Malta published new guidelines on automatic exchange of financial account information/
The Commissioner for Revenue has published a unified set of guidelines on the automatic exchange of financial account information here. These guidelines incorporate further clarifications and salient changes which include:
A clarification on entity classification pertaining to Cell Companies in line with the previous determinations issued by the Commissioner for Revenue.
The elimination of Holding and Treasury Company FI in FATCA. In this regard, Holding and Treasury Companies of FIs which do not fall within the definition of a Financial Institution are no longer deemed as Financial Institutions.
Clarification on Distributed Ledger Technology Assets to align it with the Guidelines issued by the Commissioner for Revenue on this matter for tax purposes.
More complete notes on Registration and Modifications of Domestic Registrations and the introduction of guidance on the cancellation of domestic registration and GIIN.
Clarifications on reporting obligations pertaining to structures with underlying structures that do not have a separate legal personality.
The definition of Passive Income has been aligned in its entirety with the Income Tax Act to ensure more certainty.
Current CBI / RBI Guidelines will be extended to FATCA.
Changes in deadlines limited to the “Excel Spreadsheet” Submissions.
Detailed Guidelines on the Completion of Data Elements.
Updated information on Recalcitrant Accounts / Undocumented Accounts.
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