FATCA Frequently Asked Questions (FAQs)

Tags: FATCA

FATCA (18)

Q: Does the FATCA Point of Contact need to be registered with the Board of Inland Revenue?

A: Yes. BIR numbers are needed by ttconnect to authenticate users accessing e-Tax.

Q: How do I register with the Board of Inland Revenue e-Tax Portal to upload FATCA Reports?

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?

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.

Q: How do I submit FATCA Reporting information to the Board of Inland Revenue?

A: Refer to the “FATCA Report Submission Guide.”

Q: Does the Board of Inland Revenue validate my FATCA submission?

A: Refer to the “FATCA File Preparation Guide.”

Q: Can I provide balances for accounts that are not denominated in US Currency?

A: Yes. The IRS guidelines/FATCA XML schema advise that non-US currency denominations are accepted

Q: What should be reported if the account holder does not provide an SSN?

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

https://www.irs.gov/businesses/corporations/irs-fatca-report-notifications-frequently-asked-questions (Q9)

Q: Where can I find a description of the FATCA Reporting (XML) file?

A: Refer to the “FATCA File Preparation Guide.”

Q: Where can I find sample FATCA Test files?

A: Refer to the “FATCA File Preparation Guide.”

Q: Will the Inland Revenue Division provide an opportunity for Financial Institutions to test FATCA Submissions?

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.

Q: How do I take part in the IDES test file submissions conducted by the Board of Inland Revenue?

A: Please email TTFATCA@ird.gov.tt to request further details.

Q: Is there a limit to the number of users that can submit FATCA reports to the IRD?

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.

Q: Can the Points of Contact be changed?

A: Yes. Refer to the “FATCA Registration Guide.”

Q: What standards should be used for FATCA submissions?

A: Refer to the “FATCA File Preparation Guide.”

Q: Can I make changes to information previously submitted?

A: Changes are only allowed after a notification has been received.

Q: How will I know that my file has been processed?

A: You will be notified via email. The result of your file submission can be viewed on e-Tax.

Q: How soon can I expect to receive a notification email after file submission?

A: Notifications can be expected after the submission deadline (September 15th).

Q: As a taxpayer, would I be notified that my banking information has been submitted to BIR for transmission to IDES in the US?

A: Yes, your Financial Institution would notify you using the Tax Information Exchange Agreements (United States of America) (Prescribed Form) Order, 2018.