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July 12, 2013: IRS Delays FATCA Deadlines and the Opening of the FFI Registration Portal

Foreign Account Tax Compliance Act (FATCA)


IRS delays FFI registration portal opening and pushes back deadlines

The IRS has released Notice 2013-43 pushing back the Foreign Financial Institutions (FFI) Registration Portal opening and extending most of the FATCA deadlines established by the final regulations. The FFI Registration Portal is now projected to open on August 19, 2013, a little over a month later than previously planned. The IRS also indicated that the opening will be a soft launch, when FFIs will get the chance to start setting up their profiles and adding entities without actually committing to signing or registering, until January 1, 2014. On or after January 1, 2014, FFIs will be able to finalize their registrations through April 25, 2014 to appear on the first IRS FFI list to be posted on June 2, 2014. Generally, all prior deadlines related to the FFI agreement effective date, the GIIN registration deadlines for the first list, the last date to register for GIIN before withholding begins, the effective date of FFI agreement for registrations before withholding begins, and the transition period for affiliated group rule have been pushed back 6 months.

The IRS also extended other compliance deadlines including withholding, onboarding, and preexisting account remediation by 6 months. This extension will be applied to current and future FATCA Intergovernmental Agreements (“IGAs”) through the coordination provision added to recent IGAs and the new models recently released. IGAs signed before the coordination provision was added will adopt the provision through the most favored nations clause included in all IGAs. Another extension that was unexpected and also applies to current Chapter 3 documentation is the 6 month extension of the expiration for withholding certificates and documentary evidence set to expire at the end of this year.

These extensions should come as a welcome relief to entities impacted by FATCA given the delay in IGA signings and the delay in registration guidance. A summary of the impacted deadlines is included below and a copy of the IRS notice is attached

Updated timeline summary

  FATCA Compliance Action Items Old Date New Date



General Compliance

Registration Portal Projected Opening Date Jul 15, 2013 Aug 19, 2013
GIIN Registration Deadline for first 2014 list Oct 25, 2013 Apr 25, 2014
First 2014 GIIN list Dec 2, 2013 Jun 2, 2014
Last date to register for GIIN before withholding begins1 Dec 31, 2013 Jun 30, 2014
Effective date of FFI Agreement for registrations before withholding begins Dec 31, 2013 Jun 30, 2014
Transition period for affiliated group rule Jan 1, 2016 No Change




Preexisting accounts

USWA and FFI begin new account onboarding Jan 1, 2014 Jul 1, 2014
Cutoff date to determine preexisting account population2 Dec 31, 2013 Jun 30, 2014
Initial account balance determination date for de-minimis rules and high value account rule Dec 31, 2013 Jun 30, 2014
USWA/FFI complete preexisting Prima Facie FFI accounts Jun 30, 2014 Dec 31, 2014
USWA/FFI complete all other preexisting entity accounts Dec 31, 2015 Jun 30, 2016
FFI complete preexisting high value individual accounts Dec 31, 2014 Jun 30, 2015
FFI complete all other preexisting individual accounts Dec 31, 2015 Jun 30, 2016
Chapter 3, QI/WP/WT Agreements, and Foreign-Targeted Registered Obligation Rules New expiration date for withholding certifications and documentary evidence for Chapter 3 that are set to expire this year Dec 31, 2013 Jun 30, 2014
New expiration date for Qualified Intermediary, Withholding Partnership, and Withholding Trust agreements set to expire this year Dec 31, 2013 Jun 30, 2014
End date of Notice 2012-20 transition rule to withholding agents paying interest on a registered obligation after March 18, 2012 Dec 31, 2013 Jun 30, 2014



Grandfathered obligation cutoff Jan 1, 2014 Jul 1, 2014
Begin income withholding (excludes certain offshore payments of U.S. source income) Jan 1, 2014 Jul 1, 2014
Begin offshore U.S. source income payment withholding Jan 1, 2017 No Change
Begin gross proceeds withholding Jan 1, 2017 No Change
Begin foreign -passthru payments withholding Jan 1, 2017 No Change
Reporting Calendar year(s) to report for U.S. Account reporting3 2013 & 2014 2014 (for U.S. account identified by December 31, 2014)

1 Verification of a GIIN is not required for a Model 1 FFI prior to January 1, 2015. Model 1 FFIs will be able to register and obtain a GIIN beginning on January 1, 2014 but will have additional time beyond July 1, 2014 to register and obtain a GIIN to be included in the FFI list before January 1, 2015.
2 For participating FFIs it may also be the effective date of the FFI agreement if different than June 30, 2014. For registered deemed-compliant FFI it is June 30, 2014 or the date the FFI registers and receives a GIIN.
3 All other reporting deadlines remain unchanged.

Full article, copy of the updated draft of Form W-8ECI along with the annotated version, and an overview of IRS notice 2013-43 are available for download. For more information please contact a Deloitte FATCA Leader or click here.

As used in this document, “Deloitte” means Deloitte Tax LLP, a subsidiary of Deloitte LLP. Please see for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting.


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