Income tax rules amended to refine due diligence, set review deadlines, and replace Form 61B for reportable accounts. Amendments to the Income tax Rules revise due diligence, clarify territorial scope and exclusions in rule 114F, differentiate standing instruction treatment for U.S. versus other reportable accounts in rule 114H, set staggered completion dates for reviews of pre existing and high/low value accounts (notably completion by 30 June 2016 for certain U.S. low value accounts and by 31 December 2016 for certain other high value accounts), and substitute Form 61B with a standardized reporting template effective 1 January 2017.
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Income tax rules amended to refine due diligence, set review deadlines, and replace Form 61B for reportable accounts.
Amendments to the Income tax Rules revise due diligence, clarify territorial scope and exclusions in rule 114F, differentiate standing instruction treatment for U.S. versus other reportable accounts in rule 114H, set staggered completion dates for reviews of pre existing and high/low value accounts (notably completion by 30 June 2016 for certain U.S. low value accounts and by 31 December 2016 for certain other high value accounts), and substitute Form 61B with a standardized reporting template effective 1 January 2017.
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