The structure of CRS XML is virtually the same as FATCA XML, and the Igor implementation of CRS is analogous to the implementation of FATCA in all relevant respects, so the transition from FATCA to CRS XML should be straightforward.
The nil returns functionality has now been added to the system and may be used for the test and live organisations.
You may fulfil your reporting obligation by ticking the nil return tick box for the period selected. This is provided as a convenient alternative to producing and uploading an XML file containing no account reports.
If you record a nil return and subsequently need to submit account reports for the same reporting entity, the XML may be submitted in the normal way and will effectively override the nil return.
If you submit an XML file in error and wish to replace it with a nil return, you will need to retract the XML file first before Igor will permit you to record a nil return. Igor will not allow you to record a nil return for any FI which has already made a return (nil or otherwise) for the given reporting period.
If you submitted the XML file and it has already been forwarded to the destination country then Igor will not permit you to retract the XML file. If you wish to delete some or all of the account reports after this point, you would need to do this by submitting an XML correction file.
The video is 21 mins long and shows the submission of CRS reports and how amendments are to be handled by the system.
The IGOR system is being developed to make it as simple as possible for FI’s to submit returns and also to send amendments. IGOR will then process the returns appropriately together with any amendments, based on whether the return has been forwarded to the jurisdiction or is still held by the IGOR system.
To fulfil reporting obligations under the Intergovernmental Agreements, Reporting Guernsey Financial Institutions (“RGFIs”) will be required to submit their reports using XML Schema via bespoke software known as IGOR. The XML schema format is mandatory and returns in any other format will not be accepted by IGOR.
For the avoidance of doubt Guernsey is a Model 1 IGA jurisdiction, and therefore RGFI are required to submit reports to the Director of Income Tax, using IGOR. The Director will transmit the information to the IRS. For Model 1 Jurisdictions, there is no need for an RGFI to submit reports to the IRS directly.
Please direct any technical queries relating to IGOR, including reporting and the use of the schemas via the IGOR forum at https://igorforum.digimap.gg.
You have previously indicated that you wished to receive updates in relation to FATCA and also the Intergovernmental Agreements (“IGAs”) with the UK and the USA and as such, this update is being provided to you.
The online bespoke software to be used for all online submissions under the following regimes has now gone live:
This software is called the Information Gateway Online Reporter (“IGOR”).
Although IGOR will be used for all online submissions for automatic exchange of information, at present registration can only be made for the US IGA and will require that a GIIN prior to accepting this registration. Financial Institutions may register for a GIIN using the online FATCA registration tool available at: http://www.irs.gov/Businesses/Corporations/FATCA-Foreign-Financial-Institution-Registration-Tool .The registration for the remaining regimes will be brought online at a later date.
A Report will take the form of one or more digital files submitted from an Financial Institution (“FI”) for a Reporting Period. An electronic Report, submitted through IGOR, as described below, is the only accepted means of complying with the above mentioned reporting regimes.
The following functions are now available on IGOR:
The ability to create logins.
The ability to create organisations and set up FI’s.
A Test Organisations option is available so users can test their XML submissions.
In addition, there is also a user’s forum, which has been created to accompany IGOR. This is open to all FIs with a view to enabling FI’s and / or their software developers to ask technical questions relating to IGOR, which in turn with then form the basis of developing FAQs to assist other FIs. The site is located here: https://igorforum.digimap.gg/
Any future updates will continue to be sent to you via e-mail.
Lee Harris Compliance & International Manager Income Tax Office, Treasury & Resources
From the 1st week of January, 2015, Financial Institutions will be able to register on the new IGOR web site. Once authenticated by Income Tax, Financial Institutions will be able to submit test XML files. Test files will use the same API and process as the live files and a report will be returned through the API stating whether the file has been accepted or the technical information on why it failed. Test files will not be transmitted to any 3rd party. Live data or fictitious data may be used for testing.
The API documentation is available from this site and also please do monitor the questions and answers. Please do post any questions you may have.