FATCA / IGA / CRS
FATCA / IGA / CRS
TaxNewsFlash-FATCA / IGA / CRS — KPMG's reports of developments concerning the Foreign Account Tax Compliance Act (FATCA)
TaxNewsFlash-FATCA
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Recent Articles
August 2016
15 Aug - United States: IRS reminder on updating FATCA online registration
12 Aug - Germany: CRS-focused newsletter released by tax office
11 Aug - Canada: Financial institutions must begin to collect non-resident account details
11 Aug - New Zealand: AEOI implementation impact, options
10 Aug - United States: FATCA IDES data preparation guidance, updated FAQs
10 Aug - New Zealand: AEOI and foreign trust legislation is introduced
9 Aug - Canada: CRS measures included in legislative proposals
9 Aug - Cayman Islands: FATCA, CDOT deadlines extended to September 2016
5 Aug - Luxembourg: Grand-Ducal regulation on CRS implementation
5 Aug - UK: Charities and their responsibilities under CRS regime
4 Aug - Curaçao: IGA entry into force
1 Aug - Channel Islands: “Investment entity” defined for CRS purposes in Guernsey
July 2016
29 Jul - United States: Jurisdictions treated as if they have an IGA in effect
29 Jul - Mauritius: FATCA reporting deadline extended to 31 August
29 Jul - New Zealand: AEOI implementation update
26 Jul - Turks and Caicos Islands: FATCA agreement, entry into force
25 Jul - OECD: Report on AEOI, tax transparency project
20 Jul - Singapore: FATCA 2015 reporting reminder
20 Jul - United States: IRS reminder to update FATCA registration, contact information
18 Jul - Finland: Public consultation on draft CRS, DAC2 guidance
18 Jul - Panama: Mutual administrative assistance in tax matters, OECD agreement signed
18 Jul - UAE: AEoI agreement, registration of financial institutions in “free zone” ADGM
15 Jul - Vietnam: IGA’s entry into force; MOU clarifies FATCA provisions
12 Jul - EU: Tax transparency agreement signed with Monaco
11 Jul - United States: FATCA IDES testing schedule
11 Jul - Luxembourg: United States removed from list of “participating
jurisdictions” for CRS purposes
11 Jul - OECD: Standardised format, common reporting standard (CRS) information feedback
8 Jul - Switzerland: Effect of AEoI on wealth management structures, involved stakeholders
8 Jul - Switzerland: Foreign tax authorities seeking to obtain banking client data with “group requests”
5 Jul - United States: IRS proposed qualified intermediary (QI) agreement
5 Jul - EU: New plan, actions to foster tax transparency
1 Jul - United States: New FATCA FAQ, "general compliance" area
1 Jul - Portugal: FATCA reporting deadline extended to 30 September
June 2016
30 Jun - South Africa: Final business requirements specification for FATCA, CRS
30 Jun - Hong Kong: Common reporting standard (CRS) bill gazetted; effective date set for 1 January 2017
28 Jun - British Virgin Islands: FATCA reporting deadline extended
28 Jun - New Zealand: Recommendations for foreign trusts, inbound investment, BEPS proposals
28 Jun - OECD: Offshore tax evasion convention signed by Dominican Republic, Nauru
27 Jun - Cyprus: FATCA reporting deadline extended to 15 July
24 Jun - Malta: FATCA reporting by trustees
22 Jun - India: Guidance for FATCA, CRS requirements
22 Jun - Cayman Islands: CDOT, FATCA notification date extended to 10 August
16 Jun - Paraguay: Exchange of information for tax purposes
15 Jun - Cayman Islands: FATCA deadlines extended to 10 August, final extension
15 Jun - British Virgin Islands: FATCA reporting deadline extended to 17 June
15 Jun - India: FATCA and CRS guidance
15 Jun - Liechtenstein: FATCA reporting deadline is 31 July
15 Jun - Romania: FATCA reporting deadline extended to 31 August
15 Jun - UK: Automatic exchange of information, guidance for charities
15 Jun - Italy: FATCA reporting deadline is 15 June
14 Jun - Malta: CRS registration date, extended to 30 September
13 Jun - Brazil: Updated FATCA guidance
9 Jun - United States: IRS announces FATCA IDES testing begins 16 June
6 Jun - Brazil: Extended deadlines for FATCA compliance
6 Jun - Channel Islands: Additional IGA-related guidance issued by Jersey
6 Jun - United States: IRS provides new version of FATCA data exchange
1 Jun - United States: IRS to update FATCA IDES data preparation process, examples
May 2016
25 May - Switzerland: Draft ordinance, AEOI on tax matters
25 May - Channel Islands: FATCA, IGA reporting guidance issued by Jersey
24 May - Ireland: FATCA returns due 30 June 2016
24 May - UK: Updated guidance, documents for AEOI
20 May - China: Participation in global tax initiatives (BEPS, CRS)
19 May - Australia: CRS to be implemented from July 2017
13 May - UK: New AEoI guidance
12 May - OECD: Israel, Russia join CRS agreement
11 May - OECD: Bahrain, Lebanon, Nauru, Panama, Vanuatu agree to implement CRS
6 May - Malta: FATCA submission deadline extended to 31 May 2016
April 2016
19 Apr - Brazil: Updated FATCA guidance
17 Apr - Canada: Implementing common reporting standard (CRS) for Canadian financial institutions
15 Apr - G5 to establish registers of beneficial owners of companies
14 Apr - OECD: Report to G20, additional steps under tax transparency standards
14 Apr - Australia: CRS implementation guidance addresses overlap with FATCA
13 Apr - OECD: Tax administrations meet on “Panama papers”
13 Apr - India: FATCA, CRS registration procedures
12 Apr - Cayman Islands: Due dates for UK CDOT, US FATCA reporting
5 Apr - Luxembourg: Revised FATCA reporting guidelines, CRS decree
4 Apr - Switzerland: Dutch “group request” for unnamed bank customers rejected
1 Apr - Portugal: FATCA reporting deadline extended to 30 June 2016
March 2016
29 Mar - United States: Change to encryption for FATCA data transmissions
29 Mar - Vietnam: FATCA reporting due 30 June, unless extension is granted
23 Mar - Australia: Common reporting standard (CRS) enacted
17 Mar - British Virgin Islands: FATCA / CRS registration, reporting reminder
11 Mar - Switzerland: Automatic exchange of information, update
7 Mar - United States: FATCA competent authority arrangement, United States and Barbados
7 Mar - South Africa: Commitment to AEOI / CRS regimes
4 Mar - United States: FATCA competent authority agreement, Brazil and United States
4 Mar - FATCA: US, Swiss competent authority agreement, lawyers’ accounts
February 2016
22 Feb - Australia: Status of CRS legislation
22 Feb - New Zealand: Implementing AEOI regime
22 Feb - EU: Tax transparency agreement with Monaco
22 Feb - United States: Rules for reporting foreign financial assets
17 Feb - United States: Changes to timing of certain FATCA reporting, republished
12 Feb - Canada: CRS to be implemented July 2017
12 Feb - EU: Tax transparency agreement with Andorra
11 Feb - Singapore: FATCA guidance for financial institutions
January 2016
27 Jan - British Virgin Islands: CRS implementation update
27 Jan - Netherlands: FATCA deadline is 31 January for certain financial institutions
20 Jan - Mauritius: CRS implementation date, deferred to 2017
19 Jan - United States: IRS to revise timing of certain FATCA reporting
19 Jan - Hong Kong: Update on CRS / AEOI legislation
14 Jan - Australia: CRS implementation scheduled for 1 July 2017
13 Jan - OECD: List of 97 jurisdictions committed to AEOI
13 Jan - Mauritius: CRS implementation is delayed
11 Jan - Cyprus: CRS implementing decree, effective 2016
7 Jan - Luxembourg: CRS law (DAC 2) is enacted
4 Jan - Argentina: Guidance implementing CRS regime
4 Jan - Portugal: FATCA reporting deadline extended again, 31 March 2016
2015 Articles
December
29 Dec - Belgium: Reporting requirements, with publication of FATCA implementing law
21 Dec - Ireland: CRS regulations are released, effective 31 December 2015
18 Dec - United States: IRS announces updates to FATCA IDES
16 Dec - Turks and Caicos: FATCA guidance notes
15 Dec - Luxembourg: CRS implementing legislation moves forward
15 Dec - EU: Rules for tax authorities to exchange information beginning 2016
15 Dec - OECD: Response to EU request, more “CRS XML schema” fields
10 Dec - Cayman Islands: Updated CRS guidance
8 Dec - United States: New FATCA general compliance FAQs
3 Dec - Netherlands: CRS draft implementing decree
3 Dec - Mauritius: CRS draft guidance
2 Dec - Portugal: FATCA reporting deadline is again extended, 31 December 2015
November
30 Nov - New Zealand: FATCA implications for trusts
27 Nov - Isle of Man: CRS regulations
25 Nov - Switzerland: Dutch group requests for assistance, AEoI
24 Nov - United States: Applications for QI, WP, WT status, for 2015
23 Nov - United States: IRS announces upgrade to FATCA online registration system
23 Nov - Spain: Common reporting standard (CRS) effective January 2016
20 Nov - Mexico: Common reporting standard, AEOI rules are implemented
19 Nov - Indonesia: AEOI guidance, procedures for exchange of tax information
19 Nov - OECD: Frequently asked questions, CRS
17 Nov - United States: IRS updated FATCA FAQ
12 Nov - Channel Islands: Common reporting standard (CRS) in Guernsey
11 Nov - Luxembourg: “DAC 2” legislation introduced; CRS-like regime
11 Nov - EU: Savings tax directive is repealed, replaced by new standard
11 Nov - United States: FATCA IGA signed with Angola
10 Nov - Austria: Common reporting standard implementation
5 Nov - United States: FATCA Competent Authority arrangement with Luxembourg
5 Nov - United States: FATCA IGA signed with Azerbaijan
4 Nov - Germany: Final guidance notes, implementing FATCA
3 Nov - United States: FATCA IGA signed with San Marino
3 Nov - Mexico: FATCA reporting due date
2 Nov - United States: FATCA Competent Authority arrangements with Estonia, Guernsey, Iceland, Malta, Mexico
October
27 Oct - Australia: First round of FATCA data sharing
22 Oct - Channel Islands: CRS measures in Jersey
21 Oct - Cayman Islands: CRS rules are enacted
19 Oct - United States: FATCA IGA signed with Algeria
14 Oct - Hong Kong: Update on CRS, automatic exchange of tax information
8 Oct - Cayman Islands: Update on CRS implementation, regulations
8 Oct - United States: FATCA Competent Authority arrangement with India
8 Oct - United States: IRS FATCA guidance on WP/WT deadlines for submitting applications
7 Oct - United States: FATCA Competent Authority arrangement with Hungary
7 Oct - France: FATCA guidance for French “reporting financial institutions”
2 Oct - United States: IRS reports FATCA meeting deadline, program milestone
1 Oct - Australia: Implications of CRS regime, broader reach than FATCA
September
30 Sep - United States: Updated "more favorable terms" under FATCA Model 1 IGA
29 Sep - United States: Deposit interest paid to nonresident aliens by U.S. financial institutions
29 Sep -United States: FATCA IGA signed with Montserrat
28 Sep - Spain: FATCA, CRS reporting requirements
28 Sep - UK: Automatic exchange of information guidance notes, informal consultation
24 Sep - United States: FATCA-related Competent Authority arrangements with UK, Australia
23 Sep - Mauritius: FATCA reporting, available to 30 September
22 Sep - Mexico: Common Reporting Standard (CRS) proposal
22 Sep - UK: FATCA and related guidance
18 Sep - Australia: CRS exposure draft
18 Sep - UK: FATCA guidance notes
18 Sep - United States: Extended FATCA transition rules
16 Sep - Japan: CRS implementation, effective 2017
15 Sep - Cyprus: FATCA implementing decree
15 Sep - Malaysia: Guidance for FATCA compliance
14 Sep - Belgium: Update on FATCA reporting for 2014
10 Sep - Panama: Update on FATCA
9 Sep - India: FATCA guidance notes
8 Sep - Cyprus: FATCA guidance
3 Sep - United States: FATCA IGA signed with St. Kitts, Nevis
August
28 Aug - United States: FATCA updated version ICMM; related error messages
27 Aug - United States: Updated FATCA FAQs on branch registration
27 Aug - India: FATCA reporting deadline extended to 10 September
26 Aug - Cayman Islands: FATCA portal closes 28 August
21 Aug - Iceland: FATCA due diligence requirements
21 Aug - Italy: FATCA reporting guidance
20 Aug - United States: FATCA IGA signed with St. Vincent, Grenadines
18 Aug - Barbados: FATCA update; reporting deadline is 15 September
18 Aug - United States: Updated "more favorable terms" for FATCA Model 1 IGA
17 Aug - United States: Updated FAQs, other FATCA IDES guidance
11 Aug - United States: More favorable terms of FATCA Model 1 and Model 2 IGAs
10 Aug - India: FATCA implementation measures
10 Aug - OECD: CRS implementation handbook
7 Aug - United States: FATCA IGA signed with Portugal
7 Aug - Portugal: IGA signed with US
3 Aug - United States: New FATCA FAQs on registration updates
July
31 Jul - Portugal: FATCA reporting deadline extended to 30 November
30 Jul - United States: FATCA IGA signed with Turkey
29 Jul - United States: Notification of “more favorable terms” under FATCA Model 1 IGA
28 Jul - United States: Updated FAQs on FATCA IDES transmission, security
24 Jul - Mauritius: FATCA reporting deadline extended to 31 August
22 Jul - Ireland: Updated FAQs for FATCA, CRS
20 Jul - United States: IRS memo on protection of FATCA IDES-provided data
16 Jul - United States: FATCA IGA signed with Philippines
14 Jul - BVI: FATCA reporting deadline, 31 July
14 Jul - United States: FATCA IGAs signed with India, Georgia
14 Jul - United States: Updated FATCA FAQs
8 Jul - Brazil: FATCA-related filings due 15 August 2015
6 Jul - Cayman Islands: Guidance notes under FATCA intergovernmental agreements
6 Jul - Germany: Draft guidance for implementing FATCA
6 Jul - Mauritius: Reminder, initial FATCA report due 31 July
June
23 Jun - Ireland: FATCA reporting deadline extended to 31 July
19 Jun - Vietnam: FATCA guidance, extended reporting deadline
18 Jun - Cayman Islands: FATCA reporting deadline, 26 June
18 Jun - United States: FATCA IGA signed with UAE
17 Jun - Channel Islands: Jersey extends FATCA reporting deadline, if requested
16 Jun - Romania: FATCA intergovernmental agreement
12 Jun - Netherlands: Official translation of FATCA guidance
12 Jun - United States: FATCA IGA signed with Korea
12 Jun - Canada: “Global FATCA” agreement is signed
11 Jun - United States: FATCA IGA signed with Vatican
11 Jun - Malta: FATCA reporting deadline is again extended
11 Jun - Spain: Draft guidance for common reporting standard (CRS); FATCA
10 Jun - United States: Reminder of reporting requirements for foreign assets (FBAR and FATCA filings)
9 Jun - United States: FATCA FAQs on extensions of time to file Form 8966
9 Jun - United States: FATCA XML schema, IDES technical FAQs
9 Jun - South Africa: FATCA guide for financial institutions
5 Jun - BVI: FATCA deadlines extended
5 Jun - Luxembourg: FATCA reporting deadline is extended
4 Jun - OECD: Seven more countries agree to CRS on AEOI
3 Jun - France: Updates on FATCA reporting deadline, "nil" reporting
1 Jun - UAE: FATCA reporting deadllines are extended
1 Jun - Bahamas: FATCA guidance notes
May
29 May - United States: FATCA IGAs signed with Iceland, Romania
28 May - United States: FATCA IDES digital certificate product, IDES test reminder
28 May - United States: FATCA IGA signed with Colombia
28 May - Switzerland: Automatic exchange of information agreement with EU
26 May - United States: Production data transmitted to FATCA IDES production environment
26 May - Malaysia: FATCA reporting deadline is extended
26 May - Mexico: Deadline for filing amended FATCA returns extended
22 May - Germany: FATCA-reporting draft guidance
21 May - Cayman Islands: FATCA notification, reporting deadlines again extended
20 May - United States: FATCA IDES testing program
14 May - Belgium: FATCA guideliens; reporting by 30 June
12 May - Cayman Islands: Extended deadlines for FATCA notification, reporting
11 May - New Zealand: FATCA guidance on “recalcitrant accounts”
8 May - United States: New FATCA FAQs, new enrollment process under IDES
8 May - United Kingdom: FATCA implications for non-financial entities
April
29 Apr - United States: FATCA IGA signed with Kuwait
28 Apr - United States: FATCA refund claims by non-resident aliens, withholdings not deposited
21 Apr - United States: Metadata user guide for FATCA reporting
15 Apr - United States: FATCA IDES testing opportunity
14 Apr - United States: New FAQ on FATCA ICMM notifications
13 Apr - United States: FATCA IGA signed with Uzbekistan
9 Apr - United States: IRS publications on FATCA reports, notifications
March
27 Mar - United States: FATCA electronic filing of Form 1042-S for tax year 2014
24 Mar - United States: New FAQs on FATCA reporting
Prior Editions
Prior editions of TaxNewsFlash-FATCA (from 2014 and the first half of 2015) are listed below, and are searchable by key words.
For a copy of a prior edition, send an email to US-KPMGWNT@kpmg.com with (1) date and (2) title. A copy will be sent to you as soon as possible.
- 2015 Editions [PDF 989 KB]
- 2014 Editions [PDF 643 KB]
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