Regulatory Analysis

Get the latest updates in regulatory analysis news

Posted 2 years ago by Lee Pender
Jersey Posts Reporting Guidance for CRS

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 […]

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Posted 2 years ago by Lee Pender
Bermuda Releases CRS Guidance

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 […]

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Posted 2 years ago by Lee Pender
Bahrain Publishes CRS Legislation

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 […]

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Posted 2 years ago by Lee Pender
Costa Rica Publishes Communication on FATCA Reporting

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, […]

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Posted 2 years ago by Lee Pender
Monaco Releases Updated CRS Guidance Publication

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, […]

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Posted 2 years ago by Lee Pender
India Updates AEOI Schema for Filing Year 2017

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 […]

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Posted 2 years ago by Lee Pender
OECD Publishes Updated FAQs and Informational Pages, Turkey Signs MCAA

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 […]

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Posted 2 years ago by Lee Pender
United Kingdom Enacts Amendments to International Tax Compliance Regulations

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 […]

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Posted 2 years ago by Lee Pender
France Updates FATCA Guidance

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 […]

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Posted 2 years ago by Lee Pender
Luxembourg Opens Testing and Production Platforms for CRS Reporting

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 […]

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Posted 2 years ago by Lee Pender
Liechtenstein Extends FATCA Deadline for Tax Year 2016 Returns

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 […]

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Posted 2 years ago by Sovos
Pennsylvania Modifies Instructions for Completing Form PA-501, Employer Deposit Statement

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 […]

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Posted 2 years ago by Sovos
Ohio issues new instructions for filing a Withholding Tax Application for Refund

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 […]

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Posted 2 years ago by Sovos
Malta Delays CRS Reporting Deadline

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.

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Posted 2 years ago by Sovos
IRS Publishes New Technical FAQ on TIN Reporting Format for Tax Year 2017

    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 […]

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Posted 2 years ago by Sovos
Bahamas Announces Registration and Reporting Dates for 2017

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 […]

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Posted 2 years ago by Sovos
IRS Announces IDES Testing Session Dates

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. […]

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Posted 2 years ago by Sovos
Italy Enacts FATCA Order and Modifies Deadline

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 […]

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