Registration Time: 09.00
Sessions Time: 09.15 - 12.30 incl 15min break
Speaker: Ms Sonia Brahmi
Venue: Online Webinar

Participation Fees (The Institute is now accepting payments via Paypal)
MIA Members: €40.00
Non-MIA Members: €75.00
Retired Members: €20.00
Students: €30.00
*Group bookings for 3 or more participants available.

BACKGROUND INFORMATION

Financial institutions are facing growing and persistent queries for more transparency from tax authorities. The launch of FATCA and CRS is aimed at creating increased tax transparency in the context of offshore investments. This launch entailed the introduction of global automatic exchange of information regimes, whereby over 100 jurisdictions are now obtaining information from their financial institutions for further transmission to other participating jurisdictions, automatically and on an annual basis. Financial institutions are key actors in FATCA and CRS and hence they are subject to specific registration, due diligence and reporting obligations in their country of residence. Maltese financial institutions are required to participate in these reporting regimes and must comply with the Maltese FATCA and CRS implementing legislation.

Objectives of the Session

This training session aims at exploring the requirements of  (i) the Hiring Incentives to Restore Employment (HIRE) Act of 18 March 2010 commonly referred to as the Foreign Account Tax Compliance Act (“FATCA”), as implemented in Maltese law, and (ii) the Common Reporting Standard (“CRS”) as implemented in Maltese law, from a practical perspective.

Topics on the Agenda

1. Refresher – The Theory (with a pinch of practice)
- History and Background
- Definitions and classifications
- Due diligence rules, timelines
- Reporting

2. A (very) practical application
Choosing the right status for your entities
- Exercise: FFI or NFFE?
- Exercise: classify trusts structures
CRS and FATCA forms
- Completion of W-9, W-8BEN and W-8BEN-E forms, other forms
- Zoom on Reporting Model 1 FFI, Active NFFE and Passive NFFE
- Completion of some examples
CRS and FATCA reports
- The FATCA & CRS report format and components
- Zoom on GIIN and TIN specifications
Production of CRS and FATCA reports (practical cases)
- Identification of a reportable account under FATCA & CRS
- Filing of a Nil report
- Filing of FATCA & CRS reports (Initial and Correction reports)

Target audience

Tax  practitioners, Legal Advisors, Accountants, Compliance Managers and Officers, MLROs, Business Managers and supporting employees 

Speakers profile

Sonia Brahmi is the Legal Executive at MJM Europe. She specialises in tax transparency and international taxation, advising financial institutions on the implementation of the FATCA-IGA and CRS regulations as well as the legislations implementing ATAD I/II and DAC6. She provides staff training, advises on implementation programmes and reporting, and provides health-check services. Sonia graduated from the Universities Paris XI and Paris II Pantheon-Assas, specialising in business law and obtained a Master’s degree in taxation and corporate law at the University of Orléans in 2008. She also read for the Master of Arts in Financial Services at the University of Malta and submitted a thesis on the “Recent Developments in the move towards more global transparency and enhanced mutual assistance in direct tax matters”. She practiced international corporate tax law in France and Malta. Since 2015, Sonia has been focusing on tax transparency and practiced in Jersey and in Malta.

EVENT CPE COMPETENCES

3 Hour Core

WEBINAR TERMS AND CONDITIONS

Terms and conditions apply

DISCLAIMER

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