December 19, 2013: FATCA International Data Exchange Webpage and the Intergovernmental FATCA XML Schema
Foreign Account Tax Compliance Act (FATCA)
On December 19, 2013, the IRS published the FATCA International Data Exchange Webpage and the Intergovernmental FATCA XML Schema. The FATCA International Data Exchange Webpage announces that the IRS has finalized the format for exchanging FATCA data with IGA jurisdictions known as the IGA FATCA XML Schema (version 1.1). The schema was developed in close cooperation with the Organisation for Economic Co-operation and Development (“OECD”) and captures FATCA reporting data from both financial institutions and host country tax administrations (i.e., the local tax authorities in Model 1 IGA jurisdictions reporting FATCA information to the IRS). The Schema is based on the XML format and will facilitate “safe and secure” data exchange using the International Data Exchange Service. The International Data Exchange Service will also facilitate reciprocal reporting from the U.S.
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