Curacao’s Ministry of Finance has released FATCA and CRS guidance regarding data specifications for XML transmittals and use of the online financial data exchange portal.
The Manual of Automatic Exchange of Information, which provides information for both FATCA and CRS transmittals, has been revised to reflect the following updates:
- The AccountReport – Payment element has been updated to add a new payment type: CRS503 – Gross Revenue and Redemption
- The text of certain error messages has been revised, while other error messages have been added or eliminated from the schema guide
- The CorrMessageRefID element is mandatory when the Message Indicator Type is CRS702, optional when Message Indicator Type is CRS703, and not to be used when Message Indicator Type is CRS701
- The IngehoudenBronbelasting (Retained Source Tax) element has been eliminated from the Organization data group
The Online Portal Guide describes the general features of the portal and gives specific guidance on submitting online requests, statements, declarations, and data transmittals. There are also step-by-step instructions with screenshots for performing various portal functions.
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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