Recent FATCA developments from the IRS & US Treasury

Olivier Hermand 21 March 2014


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:

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