CRS and FATCA Updates
The new version of the FAQ document is available for consultation here.
Additionally, the OECD released the second edition of the Standard for Automatic Exchange of Financial Account Information in Tax Matters, which contains an updated CRS XML Schema User Guide. No other changes were made to the other parts of the publication’ first edition, issued in 2014.
The newly issued second edition expands the CRS XML Schema User Guide, providing additional technical guidance on the handling of corrections and cancellations within the CRS XML Schema, as well as a revised and expanded set of correction examples.
The publication is available for consultation here.
New FAQ on FATCA the Internal Revenue Service added three new FAQs on the Foreign Account Tax Compliance Act (FATCA) General FAQ webpage (questions 20 to 22).
These new questions concern the collection of foreign TIN and date of birth.
The updated FATCA FAQ can be consulted here.
Source: Deloitte Tax & Consulting
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