St. Lucia: Updated FATCA TIN guidance
An updated version (v9.0) of FATCA guidelines and procedures
An updated version (v9.0) of FATCA guidelines and procedures
The Inland Revenue Department of Saint Lucia in May 2023 issued an updated version (v9.0) of FATCA guidelines and procedures.
The update follows the issuance of Notice 2023-11 by the U.S. tax authority (IRS), which provides temporary relief to foreign financial institutions unable to report a valid U.S. taxpayer identification number (TIN) for certain pre-existing accounts. Read TaxNewsFlash
To be eligible for the relief, the reporting financial institutions must use the codes, provided by the IRS Notice 2023-11, explaining the inability to report a U.S. TIN. Failure to comply with the format may result in withholding of payments.
The relief is applicable for calendar years 2022, 2023, and 2024. Therefore, it applies for filings that are submitted between 2023 and 2025. The relief is only applicable to pre-existing accounts and does not apply to new accounts or new accounts opened by pre-existing account holders.
Read a June 2023 report [PDF 304 KB] prepared by a KPMG member firm in the Caribbean region
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