U.S.A.: IRS publishes updated FATCA – General FAQs

01.03.2018

On 26 February 2018, the U.S. Internal Revenue Service (IRS) published an updated list of frequently asked questions (FAQs) related to FATCA on their website.

Amendments to FAQs, found under FATCA – FAQs General, pertain to section Qualified Intermediaries (QI)/ Withholding Foreign Partnership (WP)/ Withholding Foreign Trusts (WT).  In subsection “certifications and periodic reviews” questions 4 to 8 were added. These new FAQs now clarify the possibility for a group of QIs or a group of WPs to apply to form a consolidated compliance group (CCG) and they outline the rules for certification for a CCG.

We continue to monitor the situation and will provide further information as it becomes available.

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