The International Tax Authority (the “ITA”) wishes to inform all Financial Institutions (“FI’s”) with Foreign Account Tax Compliance Act (“FATCA”) reporting obligations, that the U.S Tax Identification Number (TIN) information is mandatory for ALL reportable accounts and must be included in FATCA reports.
Please note that the mandatory TIN information is applicable for the reporting period of year 2020 onwards. This means that the previous IRS notification 2017-46 will no longer be applicable for the reporting period 2020 onwards. Please note that if any FI filed reportable accounts for the period 2020 without the mandatory TIN, but rather, the use of 9 A’s, 2’s – 7’s had been applied to filings, these filings will be accepted, however, this will result in a record-level error notification from the IRS. This error must be corrected within 120 days.
The ITA has commenced an internal review of filings, to ensure that all FI’s with FATCA filing obligations are in compliance with the new IRS mandatory TIN requirement and will liaise directly with those FI’s. However, the ITA further advises that those FI’s that submitted filings for the period 2020 without the mandatory TIN and contact was not made by the ITA, to please contact the ITA notifying it of same and confirmation of the re-submitted filing. FI should send notification to firstname.lastname@example.org , further, please place the following in the subject of the email “FATCA Mandatory TIN Update”.
For further information, questions or concerns please feel free to contact us via the following means: telephone number: 1 284 343 4415, email address: email@example.com