FATCA News and Information

Internal Revenue Service (IRS) sent this bulletin at 04/09/2013 01:50 PM EDT

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FATCA News & Information April 9th, 2013

 

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Issue Number:  2013-4

Inside This Issue


  1. FFI List Schema and Test Files Released
1.  FFI List Schema and Test Files Released

Today, the FFI list schema and test files were released.
 
Under FATCA, withholding agents must withhold tax on certain payments to foreign financial institutions (FFIs) that do not agree to report certain information 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. This list is scheduled to be published monthly beginning December 2013.


The FFI List schema contains information about the FFI List that will be published and the test files contains dummy data records to illustrate the format and data that will be included in the FFI List.

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