedule 2 […]
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, […]
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, […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]