Germany: Updated CRS guidance for financial institutions

Germany: Updated CRS guidance, financial institutions

Germany’s central tax office (BZSt) released a newsletter (Infobrief CRS 05/2020) with information for financial institutions concerning the common reporting standard (CRS) regime.

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The newsletter contains the following updates:

  • Conversion of the CRS schema: The adaption of the ELMA header as a part of the CRS schema update to version 2.0 has been postponed by a month, from 1 January 2021 to 1 February 2021, as relief in response to the coronavirus (COVID-19) pandemic.
  • Data transmission according to the new schema: Data transmission using the new CRS schema will be available beginning 1 February 2021, and data transmission using the old CRS schema will only be accepted until 8 January 2021. There will be no data transmission between 8 January 2021 and 31 January 2021, due to the conversion activity. Any correction, deletion and cancellation of deliveries with respect to data submitted earlier must be made according to the new version of the CRS schema from 1 February 2021 onwards. The test environment with the new CRS schema, including the adapted ELMA header, will also be made available from 1 February 2021.
  • Additional documents: An updated version of Communication Manual 4 will be published soon on the BZSt website, which will be valid from 1 February 2021. In addition to editorial adjustments, changes have been made to the error and information codes in Chapter 3.

Read a September 2020 report [PDF 80 KB] prepared by the KPMG member firm in Germany

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