FATCA & CRS Alert 2022-01

FATCA reporting - New instructions for the TIN field

FATCA reporting - New instructions for the TIN field


On 14th March 2022, the Luxembourg tax authorities (“ACD”) issued a newsletter about the tax identification number (“TIN”) field for FATCA reporting purposes.

The intention is to implement the provisions introduced by the IRS through the ICMM FAQs Q1, Q1a, Q1b and Q3 of the Section "Populating the TIN Field". These new provisions would not replace the instructions under Section 3.6.6 of ECHA 3 (PDF, 0.6MB) but rather complement them.

In particular, Q3 from those FAQs introduces the possibility to populate the TIN field of a passive non-financial entity with a foreign TIN (i.e. a non-U.S. TIN) or, in the absence of foreign TIN, with the code "NA".

As a general comment, this update would be welcomed by Luxembourg reporting financial institutions as several error letters have been issued last year by ACD for such scenario (passive non-financial entities not having a U.S. TIN). However, foreign entities are usually not having U.S. TIN. For passive non-financial entities, the objective is rather to communicate the U.S. TIN of any U.S. controlling persons.

Please note that those updates are not effective yet. The exact date will be communicated in a forthcoming newsletter. According to ACD, they are likely to be implemented during April 2022, i.e. prior the reporting deadline for reporting year 2021 (30 June 2022).

In any case, do not hesitate to reach out to us should you need assistance with your FATCA and CRS reporting obligations. We have developed an innovative reporting solution that enables our clients to process their CRS and FATCA reports quickly and efficiently.