DIFC’s Post

On 10 July 2024, the UAE Ministry of Finance (MOF) issued a notice informing the Reporting Financial Institutions (RFIs) that the deadline for submitting FATCA/CRS reports for the 2023 reporting period has been further extended to 15 July 2024. #AEOI #FATCA #CRS #KPMG #TAXRESEARCH #TAXNEWS

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Important Notification for Reporting Swiss Financial Institutions: The FATCA International Data Exchange Service (IDES) has recently been migrated. Following the migration, many FFIs are experiencing issues with uploading their FATCA Reportings. As this issue is widespread among FFIs, we are currently monitoring information published by the IRS. We will inform you once the IDES is functioning properly or when a solution is communicated by the IRS. #IDES #FATCAReporting #8966Reporting #FATCA

This system allows businesses to submit their FATCA and CRS reports online without any hassle, guiding them through the requirements and process in detail. Your support through votes will be a testament to the efforts of the team behind this digital convenience. You can vote online: Open the following link (available in bio too) https://lnkd.in/gAbJ_bFd Click ‘Vote’ and create your account or login if you already have one. Click WSIS prizes > click ‘vote’ > Click ‘voting form’. Select Category 11 from the dropdown: AL. C11. International and regional cooperation. Scroll down to ‘UAE Ministry of Finance FATCA/CRS Automatic Exchange of Information System’ and click ‘Vote for this project.’ You are done! #MOFUAE

When was the last time you assessed your FATCA & CRS status? Choose HLB HAMT as your partner to ensure compliance effortlessly. Don't wait, take control of your financial destiny today! #FATCA #CRS #HLBHAMT #FinancialFreedom #WealthManagement #FinancialPlanning #TaxCompliance #TaxRegulations #TaxLaws #FinancialNavigators #AssessAndComply #FATCAandCRS #SecureFinance #FinancialPartnership

The Government of Jersey recently issued guidance regarding common errors identified in the 2022 FATCA and CRS reporting, as summarised below: 1. FATCA registrations and requesting a global intermediary identification number (GIIN) 2. Failure to validate self-certifications 3. CRS returns without date of birth or tax identification number (TIN) 4. Dummy TINs being used 5. Validation error on submission 6. Deadline for corrections 7, Not marking accounts as closed 8. Change of financial institution name not reflected Details in the article below:

Understanding the Distinctions Between FATCA and CRS Initiatives for International Tax Information Exchange - FATCA (US-driven): 113 operational IGAs, GCC countries involved. CRS (OECD-led): 120+ jurisdictions sharing financial data, UAE with 82 partners. Implementation Insights: Laws mandate financial institutions to report. Self-assessment for entity classification crucial. Compliance frameworks vital for due diligence. Benefits: Market access incentives, aligns with anti-money laundering efforts. Understand IGAs for handling non-participating country accounts. For deeper insights, explore the article "Unpacking some FATCA and CRS basics" by Rowena Bethel. Access it by clicking below - https://lnkd.in/dii-ntGy #fintedu #taxarticles #taxcompliance #FATCA #CRS #globalfinance #financialregulations Anu Goel CA. Rajiv Hira

The following 45 Swiss Financial Institutions will need to provide information to the IRS via the Swiss FTA by 11 July 2024, if the 20 days from 13 June 2024 are calculated using business days. Switzerland has recently switched from a Model 2 IGA to a Model 1 IGA, which will simplify its FATCA exchange with the IRS. https://lnkd.in/d6FXK-SE

AIF/PMS- whether FATCA/CRS declarations to be obtained only for foreign investors? -No, FATCA/CRS declarations are required to be obtained even for a Indian investors - In other words, FATCA/CRS to be obtained for all investors without exceptions