FATCA/IGA/CRS
KPMG TaxNewsFlash reports of developments concerning the Foreign Account Tax Compliance Act (FATCA)
News
British Virgin Islands: Deployment of payment module and new CRS form on BVIFARS portal
Announcement of deployment of payment module on BVIFARS portal, which was initially scheduled for January 2024
April 11, 2025
News
Singapore: Updated record level error codes for CRS
IRAS updated documents to revise CRS record level error codes
April 11, 2025
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Uruguay: Updated guidance regarding submission of CRS reports
CRS reports, along with corrections, must be submitted between April 1, 2025, and June 30, 2025.
April 11, 2025
News
IRS correction: Extended filing deadline for Forms 1042-S is April 17, 2025
The IRS issued a correction on the deadline to file Forms 1042-S.
April 9, 2025
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Latest tax developments from the United States and from KPMG member firms around the globe
News
Costa Rica: Consultation on selection and risk criteria for CRS compliance audits
Consultation on new criterion for objective selection criteria for CRS compliance audits
March 21, 2025
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Barbados: Updated FATCA guidance on U.S. TIN reporting requirements
Instructions to reporting financial institutions on their obligations to report U.S. tax identification numbers
March 19, 2025
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Finland: Updated FATCA and CRS FAQs
Updated FAQs dealing with changes in the business operations of reporting companies.
March 19, 2025
News
Switzerland: Consultation on revised FATCA agreement with United States
A consultation regarding the ratification of the new FATCA Model 1 Intergovernmental Agreement.
March 17, 2025
News
Germany: Updated CRS communication manual requires electronic notification for missing self-disclosures
Written notifications are no longer accepted.
March 14, 2025
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Finland: Updated FATCA and CRS FAQs
Updated FAQs dealing with due diligence obligations
March 11, 2025
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Liechtenstein: Updated CRS guidance for AEOI
Revision of automatic exchange of information sheet under CRS regime
March 7, 2025
News
Saint Kitts and Nevis: Guidance on process to deregister from AEOI portal
Reporting financial institutions that no longer meet the FATCA and CRS reporting obligations are eligible to deregister from the AEOI portal.
March 7, 2025
News
Liechtenstein: Updated FATCA reporting technical guidance
Updated guidance reflects extension of temporary relief for foreign financial institutions regarding reporting of U.S.TINs
March 6, 2025
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KPMG report: Forms 1042 and 1042-S reporting updates
Practical tips for navigating 2025 filing season
March 5, 2025
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Ireland: Updated AEOI guidance
The Irish Revenue Commissioners issued updated AEOI guidance.
February 28, 2025
News
UAE: Updated FATCA and CRS system user guide
Instructions for reporting financial institutions on deregistering from FATCA / CRS system
February 21, 2025
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Liechtenstein: Adoption of consultation report on CARF Act, amendments to AEOI Act
The consultation period is open until April 17, 2025.
February 19, 2025
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Lithuania: Updated lists of CRS reportable and participating jurisdictions
Updated lists effective December 24, 2024
February 19, 2025
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Channel Islands: Guidance on common errors in FATCA and CRS reporting (Jersey)
Guidance addressing common errors in 2023 reporting
February 4, 2025
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Finland: Updated FATCA and CRS FAQs
Updated FAQs dealing with due diligence obligations
February 3, 2025
News
Spain: Updated guidance on common errors in information received via Form 289
Updated guidance addressing the most common errors
February 3, 2025
News
Bahamas: Updated FATCA / CRS reporting deadlines
Submissions and reporting of FATCA / CRS will close on February 28, 2025
January 31, 2025
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Isle of Man: Updated FATCA / CRS guidance
Extension of temporary relief for U.S. TIN codes, and updated list of participating and reportable jurisdictions
January 31, 2025
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Channel Islands: Updated FATCA and CRS practical guidance (Jersey)
Updated practical guidance concerning nil reports and TINs
January 28, 2025
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France: Updated FATCA technical guidance
Updates reflect IRS extension of relief for U.S. TIN codes for an additional three years
January 28, 2025
News
Korea: Revised CRS regulations
Updates to lists of Participating Jurisdictions and Reportable Jurisdictions
January 28, 2025
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France: Updated CRS technical guidance
Technical descriptions and specifications regarding deadline and filing of CRS returns
January 24, 2025
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Finland: FATCA and CRS annual information returns for 2024 due January 31, 2025
The annual information returns must include up-to-date contact details in case the tax administration has any queries.
January 23, 2025
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Slovakia: Draft legislation implementing directive on tax transparency rules for cryptoasset service providers (DAC8)
Rules would become effective January 1, 2026
January 23, 2025
News
United States: FATCA responsible officer certifications due July 1, 2025
Consequences of being non-compliant may include the revocation of an entity’s FATCA status
January 22, 2025
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Isle of Man: Guidance for AEOI onsite visits
Upcoming changes to the AEOI compliance program, and specifically the introduction of onsite visits
January 15, 2025
News
Singapore: Updated FATCA FAQs and user guide
The Inland Revenue Authority of Singapore issued an updated version of the FATCA FAQs and IRAS supplementary XML user guide.
January 10, 2025
News
Barbados: Reportable and participating jurisdictions under the CRS
Revenue Authority released two lists under the common reporting standard
January 6, 2025
News
Cayman Islands: Updates on upcoming CRS comprehensive reviews
A comprehensive review process for financial institutions that will resemble an onsite inspection or audit.
January 3, 2025
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British Virgin Islands: Updates to CRS compliance procedures for 2025
Information regarding CRS risk assessment and enforcement activities and new CRS form
January 2, 2025
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Germany: Updated CRS guidance
CRS newsletter on the further extension of non-objection decree and transition to new BZSt online portal
December 20, 2024
News
Uruguay: New public key certificate for production and simulation environments
The certificate is effective in the system on December 18, 2024.
December 18, 2024
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United States: IRS updates FAQs on QI/WP/WT page
Provisions for 2017 WP agreement
December 16, 2024
News
Brazil: Consultation deadline on draft guidance implementing cryptoasset reporting extended
Consultation deadline extended to December 20, 2024.
December 13, 2024
News
Liechtenstein: Registration of trustee-documented trusts for CRS purposes
Entities established by December 31, 2024, that are classified as trustee-documented trusts, must complete the registration by March 31, 2025.
December 11, 2024
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Channel Islands: Consultation on cryptoasset reporting framework (CARF) and CRS amendments (Jersey)
The consultation will run from November 21, 2024 to February 13, 2025.
December 10, 2024
News
United States: Scheduled maintenance for FATCA Registration System begins December 30
FATCA Registration System will be unavailable from December 30, 2024, at 9:30 PM ET to January 1, 2025, at 1:30 AM ET
December 10, 2024
News
Canada: Updated FATCA and CRS onboarding forms
The forms were rolled over without any substantive changes.
December 6, 2024
News
Channel Islands: Guidance on further extension of temporary relief for U.S. TIN codes (Guernsey)
The U.S. tax authority (IRS) extended the relief concerning the reporting of U.S. TIN codes for an additional three years.
December 5, 2024
News
South Africa: Updated AEOI guidance
Updated reason codes in clarification document to AEOI guidance
December 5, 2024
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Germany: Guidance on further extension of temporary relief for U.S. TIN codes
The U.S. tax authority (IRS) has extended the relief for U.S. TIN codes for an additional three years.
December 4, 2024
News
Netherlands: Draft bill implementing directive on tax transparency rules for cryptoasset service providers (DAC8)
A new draft bill implementing EU Directive 2023/2226 (DAC8), aimed at increasing transparency regarding cryptoasset ownership.
December 4, 2024
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Singapore: CRS TIN guide issued
First edition of the common reporting standard taxpayer identification numbers guide
December 4, 2024
News
OECD: Global Forum releases 2024 AEOI peer review report
Details the monitoring and peer review processes, methodologies, and jurisdiction-specific findings
November 27, 2024
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Australia: Consultation on cryptoasset reporting framework (CARF) and CRS amendments
The consultation closes January 24, 2025.
November 22, 2024
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Brazil: Consultation on draft guidance implementing cryptoasset reporting
The consultation will run from November 7, 2024, to December 6, 2024.
November 22, 2024
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Hong Kong: Updated encryption tool on AEOI portal
Reporting financial institutions required to use new version for encrypting data files
November 22, 2024
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Germany: Draft law introduced to implement DAC8 regulations and amend CRS
Aims to integrate DAC8 requirements into German national law by December 31, 2025
November 20, 2024
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Ireland: Updated FATCA and AEOI guidance
Revisions on taxpayer identification numbers, filing guidelines, and AEOI compliance for financial account holders
November 19, 2024
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United States: Scheduled maintenance for FATCA Registration System begins November 25
FATCA Registration System will be unavailable due to scheduled maintenance.
November 13, 2024
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UK: Outcomes of consultation on cryptoasset reporting framework (CARF) and CRS amendments
Key feedback topics
November 11, 2024
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Notice 2024-78: Extension of temporary relief for foreign financial institutions required to report U.S. TINs
Notice 2024-78 extends the temporary relief provided in Notice 2023-11
October 28, 2024
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KPMG report: New XML schemas for cryptoasset reporting framework (CARF) and CRS amendments
Interaction with IRS Draft Form 1099-DA, Digital Asset Proceeds from Broker Transactions
October 25, 2024
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United States: IRS issuing manual IDES notifications through October 31
Delayed distribution due to recent hurricanes
October 23, 2024
News
Singapore: Updated guidance on FATCA and CRS return
A new function in the “View CRS/FATCA Return Status” digital service on myTax Portal.
October 22, 2024
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Singapore: Updated record level error codes for FATCA and CRS
IRAS updated documents to revise FATCA and CRS record level error codes
October 17, 2024
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United States: IRS updates “public key” for FATCA filing
After November 1 at 9:00 AM EDT, the new IRS public key will need to be downloaded from IDES to file FATCA reports.
October 17, 2024
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Channel Islands: Reopening of AEOI portal for FATCA and CRS reporting (Jersey)
Financial institutions can now access the portal to submit CRS and FATCA data for all reporting periods.
October 10, 2024
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Uruguay: AEOI portal available for submission of CRS reports
AEOI portal will be available for the submission of CRS reports from October 3, 2024, until November 30, 2024
October 10, 2024
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United States: IRS issues list of qualified intermediary (QI) entities and branches
QIs need to review the list and update any inaccurate information.
October 4, 2024
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OECD: User guides for XML schemas for cryptoasset reporting framework (CARF) and CRS amendments
The schemas facilitate exchanges of information between tax administrations.
October 3, 2024
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United States: IRS announces manual IDES confirmations will be sent by October 15
Additional updates on IRS public key and configuring SFTP connection
September 26, 2024
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Bahamas: Updated FATCA / CRS reporting deadlines
The Bahamas Competent Authority issued an update related to the FATCA and CRS deadlines.
September 24, 2024
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Panama: Further extension of CRS filing deadline to September 25
Deadline was previously extended to September 2, 2024
September 23, 2024
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United States: IRS issues new FAQ regarding credit forward framework described in Notice 2010-46
Provides clarification on the availability of the credit forward framework
September 13, 2024
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United States: IRS delaying manual email notifications for FATCA IDES transmissions
Due to system error, manual IDES confirmations will be sent during second week of September
September 12, 2024
More Tax Services
News
Costa Rica: Supervision, verification, and monitoring of entities subject to CRS reporting
No new procedures or requirements imposed on taxpayers
August 27, 2024
News
Ireland: Tax compliance obligations of regulated funds
Overview of obligations that can apply to each different type of Irish regulated fund vehicle
August 27, 2024
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Germany: Updated FATCA communication manual
Updated version of FATCA Technical Communication Manual for transmission of data via BZSt online portal and electronic mass data interface
August 26, 2024
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Argentina: Amendments to CRS regulations effective August 2024
Federal Administration of Public Revenue (AFIP) issued a general resolution
August 26, 2024
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Switzerland: Consultation on determination of partner states for AEOI concerning cryptoassets
The Federal Tax Administration announced a consultation to determine partner states for the automatic exchange of information on cryptoassets.
August 23, 2024
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Liechtenstein: AEOI reports for the Maldives must be resubmitted by September 15, 2024
Financial institutions are requested to resubmit their AEOI reports for the Maldives for the 2023 reporting period by September 15, 2024.
August 14, 2024
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Ireland: Updated AEOI guidance
The Irish Revenue Commissioners issued updated AEOI guidance.
August 14, 2024
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Poland: Right to deduct VAT on catering services purchased by hotel company; other tax developments
Hotel businesses can still claim deductions as long as they meet conditions previously stipulated by now-repealed provision
August 13, 2024
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Panama: CRS filing deadline extended to September 2
Deadline to submit CRS returns extended until September 2, 2024
August 7, 2024
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Barbados: CRS and FATCA filing deadline extended to August 16
Deadline to submit common reporting standard (CRS) and FATCA reports for the 2023 reporting period has been extended to August 16, 2024
August 7, 2024
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UAE: Tax authority’s policy on issuing clarifications and directives, including advance pricing agreements
Decision No 4 of 2024 amends tax authority’s policy on issuing clarifications and directives
August 6, 2024
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Singapore: Updated CRS FAQs
The Inland Revenue Authority issued an updated version of the CRS FAQs revising question F.9 under the “Reporting Obligations” section.
August 5, 2024
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Channel Islands: Amendments to FATCA and CRS regulations (Jersey)
The government of Jersey issued amendments to the FATCA and CRS regulations.
August 5, 2024
News
KPMG reports: Colorado (local sales tax dispute settled); Illinois (updated investment partnership regulations); Oregon (potential corporate minimum tax increase); South Carolina (bank tax)
KPMG This Week in State Tax focuses on recent state and local tax developments.
August 5, 2024
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United States: IRS issues new FAQ for QI/WP/WT
Provisions for 2023 QI agreement
August 1, 2024
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United States: FATCA IDES updates include extended open testing window
FATCA IDES testing window has been extended to August 9, 2024
July 31, 2024
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United States: IRS announces all QI / WP / WT applications for 2024 must be submitted by September 30
Applications submitted after September 30, 2024, will not be processed.
July 30, 2024
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Bahamas: Amendments to AEOI regulations
The Bahamas Ministry of Finance issued amendments to AEOI regulations.
July 29, 2024
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Saint Vincent and the Grenadines: Extended FATCA and CRS reporting deadline
Extension of the submission deadline for reporting FATCA and CRS returns for the 2023 reporting period
July 24, 2024
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Monaco: Updated AEOI guidance under CRS regime
Monaco issued an updated version of the automatic exchange of information practical guidance.
July 23, 2024
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Monaco: New penalties under CRS regime
Monaco issued updated guidance that includes new penalties under the CRS regime.
July 23, 2024
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Australia: CRS reporting for trustee-documented trusts
The ATO released an email circular regarding incorrect reporting of trustee-documented trusts under CRS.
July 23, 2024
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UAE: Deadline to file FATCA and CRS reports is now July 15, 2024
The deadline to submit annual and nil returns for FATCA and CRS reports has been extended to July 15, 2024.
July 12, 2024
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Argentina: Extension of FATCA and CRS deadline
Deadline for submitting FATCA and CRS reports for the 2023 reporting period has been extended to July 31, 2024
August 28, 2024
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Singapore: Updated FATCA FAQs
Updated FATCA “frequently asked questions”, revising question B.8 under the Identification and Reporting Obligation section.
June 28, 2024
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UAE: Updated FATCA and CRS system FAQs
The UAE Ministry of Finance issued updated FATCA and CRS system “frequently asked questions”.
June 27, 2024
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British Virgin Islands: Webinar on CRS reporting and deregistration procedures for entities
The International Tax Authority hosted a webinar for investment entities subject to CRS reporting and obligations.
June 26, 2024
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Barbados: AEOI portal re-open for prior year submissions beginning August 1, 2024
The AEOI web portal will re-open for prior year submissions beginning August 1, 2024, and will remain open until August 30, 2024.
June 21, 2024
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Japan: Updated CRS FAQs for automatic exchange of information process for nonresidents
Financial institutions need to pay special attention when implementing automatic exchange of information process for nonresidents
June 17, 2024
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United States: FATCA IDES testing scheduled for July 2024
IRS announced next testing phase for FATCA International Data Exchange Service
June 13, 2024
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IRS adds new FAQs to provide guidance to qualified intermediaries (QIs)
FAQs under the heading “Certifications and Periodic Reviews”
June 10, 2024
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Argentina: First automatic exchange of financial information under FATCA announced
First automatic exchange of financial information under FATCA agreement between Argentina and United States will take place in September 2024
June 7, 2024
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IRS issues new FAQ for qualified intermediaries (QIs)
FAQ 3 provides guidance to QIs acting as intermediaries for payments of substitute dividends
June 6, 2024
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Oman: CRS reporting deadline extended to 30 June 2024
The deadline for submitting CRS reports for the 2023 reporting period has been extended to 30 June 2024.
June 5, 2024
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Romania: Updated CRS guidance on OECD FAQs
The updated FAQs provide new guidance on due diligence requirements and definitions of specific terms.
June 4, 2024
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Panama: Guidance on registration, changes, and deactivation of entities on for FATCA and AEOI portal
Resolution No. 201-2572 of 22 April 2024
May 31, 2024
News
Japan: Updated CRS FAQs
Revised overview of reporting system for automatic exchange of financial account information regarding non-residents
May 31, 2024
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Bermuda: Updated CRS technical guidance
Updated version of the Information Reporting Portal User Guide (v7.0)
May 31, 2024
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Taiwan: Deficiencies found and mitigation steps in implementing CRS
Press release urging financial institutions to adhere to Measures for Financial Institutions to Implement Joint Reporting and Due Diligence Operation
May 31, 2024
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Hong Kong: List of common errors in AEOI reporting published
List of common errors made by financial institutions in their reporting on AEOI portal for FATCA and CRS reporting
May 31, 2024
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Canada: Updated FATCA and CRS guidance
The Canada Revenue Agency issued updated guidance under the FATCA and CRS regimes.
May 31, 2024
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OECD: Updated FAQs under CRS regime
OECD issued an updated version of FAQs under CRS containing recent updates
May 30, 2024
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Korea: Revised CRS regulations
Updated tax residency self-certification forms
May 29, 2024
News
Channel Islands: FATCA and CRS reporting updates (Jersey)
Updates on CRS reportable jurisdictions, contact details on the AEOI portal, and filing deadline
May 29, 2024
News
Bermuda: Updated CRS independence compliance review guidelines
Procedures to be followed when a reporting financial institution receives a notice to undertake a CRS review
May 22, 2024
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Finland: Correction to FATCA and CRS annual information returns for 2023
Financial institutions can file corrected FATCA and CRS annual information returns for 2023, by submitting a new return by 31 July 2024
May 21, 2024
News
Italy: Updated CRS technical guidance
Formal validation of tax codes issued by other EU member states, known as EU-TIN, will be conducted.
May 20, 2024
News
Liechtenstein: Updated CRS guidance for AEOI
Revision of automatic exchange of information sheet under CRS regime
May 16, 2024
News
Costa Rica: Updated CRS procedures
Reinforces which financial entities are required to exchange information and provides guidelines for the submission of information
May 13, 2024
News
Singapore: FATCA and CRS returns due by 31 May 2024; updated CRS self-review tool
Tool can be used by to determine CRS entity classification and check CRS registration requirement
May 9, 2024
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Cayman Islands: CRS reporting updates
Updates related to the common reporting standard (CRS) regime
May 3, 2024
News
UK: Amendment to CRS regulations
Amended regulations come into effect on 14 May 2024
April 30, 2024
News
Channel Islands: Deadline for submitting FATCA and CRS reports is 1 July 2024 (Guernsey)
The deadline for submitting FATCA and CRS reports is 1 July 2024, as the statutory deadline of 30 June 2024 falls on a Sunday.
April 25, 2024
News
Ireland: Updated CRS guidance
Frequently asked questions on implementation of the common reporting standard in Ireland
April 19, 2024
News
Oman: CRS reports due 31 May 2024
All entities will be required to re-register for CRS reporting.
April 12, 2024
News
Panama: Updated list of reportable jurisdictions under CRS regime
Hong Kong, Kenya, and Türkiye added to the list of 90 total participating jurisdictions
April 11, 2024
News
Uruguay: Production environment required for submission of CRS reports is available until 30 June 2024
Updates for financial institutions regarding the submission of CRS reports
April 10, 2024
News
Germany: FATCA reporting deadline is 31 July 2024
Production environment for the transmission of FATCA data will be available from 1 May 2024
April 9, 2024
News
Bahrain: New FATCA / CRS directive
The Central Bank of Bahrain issued a new FATCA / CRS Directive OG/100/2024.
April 1, 2024
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Romania: FATCA and CRS reporting deadline is 15 May 2024
A press release advising reporting financial institutions to report annual data for FATCA and CRS by 15 May 2024
February 28, 2024
News
Hungary: Updated CRS filing instructions
Filing instructions for completing financial account information reporting under the CRS regime
February 28, 2024
News
Notice 2024-26: Administrative exemption from requirement to electronically file Form 1042
Withholding agents are administratively exempt from the requirements to electronically file Forms 1042 required to be filed in calendar year 2024
February 27, 2024
News
Hungary: Updated FATCA filing instructions
Changes to the codes developed by the IRS for use when an account is missing a U.S. TIN
February 26, 2024
News
Channel Islands: Updated FATCA and CRS practical guidance; common errors in reporting (Jersey)
Updated versions of FATCA and CRS practical guidance and guidance regarding common errors identified in the 2022 reporting
February 13, 2024
News
Singapore: Reminder that deadline for CRS registration is 31 March 2024
Deadline for CRS registration of an entity that became a reporting Singapore financial institution is 31 March 2024
February 8, 2024
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Finland: FATCA and CRS annual information returns due 31 January 2024
The deadline for submitting FATCA and CRS annual information returns for 2023 is 31 January 2024.
January 31, 2024
News
Singapore: Updated CRS e-Tax Guide
Third edition of common reporting standard (CRS) e-Tax Guide
January 25, 2024
News
Isle of Man: Updated FATCA and CRS guidance
The Income Tax Division issued updated FATCA and CRS guidance.
January 20, 2024
News
Liechtenstein: Amendments to FATCA and CRS legislation
The tax authority of Liechtenstein issued amendments to FATCA and CRS legislation.
January 18, 2024
News
United States: Potential FATCA impacts of changes to Hungary and Chile treaty statuses
How changes to income tax treaties could have substantial FATCA impacts on residents as well as the counterparties they deal with.
January 17, 2024
News
Japan: Updated CRS FAQs on AEOI reporting system
Common reporting standard (CRS) “frequently asked questions”
January 17, 2024
News
IRS announces changes to QI / WP / WT FAQs website
Qualified intermediary, withholding foreign partnership, and withholding foreign trust FAQs website
January 12, 2024
News
Senegal: Commitment to start automatic exchange of information (AEOI) by 2025
Senegal has committed to implement the international standard for AEOI in tax matters by September 2025.
January 4, 2024
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