Panama: Default TINs for FATCA reporting

Series of codes developed by IRS that can be used by reporting financial institutions to supply as “unknown” U.S. TINs

Series of codes developed by IRS that can be used by reporting financial institutions

The tax authority in Panama issued a notice concerning a series of codes developed by the U.S. tax agency (IRS) that can be used by reporting financial institutions to supply as “unknown” U.S. taxpayer identification numbers (TINs).

The codes were developed in acknowledgement of issues that reporting financial institutions face when collecting U.S. TINs, but use of the codes is not mandatory.

Read a May 2021 report [PDF 71 KB] prepared by the KPMG member firm in Panama

 

 

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