Last month, the OECD launched its public disclosure facility in order for interested parties to submit potential schemes they believe are being used to circumvent the Common Reporting Standard. The facility’s goal is to understand these schemes or loopholes to further strengthen CRS’s effectiveness in promoting greater transparency. Within a month, the OECD had received several submissions relating to a so-called “Occupational Retirement Scheme” employed in Hong Kong. In response, the Inland Revenue Department of Hong Kong issued guidance in order to address the use proper use of the ORS.
Bulgaria Will use OECD’s CRS Schema
Bulgaria has recently announced that it will require its Reporting Financial Institutions to use the schema...
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Cayman Islands Updates AEOI Portal Accessibility and Communications Information
The Department for International Tax Cooperation for the Cayman Islands updated their AEOI news page, announcing that the AEOI Portal continues to be offline.
Guernsey Issues Bulletin Regarding CRS and FATCA Corrections for 2016 Reporting Period
The States of Guernsey recently published Bulletin 2017/7, "Common Reporting Standard and US IGA ("FATCA") Corrections for Reporting Period 2016."
Hong Kong Updates Due Diligence Information for AEOI Reporting
Hong Kong's Inland Revenue Department recently updated Chapter 10 (Due Diligence: New Individual Accounts) of the AEOI Guidance for Financial Institutions.
U.S.-Turkmenistan FATCA Agreement Comes Into Force
The Model 1B IGA between Turkmenistan and the United States has entered into force. Model 1B IGAs create a non-reciprocal reporting obligation between the tax authority of Turkmenistan and the U.S.
Jersey Revises CRS Guidance Notes
Jersey recently updated its CRS Guidance Notes. The revised Guidance Notes provides links to updated regulations and summaries thereof.
Japan Updates CRS Technical FAQs
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.
Singapore Releases Updated CRS FAQs
Singapore has updated its CRS FAQs. The updated FAQs provide revised guidance on determining whether the holder of a new account is a reportable person.
LIthuania Releases CRS Schema and Specifications
Lithuania recently released Specifications for CRS reporting. The Specifications establish general reporting principles, provides sample schemas, and details how reports should be structured.
British Virgin Islands Announces Portal Temporarily Closed
The British Virgin Islands (BVI) have announced that the BVI Financial Account Reporting System (BVIFARS) remains offline at this time.
Ireland Updates AEOI FAQs
Ireland recently updated its AEOI FAQs. The only significant change involves updated lists of participant countries for years 2017 and 2018.
Jersey Updates its CRS Regulations
Jersey recently issued the Taxation (Implementation) (International Tax Compliance) (Common Reporting Standard) (Amendment) (Jersey) Regulations 2017 amending the Taxation Regulations 2015
Greece Releases Secondary Legislation for AEOI Reporting Under CRS
The Hellenic Republic (Greece) recently released a series of legislation relating to AEOI reporting under CRS.
Switzerland Updates CRS Technical Guidance
Switzerland updated its CRS Technical Guidance, providing Swiss Financial Institutions with technical descriptions and specifications required for CRS return transmissions.
New Zealand Releases FATCA Trusts Guidance Notes
New Zealand has released IR1087 specifying how FATCA is applied in New Zealand to trusts that maintain or hold financial accounts.
New Zealand Releases IR1090, FATCA: Provision of US TINs
New Zealand has released a factsheet detailing the obligations New Zealand financial institutions to meet FATCA reporting requirements.
Russia Issues Draft CRS Guidance and Implementation Legislation
The Russian Duma has drafted preliminary legislation to comply with CRS through guidance notes and implementation notes.
Hong Kong Releases CRS Legislation to Align Tax Code With CRS
Hong Kong released an Amendment Bill including language aimed at increasing international exchange of information and clarifying definitions of key terms to align with definitions used by CRS.
Singapore Releases IRAS CRS XML Schema Version 1.0, Guidance Notes
Singapore released Version 1.0 of the XML Schema necessary to comply with CRS reporting requirements as well as Guidance Notes to accompany the Schema.
IRS Releases Reminder of Upcoming Deadline for FFI Registration for FATCA
The IRS recently published Notice 2017-174, which reminds all Foreign Financial Institutions (FFIs) that the due date for renewing agreements is October 24, 2017.
Bermuda Announces Phasing Out of CDOT Reporting Requirements