Global

Details

  • Service: Tax, International Corporate Tax, Global Compliance Management Services
  • Type: Regulatory update
  • Date: 8/15/2012

United States - FATCA-related forms proposed for foreign financial institutions 

August 15:   A Treasury Department / IRS notice and request for comments [PDF 171 KB] (published in today’s edition of the Federal Register) concerns the development of FATCA- related forms:
  • Form 8956, Application on Foreign Account Tax Compliance Act (FATCA) Individual Identification Number
  • Form 8957, Registration for Participating, Limited, or Registered Deemed Compliant Foreign Financial Institution Status

A foreign financial institution (FFI) will be required to register its FATCA status through an online registration system. A responsible officer of the FFI will register its status, and if applicable, sign the FFI agreement. Each FFI must select a FATCA responsible officer and identify this person in the FATCA registration system. Positive identity verification will be required for the single individual who will sign the agreement/certification on behalf of the FFI.


The process of identity verification is anticipated to be accomplished electronically or in paper form:


  • Electronic: The responsible officer may provide his/her U.S. social security number (SSN) or individual tax identification number (ITIN) in the registration system.
  • Paper: The responsible officer may provide Form 8956 and appropriate documentation.

A FATCA Individual Identification Number (FIIN) will be issued to the responsible officer once his/her identity is verified. The FIIN is then used by the individual who will sign the FFI agreement/certification.


The IRS also posted on 14 August a draft version of Form W-8IMY [PDF 166 KB], Certificate of Foreign Intermediary, Foreign Flow-Through Entity, or Certain U.S. Branches for United States Tax Withholding (Rev. December 2012), to be used to comply with certain FATCA information reporting requirements for 2012.




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