The new report consists of two parts. Part I is a report by the OECD Secretary-General regarding (A) the G20/OECD Base Erosion and Profit Shifting (BEPS) Project; (B) Tax transparency; (C) Tax policy tools to support sustainable and inclusive growth; and (D) Tax and development. Part II is a Progress Report to the G20 by the Global Forum on Transparency and Exchange of Information for Tax Purposes.
The draft guide provides updated business rules and technical information for creating FATCA Reports based on the FATCA XML schema. Beginning January 2017, the FATCA XML Schema v1.1 will no longer be supported and will be replaced by v2.0. All International Data Exchange Service (IDES) users will be required to submit FATCA Reports using v2.0 on this date.