Please be informed of the publication of the Notice of the Minister of Finance on the supplementary list of participating countries subject to and not subject to reporting obligation for the year 2017 , which contains a supplementary list of the participating countries concerned under Article 24(1)(25) point (b) i c Act dated 9 March 2017 on the exchange of tax information with other countries other than those listed on the basis of Article 99(3) Act.
Scope and timing of reporting
Additional reporting obligation for the year 2017 Reportable accounts whose holders are resident in the Republic of Panama, Hong Kong and Macau (Annex 1 Notices). Additional Information on Reported Accounts for the year 2017 should be transmitted by 31 August 2018 according to Article 99a Act dated 5 July 2018 amending the Act – Tax Ordinance and some other laws (Article 99a enters into force 22 August 2018).
Reporting rules
- The report should be prepared using the form CRS-1(1) and submitted only via the e-Declarations system as an XML file. Before making supplementary reporting based on Article 99a Ministry of Finance invites you to read a document describing the elements of the form CRS-1, which contains instructions for its completion and correction.
- From a technical point of view, reporting should be considered as reporting new or as adding information to the initial file – then the case described on the website should apply 35 the above mentioned instruction (add new item under AccountReport).
- Where reporting will concern account holders who have already been covered by the reporting carried out within the period until 30 June, Reporting financial institutions should comply accordingly with the provisions on the website 34 instructions (correction resulting from the modification of ResCountryCode for AccountHolder or Controllingperson items).
- If the financial institution fails to identify the accounts of the residents of the Republic of Panama, Hong Kong and Macau, then the reporting financial institution does not send the ‘empty’ CRS report.