The following are recent FATCA developments from the IRS and US Treasury.
1. IRS begins issuing GIINs
FFIs have reported that their accounts have been updated to include the Global Intermediary Identification Number (GIIN) assigned by the IRS. The notification that a GIIN has been assigned is an email from the address fatca-donot-reply@irs.gov to log into their accounts. There have been recent disruptions and outages on the IRS registration portal, and it is anticipated that entities trying to register may find it to become more challenging as the April 25th date approaches. We recommend that FFIs consider registration sooner rather than later.
2. IGAs signed with Chile and Finland
The US Treasury has released the text of signed IGAs with:
For additional information, please see:
- The PwC IGA Monitor
- The US Treasury FATCA Resource Center
3. FATCA XML schema updated
The IRS has finalized the format for automatically exchanging FATCA data with IGA jurisdictions and published an update to the FATCA XML user guide.
4. Updates to FATCA forms and instructions
The table below lists the status of FATCA-related forms and instructions. Links are included when available.
Changes to the list since the last update include:
- Final Form 1042-S for 2014
- Final Form 1042-S for 2013
- Final Form 8966
- Instructions for the W-8ECI
The list will be updated and recirculated as additional forms are released by the IRS.
| Purpose | Form w/ link | Title | Status |
| Reporting | 2014 Form 1042 Instructions not released |
Annual Withholding Tax Return for U.S. Source income of Foreign Persons |
Final 2014-03-04 |
| Reporting | 2013 Form 1042 Instructions not released |
Foreign Person’s U.S. Source Income Subject to Withholding | Final 2014-03-07 |
| Reporting | 2014 Form 1042-S Instructions not released |
Foreign Person’s U.S. Source Income Subject to Withholding | Final 2014-03-07 |
| Reporting | 2014 Form 8966 Instructions |
Foreign Account Tax Compliance Act (FATCA) Report | Final 2014-03-05 |
| Registration | Form 8957 Instructions |
Foreign Account Tax Compliance Act (FATCA) Registration | Final 2013-08-18 |
| Documentary Evidence | Form W-8BEN Instructions |
Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting (Individuals) |
Final 2014-03-03 |
| Withholding Certificate | Form W-8BEN-E Instructions |
Certificate of Status of Beneficial Owner for United States Tax Withholding and Reporting (Entities) |
Draft 2013-05-27 |
| Withholding Certificate | Form W-8ECI Instructions |
Certificate of Foreign Person’s Claim That Income Is Effectively Connected With the Conduct of a Trade or Business in the United States |
Final 2014-03-04 |
| Withholding Certificate | Form W-8EXP Instructions not released |
Certificate of Foreign Government of Other Foreign Organization for United States Tax Withholding |
Draft 2013-05-23 |
| Withholding Certificate | W-8IMY Instructions not released |
Certificate of Foreign Intermediary, Foreign Flow-Through Entity, or Certain U.S. Branches for United States Tax Withholding |
Draft 2013-08-26 |
| Withholding Certificate | Form W-9 Instructions |
Request for Taxpayer Identification Number and Certification | Final 2014-01-24 |
| Withholding Certificate | Form W-9 (SP) Instructions |
Solicitud y Certificacion del Numero de Identificacion del Contribuyente |
Final 2013-09-30 |
