The Comply Catch-Up – February 2023 Issue 26

Feb 28, 2023

Key Dates and Reminders

FATCA / CRS Key Dates & Reminders – Select Jurisdictions

  • OECD
    • On February 15, 2023, OECD published an announcement indicating Armenia’s commitment to implement the International Standard for Automatic Exchange of Financial Account Information in Tax Matters (AEOI) by 2025.
  • Australia
    • On February 17, 2023, the Australian Taxation Office published an update on reporting requirements of US tax identification numbers for FATCA reporting purposes for 2022, 2023, and 2024.
  • British Virgin Islands
    • The British Virgin Islands International Tax Authority advised BVI Financial Institutions that the BVI Financial Account Reporting System (BVIFARS) Portal is now open to accept FATCA, CRS and CbC enrolments and reporting submissions. Enrolment and Submission deadlines are as follows:
      • Annual Enrolment for US FATCA: 1 April 2023
      • Annual FATCA Reporting Submission: 31 May 2023
      • Annual Enrolment/Notification for CRS: 30 April 2023
      • Annual CRS Reporting Submission: 31 May 2023
  • Cyprus
    • On February 21, 2023, Cyprus Tax Department published an announcement regarding updated TIN field codes for FATCA XML Schema in response to IRS Notice 2023-11.
  • Guernsey
    • On February 2, 2023, Guernsey Revenue Service published Bulletin 2023/02. The Bulletin contains updates on the following:
      • Registration requirement of all Reporting Guernsey Financial Institutions (RGFIs)
      • Informing Guernsey Revenue Service of failure to obtain a valid Self-Certification
      • Automatic rollover of Registered Financial Institutions reporting period in IGOR
      • Archiving Financial Institutions in IGOR
      • Filing Deadlines for FATCA and CRS
  • Jersey
  • Malta
    • On February 17, 2023, the Office of the Commissioner for Revenue of Malta published a notification seeking feedback from Reporting Malta Financial Institutions on the relief given by the US on certain pre-existing accounts that are US reportable accounts. The period for submitting feedback ends on 10 March 2023 and can be sent to
  • Mauritius
    • On February 17, 2023, Mauritius Revenue Authority (MRA) published a communication informing RFIs of the new TIN codes released in IRS Notice 2023-11.
  • Singapore
    • On February 1, 2023, the Inland Revenue Authority of Singapore (IRAS) published an updated List of Reportable Jurisdictions for 2022 CRS reporting. Ghana, Jamaica, and Maldives are new reportable jurisdictions for reporting year 2022. As a reminder, Reporting Singapore Financial Institutions (SGFIs) are to submit 2022 CRS reports by 31 May 2023.
    • On February 15, 2023, IRAS also posted a reminder that the CRS registration deadline for an entity that became a Reporting SGFI between 1 January 2022 and 31 December 2022, is 31 March 2023. For additional registration information, visit the IRAS CRS Registration page.
  • United Kingdom
    • On February 3, 2023, HMRC published updated guidance on reporting requirements of US tax identification numbers for FATCA reporting purposes in response to the recently released Notice 2023-11 by the IRS.

Comply Updates

Stay tuned! Our latest innovation, ‘ComplyAI’, will be launching soon. By combining a data set from Comply Exchange with Chat GPT technology, ComplyAI provides fast and accurate answers to even the most complicated tax questions. With ComplyAI, you can save time and money with your personal Tax Subject Matter Expert. Sign up now to be the first to experience our new application.

In case you missed it, Jessica Metts, our CCO and Director of Client Services, spoke alongside Wendy Walker, Solution Principal at Sovos, this month where they provided an overview of Forms W-8 and 1042-S, as well as some best practices for accurate and successful filings. If you missed the live webinar, you can register here to receive the webinar recording and presentation.

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