The Cypriot Ministry of Finance has announced that its Government Internet Security Channel is now open for the acceptance of FATCA and CRS XML files containing tax year 2016 data. The reporting process consists of the following steps:
- Subscribe to the Internet Security Channel if you are not already registered
- Register to the FATCA/CRS/DAC2 service through the ‘Recording’ options ‘Financial Agent’ or ‘Agent Registration.’ If you had previously registered for purposes of FATCA, you do not need to reregister in order to transmit for CRS
- Use the ‘Submit XML Files’ option to transmit each file for validation – filer will be notified immediately if files do not pass validation. Filers will be notified of data and record level errors at a later date at the e-mail address they provide at registration. List of files will be available under ‘Submitted XML Files’
Additionally, Cyprus has published its 2017 FATCA Data Verifications, Validations, and Guidelines. This publication provides a list of data verification and validation checks that the portal will perform upon receipt of the submission. The guidelines contain troubleshooting measures that may be taken in response to each message.
There are two types of checks that will be performed upon submission: XML Validation and Data Checks. XML validation simply refers to the use of XSD files provided by the IRS to ensure that the file is formatted properly. The Data Checks focus on specific field specifications for completion, structure, and uniqueness where required.
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About the Author
Tom Hospod is a member of the Tax Research Team for the Direct Tax division at Sovos Compliance, where his main areas of focus are Tax Withholding and Automatic Exchange of Information (AEOI). Prior to Sovos, Tom worked as a legislative aide in the Massachusetts House of Representatives. He also has experience in securities law—focusing on broker-dealer disputes and representing clients in FINRA arbitration. Tom is a member of the Massachusetts Bar, earned his B.A. from Boston College and his J.D. from the University of Miami.More Content by Tom Hospod