Key Updates and Reminders
On April 18, 2023, the IRS released 2023 General Instructions for Certain Information Returns (Forms 1097, 1098, 1099, 3921, 3922, 5498, and W-2G).
FATCA / CRS Key Updates and Reminders – Select Jurisdictions
On April 11, 2023, OECD announced that Zimbabwe became the 167th member of the Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum).
During April, the OECD published updates for the following:
- Information on Tax Identification Numbers for Costa Rica, Gibraltar, and Malaysia.
- Information on Tax Residency for Costa Rica and Gibraltar.
- Updated links for Primary Legislation for Andorra, Cayman Islands, Costa Rica, Gibraltar, and San Marino.
- Updated links for Secondary Legislation for Austria, Cayman Islands, Costa Rica and Gibraltar.
- Updated links to CRS Guidance for Cayman Islands, Costa Rica, Gibraltar, and San Marino.
The Barbados Revenue Authority published a Guidance Note advising Reporting Barbados Financial Institutions that the AEOI portal will be open from Monday, May 1, 2023, to Monday, July 31, 2023, to facilitate the filing of FATCA and CRS reports for the 2022 reporting period.
On April 5, 2023, the Department for International Tax Cooperation (DITC) of the Cayman Islands issued an Industry Advisory with the following FATCA and CRS deadline reminders:
- CRS and FATCA Notification (registration): 1 May 2023 (as the statutory deadline of 30 April 2023 falls on a Sunday)
- CRS and FATCA Reporting: 31 July 2023
- CRS Compliance Form: 15 September 2023
DITC also published an updated DITC Portal – User Guide v.9.3.
The Tax Department of Cyprus published an updated List of Participating Jurisdictions under CRS. Ghana and Maldives were both added to the list.
On April 5, 2023, the Federal Tax Office of Germany (BZSt) published FATCA Newsletter 01/2023. The Newsletter includes information on application issues in FATCA, use of alternative TIN codes due to IRS Notice 2023-11, and updates to communication manuals.
On April 13, 2023, the Office of the Commissioner for Revenue of Malta published FAQs on the Mandatory Automatic Exchange of Information in relation to Cross-Border Arrangements (‘DAC6’) version 1.1. Updates were made to the following FAQs:
- Reporting Deadlines and Obligations – FAQs 2, 4, 9, and 10
- Other General Questions – FAQ 9
On April 17, 2023, the Inland Revenue of New Zealand published a CRS Reporting – Year End Checklist for Financial Institutions. The checklist highlights areas financial institutions may need to review to ensure accurate CRS reporting.
On April 12, 2023, HMRC published an announcement indicating DAC6 service will close on 31 May 2023. DAC6 service can be used until 31 May 2023 to inform HMRC about arrangements that became reportable before 28 March 2023 and to send additional information, replacements or deletions for previously sent disclosures.
Join us May 1 – May 3, either in person or virtually, for the 2023 Tax Reporting & Withholding Conference! We will be sponsoring and presenting alongside other tax and industry experts. You can sign up and review the conference agenda here.
We are excited to introduce our latest innovation, ComplyAI. By combining tax information produced by Comply Exchange with chat GPT technology, ComplyAI creates your personal Tax Subject Matter Expert available for download. ComplyAI provides swift and accurate responses to even the most complex of tax questions. With ComplyAI, you can save time and cost spent researching complex tax questions, while ensuring that you’re always up to date with the latest IRS regulations and requirements.
If you would like to schedule a demo and discuss how Comply can help you automate and centralize your information reporting and withholding requirements, contact us at firstname.lastname@example.org.