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
Correction to FATCA and CRS annual information returns for 2023
The tax administration of Finland on 15 May 2024 published a newsletter informing that financial institutions can file corrected FATCA and common reporting standard (CRS) annual information returns for 2023, by submitting a new annual information return by 31 July 2024. The new return will replace the previous return.
Financial institutions need to make sure that the identifiers of the account holders and controlling persons are accurately included in the information returns, so that the recipient countries are able to automatically identify the reported account holders. Failure to do so may require the recipient countries to request additional information, leading to increased workload for the reporting financial institutions.
In addition, the tax authority reminds financial institutions to make continued efforts to obtain valid U.S. tax identification numbers (TINs) from account holders who have not provided a valid TIN and do not meet the exemption criteria.
Read a May 2024 report prepared by the KPMG member firm in Finland
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