Dominican Republic: Updated FATCA TIN codes

Reporting of U.S. taxpayer identification number codes for FATCA purposes

Reporting of U.S. taxpayer identification number codes for FATCA purposes

The General Directorate of Internal Taxes in May 2023 issued updates regarding the reporting of U.S. taxpayer identification number (TIN) codes for FATCA purposes for calendar years 2022 (due by 30 September 2023) onwards.

The update follows the issuance of Notice 2023-11 by the U.S. tax authority (IRS), which provides temporary relief to Model 1 foreign financial institutions unable to report a valid U.S. TIN for certain pre-existing accounts. Read TaxNewsFlash.

For calendar year 2022, foreign financial institutions need to use either the TIN codes issued by the IRS in May 2021 or the 2023 updated codes.

For reporting calendar years 2023 (due on 30 September 2024) and 2024 (due on 30 September 2025), financial institutions need to use the updated codes to justify the reason behind the missing TIN.

Read a May 2023 report [PDF 202 KB] prepared by the KPMG member firm in the Dominican Republic

 

 

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