The Italian Ministry of Economy and Finance, in response to guidance issued by the U.S. Internal Revenue Service, issued clarifications regarding the obligation of financial institutions to acquire and provide U.S. taxpayer identification numbers (TINs) for pre-existing accounts.
The clarifications confirm that financial institutions that have put in place procedures to obtain missing TINs are deemed to have made an “adequate effort” that could prevent these financial institutions from being found to be in non-compliance with their due diligence and reporting obligations.
Read a January 2020 report [PDF 77 KB] prepared by the KPMG member firm in Italy
The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.