The Finnish Tax Administration issued a newsletter on 15 May, 2024, announcing that financial institutions can submit corrected FATCA and Common Reporting Standard (CRS) annual information returns for 2023.
These amendments can be made by submitting a new annual information return by 31 July, 2024, which will replace the previous return submission.
Financial institutions must ensure that the information returns accurately mention the identifiers of account holders and controlling persons. This allows recipient countries to identify the reported account holders. If this is not done, recipient countries have the authority to request additional information, increasing the workload for reporting financial institutions.
The tax authority urges financial institutions to persist in obtaining valid US tax identification numbers (TINs) from account holders who have failed to provide one and do not qualify for an exemption.
