ΤΙΝ field for FATCA XML Schema

ΤΙΝ field for FATCA XML Schema

The  Tax  Department  informs  all  interested  parties  and  their  representatives  that, in certain limited  circumstances, where a  reporting  Model  1  foreign  financial  institution (FFI) may not have obtained and reported a U.S. tax identification number (TIN) data element for  each specified  U.S. person that  is  an  account  holderor  a  controlling person  of  a  non-U.S.  entity,  and  therefore the  information  may  not  be  available  for exchange with the U.S. competent authority as required by the FATCA IGA, the IRS has developed a series of codes that can be included in the TIN field of the FATCA XML Schema by a reporting Model 1 FFI.

The expectation is that the use of these codes will allow IRSto better understand the facts  and circumstances  behind  the  missing  U.S.  TINs,  both  in  general  and  with respect to a specific reporting Model 1 FFI. The TIN field code and related scenarios that have been given by IRS are as follows: 

• 222222222 –Preexisting  individual  account  with  only  U.S.  indicia  being  a  U.S. place of birth. 

• 333333333 –New  individual  account  that  (1)  has  indicia  of  a  U.S.  place  of  birth, and (2) either: (a) has a change in circumstances causing the self-certification originally obtained at account  opening  to  be  incorrect  or  unreliable,  and  a  new  self-certification  has  not been obtained, or(b) was below the threshold for documenting and reporting the account at the time of account  opening  and  subsequently  exceeded  the  threshold,  and  a  self-certification has not been obtained. 

• 444444444 –Preexisting  individual  and  entity  account  that  (1)  has  U.S,  indicia other than a U.S. place of birth, and (2) either: (a) has   a   change   in   circumstances,   causing   the   self-certification   or   other documentation  originally  obtained  to  be  incorrect  or  unreliable,  and  a  new  self-certification or other documentation has not been obtained, or (b)  was below the threshold for documenting and reporting the account at the time of account opening and subsequently exceeded the threshold, and a self-certification or other documentation has not been obtained.

• 555555555 –New individual and entity account that has a U.S, indicia other than a U.S. place of birth,and (2) either: (a)   has   a   change   in   circumstances   causing   the   self-certification   or   other documentation  originally  obtained  to  be  incorrect  or unreliable,  and  a  new  self-certification or other documentation has not been obtained, or 

(b)  was  below  the  threshold  for  documenting  and  reporting  the  account  at  the time  of  account  opening  and  subsequently  exceeded  the  threshold,  and  a  self-certification or other documentation has not been obtained.

 •666666666 –Preexisting   entity   account   with   account   balance   exceeding $1,000,000 held by a passive NFFE with respect to which no self-certifications have not  been  obtained,  and  no  U.S.  indicia  have been  identified  in  relation  to  its controlling persons. The use of these codes is not mandatory and does not mean that a FFI will not be at risk  for  being  found  significantly  non-compliant  due  to  a  failure  to  report  each required  U.S.  TIN.  The Tax  Department will  take  into  account  the  facts  and circumstances leading to the absence of the U.S. TIN, such as the reasons why the TIN  could  not  be  obtained,  whether  the  FFI  has  adequate  procedures  in  place  to obtain  TINs,  and  the  efforts  made  by  the  FFI  to  obtain  TINs.  For  example,  whether the FFI is contacting account holders annually to request any missing TINs.The IRS informed the CY Tax Department that their system will still generate an error notification to indicate the entry is invalid when one of the above codes is used. Additionally, you  are informed  that,  entering  nine  As  or  0s  will  no  longer be  allowedbeginning with the 2020 calendar year data. Tax Department-18/02/2021

             

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