FATCA: Tax Authority News Roundup
Jun 8, 2015
Here are some of the latest news on FATCA, UK-CDOT and CRS tax report filing. Flyingboat Tax Data Exchange - our on premises software and Bureau Service generates FATCA XML files and UK-CDOT report files from your data.
Jersey : UK-CDOT Filing
Reporting format will be US FATCA xml v1.1 or OECD CRS, ARR reporting by spreadsheet - but no format defined yet. (Sept 2015)
Guernsey : UK-CDOT Filing
A Guernsey specific format based on an extension of the US FATCA xml v1.1 will be used in CDOT reporting. (Sept 2015)
Jersey : FI's can apply for deadline extension to 31st July 2015
(15th June) Jersey's Tax Authority has anounced that an extension to the reporting deadline can be applied for : "Accordingly, providing a Reporting Financial Institution has registered on the Jersey AEOI online portal, if a reasoned request is made for an extension of the reporting period until 31st July 2015, then such an extension can be expected to be sympathetically considered." The information was provided by email sent to FI's and direct contact to the Jersey Tax authority will be required to apply for an extension.
BVI : Filing extension to 31st July 2015
1st June 2015 and the BVI announces that it is extending both enrollments onto the BVI Financial Account Reporting System (BVIFARS) to 30th June 2015 and filings up to 31st July 2015 : Read meore here : BVI Government Press Release
Luxembourg : Filing extension to 31st July 2015
It has been reported that Luxembourg Tax Authority extend the FATCA filing deadline to 31st July 2015 : Read more here. Source : Elixica (Simmons & Simmons) The Luxembourg tax authority page about electronic data exchange (FATCA) is here.
South Africa : Guidance Notes
The South African Revenue Service has released Guidance Notes for FATCA reporting. The first year filing reporting deadline is 30th June 2015. The first reporting period is 1 July 2014 to 28 February 2015. The information required for the first reporting period must be submitted to SARS by 30 June 2015. In subsequent years the reports must be submitted annually at the end of May for the reporting period ending February.
South Africa : 5th June 2015 : Here
FATCA xml report generation : Bureau Service and on premises software install
In light of the continuing extensions for reporting our Bureau Service will remain open throughout the summer for the rapid and economic turnaround of data to produce FATCA xml files from your data. Alternatively with more time available on-site installation of software is still possible.