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.


Related content

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

The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us


Want to do business with KPMG?


loading image Request for proposal