The Department for International Tax Cooperation has commenced its systems implementation for automatic exchange of information (AEOI), to enable financial institutions to conduct their notifications and reporting to the Tax Information Authority (TIA) in 2015.
Notifications to the Tax Information Authority are due by 31 March 2015, in accordance with Regulation 10 of The Tax Information Authority (International Tax Compliance) (United Kingdom) Regulations, 2014 and Regulation 14 of The Tax Information Authority (International Tax Compliance) (United States of America) Regulations, 2014.
Financial institutions will be able to make their notifications to the Tax Information Authority through the AEOI portal, which is expected to be opened in early 2015.
Also in early 2015, following systems testing, TIA will publish the reporting template. The reporting format will be consistent with currently published schemas by the IRS for US FATCA, and by the OECD for the Common Reporting Standard; and it will be in XML format. An advisory will be issued to industry once TIA has published the reporting template.
The systems implementation has been awarded to Deloitte, in conjunction with Vizor and Kirk iSS, following a competitive bid process conducted this summer by the Ministry of Financial Services.