Regulatory Analysis

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 […]