April 2024 | Issue 10

Comply Connect

Designed to not only keep you up to date with all things information reporting, but also to provide valuable insights into what lies ahead in the upcoming month. 

Coming Up in May

Discover the U.S. information reporting and withholding obligations you should keep an eye on in the coming month.

Key Updates

Explore the Key updates provided by the IRS and other tax authorities from the last month you should be aware of.

FATCA & CRS Headlines

Take a look at our breakdown of the latest FATCA & CRS headlines to keep you up to date.

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Comply Connect - David Marley

A message from our cEO:

For organizations striving to comply with tax transparency mandates, embracing enhanced tax regimes supported by AI is paramount. It’s not just about meeting regulatory obligations; it’s about leveraging technology to navigate complexities with precision and integrity. 

Utilizing AI for actions like reading non-standardized data is a game-changer for organizations navigating diverse tax landscapes. By harnessing machine learning algorithms, businesses can extract valuable insights from unstructured data sources, transforming raw information into actionable intelligence. This empowers decision-makers to make informed choices, optimize tax strategies, and uphold transparency standards with confidence. 

Simplify. Collect. Comply.

David Marley | CEO

Comply Connect - David Marley

Coming up in May

Germany: TY2023 FATCA Reports

The Federal Tax Office of Germany (BZSt) published an update informing Reporting Financial Institutions that the production environment for transmitting FATCA reports for the 2023 reporting period will be available starting 1 May 2024. FATCA reports for the 2023 reporting period must be submitted by 31 July 2024.  

April 2024 Key Updates

Form 1099-DA 

On April 18, 2024, the IRS released the draft version of the Form 1099-DA, Digital Asset Proceeds From Broker Transactions. 

  • There are not many significant differences between the data on the draft Form 1099-DA and the Form 1099-B. 
  • The IRS is requesting comments, and any comments should be received by June 21, 2024. 

April 2024 FATCA & CRS Headlines

OECD: AEOI Status of Commitments 

On April 23, 2024, OECD published an updated Automatic Exchange of Information (AEOI): Status of Commitments. Papua New Guinea has been added to the list of jurisdictions undertaking first exchanges by 2027.  

IRS: FATCA Online Registration User Guide 

On April 11, 2024, the IRS posted an updated Publication 5118 Foreign Account Tax Compliance Act (FATCA) Online Registration User Guide (February 2024).  

Barbados: Guidance Note OGC No. 02/2024 

The Barbados Revenue Authority published Guidance Note OGC No. 02/2024 to provide Reporting Barbados Financial Institutions (RBFIs) with guidance on the required due diligence and reporting obligations concerning trusts under the Common Reporting Standard (CRS).  

Canada: Updated FATCA and CRS Guidance Notes 

On April 5, 2024, the Canada Revenue Agency (CRA) published updated FATCA and CRS guidance notes. Updates include: 

  • FATCA and CRS Guidance Notes: A Global Intermediary Identification Number (GIIN) alone is not considered sufficient to determine the account holder’s status. Canadian Financial Institutions should consider taking additional steps to reasonably determine the account holder’s status.  
  • FATCA Guidance Notes: Treatment of first home savings account.

Cayman Islands: CRS Participating and Reportable Jurisdictions 

On April 12, 2024, the Department for International Cooperation (DITC) of the Cayman Islands published updated lists of CRS participating and reportable jurisdictions in the Cayman Islands Gazette, Issue No. 27/2024.  

Cayman Islands: Updates Bulletin 

The DITC of the Cayman Islands published an Updates Bulletin. The bulletin includes the following information:  

  • 2023 FATCA & CRS Reporting Deadlines 
  • 2023 New Reportable Jurisdictions 
  • CRS Reporting Reminders  
  • Missing Dates of Birth in CRS XMLs 

Guernsey: Bulletin 2024/3 

On April 17, 2024, the States of Guernsey Revenue Service published Bulletin 2024/3. The Bulletin reminds Reporting Guernsey Financial Institutions (RGFIs) that as 30 June 2024 falls on a weekend this year, the deadline for submitting both FATCA and CRS reports via the IGOR system is Monday, 1 July 2024.  

Ireland: Revenue eBrief No. 104/24 

On April 2, 2024, the Ireland Revenue Commissioners published eBrief No. 104/24 informing customers that the Tax and Duty Manual Part 38-03-23 Standard for Automatic Exchange of Financial Account Information in Tax Matters – The Common Reporting Standard (CRS) has been updated. Question 16 has been updated to give further detail on what is required as part of the reasonableness test of self-certificates, and Question 19 has been inserted to address the date of deregistration from CRS for Irish regulated funds.  

United Kingdom: International Exchange of Information Manual 

During April, the United Kingdom’s HMRC published updates to the International Exchange of Information Manual.  

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