U.S.A.: IRS publishes a reminder for Foreign Financial Institutions to check their agreement renewal requirement
On 13 October 2017, the U.S. Internal Revenue Service (IRS) published a reminder to advice Foreign Financial Institutions (FFIs) to check whether they are required to renew their agreement for FATCA.
The reminder includes the following information:
- The deadline to renew the FFI agreement is 24 October 2017.
- A table in order to help FFIs in determining whether they are required to renew their FFI agreement on the FATCA FFI Registration System;
- A link to the updated FATCA Registration User Guide including steps for FFIs to renew their FFI agreement.
If an FFI is required to renew its agreement and fails to do so until the deadline, the FFI will be removed from the November FFI list and will be subject to 30% withholding tax on certain U.S. source payments.
We continue to monitor the situation and will provide further information as it becomes available.
|This Taxflash is intended to provide customers with general information gathered from different sources that are generally believed to be reliable. Clearstream Banking S.A. does not guarantee the accuracy or completeness of the information and does not undertake to keep it up to date. Use of the information made available in this Taxflash is at the customer’s own risk and Clearstream Banking S.A., its subsidiaries and affiliates expressly disclaim any liability for any errors or omissions reflected herein. The information in this Taxflash does not constitute legal or tax advice.|