News

ESTV Suisse Tax Portal

New Form W-8BEN and Updated Final Chapter 3 and 4 Provisions and Proposed Transitional Provisions Under Chapters 3 and 4 of the U.S. Internal Revenue Code

Reporting Reminder 2017

The CRS Guidance and the New FFI Agreement

The New QI Agreement

Important Updates and Dates for the Implementation of the Regulatory Requirements for 2017

Coordination of 1099 and 8966 Reporting, FATCA Withholding and Other FATCA Updates

Implementation Rules for Lob Provisions in the New QI Agreement

Notice 2016 - 42

Reporting Reminder 2016

Amendment to the Regulations under Chapter 4

In Notice 2016-8, the IRS announced that the Treasury Department and the Internal Revenue Service intend to amend the regulations under chapter 4 in order to modify the date for submitting to the IRS the preexisting account certifications required for Reporting Model 2 FFIs.

Deadline Extension for US Accounts Without Declaration of Consent

On January 20, 2015, the SBA published the circular no. 7878 (password required) on aggregated reporting of the non-consenting US accounts for the calendar year 2015.

Similar Agreed Form

On December 16, 2015, the Swiss Bankers Association (SBA) published two specimen versions of the “Similar Agreed Form” (password required) in order to inquire the FATCA status of business accounts and documentation of controlling persons of a passive NFFE.

FATCA Registration & Similar Agreed Form

On November 23, 2015 the Internal Revenue Service (IRS) announced an upgrade of the FATCA online registration system.

Form R Accounts

The Swiss Bankers Association assessed the situation regarding Form R accounts of lawyers and solicitors/law firms and notary’s offices, which have been opened before July 1, 2014.

New QI Agreement

The new QI Agreement, which went into effect on July 1, 2014 largely unnoticed, contains changes which could have a significant impact of the cost of your compliance with the agreement.

Non-Consenting U.S. Accounts

On March 24, 2015 the IRS announced that, with respect to calendar year 2014, Model 2 FFIs that have to report Non-Consenting U.S. Accounts will not be treated as being in significant non-compliance under their applicable Model 2 IGAs as long as they are making good faith efforts to comply with their reporting obligations and reporting is completed within 90 days after the applicable filing deadline, including any extensions already granted.

Nil report to the IRS for FATCA

The IRS specified which entities are required to submit a Nil report to the IRS for FATCA reporting purposes. Accordingly only Direct Reporting Non-Financial Foreign Entities (NFFE) have to submit a Nil report to the IRS. For all other entities, the submission of a Nil report is optional.

Individual Authorization

According to the Swiss Bankers Association, each Swiss Financial Institution that is currently acting as QI and/or QSL now requires an individual authorization under the Art. 271(1) of the Swiss Criminal Code from the Federal Department of Finance (EFD).

QI Reporting

The introduction of FATCA brings significant changes to the reporting of existing QIs. The coordination between the chapter 3 and chapter 61 (QI) as well as the chapter 4 (FATCA) reporting and withholding requirements is regulated in the new QI agreement, which was published mid-last year. We would like to spotlight the most important changes and remind all QIs of important deadlines for 2015.

SIF: extension of deadline

The Swiss State Secretariat for International Financial Matters (SIF) was able to negotiate the extension of deadline for aggregated reporting of the non-consenting account holders till March 31, 2015 (deadline before: January 31, 2015).

IDES (Enrollment site for International Data Exchange Service)

The Enrollment site for International Data Exchange Service (IDES) is now open for users.