Belgium recently announced it will extend the deadline for CRS reporting this year. Reporting was originally due at the end of June, but Belgium has delayed reporting until the end of July. This delay is only for CRS and does not affect FATCA reporting which was due at the end of June. The announcement of the delay specifies income year 2016 and does not mention a permanent change in due dates so it is likely this extension will only be for this reporting year.
Contemporaneous with the extension announcement, Belgium also announced that the “SendingCompanyIn” element must be included in CRS files. The field must be populated with the ECB number of the financial institution transmitting the CRS file. Failure to include the field may subject the filing institution to an error message and possible audit.
The above information was posted on Belgium’s CRS News page. To review these items and other CRS news, please follow this link.
About the Author
Jesse Rooney is a Regulatory Analysis Counsel at Sovos. His research focuses on AEOI, ACA, information return, and sales tax issues. Mr. Rooney received his B.A. from Framingham State University and his J.D. from the University of Massachusetts School of Law. He is licensed to practice in Massachusetts.More Content by Jesse Rooney