Tax Reporting end of year round up (updated)
Dec 21, 2015
(This article has been updated on 5th Jan 2016)
As 2015 comes to an end this article provides a brief round up of a selection of recent tax reporting news. For more information on our FATCA, UK-CDOT and CRS reporting services click here.
fb-TDE 2016 : UK HMRC reporting formats to be supported
Following further client engagements for our reporting tool software and bureau service Flyingboat Tax Data Exchange we shall be adding the reporting specific formats required for UK submission under US FATCA and UK-CDOT reporting. This extends the formats supported for reporting under US-FATCA beyond the IRS's own XML schema and hence can potentially be used by any UK reporting financial institution. For UK-CDOT reporting it will also allow UK reporting Financial Institutions to meet their reporting requirements.
fb-TDE 2016 : v2.1 update release
The first update release of Flyingboat Tax Data Exchange 2016 is being made available. It includes a number of general enhancements to improve the user experience and introduces a new navigation and report overview tool. In a single view a summary of report preparation status is provided encompassing Tax Reporting Agreements, Reporting to Jursidictions and Reporting periods. Further update releases are planned to further extend functionality and reporting in response to user enhancement requests.
OECD Reporting Schema Changes
1st December 2015 : The OECD announced that the OECD XML Reporting schema was being extended with additional fields following an application by the European Commission. Read more here.
Cayman Islands issue update
8th December 2015 : The Cayman Islands issued an AEOI news update mostly concerning CRS, the provision of Self Certification Forms and other matters. CRS Update is here.
IOM issues CRS Transition notes
With the intention for CRS to replace the reporting under the UK-IGA for Crown Dependancies and Overseas Territories the Isle of Man issued the following note. Update is here.
Turks & Caicos issue Guidance Notes
In November the Exchange of Information unit released guidance notes covering both US FATCA and UK-CDOT reporting. The announcement page with a link to the guidance notes document is here.