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IRS registration portal opened and additional guidance published - 23/08/2013


As mentioned in Notice 2013-43 pushing back the FFI registration portal opening and extending most of the FATCA deadlines established by the final regulations, the FFI registration portal is now opened.

The IRS has also provided additional guidance available on the IRS website, including a FATCA registration overview, a detailed 75 page FATCA registration online user guide, tips for logging into the FATCA registration system, instructions for the Form 8957 paper registration form, and a document detailing the format of the Global Intermediary Identification Number (GIIN) used to identify FATCA compliant entities.

The IRS registration process will be in four stages which involve an FI creating an account, completing a registration form, signing and submitting the registration form and receiving approval from the IRS.

The intention is that FIs can use the remainder of 2013 to become familiar with the FATCA registration website and input preliminary information.  On or after 1 January 2014, FIs will be expected to finalise their registration information and submit the information as final.  Only once registrations are submitted as final will the IRS assign Global Intermediary Identification Numbers (“GIINs”). The website will also be used for renewal of QI Agreement.

For additional details regarding the information above, please find enclosed the news alert prepared by our US colleagues.

Impact for Luxembourg

On 21 May 2013, the Luxembourg Ministry of Finance has announced the choice to enter into an IGA Model 1. It is expected that the Luxembourg IGA should be signed in the coming weeks. Once published and ratified, this IGA will help Luxembourg FI to determine their classification and reporting obligations towards Luxembourg tax authorities.

Based on the guide issued by the IRS, a reporting Financial Institution under a Model 1 IGA (like Luxembourg) will register under the various categories of Deemed-Compliant FFI (considering the fact that such FFI have no reporting obligations towards the IRS). For reporting obligations, please see below.

Draft Form 8966 released by the IRS

The IRS has released a draft of the new Form 8966, FATCA Report. Under the FATCA Regulations, participating foreign financial institutions (FFIs), and to a limited extent U.S. withholding agents, are required to report to the U.S. Internal Revenue Service (IRS) information on certain U.S. accounts and recalcitrant accounts on the Form 8966. The first Form 8966 reporting deadline is March 31, 2015 with respect to accounts maintained in 2014.

This Form will probably be used as a model when designing the reporting procedure applicable to reporting FFI benefiting from the Luxembourg IGA. Such FFI will need to transfer the same type of information to Luxembourg tax authorities.

The information to be transferred relates to the identifying information of U.S. owners that are specified U.S. persons, and will include data such as the account number, currency code, account balance and amount of payments received for the calendar year (separate fields for interest, dividends, gross proceeds/redemptions, and other payments). Pooled reporting will also be required for recalcitrant accounts, dormant accounts and presumably non-participating FFI payments.

For additional details regarding the information above, please find enclosed the news alert prepared by our US colleagues.

New instructions of Form W-9 released

The IRS has released new draft instructions for the requester of Form W-9.

For additional details regarding the information above, please find enclosed the news alert prepared by our US colleagues.

If you have any queries regarding the above, please do not hesitate to contact us.

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