FATCA / CRS Regulatory Updates

22 October 2018
Jurisdictions initiate measures to address the potential abusive practice of RBI/CBI schemes

On 22 October 2018, the OECD confirmed “that jurisdictions are taking further action to prevent the misuse of RBI/CBI schemes by account holders by putting in place an exchange of information mechanism that will ensure that the information on applicants of RBI/CBI schemes will be made available to their jurisdiction(s) of tax residence.” Link As a consequence of this action, the OECD has removed following RBI/CBI schemes from the guidance.

  • Columbia
  • Mauritius
  • Montserrat


October 2018
Switzerland Agrees on AEOI Arrangements with Hong Kong and Singapore

The Swiss Parliament in their Autumn Session approved the arrangements about Automatic Exchange of Information on Financial Accounts (AEOI) with Hong Kong and Singapore.

The AEOI agreements between Hong Kong and Switzerland was signed on 13 October 2017.

The AEOI agreement with Singapore had been signed on 17 July 2017.

These arrangements provisionally apply from 1 January 2018 with a first reporting in 2019.

Dion’s TRAC-CRS Solution is built to support your fiscal reporting requirements under FATCA and CRS.

If you like to find out more about TRAC-CRS, please feel free to contact us for more information

February 2018
Hong Kong Government gazetted Inland Revenue (Amendment) Ordinance 2018

The Government of Hong Kong gazetted on 02 February 2018 the (Amendment) Ordinance Inland Revenue (Amendment) Ordinance 2018. Section 5 to 11 in the Bill will come into force on 01 January 2019.

Beside technical amendments on certain provisions, the Ordinance enhances the definition of a “Controlling Person” by introducing Senior Management Officials and Enforcer (in case of a Trust).

Additionally, Investment entities held by, or through an entity, that is a passive NFE with Controlling Persons that are reportable persons will not be treated as “Exempt collective investment vehicle”.

Finally, the Ordinance provides further details on information returns. The information returns should not cover any period that is earlier than the date on which a jurisdiction becomes a reportable jurisdiction.

January 2018
Automatic exchange of financial account information gains momentum in Hong Kong

Hong Kong based Financial institutions (FI’s) are required to comply with due diligence and reporting requirements defined in the Inland Revenue Ordinance (Cap. 112) (IRO) to meet their obligations under the Automatic Exchange of Financial Account Information (AEoI).

Inland Revenue Department has launched a Compliance website addressing IDR’s

  • Supervisory activities on reporting and non-reporting financial institution;
  • On-side Reviews Procedures;
  • Review areas; and
  • Criminal sanctions.
Marco Zawar
Director Regulatory & Tax Programs
Steve Martin
Our Tax Reporting & Compliance Solutions

Recent Regulatory Updates

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