Isle of Man: Updated FATCA TIN codes
Reporting of U.S. taxpayer identification number (TIN) codes for FATCA purposes
Reporting of U.S. taxpayer identification number (TIN) codes for FATCA purposes
The Income Tax Division on 8 March 2023 issued an industry advisory notice providing updates regarding the reporting of U.S. taxpayer identification number (TIN) codes for FATCA purposes.
The update follows the issuance of IRS Notice 2023-11, which provides temporary relief to Model 1 foreign financial institutions unable to report a valid U.S. TIN for certain pre-existing accounts. The update was instituted to better understand the issues faced by the foreign financial institutions while attempting to obtain a valid TIN for pre-existing accounts.
The use of the codes is mandatory for a foreign financial institution to not be considered significantly non-compliant due to the inability to report a U.S. TIN. However, an FFI can still be considered non-compliant for any failure(s) within the requirements of the Intergovernmental Agreement (IGA).
Reporting for calendar year 2022 (due for submission in June 2023) will be a transition year. Foreign financial institutions may use either the TIN codes issued by the IRS in May 2021, or the 2023 updated codes to be eligible for the relief. However, for reporting calendar years 2023 and 2024, foreign financial institution must use the updated TIN codes and obtain and report the date of birth of each individual account holder or controlling person of a reportable account that is missing a U.S. TIN.
Read a March 2023 report [PDF 222 KB] prepared by the KPMG member firm on the Isle of Man
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