BFSB wishes to provide the following update with respect to the implementation of the Common Reporting Standard and the automatic exchange of information.
The Guidance Notes – Based on industry feedback and a further review of the Common Reporting Standard (CRS) in conjunction with The Commentary on CRS, amendments have been made to the initial draft of the CRS Guidance Notes that were previously circulated for consultation purposes. Attached are updated draft CRS Guidance Notes your review, reference and feedback. These Guidance Notes will be finalized and formally issued in due course.
Enabling Legislation – In order to effect the implementation of CRS by way of the multilateral approach, the following amendments to the relevant legislation have been tabled in parliament and we anticipate the second reading and passing of the attached Bills before the end of this month:
a. International Tax Cooperation (Amendment) Bill, 2017;
b. Automatic Exchange of Financial Account Information (Amendment) Bill, 2017; and
c. Automatic Exchange of Financial Account Information (Amendment) Regulations, 2017.
Protocols and Tax Exchange of Information Agreements – Protocols to existing Tax Exchange of Information Agreements (TEIAs) to allow for the automatic exchange of information under The Common Reporting Standard are being negotiated with the following countries:
ii. Faroe Islands
In addition, we anticipate the execution of a TIEA with provision for automatic exchange of information with Chile in due course.
BFSB appreciates the input that industry continues to provide as we take steps to effectively implement CRS. BFSB will keep you informed of all further developments.