The United Kingdom has indicated that, as of 1 January 2016, it wants to move from the existing intergovernmental agreement (UK IGA) with Guernsey (and other crown dependencies and overseas territories) to the CRS. An agreement was signed between the relevant authorities on 9 October 2015 (by Guernsey) and 14 October 2015 (by the United States). What is the Intergovernmental Agreement (IGA)? On 16 December 2013, the governments of Malta and the United States announced their signing of a Fatca Intergovernmental Agreement (IGA). The IGA Malta – United States is based on the IgA Model 1, which provides for the mutual exchange of information. Under the IGA, Maltese financial institutions provide the Maltese CIR (Domestic Revenue Commissioner) with relevant information about the accounts of U.S. individuals. The IRB will then exchange information with the IRS on the provisions of the existing agreement. For more information about the IGA, click here So, CLSA would not be able to open new accounts if these self-announcements are not provided by customers at the time of the creation of the new account. Model 1 FFIs are required to make themselves known to local tax authorities, which in turn report to the U.S.

IRS, while in Model 2 jurisdictions, FFIs are required to report directly to the U.S. IRS, which in turn can pass the information on to the relevant local tax authorities in Model 2. Q5 Why do I have to pass this fatca – CRS information to CLSA? The form also contains options for companies to be identified by FATCA Bulletin 2020/1 – Deadlines and Compliance Controls [518kb]. The Foreign Account Tax Compliance Act (FATCA) is a U.S. regulation that requires all foreign financial institutions (FFIs) in different countries to identify all accounts of “U.S. persons” and report them to the appropriate regulatory authorities. MFFs that do not comply with this regulation can themselves be subject to 30% of the withholding of U.S. financial flows. Frequently asked questions about FATCA are available at: Bulletin 2019/3 – Undocumented accounts – TIN clarification [501kb] Bulletin 2016/3 – Notice issued for US IGA and UK IGA registration and reporting [323kb] CLSA has prepared FATCA and CRS self-deationclars for relevant legal entities in the CLS group. These have been uploaded to the CLSA website and can be viewed at Q1 What are the different types of FATCA self-ads? .

80 Raffles Place, #18-01, UOB Plaza 1, Singapore 048624 Tel: `65 6416 7888 Fax: `65 6438 6316 Note: Some facilities (for example. B NFFes of the U.S. territory) may qualify for the Active NFFE status according to FATCA, but not for active NFE according to the CRS SYSTEM. The Common Information Standard (SIR) is a comprehensive initiative managed by the OECD Organization. The aim is to prevent individuals and entities from evading taxes in participating countries via offshore accounts. The CRS came into force on 1 January 2016 in “early adopter” countries (e.g. B UK), while it came into force on 1 January 2017 in the countries of adoption of the application (e.g. B HK). More than 100 countries have committed to participate in the IRS initiative.

They pass national laws requiring local financial institutions (IFs) to identify the accounts of foreign residents and to pass on the details of those accounts to local tax authorities who automatically exchange this information with tax authorities in other countries participating in the SIR initiative. Bulletin 2015/2 – Updated diagram summary guide for IGOR [114kb] . Digimap has developed a new tool to help technical staff quickly understand the technical requirements of the XML FATCA report. This is now available at: The standard consists of the following four key parts: Substantial U.S. owner – A substantial U.S.