On 2nd September 2022, the Commissioner for Revenue (‘CfR’) launched a fact-finding questionnaire to better understand how the Foreign Account Tax Compliance Act (‘FATCA’) and Common Reporting Standard (‘CRS’) are being implemented in practice.
The aim of the questionnaire is to assist the CfR in identifying practical difficulties faced by Financial Institutions (‘FIs’) to be able to provide the necessary support to FIs and address these issues.
The Questionnaire is split into 3 sections:
- Due Diligence Procedures
- Application of FATCA-CRS in practice
The questionnaire will take approximately 1 hour to complete and participation is on a no-names basis. The questionnaire will be available for 4 weeks.
The CfR encourages the industry to submit sector specific issues relating to the practical implementation of FATCA-CRS at email@example.com. This would aid the CfR to hold discussions with the sector and assist accordingly, including through the issuance of sector-specific guidelines.