Germany: Updated CRS guidance
CRS Newsletter 06/2022
CRS Newsletter 06/2022
Germany’s federal central tax office (BZSt) released guidance (CRS Newsletter 06/2022) with the following updated information concerning the common reporting standard (CRS) regime:
- To address common concerns related to automatic information exchange (AIA) audits, a new AIA-audits category was added to the frequently asked questions (FAQs) that includes:
- Questions about how to reach AIA-audits
- Matters that the division is responsible for
- Contact information
- Details on letters issued by AIA-audits
- Guidance on transmitting data to BZSt after the due date
- Account balance determination regarding transmission of the financial accounts
- The BZSt has replaced the CRS test manual on their website with an explanatory note providing information on the ongoing test possibility. Information related to the transmission of CRS test data is also provided.
- The BZSt issued information on the application of the guidance from the German Federal Ministry of Finance (BMF) of 15 June 2022, which amended the BMF guidance of 1 February 2017 on application issues in connection with CRS and FATCA. The BZSt noted that due diligence requirements for identifying reportable financial accounts must be completed for accounts that have been removed from the list of exempt accounts under CRS, with effect from 1 January 2023. Further, due diligence requirements for existing accounts can be applied to the previously excluded financial accounts, provided they are opened before 1 January 2023.
Read a January 2023 report [PDF 200 KB] prepared by the KPMG member firm in Germany
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