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Italy: Procedure for reporting U.S. TINs

Italy: Procedure for reporting U.S. TINs

Italy’s Budget Law for 2020 includes a procedure to be followed by Italian reporting financial institutions to avoid penalties in instances of failures to report U.S. taxpayer identification numbers (TINs).


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Reporting financial institutions that have not obtained U.S. TINs of “U.S. specified persons” holding financial accounts must undertake the following beginning 1 January 2020:

  • Obtain and report to the Italian tax agency the date of birth of those holding a financial account as of 30 June 2014 if they have not yet provided their U.S. TINs
  • Request, at least once a year, the missing U.S. TINs from the financial account-holders
  • Conduct, prior to submitting the information to the Italian tax agency, due diligence about the customers to verify the missing U.S. tax code status of the financial account-holders who have not yet provided their U.S. TINs

Read a January 2020 report [PDF 77 KB] prepared by the KPMG member firm in Italy

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