FATCA Registration Forms in Development
As was previously indicated by IRS officials regarding the FATCA registration system, a foreign financial institution (FFI) will be required to register its FATCA status through an online registration system.
Positive Identity Verification of Responsible Officer
A Responsible Officer (RO) of the FFI will register its status, and if applicable, sign the FFI agreement. Each FFI must select a FATCA RO 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 RO may provide his/her U.S. Social Security number (SSN) or individual tax identification number (ITIN) in the registration system.
- Paper: The RO may provide Form 8956 and appropriate documentation.
A FATCA Individual Identification Number (FIIN) will be issued to the RO once his/her identity is verified. The FIIN is then used by the individual who will sign the FFI agreement/certification.
IRS Notice and Request for Comments
Today, the IRS published a notice and request for comments in the Federal Register concerning the development on new Forms:
- Form 8956, Application or Foreign Account Tax Compliance Act (FATCA) Individual Identification Number
- Form 8957, Registration for Participating, Limited, or Registered Deemed Compliant Foreign Financial Institution Status
The new forms are being developed by the IRS to comply with the FATCA reporting requirements for information from foreign financial institutions on the accounts held in their institutions by U.S. persons.
Comments are requested, among other items, as to how to enhance the quality, utility, and clarity of the information to be collected; ways to minimize the information collection burden; and estimates of the costs for operating, maintaining, and purchasing services to provide the requested information.
For your reference
Today's Notice can be obtained by clicking here: 2012-19972.pdf (75 KB)
Australia to consider intergovernmental agreement for FATCA implementation
The Government of Australia announced that it is exploring the feasibility of an intergovernmental agreement with the United States with respect to implementation of the Foreign Account Tax Compliance Act (FATCA) provisions. According to an August 28 release from Australia's Treasury, the objective of an intergovernmental agreement would be to:
- Minimize compliance costs for Australian stakeholders
- Address concerns about the impact of the FATCA obligations on Australian financial institutions; and
- Enhance the existing tax cooperation arrangements between Australia and the U.S.
The Australian Treasury is soliciting comments on the advantages and disadvantages of an intergovernmental agreement between Australia and the United States, based on the published model IGA, as an alternative to individual agreements between Australian financial institutions and the IRS. The closing date for submissions is Friday, 28 September 2012.
For further information, please do not hesitate to contact us.
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