FATCA Frequently Asked Questions (FAQs)
FATCA (19)
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Q: Does the FATCA Point of Contact need to be registered with the Board of Inland Revenue?
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A: Yes. BIR numbers are needed by ttconnect to authenticate users accessing e-Tax.
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Q: How do I register with the Board of Inland Revenue e-Tax Portal to upload FATCA Reports?
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A: Refer to the “FATCA Registration Guide.”
Please note that the registrant must have a ttconnect ID. For more information on acquiring a ttconnect ID, please visit www.ttconect.gov.tt -
Q: When am I expected to submit FATCA Reports to the IRD?
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A: Financial Institutions (FIs) can submit FATCA reports at any time before the Submission deadline.
The submission deadline is September 15th for the previous Filing Year. E.g. the 2017 FATCA Report is due on September 15th 2018. FIs are encouraged to submit their reports as early as possible.
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Q: How do I submit FATCA Reporting information to the Board of Inland Revenue?
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A: Refer to the “FATCA Report Submission Guide.”
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Q: Does the Board of Inland Revenue validate my FATCA submission?
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A: Refer to the “FATCA File Preparation Guide.”
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Q: Can I provide balances for accounts that are not denominated in US Currency?
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A: Yes. The IRS guidelines/FATCA XML schema advise that non-US currency denominations are accepted
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Q: What should be reported if the account holder does not provide an SSN?
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A: Based on the following IRS links, the DOB should be reported for account holders where the SSN is not available and the TIN (i.e. SSN) element can be omitted. This will result in a “TIN not populated” error being received which can be ignored.
https://www.irs.gov/businesses/corporations/fatca-ides-technical-faqs#GIINF15
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Q: Where can I find a description of the FATCA Reporting (XML) file?
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A: Refer to the “FATCA File Preparation Guide.”
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Q: Where can I find sample FATCA Test files?
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A: Refer to the “FATCA File Preparation Guide.”
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Q: Will the Inland Revenue Division provide an opportunity for Financial Institutions to test FATCA Submissions?
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A: Yes. The IRD is providing two opportunities for Financial Institutions to test FATCA submissions.
- Submission of test files to IDES – FIs may be invited to come into IRD’s office to work, hands on, with the FATCA submission facility or be asked to email test files to TTFATCA@ird.gov.tt. This will work hand in hand with the IRS’ testing window when it becomes available. It will give FIs the ideal opportunity to become familiar with the process and to get feedback on the validity of their FATCA Reporting file from both the IRD and the IRS.
- Online Test Validation Facility – FIs that have completed the registration process may leverage the online facility that is provided on e-Tax. This will provide feedback on the format of the file based on the validation rules described in the FATCA File Preparation Guide.
IRD strongly encourages FIs to participate in submitting test files during the IDES testing window.
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Q: How do I take part in the IDES test file submissions conducted by the Board of Inland Revenue?
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A: Please email TTFATCA@ird.gov.tt to request further details.
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Q: Is there a limit to the number of users that can submit FATCA reports to the IRD?
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A: The users that can submit FATCA reports is limited to the authorized Points of Contact for the FI. An FI may register multiple Points of Contact with the IRD.
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Q: Can the Points of Contact be changed?
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A: Yes. Refer to the “FATCA Registration Guide.”
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Q: What standards should be used for FATCA submissions?
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A: Refer to the “FATCA File Preparation Guide.”
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Q: Can I make changes to information previously submitted?
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A: Changes are only allowed after a notification has been received.
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Q: How will I know that my file has been processed?
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A: You will be notified via email. The result of your file submission can be viewed on e-Tax.
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Q: How soon can I expect to receive a notification email after file submission?
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A: Notifications can be expected after the submission deadline (September 15th).
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Q: As a taxpayer, would I be notified that my banking information has been submitted to BIR for transmission to IDES in the US?
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A: Yes, your Financial Institution would notify you using the Tax Information Exchange Agreements (United States of America) (Prescribed Form) Order, 2018.
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Q:We are a Model 1 FFI and have not obtained a U.S. TIN for an account as required in the 2020 data. Are there TIN codes we can use to populate the TIN field where we have not yet been able to obtain the TIN due to specific circumstances? This response has been updated to reflect the updated TIN codes that can be used to populate the TIN field in order to be eligible for relief as discussed in Notice 2023-11. (updated January 27, 2023)
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A: As a Model 1 FFI you are required to obtain and exchange the U.S. taxpayer identification number (TIN) data element for each specified U.S. person that is an account holder or a controlling person of a non-U.S. entity (a specified U.S. person) in accordance with the Intergovernmental Agreement (IGA) between the United States of America and your Model 1 jurisdiction.
However, in the IRS’ efforts to better understand the issues that FFIs face in obtaining a U.S. TIN, the IRS has developed a series of codes that may be used by a reporting Model 1 FFI to populate the TIN field where the TIN has not been obtained in specified scenarios. The use of these codes is not mandatory and does not mean that an FFI will not be at risk for being found significantly non-compliant due to a failure to report each required U.S. TIN. The IRS will take into account the facts and circumstances leading to the absence of the U.S. TIN, such as the reasons why the TIN could not be obtained, whether the FFI has adequate procedures in place to obtain TINs, and the efforts made by the FFI to obtain TINs. For example, whether the FFI is contacting account holders annually to request any missing TINs. The expectation is that the use of these codes will allow our tax administrations to better understand the facts and circumstances behind the missing U.S. TINs, both in general and with respect to a specific reporting Model 1 FFI. The TIN field code and related scenarios are as follows:
- 222222222 – Preexisting individual account with only U.S. indicia being a U.S. place of birth.
- 333333333 – New individual account that (1) has indicia of a U.S. place of birth, and (2) either:
- has a change in circumstances causing the self-certification originally obtained at account opening to be incorrect or unreliable, and a new self-certification has not been obtained, or
- was below the threshold for documenting and reporting the account at the time of account opening and subsequently exceeded the threshold, and a self-certification has not been obtained.
- 444444444 – Preexisting individual and entity account that (1) has U.S. indicia other than a U.S. place of birth, and (2) either:
- has a change in circumstances, causing the self-certification or other documentation originally obtained to be incorrect or unreliable, and a new self-certification or other documentation has not been obtained, or
- was below the threshold for documenting and reporting the account at the time of account opening and subsequently exceeded the threshold, and a self-certification or other documentation has not been obtained.
- 555555555 – New individual and entity account that has a U.S, indicia other than a U.S. place of birth, and (2) either:
- has a change in circumstances causing the self-certification or other documentation originally obtained to be incorrect or unreliable, and a new self-certification or other documentation has not been obtained, or
- was below the threshold for documenting and reporting the account at the time of account opening and subsequently exceeded the threshold, and a self-certification or other documentation has not been obtained.
- 666666666 – Preexisting entity account with account balance exceeding $1,000,000 held by a passive NFFE with respect to which no self-certifications have been obtained, and no U.S. indicia has been identified in relation to its controlling persons.
- 777777777 – For pre-existing accounts where there is no TIN available and the account has been dormant or inactive, but remains above the reporting threshold, also known as a “dormant account”. For reference, the U.S. defines “dormant account” in U.S. Treasury Regulations §1.1471-4(d)(6)(ii).
In January 2023, the IRS issued Notice 2023-11 which provides reporting relief to Model 1 FFIs who have been unable to obtain U.S. TINs for their pre-existing accounts that are U.S. reportable accounts if they follow the procedures in the Notice. As a result of the Notice, the IRS has updated the above series of TIN codes. Reporting for calendar year 2022 (due by September 30, 2023) is considered to be a transition year, and to be eligible for relief Model 1 FFIs must either use the TIN codes issued in May 2021 or the following updated TIN codes. For reporting on calendar years 2023 (due by September 30, 2024) and 2024 (due by September 30, 2025), a reporting Model 1 FFI must use the following updated codes that identify features of these accounts that may explain why the reporting Model 1 FFI cannot report a U.S. TIN. The use of these codes will allow the IRS to better understand the facts and circumstances behind the missing U.S. TINs. The updated TIN field code and related scenarios are as follows:
- 222222222 Preexisting individual account with only U.S. indicia being a U.S. place of birth, other than an account reported under code 000222111. This code takes precedence if any other code (other than 000222111) could also be applicable.
- 000222111 Preexisting depository individual account with only U.S. indicia being a U.S. place of birth. Additionally, FFI must determine that the account holder is a resident of the jurisdiction where the account is maintained for AML and tax purposes. For reference, “depository account” has the meaning defined in the applicable Model 1 Intergovernmental Agreement (Model 1 IGA). This code takes precedence if any other code could also be applicable.
- 333333333 New individual account that:
- has indicia of a U.S. place of birth, and
- either:
- has a change in circumstances causing the self-certification originally obtained at account opening to be incorrect or unreliable, and a new self-certification has not been obtained, or
- was below the threshold for documenting and reporting the account at the time of account opening and subsequently exceeded the threshold, and a self-certification has not been obtained.
- 444444444 Preexisting individual or entity account that:
- has U.S. indicia other than a U.S. place of birth, and
- either:
- has a change in circumstances that either results in one or more U.S. indicia being associated with the account or causes a self-certification or other documentation originally obtained to be incorrect or unreliable, and a valid self-certification or other documentation has not been obtained subsequent to the change in circumstances, or
- was below the threshold for documenting and reporting the account on the determination date provided in the applicable Model 1 IGA and subsequently exceeded the threshold, and a self-certification or other documentation has not been obtained.
- 555555555 New individual or entity account that:
- has a U.S. indicia other than a U.S. place of birth, and
- either:
- has a change in circumstances causing the self-certification or other documentation originally obtained to be incorrect or unreliable, and a new self-certification or other documentation has not been obtained, or
- was below the threshold for documenting and reporting the account at the time of account opening and subsequently exceeded the threshold, and a self-certification or other documentation has not been obtained.
- 666666666 Preexisting entity account held by a passive NFFE with one or more controlling persons with respect to which self-certifications have not been obtained, and no U.S. indicia have been identified in relation to any controlling persons.
- 777777777 Dormant Accounts – For pre-existing accounts where there is no TIN available and the account has been dormant or inactive, but remains above the reporting threshold, also known as a “dormant account.” A “dormant account” is one that meets the definition set out in U.S. Treasury Regulations §1.1471-4(d)(6)(ii) and had had no financial activity for three years, except for the posting of interest. If an account could be classified into multiple TIN codes, the other code takes precedence.
- 999999999 Any account for which the FFI cannot obtain a TIN and none of the other TIN codes would be applicable. The use of this code indicates that an FFI has completed its review of accounts without U.S. TINs and has in good faith applied TIN codes to records when applicable.
The IRS system will still generate an error notification to indicate the entry is invalid when one of the above codes is used. The error notification will provide 120 days to correct the issues, which is consistent with Paragraph 4.2.2 “Administrative or Other Minor Errors” of the Competent Authority Arrangement (CAA). Consistent with the IGA (and the CAA, if applicable), if the TIN is not provided within that 120-day period, the U.S. will evaluate the data received (including whether the reporting Model 1 FFI complies with the conditions set forth in Notice 2013-11) and whether there is significant non-compliance based on the facts and circumstances. (See Reporting FAQ #3 for a full discussion of the significant non-compliance process.)
- 222222222 – Preexisting individual account with only U.S. indicia being a U.S. place of birth.