France: Updated FATCA technical guidance

An updated version (v4.4) of FATCA technical guidance

An updated version (v4.4) of FATCA technical guidance

The tax authorities in France issued an updated version (v4.4) of FATCA technical guidance that provides French financial institutions with technical descriptions and specifications required for the transmission of FATCA returns.

The guidance document includes:

  • The addition of a new code (777777777) to the previously published list of default codes (222222222 through 666666666) to be used in the absence of U.S. tax identification numbers (TINs) for FATCA reporting.
  • An update on populating the TIN for non-U.S. account holders with a substantial U.S. beneficiary or vice versa. In such situations, a U.S. TIN must be provided for the U.S. controlling person/entity. For non-U.S. controlling person/entity, the field “TIN Issued By” must be completed with the ISO code of the country issuing the TIN. If a foreign TIN is not available, financial institutions can enter the letters “NA” after the attribute.

Additionally, the guidance provided by U.S. tax authority (IRS) in FAQ Q3 under “Populating the TIN Field” section must be referred to with regard to instances when a passive non-financial foreign entity has a U.S. controlling person.

Read a June 2021 report [PDF 458 KB] prepared by the KPMG member firm in France

 

 

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