Financial Services Ireland

Customer Tax Transparency developments – December 2018

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Customer Tax Transparency developments – December 2018

In the last few months, important developments are occurring with regularity in the area of Customer Tax Transparency.

Since our latest edition of this newsletter in October 2018, the Internal Revenue Service (‘IRS’) and the Organisation for Economic Cooperation and Development (‘OECD’) have continued to focus on enforcement and ways to enhance implementation when it comes to the Foreign Account Tax Compliance Act (‘FATCA’) and the Common Reporting Standard (‘CRS’).

We have seen that awareness and staying up to date with global trends and regulatory updates has supported clients in building successful operational models.

In an effort to ease the burden of tracking significant developments, and to allow you to prepare for compliance with updated regulations, we are sharing our fourth edition of the Monthly Customer Tax Transparency Newsletter, including November 2018 updates. Our Newsletter provides a concise summary of these developments, analysing the potential impact that these changes may have in your business.

The main areas of focus of the Newsletter include:

  • IRS issued instructions for forms 1099-DIV, 1099-INT and 1099-OID.
  • IRS updated its FATCA Registration System FAQs.
  • IRS announced the expiration of the public/private key pairs used for the encryption of FATCA filing by 30 November 2018.
  • IRS issued a reminder for FFIs with certification periods ending December 31 2017 to complete their FATCA Certifications by 15 December 2018.
  • IRS published an update of its FATCA Certifications FAQs.
  • OECD updated list of RBI/CBI schemes that potentially pose risk to the integrity of CRS.
  • OECD updated the status of commitments of jurisdictions regarding AEOI.

Please download the update via the link below and, if you have a question, don’t hesitate to get in touch.

Amanda Murphy

Associate Partner, Business Tax Advisory
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