Germany - Reporting due date for 2019 CRS reporting remains unchanged (31 July 2020)
The German Federal Central Tax Office (Bundeszentralamt für Steuern (“BZSt”) released on May 8, 2020 updates on the Common Reporting Standard (in German).
#CRS Data Exchange for reporting year 2019
Financial Account Information shall be transmitted by Reporting Financial Institutions (“RFI’s”) by not later than 31 July 2020.
Until further notice, RFI’s shall transmit accounts held by offshore account holder resident in a jurisdiction named in the List of Participating Jurisdictions.
Test environment and Test data
The Test environment available from 01 April 2020 until 30 June 2020.
RFI’s using the test environment should consider, that only test or anonymised data may be uploaded. The transmission of real data for test purposes is not permitted since this data can also be used for internal system tests
As of 01 January 2021, RFI’s are required to transmit financial account information using the CRS Reporting Schema Version 2.0.
The data exchange based on the current XML Schema is only possible until 30 November 2020.
BZsT has updated the guidelines and manuals to reflect the new requirements under version 2.0.
About the Author
Marco is a Banker, MBA (finance and accounting) and qualified lawyer (LL.M international business and tax law) with 30+ years of working experiences as internal auditor, financial market tax analyst and project manager gained the operations, international tax and compliance environment in leading Commercial Banking Institutions, Private Banking Institutions, Wealth Management Organisations and Financial Service Provider located in Europe and the APAC Region.
Marco is focused on advisory services and project management in the field of
AEoI, FATCA, EU-DAC6, OECD-CRS;
U.S Qualified intermediary regime (QI); and
Austrian, German, Hong Kong, Swiss and U.S. International Tax Law