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.