US: IRS Appeals launches corporate group mailbox pilot for large businesses with multiple representatives
The US Internal Revenue Service (IRS) Independent Office of Appeals (Appeals) has announced that it launched a pilot programme as part of the IRS' ongoing transformation efforts to expand online tools and improve user experiences on 30 September
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Cyprus sets deadline for ultimate beneficial owners information
The Department of Registrar of Companies and Intellectual Property (DRCIP) of Cyprus has declared that all companies and partnerships registered under the Companies Law, including European Public Limited Liability Companies, should log into the UBO
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Poland to implement Crypto-Asset Reporting Framework (CARF)
Poland's Ministry of Finance in a release announced that Poland will enact the Crypto-Asset Reporting Framework (CARF) on 24 September 2024. The Crypto-Asset Reporting Framework (CARF) is a standard for reporting and exchange of tax
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Czech Republic revises list of jurisdictions for automatic financial information exchange
The Czech Republic has released Financial Bulletin No. 6/2024, which offers an updated roster of contracting states and jurisdictions engaged in the automatic exchange of financial account information under the OECD Common Reporting Standard (CRS).
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US: IRS, Treasury issue final regulations for digital asset reporting regulations
The US IRS and the Treasury Department, on 9 July 2024, published ‘“Gross Proceeds and Basis Reporting by Brokers and Determination of Amount Realised and Basis for Digital Asset Transactions”, outlining the final regulations regarding
See MoreUS introduces PSAs on beneficial ownership reporting requirements for local businesses
The US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) announced, on 8 August 2024, the launch of a public service announcement (PSA) campaign as part of its ongoing efforts to educate the small business community about new
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France limits access to beneficial ownership register
The French government, in a release, on 29 July 2024, announced that it will restrict public access to the beneficial ownership register to only individuals with a legitimate interest. This change went into force on 31 July, 2024. This follows
See MoreUS: FinCEN informs financial institutions on beneficial ownership information rules
The US Financial Crimes Enforcement Network (FinCEN) released a notice to customers of financial institutions about reporting beneficial ownership information on 26 July, 2024. The Corporate Transparency Act requires certain entities, including
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Macau approves tax information exchange deal with China
Macau issued Chief Executive Order No. 39/2024 in the Official Gazette on 22 July, 2024, authorising the automatic exchange of tax information on financial accounts with Mainland China. This Order, "Agreement on the Automatic Exchange of Fiscal
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US: FinCEN updates FAQs on beneficial ownership for pre-Corporate Transparency Act, defunct entities
The US Treasury Department's Financial Crimes Enforcement Network (FinCEN) has released new and revised FAQs concerning beneficial ownership reporting requirements, effective 1 January, 2024. The new FAQs were issued on 8 July 2024. FinCEN has
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Australia: ATO issues guidance on disregarding Division 7A
The Australian Taxation Office (ATO) issued an advisory regarding the Division 7A provisions on Monday, 24 June 2024, providing clarification on when the Commissioner of Taxation may disregard the operation of Division 7A or allow a deemed dividend
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OECD reports record fiscal gains for African nations
The OECD published the Tax Transparency in Africa 2024: Africa Initiative Progress Report on 3 June, 2024. The report revealed that African countries collected more fiscal revenue through tax transparency, exchange of information and related
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OECD highlights extra revenue and tax benefits for Latin America via transparency and information exchanges
The OECD, on Thursday, 30 May, 2024, published the Tax Transparency in Latin America 2024. Published by the Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum), Tax Transparency in Latin America 2024 shows how
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Romania revises CRS guidance on OECD FAQs
To aid financial institutions in complying with their reporting requirements, The National Agency for Fiscal Administration (ANAF) has established a dedicated section on its portal for the automatic exchange of information on direct taxes. ANAF,
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Indonesia updates 2024 CRS participating, reportable jurisdictions lists
Indonesia's Directorate General of Taxes recently issued Announcement No. 2/PJ/2024, detailing the list of participating and reportable jurisdictions for the automatic exchange of financial account information under the Common Reporting Standard
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Argentina set to initiate automatic financial data exchange under FATCA with the US
Argentina set to initiate the inaugural automatic exchange of financial information under the Intergovernmental Agreement (IGA) between Argentina and the US for FATCA implementation. The Argentine tax authority (AFIP) in a release announced that
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Hong Kong publishes AEOI reporting errors
The Inland Revenue Department (IRD), on 20 May, 2024, released a list of common mistakes financial institutions have committed when reporting on the automatic exchange of information (AEOI) portal for FATCA and the Common Reporting Standard (CRS) on
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Switzerland: Federal Council to consult on crypto-asset reporting framework
The Swiss Federal Council declared that it initiated a consultation regarding the automatic exchange of information by the Crypto-Asset Reporting Framework (CARF) on 15 May, 2024. Set to apply from 1 January, 2026, the extension concerns the new
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