Vietnam: Default TINs for FATCA reporting

Codes that financial institutions are to use to indicate the reason for missing TINs of account holders

Codes that financial institutions are to use to indicate the reason for missing TINs

The State Bank of Vietnam issued guidance for certain credit institutions and foreign branch banks concerning missing U.S. tax identification numbers (TINs) for FATCA purposes.

Specifically, the guidance provides codes that financial institutions are to use to indicate the reason for missing TINs of account holders, as requested by the U.S. tax agency (IRS). Beginning with the 2020 reporting period, the IRS system will report errors if financial institutions enter nine letters “A” or nine numbers “0” in the TIN information field.

Vietnamese financial institutions will have 120 days from the date of receipt of the error notice to correct an error.

Read an April 2021 report [PDF 91 KB] prepared by the KPMG member firm in Vietnam

 

 

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