2022 CRS Feedback Shows the Importance of TIN Validation
Gibraltar has received feedback from its partner jurisdictions for the 2022 CRS reporting cycle recently, and there are some areas in need of improvement. Many jurisdictions* are having difficulty matching data reported by Gibraltar Financial Institutions to their existing tax systems. The Gibraltar Competent Authority believes that matching errors have largely resulted from incorrect TINs, and have asked Financial Institutions in Gibraltar to “Incorporate additional checks in [their] processes and systems as well as re-focus [their] internal due diligence and compliance activities in these areas”, referring specifically to TIN accuracy.
Local Financial Institutions are being urged to use the OECD’s online tool to assist them in determining the validity of client TINs. Unfortunately, the OECD’s offering is actually more of a documentation resource than a tool. Using it to manually verify TINs is time consuming, confusing and prone to error.
*Australia, Finland, Israel, Malta, Portugal, Belgium, Hungary, Italy, Mexico, Slovak Republic, Brazil, Indonesia, Lithuania, Netherlands, Spain, Czech Republic, Ireland, Luxembourg, Peru, Sweden, Isle of Man, Hong Kong, Japan, India, Malaysia, France, Canada, United Kingdom and Estonia.
At Business Logic we have considerable experience working with CRS schema data, so we’ve taken our knowledge of TIN validation algorithms and created TIN-Check. TIN-Check validates for length, pattern and integrity for TINs of ALL the complainant jurisdictions from 2022, along with all other EU jurisdictions for good measure. It features bulk uploads, export to csv, multi-lingual support, and even a desktop version. We plan to add more jurisdictions to TIN-Check over time, aiming to include all participating jurisdictions before the 2024 reporting cycle.
TIN-Check is free to use, and provided by Business Logic to help improve tax reporting data submitted by Financial Institutions in Gibraltar.
TIN-Check Online provides a secure and fully featured Web version of TIN-Check. Click the link below to visit us.
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