The Belgium Ministry of Finance recently published updated Business Rules and Example Scenarios to aid financial institutions in creating compliant CRS XML files for reporting purposes. These most recent updates include changes to important elements critical to a successful transmittal.
The Business Rules, which lay out the multitude of requirements for each field in an easy-to-read format, contain an update related to the ResCountryCode under the PersonParty_Type section. More specifically, a list of countries with EU Savings Agreements was added: these countries include Liechtenstein, San Marino, Switzerland, Andorra, and Monaco. Also, a list of non-EU countries will be added upon determination.
The updates to the Example Scenarios were relatively minor in comparison, adding Belgium (BE) as a ResCountryCode in situations where an account holders or organizations reside in Belgium.
Please note that the Business Rules are still in draft form, which means they will likely be subject to updates in the future. To review the Business rules in full, click here. To review the Example Scenarios, click here.
The post Belgium Updates CRS Business Rules and Example Scenarios appeared first on Sovos.
