Japan Updates CRS Technical FAQs

Nicolette Chasse
November 20, 2017

The National Tax Agency of Japan issued an updated version of its "Reporting System for Automatic Exchange of Financial Account Information on Nonresidents (Provision of Reporting Matter)" FAQs which provides Japanese FIs with technical descriptions and specifications for reporting under CRS.  The updated FAQs expand on details of advance preparation setup for CRS Returns, and provides more information on correcting submitted returns and reporting undocumented accounts.  Additionally, the FAQs established rules for creating the MessageRefld and the DocRefID.

 Please be advised that these FAQs are different from the Guidance FAQs, which were updated in late September.

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Nicolette Chasse

Nicolette Chasse is a Junior Regulatory Counsel at Sovos Compliance. Her main areas of focus are Automatic Exchange of Information (AEOI) reporting under FATCA and CRS and 1099 Federal Withholding Reporting. Nicolette received her B.A. at Trinity College and her J.D. at Penn State’s Dickinson School of Law. She is a member of the Massachusetts Bar.
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