Regulatory Analysis
New regulations came into effect this week for CRS in Singapore. The Minister for Finance has published Amendments the last year’s Regulations. Many of the Amendments concern due diligence procedures, including the self-certification process. Singapore is a late adopter. Financial Institutions are required to complete the due diligence procedures this year, and then report in […]
The Icelandic Directorate of Internal Revenue has released information about its domestic schema to be used for both FATCA and CRS reporting. There is a new section in the schema, <FatcaCrs í framtalsgögnum> (FATCA CRS tax return data), which is meant to allow for either FATCA or CRS data to be reported. Additionally, there is […]
Arizona has released its 2017 Quarterly Withholding Tax Return, the A1-QRT. This form is the quarterly reconciliation and reporting form used for withholding payments made over the course of a quarter. The form has undergone extensive formatting changes, but relatively few material changes. The form now requests more detail related to business closures and […]
Maine recently published updated instructions for Form 941-ME, the “Employer’s Return of Maine Income Tax Withholding.” Generally, Form 941-ME is used to report employee or payee income tax withholding to the Maine Revenue Service. The 2017 version of these instructions include a few changes, mostly related to amended returns. • Amended Returns: This section was […]
North Dakota recently released an updated version of Publication 28262 – “Guideline to Income Tax Withholding: Oil and gas Royalty Payments.” The Guideline provides withholding criteria regarding oil and gas related royalty payments. There is one change from the previous version of this publication involving remittance of 1099-MISC forms under the Combined Federal/State Program […]
The Australian Taxation Office has made some revisions to the ATO FATCA and CRS websites. Additionally, the ATO has created a new FATCA Reporting page that provides essential information regarding the transmittal of FATCA returns. The reporting page confirms that Australia will continue to use the IRS XML Schema, and permit but not require […]
The OECD has recently put out a new edition of the Standard for Automatic Exchange of Financial Account Information. This text is sometimes referred to as the “purple book.” The OECD explains that the update was made to give more clarity to the process of submitting corrected returns. In that vein, the OECD updated the […]
Luxembourg has published their list of Reportable Jurisdictions in the Journal Officiel. The list is a requirement from the Common Reporting Standard, and should be use by Reporting Financial Institutions if they have Reportable Accounts. It’s Luxembourg’s first publication of such a list. Otherwise, an FI may submit a Nil but it is not required […]
The BVI International Tax Authority has relaxed the statutory deadlines for both UK CDOT and CRS – extending them to June 30, 2017 for enrollment and to July 31, 2017 for submissions. The ITA will inform BVI FIs directly once the portal is open to accept UK and CRS enrollments and filings. In addition, UK […]
The United Kingdom took the long-anticipated first formal step towards officially leaving the European Union when on March 29, the UK Envoy to the EU hand delivered the “Article 50 Letter” to the EU Council President. As of today, the clock begins ticking on a 2 year window in which the UK can negotiate its […]