IRS announces upgrade to FATCA online registration system

Upgrade to FATCA online registration system

The IRS today issued a release announcing an upgrade to the FATCA online registration system.

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According to the IRS release—IR-2015-131—the FATCA online registration system upgrade:

  • Allows sponsoring entities to register their sponsored entities to obtain a global intermediary identification number (GIIN)
  • Allows users to update their information, download registration tables and change their financial institution type
  • Includes an updated jurisdiction list

online registration system

Today’s IRS release reports that more than 170,000 financial institutions, located in more than 200 jurisdictions, have registered with the IRS.

FATCA requires certain sponsored entities (including those covered by an intergovernmental agreement (IGA)) to have their own GIIN for FATCA reporting and withholding purposes by December 31, 2016. To facilitate this requirement, the FATCA online registration system will now enable sponsoring entities to add their sponsored entities and, if applicable, sponsored subsidiary branches. These entities can be added either individually or by submitting a file containing information for multiple entities. 

The IRS release also reports the availability of a Microsoft Excel-based Sponsored entity data preparation tool for users choosing the multiple record file upload option, thereby expanding the values available for the GIIN for new sponsored entities and sponsored subsidiary branches.

The IRS reported that the improvements to the system and new additional features added include:

  • New questions such as asking foreign financial institutions to indicate their tax identification number in their country or jurisdiction, if they have one
  • Other questions for identifying the common parent entity of the expanded affiliated group
  • Certain financial institutions can now change their “financial institution type”
  • Member financial institutions can now transfer to another expanded affiliated group without having to cancel their current agreement and re-register

After a change or transfer, a new FATCA account will be created with existing registration information, including branches.

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