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Italy: Updated FATCA and CRS guidance

Updated guidance for the completion and transmission of data under the FATCA and CRS regimes.

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May 16, 2025

The Italian Revenue Agency (IRA) on April 28, 2025, issued updated FATCA and common reporting standard (CRS) guidance.

  • FATCA update: The instructions version (v.2.7) for the completion and transmission of data under the FATCA Agreement has been updated. This follows the issuance of the U.S. tax authority (IRS) Notice 2024-78, which further extends until calendar years 2025, 2026, and 2027 the temporary relief provided in Notice 2023-11, for reporting Italian financial institutions that are unable to obtain and report U.S. tax identification numbers (TINs) for specified U.S. pre-existing reportable accounts. To qualify for this relief, reporting Italian financial institutions must comply with specific requirements. Read a May 2025 report prepared by the KPMG member firm in Italy
  • CRS update: The instructions version (v.2.3) for the completion and transmission of data has been updated to include:
    • A revised section 3.8 now addresses the submission of reports through the Data Exchange Service (SID)-enabled entities.
    • A new section 3.9 has been added to provide guidance on reporting procedures in cases of extraordinary transactions, such as mergers, incorporations, and demergers, or transfers of business units.
    • The existing guidance on reporting in the scenario of an IFItaC's cessation without absorption has been moved to the newly added section 3.10.

Read a May 2025 report prepared by the KPMG member firm in Italy

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