FATCA Information for Financial Institutions
Under FATCA, withholding agents must withhold tax on certain payments to foreign financial institutions (FFIs) that do not agree to report certain information to the IRS about their U.S. accounts or accounts of certain foreign entities with substantial U.S. owners.
An FFI may agree to report certain information about its account holders by registering to be FATCA compliant. An FFI that has registered to be FATCA compliant and that has been issued a global intermediary identification number (GIIN) will appear on a published FFI List. Withholding agents may rely on an FFI’s claim of FATCA status based on checking the payee’s GIIN against the published FFI List.
FFIs registering to be FATCA compliant will be able to do so through a secure online web portal, the FATCA Registration Portal (Portal), from anywhere in the world. The Portal is designed to accomplish an entirely paperless registration process and will be accessible to financial institutions beginning in July 2013.
- Once a financial institution has registered, the IRS will approve its registration. The IRS intends, upon such approval, to issue a GIIN to each participating FFI and registered deemed-compliant FFI. These GIINs will be assigned beginning in October 2013 and should be used as the financial institution’s identifying number for satisfying its reporting requirements and identifying its status to withholding agents.
- The IRS will electronically post the first IRS FFI List in December 2013. The IRS intends to update the IRS FFI List on a monthly basis.
NOTE: The last date by which a financial institution can register to ensure its inclusion on the December 2013 FFI List is October 25, 2013. Additional information on FATCA registration and the impact of intergovernmental agreements (IGAs) will be provided soon.
Draft Form 8957 - FATCA Registration
FFI List Schema and Test Files
Information for Qualified Intermediaries (QIs)
U.S. Department of Treasury FATCA Page (including bilateral and model intergovernmental agreements)
Final Regulations, Notices and other Legal Documents
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