September deadlines are approaching for QI’s, WP’s & WT’s! The deadline for all Qualified Intermediary (QI) (including Qualified Derivatives Dealer), Withholding Foreign Partnership (WP) and Withholding Foreign Trust (WT) applications is September 30, 2022. Applications submitted after September 30, 2022, will not be processed. Prospective… Read More »September deadlines are approaching for QI’s, WP’s & WT’s!
On July 7, 2022 the Department for International Tax Cooperation (DITC) of the Cayman Islands posted an Industry Advisory with a reminder of the upcoming 31 July statutory deadline for the submission of 2021 reports for both FATCA and CRS reporting. As part of the… Read More »Cayman Islands FATCA & CRS Deadline Reminder
On July 8, the U.S. Treasury Department provided notice to Hungary that it is terminating the U.S.-Hungary income tax treaty, first enacted in 1979. The Treasury explained this action citing long-standing concerns with Hungary’s tax system and the tax treaty. “The United States, across administrations,… Read More »U.S. Termination of 1979 Income Tax Treaty with Hungary
On June 30, 2022, the Bahamas Competent Authority posted an updated CRS-AEOI Partner List effective as of June 27, 2022. Curacao, Ecuador, and Peru were added to the list and Costa Rica was removed. As a reminder, the Bahamas AEOI Portal will open on Monday,… Read More »Bahamas Updated CRS-AEOI Partner List & Key Reporting Dates
On June 16, 2022, the IRS provided an update on the transition to the new Information Returns TCC (IR-TCC) Application for Filing Information Returns Electronically (FIRE) for customers who received their TCC(s) prior to September 26, 2021. Beginning in September 2022, FIRE TCC holders who… Read More »Phase 2 of the Information Returns (IR) Application for Transmitter Control Code (TCC) Transition
On May 19, 2022, the Internal Revenue Service (IRS) published a DRAFT 2022 Form 8804, Annual Return for Partnership Withholding Tax (Section 1446). The changes include: Check out the DRAFT 2022 Form 8804 here: https://www.irs.gov/pub/irs-dft/f8804–dft.pdf Make sure to follow Comply Exchange for more industry updates… Read More »DRAFT 2022 Form 8804!
On May 18, 2022, in Switzerland Federal Council adopted the dispatch on the introduction of the automatic exchange of information (AEoI) with 12 additional partner states that include Ecuador, Georgia, Jamaica, Jordan, Kenya, Moldova, Montenegro, Morocco, New Caledonia, Thailand, Uganda and Ukraine. There are plans… Read More »Switzerland Federal Council Announces AEoI with 12 Additional Partner States
In May, HM Revenue and Customs (HMRC) updated its internal manual related to Tax Compliance Risk Management. This guidance is for Large Business Customer Compliance Managers (CCMs) and their customers and explains HMRC’s approach to working with Large Business customers to manage their tax compliance… Read More »HMRC Updates Internal Manual For Tax Compliance Risk Management
On May 17, 2022, in a keynote speech Lucy Frazer MP, Financial Secretary to the Treasury, stated that the increase in global transparency has seen HM Revenue and Customs (HMRC) bring in more than £500 million today as a direct result of the Automatic Exchange… Read More »HMRC Brings in More than £500 million through AEoI
On May 18, 2022, the Taiwan Ministry of Finance announced its plans to extend the reporting period for 2021 financial account information related to the Common Reporting Standard (CRS) from the statutory period of June 1 to June 30, 2022, to the period of June… Read More »Taiwan Extends CRS Reporting Deadline to August 1
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