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 20 May, 2024.
These errors include failure to report taxpayer identification numbers (TINs) and dates of birth, reporting of incorrect TINs, misinterpreted undocumented accounts, misunderstanding of change-in-circumstances, inaccurate classification of entity holder types, and reporting inaccuracies due to human and system errors.
