Regulatory Analysis
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 […]
The Tax Administration of Liechtenstein has released a statement to inform FIs and filers that the deadline for the transmission of FATCA reports has been extended to July 31, 2017. Originally, the due date for tax year 2016 reports was June 30th. The post Liechtenstein Extends FATCA Deadline for Tax Year 2016 Returns appeared first […]
The Pennsylvania Department of Revenue has revised its instructions for completing Form PA-501, Employer Deposit Statement of Employer Withholding Tax. There are clarifications and modifications to this instructions of which filers should take note: • “Gross Compensation” was clarified to mean “Total Compensation Subject to PA Tax.” • “Credits” was clarified to instruct […]
The Ohio Department of Taxation (ODT) recently published new instructions which modify the way businesses request a refund when there is over-withholding. ODT still uses the Withholding Tax Application for Refund (Form WT-AR), but now limits the circumstances in which filers may use the form to request a refund. Generally, if over-withholding occurs, it […]
The Maltese Inland Revenue Division has announced that the CRS deadline for tax year 2016 reporting has been moved from April 30, 2017 to June 30, 2017. The post Malta Delays CRS Reporting Deadline appeared first on Sovos.
The IRS’s International Data Exchange Service (IDES) has published an answer to a Frequently Asked Question regarding TIN reporting in 2018 – for Tax Year 2017 information. Beginning in 2018, Model 1 FFIs will no longer be permitted to […]
The Bahamas Ministry of Finance has released information regarding the timeline for portal registration and reporting for this year’s filing season. The TIE Portal will open for registration and reporting on July 17, 2017 at 9:00am EST and will close on August 25, 2017 at 5:00pm EST. As a general reminder, FIs were required […]
The IRS has announced that IDES will be open for the testing of FATCA files from Monday, June 19, 2017 at 8:00 AM EST until Friday, July 14, 2017 at 5:00 PM EST. The test session will be open to users who have completed IDES enrollment by Thursday, June 15, 2017 at 5:00 PM EST. […]
The Italian Internal Revenue Service has published a newly enacted order relative to the implementation of FATCA for this year’s filing season. This order updates the technical annexes, replacing the previous ones that were used for the last year’s filing. The new specifications are intended to reflect the changes to the IRS FATCA XML […]
The Liechtenstein Tax Administration has released a document containing additional XML specifications, which will supplement the FATCA XML Schema v2.0 and CRS XML Schema that Liechtenstein FIs will use to report account information and receive notifications. Reporting Financial Institutions needs to be mindful that their own jurisdiction is allowed to implement their own changes to […]
The Maltese Inland Revenue Division has published an updated version of its CRS implementation guidelines for Financial Institutions. There is only one significant change of which filers should take note – regarding trustee-documented trusts: During 2017, consolidated reporting by trustees will only be supported through the upload of CRS XML data files using an […]
The Mexican Tax Administration Service has published an updated version of its electronic nil reporting guidance. The revised version makes clarifications on some matters addressed in the original publication. Additionally, the Service has updated its presentation on security protocols for creating XML files. The post Mexico Updates Electronic Nil Reporting Guidance and Security Protocols […]
Jersey’s tax authority has published Practical AEOI Guidance ahead of this year’s filing season in order to clarify certain issues and provide updates regarding account reporting and transmittals. The Practical Guidance addresses the following specific topics: • The release and change over to the US FATCA v2.0 schema • New elements in the US […]
On March 29, 2017 the Virginia Governor signed legislation that will exempt the sale of parts and engines used in the maintenance, repair or reconditioning of any manned or unmanned aircraft system. However, as a compromise measure intended to limit the fiscal impact of the new exemption, the rule will not come into effect until […]
New Jersey’s limousine industry won a major legislative battle on February 10, 2017, when Governor Chris Christie signed into a law a bill eliminating sales tax on intra-state limousine services. The tax had been in force since 2006, surviving several challenges in the state legislature. It will officially be phased out on May 1, 2017. […]
The Economic and Financial Affairs Council of the European Union (ECOFIN) recently discussed two hot-button topics that could ultimately lead to changes in European VAT law. First, ECOFIN discussed whether Member States should be allowed to reduce-rate electronic publications. This option already exists for ‘physical’ books, newspapers, magazines, and the like, but EU authorities have […]
The IRS has published additional Frequently Asked Questions that address general compliance issues related to FATCA obligations. Specifically, the FAQs touch upon Foreign TIN and Date of Birth requirements. A withholding agent must obtain a foreign TIN for: • A foreign person claiming a reduced rate of withholding under an income tax treaty if […]
Sweden has released a new version of the SKV 260 which provides a technical description of the XML file for FATCA should be formatted. The new guide applies to reports made for this year’s reporting. The format largely follows the IRS’s XML v.2.0 as outlined in the Publication 5124. However, Sweden has mandated that certain […]