Press Room: Tax Release
IRS Announces Opening of FATCA Registration Portal
In Notice 2013-43, issued July 12, 2013, IRS, among other things, announced the opening of the FATCA online registration Portal which is the primary medium through which foreign financial institutions (FFI’s) will interact with IRS to establish their FATCA compliance. After the registration is approved, IRS issues a “global intermediary identification number” (GIN) to the FFI and electronically posts it to a list on the Portal. This is necessary after June 30, 2014, to avoid 30 percent withholding on all U.S. source investment type income (e.g., interest, dividends) paid to an FFI. To ensure inclusion on the initial list of participating FFIs published by IRS, an FFI must finalize its registration on the Portal no later than April 25, 2014.
IRS also released Form 8957 (with instructions), a paper analog to the registration Portal, but IRS recommends that participating FFIs register via the online Portal and not via the paper filing.