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Industry Advisory

Second Tranche of CRS Regulations

22 December 2016

The Ministry wishes to advise industry that the Cabinet amended the (“CRS Regulations”) by approving the following on 14 December 2016:

  • The Tax Information Authority (Amendment) Law, 2016 (Commencement) Order, 2016
  • The Tax Information Authority (International Tax Compliance) (Common Reporting Standard) (Amendment) Regulations, 2016 (“Second Tranche”)

The appendix to this industry advisory is a summary of important practical issues that are either addressed by or follow from the Second Tranche. This summary is not exhaustive and is not a substitute for legal or other professional advice on the application of the Second Tranche and the CRS Regulations in any particular case.