GATCA: GLOBAL ACCOUNT TAX COMPLIANCE “ACTS”:

Prof. Haydon P. Perryman, CGMA

Version 3.44November 2, 2015

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This document was prepared as a courtesy and should not be regarded as an authoritative reference to the

US Internal Revenue Code, US IRS Notices, Income Tax Regulations, Inter Governmental Agreements on FATCA, the OECD’s Automatic Exchange of Information, the Common Reporting Standard Implementation Handbook, or HMRC Guidance Notes for the Automatic Exchange of Financial Account Information

This document is for general information purposes only, and should not be used as a substitute for consultation with professional advisors.

Babylon Pangea Ltd is not responsible for any errors or omissions, or for the results obtained from the use of this document. All information in this document is provided "as-is", with no guarantee of completeness, accuracy, timeliness or of the results obtained from the use of this information, and without warranty of any kind, express or implied.

Formatting copyright © 2015 Babylon Pangea Ltd. Introduction – The Road Ahead © 2015 Babylon Pangea Ltd. Pyramid Diagram © 2015 Babylon Pangea Ltd. Communication Style of the FATCA Project Manager and how this relates to Subject Matter Expertise © 2015 Babylon Pangea Ltd. Appendix 1: Accounts and Products excluded from FATCA © 2015 Babylon Pangea Ltd. Appendix 7: Mapping Countries for reporting purposes © 2015 Babylon Pangea Ltd.All rights reserved.

No claim to original Government or OECD works.Version 3.44

November 2, 2015.

Latest edition of Guide to GATCA1

SOLICITATIONThis content is for general information purposes only, and should not be used as a substitute for

consultation with professional advisors.

1 http://haydonperryman.com/supporting-documents/gatca/

GLOBAL ACCOUNT TAX COMPLIANCE “ACTS” (GATCA):US TREASURY FATCA, IGAs & STATUTORY INSTRUMENTS & THE OECD AEOI’s COMMON REPORTING STANDARD.

CONTENTS.................................................................................................................................................................................. 3

INTRODUCTION: THE ROAD AHEAD: FATCA, IGAS AND THE CRS...........................................................................4

FATCA – COMMUNICATION STYLE OF THE PROJECT MANAGER AND HOW THIS RELATES TO SUBJECT MATTER EXPERTISE............................................................................................................................................. 8

FATCA, IGA & CRS REGULATORY MILESTONES AND DATES...................................................................................29

UK FATCA, CDOT AND DAC2/CRS REGULATORY MILESTONES AND DATES......................................................30

FOR FATCA, THE IGAS AND THE CRS; WHAT GETS REPORTED, WHEN AND HOW?........................................36

NIL RETURNS.......................................................................................................................................................................... 42XML SCHEMAS.................................................................................................................................................................................. 43WHAT GETS REPORTED:...................................................................................................................................................................44CONCLUSION:..................................................................................................................................................................................... 49

SIX THINGS YOU ARE NOT BEING TOLD ABOUT FATCA, THE IGAS AND THE CRS...........................................51

SELECTION CRITERIA FOR A CRS/FATCA ADVISER...................................................................................................52

FATCA POLICY........................................................................................................................................................................ 53

HYPERLINKS TO SUBSECTIONS OF THE US TREASURY FATCA TEXT..................................................................58

HOW TO LOOK UP ANY § OF FATCA IN SECONDS........................................................................................................61

APPENDIX 1: FINANCIAL ACCOUNTS EXCLUDED, IN IGA JURISDICTIONS, FROM FATCA BY ANNEX II OF AN IGA (AS AT SEPTEMBER 10, 2015)................................................................................................................. 62

APPENDIX 2: CURING US INDICIA UNDER A UK IGA...................................................................................................79

APPENDIX 3: CURING INDICIA UNDER THE CRS..........................................................................................................83

APPENDIX 4: CLASSIFICATION OF LEGAL ENTITIES UNDER THE UK IGA...........................................................84

APPENDIX 5: RESPONSIBLE OFFICER ATTESTATIONS.............................................................................................87RESPONSIBLE OFFICER ATTESTATIONS (APPLICABLE TO NON-IGA AND IGA MODEL 2 JURISDICTIONS)......................87QUALIFIED CERTIFICATION............................................................................................................................................................. 88

APPENDIX 6: EXAMPLES OF KEY DIFFERENCES BETWEEN OECD AEOI & US TREASURY FATCA...............89

APPENDIX 7: MAPPING COUNTRIES AND CURRENCIES FOR REPORTING PURPOSES....................................90

APPENDIX 8: +1 DIALING CODES THAT ARE NOT US INDICIUM............................................................................97

APPENDIX 9: SUPPORTING DOCUMENTS...................................................................................................................... 98

INTER GOVERNMENTAL AGREEMENTS..................................................103

APPENDIX 10: GIIN LIST..............................106

APPENDIX 11: FINES ISSUED BY US REGULATORS FOR ALLEGED FACILITATION OF TAX EVASION VIA OFFSHORE ACCOUNTS.................................121

APPENDIX 12: US COMPETENT AUTHORITY AGREEMENTS.........................126

INDEX.................................................................127

“Following its passage by both houses of Congress, President

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Obama signed FATCA into law on March 18, 2010. Senator Carl Levin, a co-sponsor of the FATCA legislation, made a statement that same day in order “to inform the courts of our legislative intent.” 156 Cong. Rec. S1745-01 (2010). He described how, “[t]he Permanent Subcommittee on Investigations, which I chair, has spent years investigating offshore tax abuses which together cost the federal treasury an estimated $100 billion in lost tax revenues annually,” and how those investigations led to the FATCA provisions that eventually became law.”

DoJ Response, “Case: 3:15-cv-00250-TMR Doc #: 16”. August 12, 2015, pp. 4-5.

INTRODUCTION: THE ROAD AHEAD: FATCA, IGAS AND THE CRS

The costs of FATCA Compliance will be USD 1 to 2 trillion worldwide.2 The bulk of these costs will be incurred in the customer outreach 3 required to obtain the necessary documentation.

There will also be considerable customer backlash to FATCA4 and the documentation it requires. In the age of social media this matters; if this sounds like hyperbole, please have a look at this URL:http://isaacbrocksociety.ca/2014/08/02/philippines-metrobank-plays-fatca-hardball-with-an-ex-client/comment-page-1/

orhttp://harbourtimes.com/2015/08/28/harbour-view-fatca-me-no-fatca-you/

At a most basic level, FATCA 5 , the IGAs 6 and the CRS 7 are about making tax part of standard KYC/AML procedures 8 and then reporting, for tax purposes, to those Jurisdictions, in which the account holder has tax residence or citizenship.

FATCA has three pillars and, when conjoined, these support governance.

To put this another way, the diagram below illustrates the four key components of FATCA.

1. Governance. Attestations 9 to the IRS and personal liability imposed on the Responsible Officer 10 for the FATCA compliance of the Financial Institution he or she represents.

2 http://www.amcham.ch/members_interests/p_business_ch.asp?s=7&c=1#666

3 https://www.youtube.com/watch?v=iXiVFaaTSK0

4 https://www.youtube.com/watch?v=6uXeU_JwTnM

5 http://www.irs.gov/Businesses/Corporations/Foreign-Account-Tax-Compliance-Act-FATCA

6 http://www.treasury.gov/resource-center/tax-policy/treaties/Pages/FATCA-Archive.aspx

7 http://www.oecd.org/ctp/exchange-of-tax-information/automatic-exchange-financial-account-information-common-reporting-standard.pdf

8 http://haydonperryman.com/terms-and-definitions/amlkyc-procedures/

9 http://haydonperryman.com/supporting-documents/responsible-officer-attestations/

10 http://haydonperryman.com/terms-and-definitions/responsible-officer-ro/

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2. Withholding 11 on Non-Participating FFIs 12 (NPFFIs) and Recalcitrant Account Holders (RAHs).

3. Reporting. Reporting US Accounts 13 individually, NPFFIs and RAHs in aggregate.

4. Documentation. Customer Due Diligence which, as matter of practicality, essentially makes tax part of standard KYC/AML procedures.

The diagram above makes the point that Documentation (or CDD) is foundational and that Reporting can be considered the capstone.

While FATCA was the catalyst for the OECD’s AEOI and whilst the Common Reporting Standard was based on the Model 1 IGAs; there are important differences between them.

(For the key differences between US Treasury FATCA and the OECD’s Automatic Exchange of Information’s Common Reporting Standard, see Appendix 6.)

However, Documentation (or CDD) and Reporting remain, which is to say that they are consistently present throughout the US Treasury version of FATCA, the IGAs, the Statutory Instruments that write the IGAs into domestic law and also in the OECD’s Automatic Exchange of Information.

The role of the Responsible Officer and related attestations that the RO has to provide are not mentioned in the IGAs, nor in the Common Reporting Standard (page Error: Referencesource not found).

Hence, there is no legal instrument to enforce a Responsible Officer to take on personal liability in an Inter Governmental Agreement Model 1 IGA Jurisdiction 14. However, the same can not be said of an IGA Model 2 Jurisdiction because FFIs in Model 2 Jurisdictions enter into a Foreign Financial Institution Agreement (FFI-A) (page Error: Reference source notfound) with the IRS. FFI-As include both the personal liability of the Responsible Officer and Attestations.

Model 1 IGA FIs do not sign an FFI-A, so strictly speaking, there is no legal enabler to enforce personal liability on their Responsible Officer. Having said that, legal opinions do vary, and it is appropriate to obtain legal advice on this issue. Further, many FIs span multiple Jurisdictions, including Non IGA and IGA Model 2 Jurisdictions. As a Responsible Officer may have responsibility across each type of IGA, the possibility of personal liability not applying in IGA Model 1 Jurisdictions alone, may provide very little solace. It may also be, that as part of an FIs “FATCA Policy 15 ” the RO assumes Personal Liability, even for a Model 1 FI. It should be noted that this would be a Business Requirement, rather than a 11

https://www.whitehouse.gov/the_press_office/LEVELING-THE-PLAYING-FIELD-CURBING-TAX-HAVENS-AND-REMOVING-TAX-INCENTIVES-FOR-SHIFTING-JOBS-OVERSEAS/

The Administration conservatively estimates this package would raise $8.7 billion over 10 years by: Withholding Taxes From Accounts At Institutions That Don’t Share Information With The United States: This proposal requires foreign financial institutions that have

dealings with the United States to sign an agreement with the IRS to become a "Qualified Intermediary" and share as much information about their U.S. customers as U.S. financial institutions do, or else face the presumption that they may be facilitating tax evasion and have taxes withheld on payments to their customers. In addition, it would shut down loopholes that allow QIs to claim they are complying with the law even as they help wealthy U.S. citizens avoid paying their fair share of taxes.

Shifting the Burden of Proof and Increasing Penalties for Well-Off Individuals Who Seek to Abuse Tax Havens: In addition, the Obama Administration proposes tightening the reporting standards for overseas investments, increasing penalties and imposing negative presumptions on individuals who fail to report foreign accounts, and extending the statute of limitations for enforcement.

12 http://haydonperryman.com/terms-and-definitions/nonparticipating-ffi/

13 http://haydonperryman.com/terms-and-definitions/u-s-account/

14 http://www.tia.gov.ky/pdf/Responsible_Officer_Role_in_Cayman.pdf

15 https://www.youtube.com/watch?v=TGprVYpzEzA

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Regulatory Requirement. (Regulatory requirements should be capable of being traced to a § of a regulation and Title V of the Hire Act does not apply outside of the US unless these provisions are agreed under a contract. That contract would be the FFI-A and Model 1 FIs do not enter into a FFI-A. This is the case regardless of the fact that a Responsible Officer must be identified16 in Q10 on Form 8957 17 – as part of the process of registering a Foreign Financial Institution on the IRS FATCA Portal. Registering on the IRS FATCA Portal is not the same as entering into a FFI-A).

The IGAs also, for the most part, remove withholding intra IGA Jurisdictions.

“If Model 1 partner countries comply with Article 2 as well as the “Time and Manner of Exchange of Information” agreed to in Article 3 and other rules, then their reporting FFIs “shall be treated as complying with, and not subject to withholding under, section 1471,” nor will they be required to withhold “with respect to an account held by a recalcitrant account holder” under § 1471.”

DoJ Response, “Case: 3:15-cv-00250-TMR Doc #: 16”. August 12, 2015, pp. 6-7.18

Withholding can only occur on NPFFIs and RAHs. The IGAs explicitly suspend withholding on RAHs. Further, the IGAs also state that a Financial Institution in an IGA Jurisdiction can only become “Non-Participating” after “significant non-compliance 19 ”. “Significant non-compliance” does vary by IGA, for example, Japan (IGA Model 2), has a path to resolution that lasts for a year. The UK has a path to resolution that lasts for 18 months. In any event, only when the time allowed for resolution has elapsed can an FFI in an Inter Governmental Agreement Jurisdiction be “Non-Participating”. Hence, in the near future, there should be no withholding, in and on, FFI intra-IGA Countries. (See the definition of a Participating FFI on page Error: Reference source not found.)

There are, however, exceptions: let us say that you are a Financial Institution in an Inter Governmental Agreement Jurisdiction and that you have an upstream arrangement with a US Withholding Agent (USWA). Let us also say that your FI has not yet registered on the IRS FATCA Portal and, hence, has no GIIN.

As of January 1, 2015, the USWA can no longer treat your FI as a participating FFI, notwithstanding the fact that your FI is based in an Inter Governmental Agreement Jurisdiction, unless the USWA has obtained and verified your GIIN.

Under this scenario, your upstream USWA will withhold on you.

The moral of the story is that, if you are a Financial Institution in an IGA Country, there are scenarios where you can be withheld upon, if you do not have a verifiable GIIN to make available.

16 http://www.irs.gov/Businesses/Corporations/Frequently-Asked-Questions-FAQs-FATCA--Compliance-Legal#General

17 http://www.irs.gov/pub/irs-pdf/f8957.pdf

18 http://isaacbrocksociety.ca/wp-content/uploads/2015/08/DOJ-response.pdf

19 http://haydonperryman.com/terms-and-definitions/nonparticipating-ffi/

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It is fair to say that FATCA, in an IGA 20, will be a very different experience to FATCA in a Non IGA Jurisdiction. (IGA status of all Jurisdictions 21 .)

A New Era

Documentation (or CDD) and Reporting remain; indeed, they have been expanded to include 96 Jurisdictions 22 (and counting). FATCA tackled American Citizenship for tax purposes. The OECD’s AEOI tackles all and multiple tax residences in 94 Jurisdictions (and counting).

Hence, FATCA can be seen as the AEOI in microcosm, except that the AEOI has no withholding and, as yet, makes no mention of personal liability of a Responsible Officer or Attestations.

Interestingly, Singapore a Model 1 IGA jurisdiction, has opted to use IDES rather than host its in XML solution. Singapore is the first IGA Model 1 jurisdiction to opt to use IDES directly23. If other Model 1 IGA countries follow suit it may be that IDES could become the de facto FATCA reporting tool, which in turn, could lead to it coming the CRS reporting tool. Only time will tell.

Here is a selection of deadlines for US Treasury FATCA, the IGAs and the OECD AEOI’s Common Reporting Standard (CRS).

20 http://www.treasury.gov/resource-center/tax-policy/treaties/Pages/FATCA-Archive.aspx

21 http://haydonperryman.com/iga-aeoi-status-of-all-nations-by-iso-3166-code/

22 http://www.oecd.org/tax/transparency/AEOI-commitments.pdf

23 http://www.iras.gov.sg/irasHome/page.aspx?id=15664#FATCA_Test_Files

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FATCA – COMMUNICATION STYLE OF THE PROJECT MANAGER AND HOW THIS RELATES TO SUBJECT MATTER EXPERTISE

This chapter will not be about ‘vanilla’ project management; there are many good publications on that subject. Instead this chapter will explain how, in practical terms, project management of FATCA differs from more generic projects and will offer practical advice, not so much about technical detail, but around the choice of communication style that the FATCA Project Manager ought to adopt and why that choice of communication style is peculiarly important for FATCA in particular.

This chapter will also go into some of the FATCA Project Management “do’s and don’ts” that I have observed in my:

five years of experience of managing FATCA programs24 and projects; sixteen years of experience of managing projects and programs in general (most of

these gained Post Qualification as an Accountant); as both a Prince2™ Practitioner and an MSP™ Practitioner and as a Qualified Mediator.

I am going to begin by explaining the fear that FATCA generates. Of course, most changes / projects induce fear of one sort or another; I am going to demonstrate that FATCA is extreme when in comes to generating fear.

The context of Fear that FATCA generates

For a list of Deferred Prosecutions, please see Appendix 11: Fines issued by US regulators for alleged facilitation of tax evasion via Offshore Accounts (on page 124).

Naturally, these fines are just the beginning. Many observe that currently these fines are on the Swiss Banks and that, perhaps, sooner rather than later, the attention of US regulation enforcers will turn to financial institutions outside of Switzerland.

Moreover, the damage done to these institutions goes beyond the fines themselves because they impact not only the bottom line immediately but also reputations and the damage to reputations can take years to overcome.

The IRS also recovers money via its Offshore Voluntary Disclosure Program25:

“The passage of FATCA coincided with the inception of the IRS’s Offshore Voluntary Disclosure Program (OVDP), which since 2009 has afforded U.S. taxpayers with previously undisclosed overseas assets[,] the opportunity to disclose them and pay reduced penalties. The IRS reported that by 2014, the OVDP had collected $6.5 billion through voluntary disclosures from 45,000 participants. “IRS Offshore Voluntary Disclosure Efforts Produce $6.5 Billion; 45,000 Taxpayers Participate,” available at

24 In my own Country that would be spelt programme, rather than, program

25 http://www.irs.gov/uac/2012-Offshore-Voluntary-Disclosure-Program

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http://www.irs.gov/uac/Newsroom/IRS-Offshore-Voluntary-Disclosure-Efforts-Produce-$6.5-Billion;-45,000-Taxpayers-Participate

(last visited July 31, 2015).”

DoJ Response, “Case: 3:15-cv-00250-TMR Doc #: 16”. August 12, 2015, page 5

This is germane because, with the existence of an OVDP, the IRS in all likelihood knows precisely who has been facilitating tax evasion. This carries an implicit threat to those who were, or may have been “bad actors”, the message being “We know who you are, and we are coming to get you”.

Interestingly, none of these penalties required FATCA to be on the US Statute Books in order to be levied, which is to say that with or without Title V of the Hire Act aka FATCA, these penalties could have been levied. Nonetheless, the common perception is that FATCA and these fines are inexorably linked. The fear this inspires, rational or otherwise, can best be evidenced by the de facto widespread off-boarding of accounts held by Americans.

Nowhere in the regulation does FATCA require accounts held by Americans to be closed. Rather, the US regulation has a requirement for recalcitrant account holders i.e. those who do not provide documentation (regardless of US Citizenship for tax purposes or not) to be closed.

Given that the forthcoming CRS26 (Common Reporting Standard) covers 94 jurisdictions27, if the same logic were applied, account holders of an additional 94 jurisdictions could potentially have their accounts closed, simply because they are a tax resident of one of those 94 jurisdictions.

So why would established financial institutions close accounts of Americans if the regulation does not demand it?

Perhaps there are four reasons:

1. Groupthink. They see their peers in the industry are doing the same thing and follow unquestioningly.

2. Risk Mitigation – current business. Given the size of the fines and concomitant reputational damage, perhaps Financial Institutions simply offboard American accounts due to the fear of the US regulator applying fines to the FI.

3. Risk mitigation – previous business. Perhaps, as a result of OVDP, an FI perceives a likelihood of investigation and the FI closes all accounts to demonstrate contrition and “lessons learned” in order to mitigate any penalties.

4. Any combination of the three above.

In any event, this does demonstrate the fear of US regulatory authorities that FATCA creates and the counterintuitive ways in which this fear can manifest itself.

26 http://www.oecd.org/ctp/exchange-of-tax-information/implementation-handbook-standard-for-automatic-exchange-of-financial-information-in-tax-matters.pdf

27 http://www.oecd.org/ctp/exchange-of-tax-information/Status_of_convention.pdf

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Senior Management will want to be in a position to evidence that they made every effort to comply. This will include taking the very best advice and evidencing “concrete” policies and procedures. That said, perhaps off-boarding Americans carte blanche is overzealous to say the least and, given that the CRS introduces a further 94 jurisdictions, is unsustainable. After all, if account holders from 95 tax jurisdictions (94 plus the USA) are off-boarded, would what is left still represent a viable customer base?

****

Closely associated regulations

Amongst those regulations closely associated with FATCA (Chapter 4 of the US Code) and the Local Statutory Instruments triggered by the FATCA IGAs28 (that have material differences to the US Treasury Regulations) are:

1. Chapter 3 of the US Tax Code 29 aka “Qualified Intermediary” or “1441 NRA regulations” – with which many Financial Institutions are not fully compliant. Non-Compliance with Chapter 3 also carries all the risks mentioned earlier in this chapter.

2. 871(m) 30 . Informally known in the industry as “Dividend Equivalents”, 871(m) was recently revised, and, perhaps because of the product mapping (to Financial Account Type) that FATCA necessitates is often associated with FATCA.

3. CDOT 31. Informally known as “UK FATCA”, CDOT looks for Brits among the UK’s three Crown Dependencies and seven overseas territories. It is worth pointing out that this regulation includes not only the UK but also the Cayman Islands. These are not small considerations. CDOT will eventually be superseded by the CRS but it is not yet clear whether this will be before 2017 Reporting. CDOT more closely mirrors the CRS because, firstly, there is no withholding and, secondly, a combination of unilateral and bilateral reporting. Indeed, some in the industry refer to CDOT as CRS in microcosm.

4. CRS. Of course, there is the CRS itself which is naturally of a volume of reporting far greater than FATCA itself by virtue of the 96 tax jurisdictions that are participating and the myriad of unilateral, bilateral and multilateral reporting arrangements between them.

These associated regulations carry with them their own “fear factor”: the fear of siloed 32 compliance that leads to complying with closely related regulations one-at-a-time when there may otherwise be synergies by combining compliance efforts.

The FATCA Project Manager

Hence, the FATCA Project Manager finds him or herself managing a hotspot of anxiety and is very rarely managing FATCA in isolation. Unless a tailored approach is adopted, their FATCA project may well consist principally of:

Fear, 28

http://www.treasury.gov/resource-center/tax-policy/treaties/Pages/FATCA-Archive.aspx29

https://www.law.cornell.edu/uscode/text/26/subtitle-A/chapter-330

https://www.law.cornell.edu/uscode/text/26/871#m31

https://www.gov.uk/government/publications/automatic-exchange-of-information-agreements-other-uk-agreements/automatic-exchange-of-information-agreements-other-uk-agreements

32 http://www.oxforddictionaries.com/definition/english/silo

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Acrimony, Turbulence and Constant Adjustment.

While constant adjustment is a necessary feature of managing any FATCA Project fear, acrimony and turbulence can be mitigated against with a few simple steps, and I shall explain how.

Content. In the industry, there are many schools of thought about how much a Project Manager should know about the Subject Matter – not project management itself, but in this context, FATCA itself i.e. how much the project manager should know about:

1. The US Treasury FATCA regulationsa. FINAL FATCA Regulations [TD9610] 33 b. Temporary FATCA Regulation [TD9657] 34

c. Noticesd. Announcementse. Revenue Proceduresf. IRS website FAQsg. Official explanationsh. Publicationsi. Technical Specifications andj. Instructions

2. The IGAs3. The differences between the US Treasury Regulations, the IGAs and how

to navigate those differences4. The CRS5. Chapter 3 of the US Tax Code6. EU Council Directive 2014/107/EU35 (informally “DAC2”)7. 871(m)

Opinions vary. Sometimes those PMs who do not know much about the regulation are referred to as “Content-free”. This is by no means a compliment. However, on the “flip side” a PM who knows the regulation inside out can be perceived as Subject Matter Expert (SME).

Having a PM who is perceived as an SME carries its own risks:

1. Where FATCA expertise is in scarce supply, the PM can find him or herself in constant demand from parts of the FATCA program that are not under his or her remit. The consequences of this might be that the Project Management itself suffers and that the Project team are not given the necessary focus.

33 http://www.irs.gov/PUP/businesses/corporations/TD9610.pdf

34 http://www.irs.gov/pub/irs-utl/FATCA-Temporary-and-Final-Regs-under-chapter-4.pdf

35 http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32014L0107&from=EN

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2. SMEs are de facto not necessarily regarded as Project Managers. While a knowledge of the regulation must be helpful, knowledge of the regulation is not the same thing as leadership.

3. The more the PM knows about the regulations, the more likely it is that they will want to contribute at the thought leadership level. Senior Management, at the thought leadership level, are typically supported by the Project Manager rather than challenged.

4. The stronger the perceived level of Subject Matter Expertise, the greater the risk that the PM is perceived as acting unilaterally and “doing FATCA to us”. It is necessary that those heavily impacted by the project have the perception of control.

5. The Project Manager is typically someone who coordinates to achieve an agreed path to success and, thus, is a facilitating coordinator rather than someone who sets the direction. Subject Matter Expertise may inadvertently cause the PM to lead where he or she should, instead, be looking others to agree on the direction. Having facilitated such a consensus, the PM would oversee the day-to-day management of activities consistent with that direction.

6. A person who claims two areas of expertise is often, rightly or wrongly, perceived as an expert in neither.

On the converse, a lack of expertise carries its own risk, principally that of building a runway in the wrong country i.e. achieving consensus in pursuing the entirely incorrect path. In the context of FATCA, this carries very real danger. For example, I have seen more than one Financial Institution build Withholding engines exclusively for FATCA, which cost tens of millions to build and are almost entirely unnecessary.

All agree, however, that a Project Manager, regardless of their knowledge of FATCA and related regulations, must have the core Change Management skills traditionally associated with a PM.

Further, all agree that FATCA expertise is required somewhere on the FATCA Program.

My recommendation is that FATCA expertise reside in at least two positions.I. At the Project Management level andII. At the Group Tax level

I believe that both are necessary. To explain why I will use the example of a live performance of Classical music. In this example, the Group Tax SME is the Composer, and the PM is the Conductor.

The role of the Group Tax SME

To explain further, the Group Tax SME composes a compilation of various compositions:

1. US Treasury FATCA2. IGA Models 1a & 1b3. IGA Model 24. Harmony on (1), (2) and (3). (Which as other chapters illustrate is no small

thing.)5. UK FATCA

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6. CRS and DAC236

7. The differences between FATCA and the CRS and what that will mean for On-boarding, Remediation and Reporting

8. 871(m)9. Mapping Products to Financial Account Type and 871(m)10.Chapter 3.

How the FATCA PM and Group Tax SME complement each other

The Group Tax SME brings together this compilation in the form of two artefacts:

1. The FATCA Policy (see Chapter X) and2. The Rule Map

An explanation of the rule map will follow.

In such a way, the FATCA Policies and rules are seen, quite correctly, as coming from Group Tax.

The Project Manager’s role is simply to coordinate and conduct.

Further, the PM would “be doing FATCA to”, no one; rather, he or she is simply interpreting the Composers composition (albeit a compilation).

In practical terms, what this means is that the PM facilitates the transition of the FATCA Policy and Rule-map into:

1. Business Requirements2. Volume calculations i.e. define the size of the ask3. Scope. Following the lead set out in the FATCA Policy and Rule-map, the project

may (or may not) include US Tax Code Chapter 3 and 871m37 but may include:a. “US FATCA”. This includes:

i. US Chapter Four – for the US and Non IGA tax jurisdictionsii. Model 1 IGAs (both 1A & 1B)iii. Model 2 IGAs

b. CDOT aka UK FATCAc. CRS and DAC2

4. Reporting Relationships: i.e. which jurisdiction(s) a particular jurisdiction reports to for each regulation and a target operating model for the same

5. Detailed Project Plans (what need to be delivered, by when and by whom)6. Dependencies, Risks and Issues7. Roles and Responsibilities8. Shaping the correct teams and skill sets9. Target Operating Models10.Product-Based-Deliverables (this will be explained later in this chapter)

Naturally stakeholders and the PM can question the composition itself but importantly the question goes to the Group Tax SME rather than the PM.36

http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32014L0107&from=EN37

It may be that the approach for mapping Products to Financial Account Type (§1.1471-5(b)), for FATCA reporting processes has to be synchronized with any mapping for 871(m) compliance.

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In my experience, challenges to the FATCA Policy and Rule-maps typically go to the PM so that he or she makes sure that they are opined upon on a timely basis but, importantly, the PM should not opine themselves.

In such a way, the PM retains their role as Conductor (facilitator) rather than Composer rather than both Conductor and Composer (judge, jury and executioner). The PM must be free to adopt a facilitative approach rather than an evaluative approach. 38

The more a PM is forced to adopt an evaluative approach, the greater the fear of FATCA within the organization i.e. the perception that FATCA is being done to us by a PM, who is playing the role of judge, jury and executioner.

Naturally, the corollary is the expertise in Group Tax.

Real examples that demonstrate the need for a content rich FATCA PM, a high calibre Group Tax FATCA SME and why the two roles are symbiotic

It is often underestimated how much FATCA Policies and Rule-maps need to be opined upon. What seems simple at 30,000 ft does not always seem simple when the ‘rubber meets the road’. Here are examples not only of where a Group Tax SME must opine but also of where experts are needed in both Group Tax and on the Project. The examples also demonstrate the calibre of expertise required of the Group Tax SME.:

1. Non-coterminous reporting periods. Whilst most jurisdictions report calendar years, South Africa and New Zealand do not. (South Africa reports the year to the end of February. New Zealand reports the year to the end of March.) Such issues typically are identified at the project level. However, they inevitably are resolved at the FATCA Policy (Group Tax SME) level. To illustrate, it may be that the FATCA Policy of the FI is to take a snapshot, for balance reporting purposes, at the end of Dec 31, each year. However, the policy may change to taking three snapshots: Dec 31, March 31 and the end of February.) This in turn will affect IT and the Target Operating Model.

2. “Sensitive jurisdictions”. Some jurisdictions such as Hong Kong, Mexico and Brazil may not allow customer data to be held at other locations. The FATCA Policy may be that all data is reported on so must be available in, say, London (in order to cover APAC and American time-zones as well as European time-zones). In this example, it may not be possible to report for these jurisdictions in line with FATCA Policy. Group Tax, as owners of the FATCA Policy, would be required to opine.

3. Can we assume that all Model 1 jurisdictions will have their own unique schema rather than adopt the US schema? Further, can we assume that they will not use “IDES”? Probably not: Singapore (an IGA Model 1 jurisdiction), for example, has elected to use the US XML schema and IDES. Other jurisdictions may follow. Also, XML schemas and their convergence may evolve into one standard in order to facilitate CRS compliance.

38 http://www.mediate.com/articles/zumeta.cfm

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4. Can we assume an IGA Model 2 jurisdiction will always be an IGA Model 2 jurisdiction? No, the CRS is based on the Model 1 IGA. Hence, those Model 2 jurisdictions may seek to achieve efficiencies by migrating to a Model 1 IGA. Switzerland is an example of this scenario.

5. Atypical reporting jurisdictions. FATCA Policy may be that reporting is always conducted via Host Country Tax Authority Portals. However, Luxembourg, at the time of writing, had no such portal. Instead, either Fundsquare 39 or Sofie40 have to be used, neither of which is free. It may be that the Group Tax SME is aware of pre-existing relationships with either company for the purposes of other tax / regulatory reporting.

6. NP-FFI. The FATCA Policy may be that a customer can only have one FATCA Classification. However, in truth it may not be so simple. From a US point of view, ABC British Bank might be an NPFFI simply because it has not provided a GIIN. However, from a UK point of view, ABC British Bank is quite clearly an IGA Model 1 Reporting FFI. Should the FATCA Policy be amended? (An item for the Group TAX SME). If yes, what are the implications for IT? (An item for the PM) What if the de facto Target Operating Model only allowed for one FATCA Classification? Importantly, while the US part of the Bank would classify its client as an NP-FFI and withhold, parts of the Bank in IGA countries could not do the same because the path to becoming an NP-FFI in an IGA jurisdiction is altogether different. A true Group Tax FATCA SME will be aware of this.

The IGAs each state that a Financial Institution in an IGA Jurisdiction can only become “Non-Participating” after “significant non-compliance”. “Significant non-compliance” does vary by IGA. For example, Japan(IGA Model 2), has a path to resolution that lasts for a year. The UK has a path to resolution that lasts for 18 months. In any event, only when the time allowed for resolution has elapsed can an FFI in an Inter Governmental Agreement Jurisdiction be “Non-Participating”. Hence, shortly, there should be no withholding, on NP-FFIs from FIs in IGA jurisdictions.

The US Treasury definition of a Non Participating Foreign Financial Institution reads:

“The term non-participating FFI means an FFI other than a participating FFI, a deemed-compliant FFI, or an exempt beneficial owner.”

However, there is a variation on how the notion of Non Participating Foreign Financial Institution is applied. For example, here is a quote from the UK Inter Governmental Agreement. Article 4, Section 1:

“Notwithstanding the foregoing, a Reporting United Kingdom Financial Institution with respect to which the conditions of this paragraph are not

39 https://www.fundsquare.net/about

40 http://www.cetrel.lu/fr/home/financial-institutions/shared-service-solutions/sofie.html

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satisfied shall not be subject to withholding under section 1471 of the U.S. Internal Revenue Code unless such Reporting United Kingdom Financial Institution is identified by the IRS as a Nonparticipating Financial Institution pursuant to subparagraph 2(b) of Article 5″

Under this particular Inter Governmental Agreement, in this particular Jurisdiction, in order to apply withholding, the US Internal Revenue Service has actually to identify the Reporting UK FI as Non-participating.

Further, 2(b) of Article 5, of the UK IGA41, reads:

Significant Non-compliance. a) A Competent Authority shall notify the Competent Authority of the other Party when the first-mentioned Competent Authority has determined that there is significant non-compliance with the obligations under this Agreement with respect to a Reporting Financial Institution in the other Jurisdiction. The Competent Authority of such other Party shall apply its domestic law (including applicable penalties) to address the significant non-compliance described in the notice. b) If, in the case of a Reporting United Kingdom Financial Institution, such enforcement actions do not resolve the non-compliance within a period of 18 months after notification of significant non-compliance is first provided, the United States shall treat the Reporting United Kingdom Financial Institution as a Non-participating Financial Institution. The IRS shall make available a list of all Reporting United Kingdom Financial Institutions and other Partner Jurisdiction Financial Institutions that are treated as Non-participating Financial Institutions pursuant to this paragraph.

7. “Other Income”. It may be observed that “Other Income” has a different definition in every jurisdiction. (The statement may or may not be true.) This ought to be raised as a Risk or Issue by the PM to the Group Tax SME rather than opined upon by the PM directly. The PM may well know what the solution should be, but I would argue that his or her role should be to facilitate rather than evaluate.

8. How is Other Income Reported?

9. On-boarding individuals without documentation.

41 http://www.treasury.gov/resource-center/tax-policy/treaties/Documents/FATCA-Agreement-UK-9-12-2012.pdf

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While the IRS makes it clear that new individual accounts cannot be on-boarded without documentation:

http://www.irs.gov/Businesses/Corporations/Frequently-Asked-Questions-FAQs-FATCA--Compliance-Legal#GeneralQ10

If a Reporting Model 1 FFI or a Reporting Model 2 FFI that is applying the due diligence procedures in section III, paragraph B, of Annex I of the IGA cannot obtain a self-certification upon the opening of a New Individual Account, can the FFI open the account and treat it as a U.S. Reportable Account?

No. Pursuant to section III, paragraph B, of Annex I of the IGA, the FFI must obtain a self-certification at account opening. If the FFI cannot obtain a self-certification at account opening, it cannot open the account

SIFMA makes a counter argument:

http://www.sifma.org/issues/item.aspx?id= 8589953814 http://www.sifma.org/comment-letters/2015/sifma-submits-comments-to-treasury-department-regarding-fatca-faq-10-letter/

“It is our understanding that the guidance in FAQ 10 – – which refers to Model 1 IGAs – – is inconsistent with the published guidance of several IGA countries, including the United Kingdom and Canada. In particular, we understand that both the Government of the United Kingdom and the Canadian Government have taken the position that FIs (including USFIs) operating within the UK and Canada are not required to refuse to open or close a new individual account in the event they are not able to obtain a self-certification. Instead, under the UK and Canadian guidance, FIs are instructed to treat such accounts as reportable accounts.”

My experience is that this is precisely the kind of issue that gets addressed to the PM. This is a very good example of an issue that should be opined upon by a Group Tax SME rather than the PM.

The FATCA Policy may be that no account is on-boarded without documentation. However, as a matter of practicality the Policy may allow for, say, exceptions that are signed off by the appropriate authority. If that is the case, the Group TAX SME and the Project Manager would need to collaborate in order to ensure that such instances are picked up by the reporting team because undocumented accounts are reportable. Group Tax SMEs may not immediately identify this. However, it is precisely the sort of dependency that a content rich FATCA PM should immediately recognise.

Further collaboration would be required to ensure that the policy is consistent with closely associated regulations, for example, the CRS. The CRS does not allow onboarding without documentation.

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The point here is that the PM should not evaluate but should facilitate. It is for Group Tax to opine. A PM should not railroad the onboarding team. However, it is appropriate for such a steer to come from Group Tax.

10.Mapping Products to Financial Account Types (for Reporting Purposes). An SME, who does not have a detailed understanding of FATCA but has come from a background of US Tax Code Chapter 3 compliance, may well determine what Products need to be mapped by first determining whether products are capable of receiving US income. While such an approach works for Chapter 3, it does not work for Chapter 4. There are many reasons for this, not least of which is that Non-US income is reportable under Chapter 4 but not Chapter 3. Also, the Project Manager ought to identify the potential to synergize any product mapping for FATCA purposes with 871(m). (871(m) is not part of Chapter Four.)

11.The accuracy of W8s. Even before FATCA’s inception, only 35% of W8s were fit for claiming treaty relief. (This is explained at length in Ross K McGill’s “US Withholding Tax”, 201342.) A Group Tax SME with Chapter Three experience will recognise that some W8s that are received from customers will need to be re-solicited. This is a point that might not be obvious to the PM and serves to illustrate that an SME is required from Group Tax. This point illustrates the need for Chapter Three experience. The former point explains why Chapter Three experience, on its own, is not sufficient.

12.Regional awareness of FATCA. I notice three distinct FATCA paradigms and they are split between regions (APAC, EMEA and the Americas). In the Americas, the paradigm is very much that of the US Tax Code and views IGAs as something of a side issue. In Europe, the paradigm is very much that of the IGAs: no withholding 43, no Responsible Officer44 and views the US Treasury Regulations as something of a side issue. Meanwhile, in the Middle East, Africa and APAC, awareness of FATCA

42 http://www.amazon.com/Withholding-Tax-Practical-Implications-Financial/dp/0230364616/ref=sr_1_1?s=books&ie=UTF8&qid=1441638119&sr=1-143 The IGAs also, for the most part, remove withholding intra IGA Jurisdictions.

“If Model 1 partner countries comply with Article 2 as well as the “Time and Manner of Exchange of Information” agreed to in Article 3 and other rules, then their reporting FFIs “shall be treated as complying with, and not subject to withholding under, section 1471,” nor will they be required to withhold “with respect to an account held by a recalcitrant account holder” under § 1471.”

DoJ Response, “Case: 3:15-cv-00250-TMR Doc #: 16”. August 12, 2015, pp. 6-7.

44 The role of the Responsible Officer and related attestations that the RO has to provide are not mentioned in the IGAs, nor in the Common Reporting Standard.

Hence, there is no legal instrument to enforce a Responsible Officer to take on personal liability in an Inter Governmental Agreement Model 1 IGA Jurisdiction . However, the same cannot be said of an IGA Model 2 Jurisdiction because FFIs in Model 2 Jurisdictions enter into a Foreign Financial Institution Agreement (FFI-A) with the IRS. FFI-As include both the personal liability of the Responsible Officer (§1.1471-4) and Attestations.http://haydonperryman.com No claim to original Government, EU or OECD works Page 18

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is, perhaps, still at its earliest stages. Evidence of this can be seen in the relatively low rate of GIIN registrations45 in APAC, Africa and the Middle East.

The role of bringing APAC, Africa and the Middle East up to speed ought to be aided by the Group Tax SME rather than left to the Project Manager. However, the Project Manager must assist, not least because they are best placed to explain the operational issues and mitigations.

Additionally, it may be that compliance with Chapter Three, for whatever reason (possibly awareness), is less strong in APAC and the Middle East. The Group Tax SME is best placed to explain any Chapter Three implications.

13.Training thought leaders and new FATCA team members. It may be that amongst Senior Management perceptions of FATCA have become entrenched. The Group Tax SME is best placed to dispel any myths and to train any new members of the FATCA Compliance Teams. In both cases, the PM would have a supporting role. Naturally, a PM ought not to be teaching Senior Managers about FATCA; that important role falls more naturally to Group Tax.

14.Making Changes to FATCA Policy and Rule-maps. Only Group Tax can make such changes. That said, they should be heavily supported by the PM. PM support should include:

Identifying exceptions where FATCA Policy may not be practical Handling any requests for dispensations to FATCA Policy Evidencing good faith46 attempts to comply with the FATCA

Policy and Rule-maps Managing any dependencies between FATCA Policy and Rule-

maps with other Projects. For example, Product Mapping to Financial Account Type47 and any synergies that may be possible with 871(m)48 compliance

Ensuring that the FATCA Policy and Rule-maps are re-base-lined every quarter. (If the Rule-map is not rebaselined there is a risk that the Project deliverables will address an obsolete understanding of the Regulations. Further, if the Rule-map is not regularly revised , there is a danger that its citations are incorrect.)

Configuration Management 49. Ensuring that all Project Deliverables that are based on the FATCA Policy and Rule-map are clearly and separately identified. For example, if, the FATCA Policy was that all Treasury Centres are always FFI, and if, say, the CBT, (Computer Based Training) that is mandatory for all staff reflects that all Treasury Centres are FFI, that, when the

45

http://apps.irs.gov/app/fatcaFfiList/flu.jsf46

In Notice 2014-33 the IRS declared 2014 and 2015 transitional years for FATCA. So long as companies can evidence good faith attempts to comply with FATCA it is unlikely that the IRS will make an example of them. Importantly “good faith” must be proved by having policies and procedures in place and evidencing that those policies and procedures were complied with.

47 http://www.law.cornell.edu/cfr/text/26/1.1471-5#b

48 http://www.law.cornell.edu/uscode/text/26/871#m

49 https://en.wikipedia.org/wiki/Configuration_management

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FATCA Policy is revised, that the CBT is revised accordingly and to an appropriate timescale.

Ensuring that all Project Deliverables are clearly referenced to a particular section of the Rule-map. So that it is clear:

How each rule will be complied with, by when, how and by whom That each deliverable is mapped to a regulatory requirement, so

that, if and when a regulation or guidance changes, impacted project deliverables can be immediately be identified.

15.When is UK FATCA replaced by the CRS? In truth, at the time of writing nobody knows that answer to this. What is known is that it will, in time be superseded by the CRS. The question is, will this be before or after reporting on 2016, in 2017 has been completed? Guidance from HMRC is expected “any day now”. However, it appears that even amongst the exclusive population privileged to see a preview of this guidance, precisely when the CRS replaces CDOT is still to be determined. So what should be the planning assumptions? Again, the answer ought to come from Group Tax rather than the PM. Without such guidance, typically the PM will plan for the worst. To be fair, it is very difficult for Group Tax to issue such guidance because nobody knows. Hence, the de facto position appears to be, assume the worse i.e. assume FY 2016 is still reportable under CDOT (even though this means duplicative reporting of the same data.) Importantly, this is not a decision a PM should be expected to make unilaterally.

16.Regarding the CRS, how do we onboard for the CRS those jurisdictions that are not amongst the 94 jurisdictions who have committed to a deadline for information exchange? Here the Group Tax SME and the PM need to collaborate because whilst this is probably a Group Tax call, in order to make this call, Group Tax need to understand the impact on Onboarding Teams, IT, Target Operating Models and the general Business Benefits, Costs, Risks and Issues of various approaches. In all likelihood accounts on-boarded for account holders in any tax jurisdiction, MCAA members or not, will be the same, if only because no-one knows what further jurisdictions may yet sign up to the MCAA.

17.Excluded Accounts. Here the calibre of the Group Tax SME is telling. If the Group Tax SME does not have a detailed understanding of the IGAs, then they will, in all likelihood, be unaware of the excluded accounts that are listed in Annex II of each tax jurisdiction’s IGA. The lead on Excluded Accounts must come from Group Tax rather than the PM. However, mapping those Excluded Accounts to the Bank’s Products falls under of purview of the PM.

18.Which IGA to apply? Some FIs believe that the IGA to apply is the IGA of the jurisdiction of the bank that holds the account. Other FIs believe the IGA to apply is the IGA in which the account holder has tax residency. (In many cases the former and the latter are the same. However, not all FI agree on which IGA to apply where the former and the latter are not the same.) I, have my interpretation. However, what is most germane is that Group Tax opine and enshrine this into their FATCA Policy and Rule-maps. It is the PM’s job to shape the FATCA Policy and Rules-maps into Products and to deliver those Products to plan.

It is, however, worth pointing out the “Partner Jurisdiction Accounts” covered in the “Excluded Accounts” section of Annex II of the IGAs.

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An account maintained in [a particular IGA jurisdiction] and excluded from the definition of Financial Account under an agreement between the United States and another Partner Jurisdiction to facilitate the implementation of FATCA, provided that such account is subject to the same requirements and oversight under the laws of such other Partner Jurisdiction as if such account were established in that Partner Jurisdiction and maintained by a Partner Jurisdiction Financial Institution in that Partner Jurisdiction.

19.Responsible Officer. While the IGA Model 1 and the CRS make no mention of the Responsible Officer; the Responsible Officer exists in the Treasury Regulations (§.1471-450) that the US and Non IGA jurisdictions must apply. This concept also exists in the FFI Agreement that FFIs in Model 2 jurisdictions must apply. This is a Group Tax call rather than a PM call. However, most FIs seem to agree that they want to apply the RO concept across all jurisdictions and apply it to not only FATCA but also to CDOT and the CRS. The adoption of the RO concept seems to be perceived as best practice. One variation is to differentiate between Responsible Officers in Model 1 IGA Countries by, instead, labelling those in IGA Model 1 jurisdictions “Responsible Executives”.

20.Balance Reporting. (End of Year Balance, Average Balances, Highest Balance.) Here is another example of ‘one size not fitting all’. Some IGA Countries opt for average balance reporting rather than end of year reporting. The FATCA Policy may be for end of year balances, converted into USD at the spot rate at the end of the year. However, as highlighted above, not all jurisdictions have coterminous financial years. Also, FATCA does allow reporting in local currency. This is an example of where the FATCA Policy will probably explicitly allow certain exceptions. This is a Group Tax call, but it may well be the PM who makes Group Tax aware of these exceptions and calls for a revised FATCA Policy.

21. Income Reporting. FATCA reporting for 2014, which was reported in 2015, included only balances as, under the regulations, only balances were reportable for FY 2014. However, as we report in 2016 on 2015, income is also reportable. A PM without an understanding of US Tax Code Chapter Three may be of the opinion that Income Reporting is new. However, a Group Tax SME whose knowledge includes Chapter Three will know that Income Reporting in the form of 104251 and 1042-S52 is far from new. What is new, however, is reporting Non-US income. Under this example, the PM and the Group Tax SME would need to collaborate amongst themselves and others to form an agreed view on how to map non-US income for FATCA reporting purposes.

22.Under UK FATCA and the CRS, are Active NFFEs, whose shares are not actively traded on a recognised exchange, reportable? The answer must come from Group Tax and become part of the FATCA Policy and Rule-map.

50 http://www.law.cornell.edu/cfr/text/26/1.1471-4

51 http://www.irs.gov/pub/irs-pdf/f1042.pdf

52 http://www.irs.gov/pub/irs-pdf/f1042s.pdf

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23.What is the delta between CRS and FATCA and how should that delta be managed?

Known additional fields required for AEI/CRS:

i. Individuals: Place of birth. (However, the place of birth is not required to be reported unless the Reporting Financial Institution is otherwise required to obtain and report it under domestic law. Place of Birth, in this context, means Country of Birth and should, ideally be mapped to an ISO 3166 code53. However, mapping to an ISO 3166, in this context, is not a regulatory requirement.)

ii. Individuals and Entities: Tax Residences (Multiple), TIN or a valid reason a TIN is not provided. A TIN is not required

where:o a TIN is not issued by the relevant Reportable Jurisdiction

oro the domestic law of the relevant Reportable Jurisdiction

does not require the collection of the TIN issued by such Reportable Jurisdiction.

iii. Entities: Place of Incorporation Place of Organization AEI Status (AEI Status is not always going to be the same as

FATCA Status)

The US W8 series, in their current form, do not provide for CRS compliance:

The W8 BEN 54 does not capture the place of birth. In most IGA Countries, determining whether a Passive NFFE is

Reportable depends on identifying Controlling Persons55 (CP), rather than identifying US Beneficial Owners (USBO). The W8 series, for Passive NFFEs, identifies USBO, rather than CP.

CRS compliance requires, for entities, thiero Place of Incorporation, ando Place of Organization

The W8 series do not capture multiple tax residences

(Although not an issue directly pertaining to “US FATCA” or closely associated regulations, it would also be logical to include the LEI (Legal Entity Identifier) for Entities in order to facilitate compliance with some other regulations including Dodd-Frank and EMIR.)

53 http://data.okfn.org/data/core/country-list

54 http://www.irs.gov/pub/irs-pdf/fw8ben.pdf

55 http://www.henkjanvanderklis.nl/2013/09/fatca-means-business-how-to-recognize-a-controlling-person/

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Navigating an approach to the delta between FATCA and the CRS should first begin with Group Tax agreeing what the deltas are and also whether alternatives to the W8s are acceptable and under what circumstances and in which tax jurisdictions.

* * * *

These examples may seem trivial, but they are real-life, everyday examples of issues that come to the FATCA PM, upon which he or she is often asked to opine by stakeholders of varying degrees of seniority and at considerable speed. Naturally, these should go to the Group Tax SME to opine upon.

These issues are too voluminous, time-consuming and counterintuitive for the PM to handle on an ad-hoc basis. Further, the PM needs the freedom to deliver on an agreed understanding of FATCA that has been shaped by Group Tax, rather than carry the burden of dispelling widely held beliefs.

Further, the PM needs to be afforded the time to ensure that those on the Project Team understand and accept what they are doing and how it fits into the broader picture of FATCA compliance. Project Team members need clear, agreed deliverables. In the complex world of FATCA, this takes time to achieve. Therefore, the same individual cannot, at, the same time, take on the additional roles and responsibilities that really ought to be undertaken by Group Tax.

Furthermore, the PM needs to be afforded the time and freedom to adopt a facilitative approach in order to build relationships outside his or her own Project Team. Success cannot be attained or sustained without building those relationships and building these relationships is not easily achieved if an evaluative approach is forced upon the PM.

The issue is not only one of time management but also one of management approach. The more the PM has to perform Group Tax responsibilities, the more that person is forced to take an evaluative approach rather than a facilitative approach. In the long run, the Project Manager must be free to adopt a facilitative approach. Hence, a FATCA PM is only as strong as their Group Tax SME counterpart.

This is all the truer given the climate of fear that FATCA generates.

Essentially project management is about three things:

1. Defining where we are, where we want to be and building and managing to, a plan to fill the gap

2. Risk and Issue Management3. Communicating with people in such a way the people are happy to follow

Without robust Group Tax SME support, the Project Manager’s ability to deliver those three things is handicapped because:

1. There is no agreement on where we need to be.2. The Risks and Issues are confused because there is no Group Tax owned and

up-to-date FATCA Policy and Rule-map that have been socialised and understood

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3. The PM cannot take people with him or her if his or her style of communication is evaluative rather than facilitative as a result of having to educate stakeholders about what FATCA is and is not.

Supporting the Group Tax SME

Regarding the Group Tax SME, naturally their opinions on issues relating, say, to the examples above need to be made available quite rapidly to stop unnecessary uncertainty infecting the project. Therefore, the Group Tax SME needs to be afforded the time to respond to such questions on an ad-hoc basis. This is no small task: it requires a skilled, and therefore presumably expensive resource, to have enough space capacity to deal with impromptu questions as they are received. The Group Tax SME needs to be afforded the time to study and read in detail. Such a role also requires heavy support from Group Tax, the Project Sponsor and, of course, the Project Manager.

It is unlikely that many Group Tax SMEs have a depth of Change Management experience. However, the wave of regulatory change relating to tax matters looks set to continue into the foreseeable future. Hence, Group Tax will increasingly become high profile stakeholders and key contributors to Change Management.

A reiterative to shaping and reshaping FATCA Policy and Rule-maps

The nature of the FATCA Policy and Rule-maps are such that it will be necessary to rebaseline them once a quarter, or thereabouts.

I have seen Rule-maps that have not been revised since before the temporary regulations that were published in February 2014. This means that the rule map does not map to the sections of the regulations it cites. Worse, a great deal has happened in the world of UK FATCA and the CRS since February 2014 – none of this will have been reflected. This can quite literally lead to complying with an obsolete understanding of FATCA and associated regulations. This is not the ‘happy path’ should the bank later seek to rely on its rule-map as a “line in the sand” against which to evidence good faith attempts to comply with FATCA.

The FATCA Policy contains high-level policies and splits them out by: Governance and RO Attestations Withholding (if applicable) Reporting Documentation (Onboarding and Remediation)

The FATCA Policy Document is high level, but it will be explicit about exceptions.

Potential exceptions to FATCA Policy may be identified by the Project Manager and raised as Project Issues, together with associated details such as jurisdiction, division and product and explanation as to why an exception may be necessary or why the Policy may need to be revised.

When these Policies are first drafted they appear to be common sense. However, it is only when the Project is underway that exceptions are typically identified. Such exceptions include South Africa and New Zealand having non-coterminous reporting periods.

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It is only when such potential exceptions are raised that it becomes clear that some FATCA policies may need to be adjusted because they are impractical in reality.

However, the FATCA Policy comes first so that there is an agreed view on what compliance looks like; then comes the rule map that breaks down the FATCA Policies perhaps by On-boarding, Remediation, Reporting, Withholding and Governance and perhaps splits these out by geographies and Business Divisions at a very detailed level.

Every one of these details carries a unique reference that relates to a Project-Based-Product Deliverable.

Often, it is only when you allocate such a deliverable to a named individual that local impediments become known and can be flagged.

Hence, such impediments, when flagged to the PM, can be identified as potential adjustments to the FATCA Policy and fed into a judicious process of FATCA Policy and Rule-map revision.

Equally, whenever Regulations or Guidance are revised, it will be necessary to update the FATCA Policy and Rule-maps and all the Project artefacts that are based on Rules/Policies that have changed.

Product Based Project Deliverables & Planning

Project Based Planning is a well-established PM method. Therefore, I will not describe it here but, for those who wish to know a little more about it, a link is provided here:

https://en.wikipedia.org/wiki/Product-based_planning

The genesis of each FATCA Project Product is its description in the Rule-map.

Feel free to generate your own nomenclature. But whatever nomenclature you use56, a unique reference for a Rule/Product will probably look something like this.

20150901.FATC.000000.826.CDD.W8ONB.IB.AAAA

Date of Revision (YYYYMMDD), Regulation (FATC, AEOI, CDOT, 871M, CHP3) Policy Reference, ISO3166 Country Code, Concept (REP, CDD, GOV, WHG) Concept Reference Number (this example might be whether an alternative to

a W8 is acceptable) Division (e.g.,. IB = Investment Banking) Financial Product Reference (not to be mistaken for Project Product)

Hence, this example would be the FATCA Policy for Onboarding, in the UK, in the Investment Banking Division. In particular, this rule will tell me if an alternative to the W8 is acceptable. It will also tell me what part of the FATCA Policy this relates to and

56 This nomenclature could also be used to create an XBRL taxonomy so that information sharing between business divisions of large FIs is standardized.

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when that policy was last revised. It will also tell me if that Policy includes this particular Financial Product.

Why go into such detail? So that rules can be “sliced by diced” so that one can query rules by, say, division or product, or country. Project artefacts can also be mapped to these codes so that it is known which rules they are designed to comply with. Further, projects artefacts can be mapped to the rule ID so that compliance with a rule can be evidenced by specific artefacts.

The beauty of this approach is that they can be grouped into logical clusters: say, financial products types, geographies or business units to suit the structure of the individual FI. They can be assigned an owner, and their delivery can be tracked. The same is true should ownership change due to the business restructuring and/or the FATCA Policy and Rule-maps changing.

Scope of the “FATCA” Project

In my opinion, the scope of the “FATCA” Project should include:

i. “US FATCA”, Model 1 IGAs Model 2 IGAs US Treasury Regulation (Chapter 4 of the US Tax Code)

ii. UK-CDOT, iii. CRS and DAC2

and out of scope should be:

i. Chapter 3, ii. and 871(m)

Of course, every project may be shaped differently, and there are valid reasons for having various other regulations in or out of the scope of Projects that, de facto, carry the FATCA moniker.

Conclusion

1. Recruit FATCA Subject Matter Expertise amongst both Project Managers and Group Tax. Both types of SME are required to sustain delivery.

2. Define the Scope (i.e. what FATCA related regulations are in or out of scope – and why).

3. Define compliance by use of a Rule-Map and Policy – split into Project-Deliverable Products.

4. Use Product Based Planning as an approach to breakdown deliverables into “bite sizes”. Group these Products according to the structure of the Business.

5. All Project Products (not to be confused with Financial Products) must be mapped to the Rule-map.

6. The Policy and Rule Map must be formally rebaselined every quarter.

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7. Plan:I. Split Compliance by Regulation (possibly also by Division,

Jurisdiction/Region) – group into products using Product Based PlanningII. Start “right to left” i.e. begin with what has to be reported, to whom and by

when, for which regulation.

Key Points:

1. UK FATCA is superseded by AEI only after FY2016 reporting is complete.2. UK FATCA has two iterations of reporting. The first is for both 2014 and 2015, in this particular

context 2014 begins July 1.3. For the UK FATCA income is reportable for all of FY2016.4. US FATCA and AEI will continue to co-exist for the foreseeable future. The US has not signed up

to the AEI.5. AEI has two categories of jurisdictions Early Adopters and those other than Early Adopters. The

deadlines for those jurisdictions other than Early Adopters are one year after those for Early Adopters.

6. South Africa and New Zealand reporting periods are non-coterminous: South Africa's reporting period is to the end of February New Zealand's reporting period is to the end of March

III. Map Project-Deliverable-Products to every regulatory report requirement identified in II.

IV. Project Plan based on III. Milestone each Product or Group of Products.V. Schedule quarterly baselines of the FATCA Policy and Rule-map.VI. Schedule concomitant revisions to Project-Deliverable-Products as a result

of V.

8. Implement full change control over FATCA Policy and Rule-maps including why they changed, who changed them, who signed off on these changes and when these changes happened.

9. Map Financial Products to Financial Account Type – without this mapping it will not be possible to Report Income.

10.Evidencing good faith attempts to comply with FATCA and related regulations is every bit as important as compliance itself and, until 100% compliance is achieved, is probably your best line of defence against fines and concomitant reputational damage. Artefacts that can help evidence good faith attempts to comply will include:

FATCA Policy and changes, together with the associated rationale for the change.

Rule-maps and changes, together with the associated rationale for the change.

Mapping delivered Project Products to rules in the Rule-map Quality Assurance that Project Products are fit for purpose i.e.

meets compliance with the rule in the rule map that caused their inception.

“Vanilla” Project Documents including RAIDDS log Gantt Charts (and revisions) Progress/Highlight/Update Reports Minutes from Steering Committee Meetings

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FATCA, IGA & CRS REGULATORY MILESTONES AND DATES

Conf irmed Regulatory Deadline

Unconf irmed Regulatory Deadline

2019 & BEYOND20182017201620152014

CDOT

FATCA

CRS(Early

Adopters)

CRS(Other

than Early Adopters)

2014

2014 Balance Reporting

Balance & Income Reporting

Balance, Income & Gross Proceeds Reporting

Possibly superseded by DAC/CRS at this point

May 2016: Reporting on both 2014 & 2015May 2017: Reporting on both 2014 & 2015

2014

May 2015 (UK only)June 29th 2015 (IGA Model 2 and Non IGA)

July - Sep 2015 (IGA Model 1 – pre Notice 2015-66)

TBC (IGA Model 1) – post Notice 2015-66

May 2016 (UK only)March 2016 (All except the UK)

May 2017 & (UK only)March 2017 (All except the UK)

Regulatory Reporting Durations & Deadlines

May MayMay

MayMay

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UK FATCA, CDOT AND DAC2/CRS REGULATORY MILESTONES AND DATES

TIMETABLE: EFFECTIVE DATES FOR AGREEMENTS

The various agreements entered into by the UK in respect of automatic exchange of information have different dates for when types of account come into the scope and when first reporting must be completed.

The table below sets out the dates for each of the regimes.

FATCA CDOT DAC/CRS

Pre-existing financial accounts to be subjected to due diligence procedures are those in existence as at:

30 June 2014 30 June 2014 31 December 2015

New financial accounts requiring self-certification by the customer are those opened on or after:

1 July 2014 1 July 2014 1 January 2016

First reporting period ends on: 31 December 2014 31 December 2014 31 December 2016

Information to be reported by financial institutions to HMRC in respect of the first reporting period on or before:

31 May 2015 31 May 2016 31 May 2017

Information to be exchanged by HMRC with partner jurisdictions on or before:

30 September 2015 30 September 2016 30 September 2017

Subsequent reporting periods ending on 31 December each year are reportable to HMRC by the 31 May next following. Where 31 May falls on a weekend or Bank Holiday, then the deadline for submitting reportable information to HMRC is the next following working day.

Data must be sent to HMRC by this date to enable it to be processed for exchange by 30 September. Not all financial account information is reportable in the first reporting period.

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The table below sets out the information that is to be reported to HMRC for each reporting year in respect of the Intergovernmental Agreement between the UK and the USA. Reporting is required to HMRC by 31 May next following the reporting year for which the information is required.

Reporting Year to 31 December

In Respect of Information to be Reported

2014 Each specified US person either

Holding a Reportable Account, or

As a Controlling Person of an entity account

Name

Address

US Tax Identification Number (where applicable or Date of Birth for pre-existing accounts)1.

Account number or functional equivalent.

Name and identifying number of reporting financial institution.

Account balance or value.

2015As 2014 plus the items listed aside.

Custodial Accounts Total gross amount of interest.

Total gross amount of dividends.

Total gross amount of other income paid or credited to the account.

Depository Accounts The total amount of gross interest

paid or credited to the account in the calendar year or other reporting period.

Other Accounts The total gross amount paid or

credited to the account including the aggregate amount of redemption payments made to the Account Holder during the calendar year or other appropriate reporting period.

2016As 2015 plus the items listed aside.

Custodial Accounts The total gross proceeds from the

sale or redemption of property paid or credited to the account.

2017 Onwards All of the above.

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TIMETABLE: REPORTING: CDOT

UK HMRC

Isle of Man

Jersey

Guernsey

Gibraltar

Reciprocal Reporting to HCTA

Non Reciprocal Reporting to HCTA

Anguilla BermudaUK

Reporting to HMRC

BVICayman Islands

Montserrat

Turks and Caicos Islands

The table below sets out the information that is to be reported to HMRC for each reporting year in respect of the Intergovernmental Agreements between the UK and the Crown Dependencies and Overseas Territories. Reporting is required to HMRC by 31 May next following the reporting year for which the information is required except for 2014 which is reportable on or before 31 May 2016.

Reporting Year to 31 December

In Respect of Information to be Reported

2014 Each specified CDOT person eitherHolding a Reportable Account, orAs a Controlling Person of an entity

account

Name

Address

Date of Birth (for an individual)2

Social Security Number/National Insurance Number3

Account number or functional equivalent.

Name and identifying number of reporting financial institution.

Account balance or value.

2015

As 2014 plus the items listed aside.

Custodial Accounts Total gross amount of interest. Total gross amount of dividends. Total gross amount of other income

paid or credited to the account.

Depository Accounts The total amount of gross interest paid or credited to the account in the calendar year or other reporting period.

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Other Accounts The total gross amount paid or credited to the account including the aggregate amount of redemption payments made to the Account Holder during the calendar year or other appropriate reporting period.

2016

As 2015 plus the items listed aside

Custodial Accounts The total gross proceeds from the sale or redemption of property paid or credited to the account.

2017 Onwards All of the above.

TIMETABLE: REPORTING: DAC/CRS

Host CountryTax Authority

Receiving HCTAsSending HCTAs HCTAs

JURISDICTIONS UNDERTAKING FIRST EXCHANGES BY 2017(57 Jurisdictions)

Anguilla, Argentina, Barbados, Belgium, Bermuda, British Virgin Islands, Bulgaria, Cayman Islands, Colombia, Croatia, Curaçao, Cyprus, Czech Republic, Denmark, Dominica, Estonia, Faroe Islands, Finland, France, Germany, Gibraltar, Greece, Greenland, Guernsey, Hungary, Iceland, India, Ireland, Isle of Man, Italy, Jersey, Korea, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Mauritius, Mexico, Montserrat, Netherlands, Niue, Norway, Poland, Portugal, Romania, San Marino, Seychelles, Slovak Republic, Slovenia, South Africa, Spain, Sweden, Trinidad and Tobago, Turks and Caicos Islands, UK, Uruguay

JURISDICTIONS UNDERTAKING FIRST EXCHANGES BY 2018(37 Jurisdictions)

Albania, Andorra, Antigua and Barbuda, Aruba, Australia, Austria, The Bahamas, Belize, Brazil, Brunei Darussalam, Canada, Chile, China, Costa Rica, Ghana, Grenada, Hong Kong (China), Indonesia, Israel, Japan, Marshall Islands, Macao (China), Malaysia, Monaco, New Zealand, Qatar, Russia, Saint Kitts and Nevis, Samoa, Saint Lucia, Saint Vincent and the Grenadines, Saudi Arabia, Singapore, Sint Maarten, Switzerland, Turkey, UAE

JURISDICTIONS UNDERTAKING FIRST EXCHANGES BY 2017(57 Jurisdictions)

Anguilla, Argentina, Barbados, Belgium, Bermuda, British Virgin Islands, Bulgaria, Cayman Islands, Colombia, Croatia, Curaçao, Cyprus, Czech Republic, Denmark, Dominica, Estonia, Faroe Islands, Finland, France, Germany, Gibraltar, Greece, Greenland, Guernsey, Hungary, Iceland, India, Ireland, Isle of Man, Italy, Jersey, Korea, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Mauritius, Mexico, Montserrat, Netherlands, Niue, Norway, Poland, Portugal, Romania, San Marino, Seychelles, Slovak Republic, Slovenia, South Africa, Spain, Sweden, Trinidad and Tobago, Turks and Caicos Islands, UK, Uruguay

JURISDICTIONS UNDERTAKING FIRST EXCHANGES BY 2018(37 Jurisdictions)

Albania, Andorra, Antigua and Barbuda, Aruba, Australia, Austria, The Bahamas, Belize, Brazil, Brunei Darussalam, Canada, Chile, China, Costa Rica, Ghana, Grenada, Hong Kong (China), Indonesia, Israel, Japan, Marshall Islands, Macao (China), Malaysia, Monaco, New Zealand, Qatar, Russia, Saint Kitts and Nevis, Samoa, Saint Lucia, Saint Vincent and the Grenadines, Saudi Arabia, Singapore, Sint Maarten, Switzerland, Turkey, UAE

Receives Reports from other HCTAs

via IDES

Determines what to Report to other

HCTAs and transmits via IDES

The table below sets out the information that is to be reported to HMRC for each reporting year in respect of the Directive on Administrative Cooperation governing the automatic exchange of information between the UK and the other EU Member States. Reporting is required to HMRC by 31 May next following the reporting year for which the information is required. The same reporting requirements apply to exchanges under the CRS.

Reporting Year to 31 December

In Respect of Information to be Reported

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2016 onwards Each Reportable Person Reportable Person either

Holding a Reportable Account, or

Name

Address

Jurisdiction of residence

As a Controlling Person of an entity account

Tax Identification Number (TIN)4

Date of Birth5

Place of Birth6

Account number or functional equivalent.

Custodial Accounts Total gross amount of interest.

Total gross amount of dividends.

Total gross amount of other income paid or credited to the account.

The total gross proceeds from the sale or redemption of property paid or credited to the account.

Depository Accounts The total amount of gross interest paid or credited to the account in the calendar year or other reporting period.

Other Accounts The total gross amount paid or credited to the account including the aggregate amount of redemption payments made to the Account Holder during the calendar year or other appropriate reporting period.

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Notes:

1 The TIN or, if no TIN is held, the date of birth is not required to be reported for pre-existing calendar years before 2017 if the Reporting Financial Institution does not already hold the information.2 Date of birth is not required to be reported for pre-existing accounts for calendar years before 2017 if the financial institution does not already hold that information.3 Social security number or National Insurance Number (see AEIM102040) is not required to be reported for pre-existing accounts for calendar years before 2017 if the financial institution does not already hold that information.4 TIN(s) or date of birth is not required to be reported if such TIN(s) or date of birth is not in the records of the Reporting Financial Institution and is not otherwise required to be collected by such Reporting Financial Institution under domestic law or any European Union legal instrument. However, a Reporting Financial Institution is required to use reasonable efforts to obtain the TIN(s) and date of birth with respect to Pre-existing Accounts by the end of the second calendar year following the year in which Pre-existing Accounts were identified as Reportable Accounts. Also, the TIN is not required to be reported if a TIN is not issued by the relevant Member State or other jurisdiction of residence.5 See Footnote 3 above6 place of birth is not required to be reported unless: (1) the Reporting Financial Institution is otherwise required to

obtain and report it under domestic law or the Reporting Financial Institution is or has been otherwise required to obtain and report it under any European Union legal instrument in effect or that was in effect on 5 January 2015; and (2) it is available in the electronically searchable data maintained by the Reporting Financial Institution.

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FOR FATCA, THE IGAS AND THE CRS; WHAT GETS REPORTED, WHEN AND HOW?

FY-2014 REPORTING DATES FOR IGA MODEL 1 COUNTRIES

We already know the deadlines for Non IGA and Model 2 IGA countries.57

As a result of US IRS Notice 2015-66 60 in IGA Model 1 Countries, the deadline for reporting on FY2014 can be extended up to September 2016. (Each Model 1 IGA jurisdiction to confirm.)

Philippines:o http://www.businessmirror.com.ph/fatca-terms-moved-forward-6-mos-to-q2-2016/ o The Philippines have extended their 2014 reporting deadline to the second quarter of 2016. In

2016, both 2015 and 2014 will be reported. Croatia:

o The Croatian tax authority announced September 10 that it would not implement reporting provisions of the intergovernmental agreement it signed with the United States by the September 30 deadline in the IGA but that Croatia would not be subject to the withholding tax.

o Croatia will postpone implementation of the IGA until no later than September 30, 2016, according to a three-sentence statement from the tax authority.

Belgium:o FATCA reporting for 2014 must be completed before the 10th day following the publication of

the Belgian FATCA law in the Belgian official gazette. Currently, the law has not been enacted, but it is anticipated that the law allowing for implementation of the FATCA regime will be passed in Belgium before the end of 2015.

There is an additional complication: the reporting periods are not coterminous; while most reporting periods are in line with the calendar year, New Zealand’s reporting period is the year to 31st March; South Africa’s reporting period is to the 28th February (which is presumably February 29th in a leap year.)

57 Non IGA and IGA Model 2 Countries (with the exception of Switzerland [Note 6]) report on March 31 on the previous year. As a one off the deadline for the reporting on 2014

has had a 90 day extension. Hence reporting on 2014 has moved from March 31, 2015 to June 29, 2015.

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Jurisdiction Name58 ISO3166

PortalReg’nReq’d

Rep’gPortalAvailable

Nil Rep’g Req’d

US/HCTA own XML schema

Reporting Dates (to HCTA)

Algeria 012 59

Angola 024Anguilla 660Antigua and Barbuda 028Australia 036 Yes Yes No US July 31, 201560

Azerbaijan 031Bahamas 044 No No Own 61 62

Bahrain 048Barbados 052 Yes Sep 15, 2015 63

Belarus 112Belgium 056 Yes Yes Yes Own Publication of law

+10 days64

Brazil 076 August 15, 2015Bulgaria 100Cambodia 116Canada 124 Yes Yes No May 1, 2015Cape Verde 132Cayman Islands 136 Yes Yes No June 26, 201565 66

China 156 TBCColombia 170Costa Rica 188Croatia 191 Before Sept 30,

2016 67

Curacao 531 OwnCyprus 196 Yes WIP July 1, 2015Czech Republic 203 Yes Yes Yes Own June 30, 2015Denmark 208 Yes May 1, 2015Dominica 212Dominican Republic 214Estonia 233

58 https://www.irs.gov/Businesses/Corporations/FATCA-Online-Registration-System-Country-Jurisdiction-Listing

59 Note: as a result of US IRS Notice 2015-66 60 in IGA Model 1 Countries, the deadline for reporting on FY2014 could be extended up to September 2016. (Each Model 1 IGA

jurisdiction to confirm.)60

https://www.ato.gov.au/General/International-tax-agreements/In-detail/International-arrangements/FATCA-detailed-guidance/ http://softwaredevelopers.ato.gov.au/FATCAXMLschema61

FATCA Compliance: Bahamas races toward the finish line with EY and Convey. http://www.ieyenews.com/wordpress/fatca-compliance-bahamas-races-toward-the-finish-line-with-ey-and-convey/62

http://www.centralbankbahamas.com/download/053939000.pdf63

https://home.kpmg.com/xx/en/home/insights/2015/08/tnf-barbados-fatca-update.html64

http://financien.belgium.be/nl/E-services/fatca/65

https://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/taxnewsflash/Pages/2015-1/cayman-islands-extended-deadlines-for-fatca-notification-reporting.aspx66

http://www.sewkis.com/pubs/xprPubDetail.aspx?xpST=PubDetail&pub=678 No penalty for registration up to and including May 12, 2015. 67

http://www.lexisnexis.com/legalnewsroom/tax-law/b/newsheadlines/archive/2015/09/14/croatia-to-delay-implementation-of-fatca-agreement.aspx

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Finland 246 No  May 31, 2015 68 69 269

France 250 No US July 31, 2015Georgia 268Germany 276 Yes Yes No July 31, 2015 Gibraltar 292 TBA TBA No July 31, 2015Greece 300Greenland 304Grenada 308Guernsey 831 Yes Yes No June 30, 2015Guyana 328Haiti 332Holy See (Vatican City State) 336Honduras 340Hungary 348 OwnIceland 352 70 Sep 6, 2015India 356 Sep 10, 2015 71

Indonesia 360 June 30, 2015 72

Ireland 372 Yes Yes Yes July 31, 201573 Isle of Man 833 No US June 30, 201574 75

Israel 376 June 30, 2015Italy 380 TBA No US 76 August 31, 2015

77

Jamaica 388Jersey 832 Yes Yes No  June 30, 2015Kazakhstan 398Kuwait 414 April 29, 2015Latvia 428Liechtenstein 438 Yes

(Register by May 31, 2015)

Yes June 30, 2015

Lithuania 440Luxembourg 442 Yes Yes Yes Aug 31, 2015 78

Malaysia 458 Yes Yes Yes US (IDES)

Sept 30, 2015 79

68 http://www.castren.fi/Page/c1ccbac8-1bad-436e-bb79-e1ffaa00df14.aspx?groupId=69bd90ab-70bd-4fdc-be39-0b8c85707796&announcementId=7cd15f14-4f4e-4890-a37a-94d4b1e781c9The Finnish Tax Administration has decided that FATCA data must be provided via an annual electronic notification. The data for 2014 must be disclosed on 30 April 2015 at the latest. After this, notifications will fall into a normal annual rhythm, with the data for 2015 having to be disclosed by the end of January 2016, and so on.

69 https://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/taxnewsflash/Documents/finland-apr2-2015.pdf

70 http://bit.ly/1hQ9NpK

71 https://home.kpmg.com/xx/en/home/insights/2015/08/tnf-india-fatca-deadline-10-september.html

72 http://swqpc.com/wp-content/themes/swqpc/FATCA_Enters_Indonesia .pdf page 4

73 https://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/taxnewsflash/Pages/2015-1/ireland-fatca-reporting-deadline-extended-to-31-july.aspx

74 http://www.gov.im/media/1346404/iom-guidance-notes-15122014-clean.pdf

75 http://www.gov.im/media/1347314/information-providers-reporting-obligations.pdf

76 TRACK RECORD. The track record is contained in the XSD schema attached and is based almost entirely on the track "FATCA XML". Among the data to be reported must also include the Italian tax code, if available, each person affected by the communication. http://www.agenziaentrate.gov.it/wps/content/Nsilib/Nsi/Home/CosaDeviFare/ComunicareDati/Operatori+finanziari/Consultazione+documenti+FATCA/Scheda+informativa+Consultazione+documenti+FATCA/

77 ftp://ftp.finanze.it/pub/entrate/fatca/Allegato%202%20-%20Istruzioni%20per%20la%20compilazione%20e%20trasferimento%20dei%20dati-versione%201.2%202015.7.24.pdf

78 https://home.kpmg.com/xx/en/home/insights/2015/09/tnf-luxembourg-final-version-fatca-guidance.html

79 IRBM Announcement: http://www.hasil.gov.my/goindex.php?kump=6&skum=1&posi= 2&unit=1&sequ=209&mukaberita=1Revised Guidance Note:

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Malta 470 Yes Yes July 31, 2015Mauritius 480 Yes Yes August 31, 2015

80

Mexico 484 Yes Yes IDES September 15, 2015 81

Montenegro 499Montserrat 500Netherlands 528 Yes Yes No Own May 31, 2015 82 83

New Zealand 554 Yes Yes No US June 30, 2015 (advice on recalcitrant accounts)84

Norway 578 Yes Own June 1, 2015 85

Panama 591Peru 604Philippines 608 2016 Q2 86

Poland 616 TBC: Nov 30, 2015

Portugal 620 TBA TBA July 31, 2015Qatar 634Romania 642 July 31, 2015Saint Kitts and Nevis 659Saint Lucia 662Saint Vincent and The Grenadines

670

Saudi Arabia 682Serbia 688Seychelles 690Singapore 702 Yes Yes Yes

(IDES)US July 31, 2015 87

Slovakia 703Slovenia 705South Africa 710 Yes Yes Yes June 30, 2015 88

89 90 91 92 and thereafter May 31.

Korea, Republic of 410 No No Yes July 31, 2015

http://www.hasil.gov.my/pdf/pdfam/MY_US_IGA_Revised_Gui dance_Notes_11_09_2015.pdf83

http://www.government.nl/government/documents-and-publications/publications/2015/04/30/guidance-fatca.html82

The Netherlands is awaiting a “Koninklijk Besluit” about the exact date during 2015 for reporting to the local tax authorities.81

https://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/taxnewsflash/Pages/2015-1/mexico-deadline-for-filing-amended-fatca-returns-extended.aspx80

The Mauritius Revenue Authority is accepting late FATCA reporting, up to 30 September 2015, with no penalties to apply. However, late FATCA reporting will be accepted on a case-by-case basis. A notification needs to be sent to the tax authority, providing the reason for the late reporting.

84 http://www.kpmg.com/US/en/IssuesAndInsights/ArticlesPublications/taxnewsflash/Documents/nz-fatca-may11-2015-account-holder-qa.pdf

85 http://www.skatteetaten.no/en/Bedrift-og-organisasjon/Rapportering-til-Skatteetaten/Likningsoppgaver/Internasjonal-rapportering/FATCA/Sporsmal-og-svar-om-FATCA/?chapter=98428#kapitteltekst

86 http://www.businessmirror.com.ph/fatca-terms-moved-forward-6-mos-to-q2-2016/

Reporting of both 2014 and 2015 in the second quarter of 201687

https://www.iras.gov.sg/irashome/fatca/88

http://www.sars.gov.za/Media/MediaReleases/Pages/3-April-2014---Specifications-for-the-reporting-of-information-under-FATCA,-AEOI-and-domestic-law.aspx89

South Africa: Intergovernmental Agreement With U.S. On Track SARS https://www.evernote.com/l/AQ5T1-WvR1dB-aj8plFNEs7573ps__0qffk90

http://www.sars.gov.za/Media/MediaReleases/Pages/26-March-2015---Update-on-implementation-of-FATCA-in-South-Africa.aspx91

http://www.sars.gov.za/ClientSegments/Businesses/Mod3rdParty/Pages/Automatic-Exchange-of-Information.aspx92

http://www.sars.gov.za/AllDocs/OpsDocs/Guides/LAPD-Gen-G07%20-%20Guide%20on%20US%20Foreign%20Account%20Tax%20Compliance%20Act%20FATCA%20-%20External%20Guide.pdf

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Spain 724 Yes Yes No May 31, 2015Sweden 752 Yes Yes No July 31, 2015 Thailand 764Trinidad and Tobago 780Tunisia 788Turkey 792Turkmenistan 795Turks and Caicos Islands 796

Ukraine 804United Arab Emirates 784 Yes July 30, 2015United Kingdom 826 Yes Yes No May 31, 2015Uzbekistan 860Virgin Islands (British) 092 No

(Register by June 30, 2015)

No July 31, 2015 93

93 http://www.sknvibes.com/news/newsdetails.cfm/92069

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Known IGA Model 1 Jurisdiction Reporting Deadlines:

1 May 2015

31 May 2015 26 June 2015

30 June 2015 1 July 2015 31 July 2015 15 Aug 2015

31 Aug 2015 Sep 2015

Denmark Netherlands Cayman Islands

Belgium Cyprus Australia Brazil Poland Mexico (15th)

Canada Spain Guernsey Germany Luxembourg Barbados (15th)

United Kingdom Indonesia South Korea Mauritius94 India (10th)

Finland Isle of Man Singapore Italy Malaysia (30th)

Norway (June 1) Israel Sweden

Jersey Portugal

New Zealand SwedenSouth Africa UAE (30th)

Czech Republic

BVI

Liechtenstein Gibraltar

Romania

Ireland

France

Malta

As a result of US IRS Notice 2015-66 60 in IGA Model 1 Countries, the deadline for reporting on FY2014 can be extended up to September 2016. (Each Model 1 IGA jurisdiction to confirm.)

Philippines:o http://www.businessmirror.com.ph/fatca-terms-moved-forward-6-mos-to-q2-2016/ o The Philippines have extended their 2014 reporting deadline to the second quarter of 2016. In 2016,

both 2015 and 2014 will be reported. Croatia:

o The Croatian tax authority announced September 10 that it would not implement reporting provisions of the intergovernmental agreement it signed with the United States by the September 30 deadline in the IGA but that Croatia would not be subject to the withholding tax.

o Croatia will postpone implementation of the IGA until no later than September 30, 2016, according to a three-sentence statement from the tax authority.

Belgium:o FATCA reporting for 2014 must be completed before the 10th day following the publication of the

Belgian FATCA law in the Belgian official gazette. Currently, the law has not been enacted, but it is anticipated that the law allowing for implementation of the FATCA regime will be passed in Belgium before the end of 2015.

94 The Mauritius Revenue Authority is accepting late FATCA reporting, up to 30 September 2015, with no penalties to apply. However, late FATCA reporting will be accepted on a case-by-case basis. A notification needs to be sent to the tax authority, providing the reason for the late reporting.

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NIL RETURNS

Nil returns are not generally required except from Direct Reporting NFFEs.

The US IRS in its FATCA IDES Technical FAQs95 specifically in C19 addresses this issue directly:

C19. Which users are required to submit a Nil report?  What is the procedure for submission of these reports? 

Only Direct Reporting Non-Financial Foreign Entities (NFFEs) are required to submit nil reports. For all other entities, submission of nil reports is not mandatory and submission of these reports is optional. While nil reporting might not be required by the IRS, it might be required by the local jurisdiction. Please check with your local tax administration. Nil reports that are submitted must provide Reporting FI information. The report contains Reporting Group, but it does not contain any account reports or pooled reports. Reporting group can be empty or can contain Sponsor or Intermediary information.

However, there are exceptions, for example, Nil reporting is required in Ireland and Singapore .

There are also exceptions I jurisdictions that do not require nil reports.

For example, in the UK96:

“Where a UK financial institution is in a nil return position through applying the de minimis $50,000 or $250,000 threshold on pre-existing accounts, it will still be necessary to submit a return in order to make the election.”

95 http://www.irs.gov/Businesses/Corporations/FATCA-IDES-Technical-FAQs#C19

96 https://www.gov.uk/government/news/updates-to-fatca-reporting-requirements

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XML Schemas

XML Schemas vary by each Model 1 IGA Country. For example, the US IRS Schema has 66 Data Elements, the UK Schema has 68 data elements, 39 of which are unique to the UK’s HMRC. Even where a Data Elements have the same name across data Schemas, they often have a different definition. One size does not fit all (far from it).

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What gets reported:

Hint: CRS reporting begins in 2017 (on 2016) – notice the similarities between what gets reported for FATCA in 2017 and what gets reported for the CRS.

2014:

What:

1. Account holder’s name  For passive non-financial foreign entity, the name(s) of any substantial U.S.

owners2. Account holder’s U.S. taxpayer identification number (TIN)  For passive non-financial foreign entity, only the TIN(s) of any substantial U.S.

owner(s)3. Account holder’s address  For passive non-financial foreign entity, only the address(es) of substantial U.S.

owner(s)4. Account number5. Account balance or value6. For accounts held by recalcitrant/non-consenting account holders: report

aggregate number and balance or value.

When:

Model 2 IGA and Non IGA: June 29, 2015Model 1 IGA:

Generally: June 30, 2015 (See page 35) Host Country Tax Authority (HCTA) then forward to US IRS by September 30, 2015

Note: as a result of US IRS Notice 2015-66 60 in IGA Model 1 Countries, the deadline for reporting on FY2014 could be extended up to September 2016. (Each Model 1 IGA jurisdiction to confirm.)

How:

Model 2 IGA and Non IGA: IDES/XML (See Appendix 11, Page 124)Model 1 IGA: HCTA format/XML and then HCTA transmit to IRS using IDES /AML

2015:

What: 1-6 above + plus:

7. Income paid (except certain gross proceeds from the sale or redemption of property)

When: May 31, June 30 (as above) 2016

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2016:

FATCA:

What: 1-7 above + plus:

8. Gross proceeds paid to custodial accounts

When: May 31, June 30 (as above) 2017

CRS (Early adopters – Page Error: Reference source not found):

To quote directly from Section 1 of the CRS:

A) Subject to paragraphs C through F, each Reporting Financial Institution must report the following information with respect to each Reportable Account of such Reporting Financial Institution:

1. The name, address, Jurisdiction(s) of residence, TIN(s) and date and place of birth (in the case of an individual) of each Reportable Person that is an Account Holder of the account and, in the case of any Entity that is an Account Holder and that, after application of the due diligence procedures consistent with Sections V, VI and VII, is identified as having one or more Controlling Persons that is a Reportable Person, the name, address, Jurisdiction(s) of residence and TIN(s) of the Entity and the name, address, Jurisdiction(s) of residence, TIN(s) and date and place of birth of each Reportable Person;

2. The account number (or functional equivalent in the absence of an account number);

3. The name and identifying number (if any) of the Reporting Financial Institution;

4. The account balance or value (including, in the case of a Cash Value Insurance Contract or Annuity Contract, the Cash Value or surrender value) as of the end of the relevant calendar year or other appropriate reporting period or, if the account was closed during such year or period, the closure of the account

5. In the case of any Custodial Account:

a. The total gross amount of interest, the total gross amount of dividends, and the total gross amount of other income generated with respect to the assets held in the account, in each case paid or credited to the account (or with respect to the account) during the calendar year or other appropriate reporting period; and

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b. The total gross proceeds from the sale or redemption of Financial Assets paid or credited to the account during the calendar year or other appropriate reporting period with respect to which the Reporting Financial Institution acted as a custodian, broker, nominee, or otherwise as an agent for the Account Holder;

6. In the case of any Depository Account, the total gross amount of interest paid or credited to the account during the calendar year or other appropriate reporting period; and

7. In the case of any account not described in subparagraph A(5) or (6), the total gross amount paid or credited to the Account Holder with respect to the account during the calendar year or other appropriate reporting period with respect to which the Reporting Financial Institution is the obligor or debtor, including the aggregate amount of any redemption payments made to the Account Holder during the calendar year or other appropriate reporting period.

B) The information reported must identify the currency in which each amount is denominated.

C) Notwithstanding subparagraph A(1), with respect to each Reportable Account that is a Pre-existing Account, the TIN(s) or date of birth is not required to be reported if such TIN(s) or date of birth is not in the records of the Reporting Financial Institution and is not otherwise required to be collected by such Reporting Financial Institution under domestic law. However, a Reporting Financial Institution is required to use reasonable efforts to obtain the TIN(s) and date of birth with respect to Pre-existing Accounts by the end of the second calendar year following the year in which such Accounts were identified as Reportable Accounts.

D) Notwithstanding subparagraph A(1), the TIN is not required to be reported if

(i) a TIN is not issued by the relevant Reportable Jurisdiction or(ii) the domestic law of the relevant Reportable Jurisdiction does not require the

collection of the TIN issued by such Reportable Jurisdiction.

E) Notwithstanding subparagraph A(1), the place of birth is not required to be reported unless the Reporting Financial Institution is otherwise required to obtain and report it under domestic law and it is available in the electronically searchable data maintained by the Reporting Financial Institution.

F) Notwithstanding paragraph A, the information to be reported with respect to [xxxx] is the information described in such paragraph, except for gross proceeds described in subparagraph A(5)(b).

How: In all likelihood IDES and XML (See Appendix 11, Page 124)

When: September 2017

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CRS Reporting:

Reporting Year

In Respect Of Information to be Reported (for each reportable account holder)

Reporting Due Date

201 6 Each Reportable Person account holder

and

Each Controlling Person of a Passive NFE account holder who is tax resident in a Reportable Jurisdiction

Name Address Country/Countries of Tax

Residence Tax Identification Number

(TIN)97 in each country of tax residence

Date of birth98

Place of birth99

Account number or functional equivalent

Account balance or value

Reporting due dates vary by jurisdiction where the FI operates and are prescribed by local country legislation implementing CRS.

Early Adopter Countries have committed to the first exchange of reportable financial account holder information for CRS purposes with respect to calendar year 2016 no later than September 30th, 2017.

Custodial accounts Total gross interest paid or credited to the account in 2016

Total gross dividends paid or credited to the account in 2016

Total gross other income paid or credited to the account in 2016

Total gross proceeds from the sale or redemption of property paid or credited to the account in 2016

Depository accounts Total gross interest paid or credited to the account in 2016

All other financial accounts

Total gross amount paid or credited to the account, including the aggregate amount of any redemption payments made to the account holder during the calendar year

Conclusion:

There are a few additional fields required for CRS compliance, over and above FATCA/IGA Compliance:

97 A TIN is a unique identification number issued by a local country tax authority to its tax residents. 98 Date of birth is generally only reportable for a pre-existing financial account holder when an FI does not have a TIN in its records for the account holder’s country of tax residence and has a date of birth for the individual account holder in its records. Some jurisdictions may prohibit reporting information such as date of birth as a result of local country privacy laws preventing the reporting of such information.99 Place of birth is not required to be reported unless (1) the reporting FI is otherwise required to obtain and report it under domestic law and (2) it is available in the electronically searchable data maintained by the reporting FI.

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i. Individuals: Place of birth. (However, the place of birth is not required to be reported unless the Reporting Financial Institution is otherwise required to obtain and report it under domestic law. Place of Birth, in this context, means Country of Birth and should, ideally be mapped to an ISO 3166 code100. However, mapping to an ISO 3166, in this context, is not a regulatory requirement.)

ii. Individuals and Entities: Tax Residences (Multiple), TIN or a valid reason a TIN is not provided. A TIN is not required where:

o a TIN is not issued by the relevant Reportable Jurisdiction oro the domestic law of the relevant Reportable Jurisdiction does not

require the collection of the TIN issued by such Reportable Jurisdiction.

iii. Entities: Place of Incorporation Place of Organization AEI Status (AEI Status is not always going to be the same as FATCA Status)

The US W8 series, in their current form, do not provide for CRS compliance:

The W8 BEN 101 does not capture the place of birth. In most IGA Countries, determining whether a Passive NFFE is Reportable

depends on identifying Controlling Persons102 (CP), rather than identifying US Beneficial Owners (USBO). The W8 series, for Passive NFFEs, identifies USBO, rather than CP.

CRS compliance requires, for entities, thiero Place of Incorporation, ando Place of Organization

The W8 series do not capture multiple tax residences

(Although not an issue directly pertaining to “US FATCA” or closely associated regulations, it would also be logical to include the LEI (Legal Entity Identifier) for Entities in order to facilitate compliance with some other regulations including Dodd-Frank and EMIR.)

With the CRS so widely adopted and with the CRS being based on the Model 1 IGA, it is likely that some Model 2 Jurisdictions may migrate to a Model 1. Switzerland is an example103 of this migration. IGA Model 2 Jurisdictions report to the IRS. It is likely, that for CRS, each FI will report to its own HCTA. Under a Model 2 scenario, a Jurisdiction would report to the IRS for FATCA and its own HCTA for CRS. This duplication may be one motivation to migrate from a Model 2 to a Model 1 IGA.

The US W8 series, in their current form, do not provide for CRS compliance:104

100 http://data.okfn.org/data/core/country-list

101 http://www.irs.gov/pub/irs-pdf/fw8ben.pdf

102 http://www.henkjanvanderklis.nl/2013/09/fatca-means-business-how-to-recognize-a-controlling-person/

103 https://www.news.admin.ch/message/index.html?lang=en&msg-id=54768

104 https://www.youtube.com/watch?v=dPDnafkbBss

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1. The W8 BEN does not capture the place of birth.2. In most IGA Countries, determining whether a Passive NFFE is Reportable depends

on identifying Controlling Persons (CP), rather than identifying US Beneficial Owners(USBO). The W8 series, for Passive NFFEs, identifies USBO, rather than CP.

3. CRS compliance requires, for entities, theira. Place of Incorporation, andb. Place of Organization

4. The W8 series do not capture multiple tax residences

De-minimis rules differ between FATCA and the CRS (see FATCA, IGA & CRS Regulatory Milestones and Dates Table above).

While there are differences between FATCA under an IGA, and the CRS, they are so similar, that to comply with the CRS, one only need to go a little further than IGA compliance. Navigating these differences now might well prove the difference between a small additional expense to comply with the CRS, over and above FATCA, or having huge additional expense on complying with the CRS.

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SIX THINGS YOU ARE NOT BEING TOLD ABOUT FATCA, THE IGAS AND THE CRS

1. FFIs in Model 1 IGA Countries (which is 98 of 112 Countries under an IGA for FATCA purposes) are under no regulatory requirement for a Responsible Officer to take on personal liability for FATCA compliance. Nor do FFIs under an IGA Model 1 have to make attestations concerning FATCA CDD to the IRS, or indeed, their own Host Country Tax Authority.

2. Model 2 IGA Countries will, in all likelihood, convert to an IGA Model 1. This is because the CRS is based on a Model 1 IGA. Switzerland is an example of a country converting from a Model 2 IGA to a Model 1 IGA.

3. There is no withholding for FATCA in countries under an IGA, nor do recalcitrant accounts have to be closed.

4. It is not possible to have a Non-Participating FFI in an IGA country in 2015. This is because,

a. Under an IGA, the host country has its own timescale to bring an FFI into compliance (this ranges from 12 to 18 months) and only after these timescales have elapsed and

b. the Host Country has informed the IRS and c. the IRS has then published the names of these FFIs on a list that it has “made

available” can an FFI be Non-Participating in an IGA Country.5. Sole use the W-8 series for Self Certification guarantees non-compliance with the

CRS unless the process is repeated with forms that also capture the tax residences of the customer.

6. To comply with the CRS, if already complying with a FATCA IGA Model 1, it is necessary to capture the following:

a. Place of birth (individuals)b. Place of incorporation and place of organization (entities)c. All countries in which the account holder is a resident for tax purposes.

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SELECTION CRITERIA FOR A CRS/FATCA ADVISER

A valued and trusted CRS/FATCA adviser must offer the following:

1. Value for Money Compliance. Advice on how to comply with FATCA and the CRS without spending any more on CRS compliance than you would on FATCA compliance. You do not have to spend huge additional sums on CRS compliance.

2. Visible Compliance. It is not enough to comply with these regulations. In the current climate, you need to be able to evidence compliance. A trusted adviser will help you shape your FATCA Policy and evidence compliance. This will protect you from reputational damage and fines from the regulator.

3. Coordinated Compliance. The challenge of FATCA, the IGAs and the CRS is that collectively they form a mind-boggling array of dizzying ambiguity. A trusted adviser will be able to navigate FATCA, IGA and CRS compliance that is tailored to you own needs and the needs of your customers. This means you will have a roadmap to compliance, where you are, where you want to be and how you are going to get there.

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FATCA POLICY

A reference to FATCA Policy is not something you will find in the regulatory text of FATCA, nor the IGAs nor even the AEoI.

However, as a matter of practicality a FATCA Policy is essential.

No FATCA Programme has any chance of attaining and sustaining compliance without a FATCA Policy.

(To avoid the appearance of being inconsistent, I continue to believe that FATCA CDD is the Silver Bullet for FATCA because without getting the CDD correct the Reporting and Withholding become contaminated. The contamination manifests itself with not only withholding and reporting on tax evaders but also reporting and withholding on individuals and entities who are not tax evaders.)

A great many companies who have not yet begun to work on FATCA and have only just realized that the FATCA deadlines for on-boarding have already passed. These companies are keen to become hugely active in the onboarding space simply because the deadline has passed. The same companies do not always consider other FATCA workstreams.

Most companies who have not had a FATCA Program in place for a considerable amount of time and already begun their FATCA outreach campaign have very little chance of achieving full FATCA compliance.

The next deadline is FATCA CDD on Prima Facie FFIs by December 31, 2014. Very few will achieve this. Many more FATCA CDD deadlines are looming, and all but a few will fail to meet them in their entirety. The reasons for this are explained a length in “Outreach – FATCA’s biggest challenge”.

At the same time under the US Treasury version of FATCA (as opposed to the IGAs) the RO (Responsible Officer) is required to make attestation in 2016 as to whether the deadlines were met.

To put this another way, most companies will not meet all their FATCA deadlines and in 2016 these companies will have confessed as much to the IRS.

In Notice 2014-33, the IRS declared 2014 and 2015 transitional years for FATCA. So long as companies can evidence good faith attempts to comply with FATCA it is unlikely that the IRS will make an example of them. Importantly “good faith” must be proved by having policies and procedures in place and evidencing that those policies and procedures were complied with.

Pulling all this together we can say that deadlines will be missed, the IRS will know and being able to prove good faith is critical.

With this in mind, those FFIs who have yet to begin on FATCA (and that is a great many more than is commonly believed) would be wise to begin with the end in mind rather than

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simply busy themselves with on-boarding alone. On boarding alone will not lead to full compliance.

It is important to understand that full FATCA compliance within the regulatory deadlines is not possible for the vast majority. (I explain this out length in the outreach chapter – part of the reason the deadlines can not be met is customer inertia.)

Once an FFI realizes that full compliance is not possible then it begins to think about “lines of defence” and how to evidence attempts to comply.

Proving attempts to comply is all because no FFI wants to fall short of regulatory compliance without being able to evidence attempts to comply. In a world were full FATCA compliance is not achievable within the deadlines for the vast majority, the ability to evidence good faith attempts at compliance is what will separate those FFIs who suffer reputational damage and fines from those who do not.

Hence, a focus on onboarding at the expense of a FATCA Policy is to mistake activity for productivity. Best endeavours will not be enough; evidence of attempts to comply is all. Said differently, evidencing attempts to comply with FATCA is every bit as FATCA compliance itself. Attempting to comply will not be enough unless you can prove it.

Pivotal to FATCA is FATCA Policy. This is because FATCA is extremely complex and the combinations of FATCA and the IGAs have made FATCA ambiguous. A FATCA Policy includes the FFI’s own understanding of FATCA, what it is and what it demands.

No two organizations will have the same FATCA Policy. There is much to consider, and FATCA is interpretive.

Hence when faced with having to evidence FATCA compliance one first has to start with a document which states what the FFI believes FATCA is and how it interprets the IGAs and the overlaps (or lack thereof) between the IGAs and FATCA. Such a document also opines on the ambiguities of FATCA and forms the “in house” understanding of FATCA.

Next comes policies and procedures together with how attempts to comply with FATCA will be proven.

As a matter of practicality, a FATCA Policy is also necessary in that the lays out a set of guiding principles that should be adhered to and perhaps a dispensation procedure where a division will not be fully compliant with the Group FATCA Policy.

To illustrate with an example. Onboarding. The group policy might be to obtain a W8 or W9 before a new account is active. The Corporate Banking, Investment Banking and Wealth Divisions may all do this as a matter of course and so stick to the company policy. However, the Retail Bank may make an account active earlier and take up to 90 days to obtain a W8. The point being that the Retail Bank applies for a dispensation, the Group agrees to this and documents the same with the rationale. It should not be the case that Divisional Compliance to Group Policy is ad-hoc and undocumented.

A FATCA Policy will also protect the FFI from making inconsistent decisions say by geography, Product or Division. For example, a Group Policy will be needed to prevent it

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being easier to trade in the banks full product set simply by onboarding in one jurisdiction as opposed to another.

Here is a selection of examples of FATCA Policies that an FFI must consider. In many cases, there is not a right answer, except to say not to have a FATCA Policy is always the wrong answer.

1. Searches for US indicia for accounts with a balance of less than $1M. How thorough will the FFI be? The regulations require a search along the lines of SQL. It is possible to be far more rigorous.

2. De minimis rules. Will be FFI apply these to individuals and entities?3. Future proofing. A US indicia search for AEoI is similar to (1) above but what of a

search for other jurisdictional tax residences? The de-minimis rules (2) are not the same for AEoI. TRACE requires the year of incorporation; FATCA does not.

4. When do we determine an account as held by a Recalcitrant Account Holder or NP-FFI. For instance, when the regulatory deadline has expired? 90 days after outreach? After three attempts at outreach?

5. Will RAHs and/or NP-FFIs automatically become candidates for offboarding? If not, does that mean that the FFI is comfortable having clients would are not FATCA compliant?

6. Will the workflow be risk-based i.e. focusing on PF-FFIs in Non IGA countries because the deadline is earlier. Will the FFI consider those customers on the IRS list ‘low risk’?

7. How will the FFI communicate its own GIIN and W8?8. Will the FFI implement a unique customer reference to aid aggregation? Will that be

the GLEI, GIIN or something else?9. What countries does the FFI believe will enter into IGAs that have not already done

so? This will effect various deadlines. It will also affect the FFI itself if it is in a Non IGA Country that it believes will enter into an IGA.

10.How will the FFI document the Relationship Manager view of accounts will $1M or more?

11.How does the bank intend to evidence that it has given no advice to customers since August 2011 on how to avoid be captured by FATCA.

12.Where a customer enters “Applied for” in the space for a GIIN what will be the procedure for ensuring that GIIN is obtained and validated within six months?

13.Will the FFI use W8s or substitutes? Will it accept both?14.What is the shape of your EAG?15.Who is your Responsible Officer?16.How do we provide her with evidence of FATCA compliance?17.Who are the 5 points of contact on the FATCA portal other than the RO?18.What is the FATCA Policy on minority interests, in general, minority interest in which

the FFI is the largest shareholder and minority interests that bear the company name?

19.How will the FFI evidence GIIN validation? What of fuzzy matching where the GIIN is the same but there are minor differences with the company name?

20.Where a Passive NFFE declares no US Beneficial Ownership and/or Controlling Persons how will the FFI search for “Reason to know” / evidence to the contrary. How will the FFI respond where it finds evidence to the contrary?

21.Given that FATCA pierces the veil of incorporation does it make sense to rationalize the corporate structure or geography of some group legal entities?

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22.Product set. For example, Credit Cards are an account for FATCA where the Credit Card allows an overpayment of $50K. Might the bank want to refine the characteristics of some of its products as a result?

23.Geographies. Will the FFI conduct a country by country review to assess the viability of its business in Non IGA Countries, especially Limited FFIs (as 30% of US FDAP applies), does FATCA prove the tipping points at which those geographies are no longer strategically viable or profitable?

To illustrate the importance of a FATCA Policy and explain by getting into some detail I will use the example of “Controlling Persons” in an IGA Model 1 jurisdiction.

The exam question for the FFI is, “How does it recognize a ‘Controlling Persons’ of Passive NFFEs in its Model 1 jurisdictions?”

In Non IGA Countries and Model 2 IGAs Countries the US Treasury version of FATCA applies. The US Treasury version of FATCA states that FFIs must identify, for Passive NFFEs, the U.S. “Beneficial Ownership” of Passive NFFEs.

Model 1 IGAs do not take the same route. Instead of “Beneficial Ownership” IGA Model 1 Countries apply the pre-existing KYC/AML rules of their particular jurisdiction. Typically this means they pursue FATF rules.

What this means, in the case of Passive NFFEs in Model 1 jurisdictions is that the “Controlling Persons” must be identified rather than the “Beneficial Ownership” that would be identified under the USA Treasury version of FATCA. In IGA Model 1 Countries, the IGA trumps the US Treasury version of FATCA. Importantly, these routes could yield completely different outcomes.

The FFI needs to ask itself some of the following questions and the answers to these will feed into their FATCA Policy.

A. In Model 1 Countries are they going to apply the same “Controlling Person” threshold across each. (Some Model 1 jurisdictions set the threshold of a Controlling Person at 25%. Other countries 10% or lower. The FFI must decide whether it applies a consistent thresholds across all Model 1 jurisdictions or whether this will be bespoke.)

B. Given that the W-8 BEN E captures “US Beneficial Owners” rather than controlling persons will the FFI use a substitute W-8 BEN E in Model 1 countries to capture “Controlling Persons” when it does not already have the information as part of its KYC/AML?

C. The W-8 BEN E captures only US Beneficial Owners. Compliance with the Common Reporting Standard will require the Controlling Persons are documented whatever the tax jurisdiction(s). Therefore, the FFI must ask itself to what extent it wants to future proof. Does it wish to comply only with FATCA or does it wish to build in compliance with the CRS? Compliance with the CRS will involve capturing all the tax residences of controlling persons not simply whether they are a US Citizen for tax purposes.

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The decisions they make will determine how they use a W-8 BEN E or substitute in Model 1 Countries. To return to the example of Passive NFFEs the change made to a W-8 BEN E may look something like this:

In this example I have assumed: A. the same approach across all Model 1 Countries, namely “Controlling Persons” at

10% or more.B. Collection of all “Controlling Persons” regardless of their US Citizenship i.e. that the

FFI is looking to comply not just with FATCA but also with the CRS.

This requires changes to Parts XXVI and XXX of the W-8 BEN-E.

Another chapter captures the arguments concerning whether or not to use substitutes and how that might happen.

Conclusion

Given that full compliance is unlikely and that under the US Treasury version of FATCA (which applies to Model 2 IGAs and FFIs outside of an IGA) the RO has to make attestations to the IRS in August 2016, how will the FFI evidence good faith attempts to comply with FATCA?

FATCA is complex for a compliance strategy to emerge as a result of logical instrumentalism. Shaping a FATCA policy is no simple matter. Having a FATCA Policy will be simpler than not having a FATCA Policy.

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HYPERLINKS TO SUBSECTIONS OF THE US TREASURY FATCA TEXT

Scope of chapter 4 and definitions 1.1471-1 105

Scope of chapter 4 of the Internal Revenue Code

1.1471-1(a) 106

Definitions 1.1471-1(b)

Effective/applicability date 1.1471-1(c)

Requirement to deduct and withhold tax on withholdable payments to certain FFIs

1.1471-2

Requirement to withhold on payments to FFIs 1.1471-2(a)

Grandfathered obligations 1.1471-2(b)

Effective/applicability date 1.1471-2(c)

Identification of payee 1.1471-3

Payee defined 1.1471-3(a)

Determination of payee’s status 1.1471-3(b)

105 http://www.law.cornell.edu/cfr/text/26/1.1471-1

106 http://www.law.cornell.edu/cfr/text/26/1.1471-1#a

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Rules for reliably associating a payment with a withholding certificate or other appropriate documentation

1.1471-3(c)

Documentation requirements to establish payee’s chapter 4 status

1.1471-3(d)

Standards of knowledge 1.1471-3(e)

Presumptions regarding chapter 4 status of the person receiving the payment in the absence of documentation

1.1471-3(f)

Effective/applicability date 1.1471-3(g)

Expiration date 1.1471-3(h)

FFI agreement 1.1471-4

In general 1.1471-4(a)

Withholding requirements 1.1471-4(b)

Due diligence for the identification and documentation of account holders and payees

1.1471-4(c)

Account reporting 1.1471-4(d)

Expanded affiliated group requirements 1.1471-4(e)

Verification 1.1471-4(f)

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Event of default 1.1471-4(g)

Collective credit or refund procedures for overpayments

1.1471-4(h)

Legal prohibitions on reporting US accounts and withholding

1.1471-4(i)

Effective/applicability date 1.1471-4(j)

Definitions applicable to section 1471

1.1471-5

US accounts 1.1471-5(a)

Financial accounts 1.1471-5(b)

US owned foreign entity 1.1471-5(c)

Definition of FFI 1.1471-5(d)

Definition of financial institution 1.1471-5(e)

Deemed-compliant FFIs 1.1471-5(f)

Recalcitrant account holders 1.1471-5(g)

Passthru payment 1.1471-5(h)

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Expanded affiliated group – Scope of paragraph 1.1471-5(i)

Sponsoring entity verification 1.1471-5(j)

Sponsoring entity event of default 1.1471-5(k)

Effective/applicability date 1.1471-5(l)

Expiration date 1.1471-5(m)

Payments beneficially owned by exempt beneficial owners

1.1471-6

In general 1.1471-6(a)

Any foreign government, any political subdivision of a foreign government, or any wholly owned agency or instrumentality of any one or more of the foregoing

1.1471-6(b)

Any international organization or any wholly owned agency or instrumentality thereof

1.1471-6(c)

Foreign central bank of issue 1.1471-6(d)

Governments of US territories 1.1471-6(e)

Certain retirement funds 1.1471-6(f)

Entities wholly owned by exempt beneficial owners

1.1471-6(g)

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Exception for commercial activities 1.1471-6(h)

Effective/applicability date 1.1471-6(i)

Withholding on NFFEs 1.1472-1

In general 1.1472-1(a)

Withholdable payments made to an NFFE 1.1472-1(b)

Exceptions 1.1472-1(c)

Rules for determining payee and beneficial owner

1.1472-1(d)

Information reporting requirements 1.1472-1(e)

[Reserved] 1.1472-1T(f)

[Reserved] 1.1472-1T(g)

Effective/applicability date 1.1472-1(h)

Expiration date 1.1472-1(i)

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Section 1473 definitions 1.1473-1

Definition of withholdable payment 1.1473-1(a)

Substantial US owner 1.1473-1(b)

Specified US person 1.1473-1(c)

Withholding agent 1.1473-1(d)

Foreign entity 1.1473-1(e)

Effective/applicability date 1.1473-1(f)

Liability for withheld tax and withholding agent reporting

1.1474-1

Payment and returns of tax withheld 1.1474-1(a)

Payment of withheld tax 1.1474-1(b)

Income tax return 1.1474-1(c)

Information returns for payment reporting 1.1474-1(d)

Magnetic media reporting 1.1474-1(e)

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Indemnification of withholding agent 1.1474-1(f)

Extensions of time to file Forms 1042 and 1042-S

1.1474-1(g)

Penalties 1.1474-1(h)

Additional reporting requirements with respect to US owned foreign entities and owner-documented FFIs

1.1474-1(i)

Effective/applicability date 1.1474-1(j)

Adjustments for over withholding or under withholding of tax

1.1474-2

Adjustments of over withheld tax 1.1474-2(a)

Withholding of additional tax when under withholding occurs

1.1474-2(b)

Effective/applicability date 1.1474-2(c)

Withheld tax as credit to beneficial owner of income

1.1474-3

Creditable tax 1.1474-3(a)

Amounts paid to persons that are not the beneficial owners

1.1474-3(b)

Effective/applicability date 1.1474-3(c)

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Tax paid only once 1.1474-4

Tax paid 1.1474-4(a)

Effective/applicability date 1.1474-4(b)

Refunds or credits 1.1474-5

Refund and credit 1.1474-5(a)

Tax repaid to payee 1.1474-5(b)

Effective/applicability date 1.1474-5(c)

Coordination of chapter 4 with other withholding provisions

1.1474-6

In general 1.1474-6(a)

Coordination of withholding for amounts subject to withholding under sections 1441, 1442, and 1443

1.1474-6(b)

Coordination with amounts subject to withholding under section 1445

1.1474-6(c)

Coordination with section 1446 1.1474-6(d)

Example Chapter 4 withholding satisfies chapter 3 withholding obligation

1.1474-6(e)

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[Reserved] 1.1474-6T(f)

Effective/applicability date 1.1474-6(g)

Confidentiality of information 1.1474-7

Confidentiality of information 1.1474-7(a)

Exception for disclosure of participating FFIs 1.1474-7(b)

Effective/applicability date 1.1474-7(c)

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HOW TO LOOK UP ANY § OF FATCA IN SECONDS

• If you click on, say, 1.1471-1 the hyperlink takes you to: http://www.law.cornell.edu/cfr/text/26/1.1471-1

• If you click on say 1.1471-1(a)  you go to the same URL but your web browser searches for and takes you to subsection (a).

• You can go still further. For example, let us say you want to go 1471-1(b)(46)(ii), you would use this link 1.1471-1(b)

• this would take you to:• http://www.law.cornell.edu/cfr/text/26/1.1471-1#b • Note that your web browser will already look for subsection (b)• To drill down on subsection (46)(ii) simply add “_46_ii”• Hence http://www.law.cornell.edu/cfr/text/26/1.1471-1#b• becomes http://www.law.cornell.edu/cfr/text/26/1.1471-1#b_46_ii

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APPENDIX 1: FINANCIAL ACCOUNTS EXCLUDED, IN IGA JURISDICTIONS, FROM FATCA BY ANNEX II OF AN IGA (AS AT SEPTEMBER 10, 2015)

Below is a list of 134 Excluded Financial Accounts listed by at least one IGA (Annex II).

Excluded accounts in one IGA jurisdiction are excluded accounts in all IGA jurisdictions under the “favoured nation” status of those who sign an IGA i.e. where more favourable terms are agreed in an IGA those more favourable terms also apply to earlier FATCA IGAs.

Further, the IGA explicitly exclude Partner Jurisdiction accounts:

Partner Jurisdiction Accounts. An account maintained in [this particular jurisdiction] and excluded from the definition of Financial Account under an agreement between the United States and another Partner Jurisdiction to facilitate the implementation of FATCA, provided that such account is subject to the same requirements and oversight under the laws of such other Partner Jurisdiction as if such account were established in that Partner Jurisdiction and maintained by a Partner Jurisdiction Financial Institution in that Partner Jurisdiction.

The CRS will also have Excluded Accounts. The CRS Handbook, page 21, refers to these as “Jurisdiction-specific low risk institutions and accounts” and comments:

A starting point for jurisdictions when considering what to identify as low risk are the institutions and accounts found in Annex II of the FATCA IGAs. However, jurisdictions must take into account that during the process of developing the Standard, it was decided that several of the categories inAnnex II to the Model FATCA IGA were either not appropriate or not desirable in the context of the Standard and they were therefore not included.

Excluded Financial Accounts:

A Course of Life Account (Including A Levenslooprekening, Levensloopverzekering and A Levenslooprecht Van Deelneming) Concluded and Maintained Prior to January 1, 2012.

A Kapitaalverzekering Eigen Woning (Endowment Insurance Connected With the Mortgage on the Owner-Occupied Home, As Described in Article 3.116 Income Tax Act 2001), A Spaarrecht Eigen Woning, A beleggingsrecht Eigen Woning (the Bank and Investment Equivalent of the Kapitaalverzekering Eigen Woning, As Described in Article 3.116A Income Tax Act 2001) and A Bouwdepot (Building Account)A Prsa Contract in Respect of A Prsa Product, Approved by the Revenue Commissioners Under Chapter 2A of Part 30 of the Taxes Consolidation Act 1997

A Retirement benefit Scheme, Within the Meaning of Section 771 of the Taxes Consolidation Act 1997, Approved by the Revenue Commissioners For the Purposes of Chapter 1 of Part 30 of That Act.

A Stamrecht (Tax-Favored annuity For Severance benefits, As Described in Paragraph 1(G) of Article 11 and Article 11A of the Wage Tax Act 1964)A Supplementary Pension Insurance AccountA Supplementary Pension Savings AccountAccords de ParticipationAccount Held by an EstateAccounts Held by Mutualidades de Previsión SocialAccounts Held by Pension Plans Described in Section I.C.Accounts of Condominium Owners AssociationsAccounts or Products Under Qualified Employee or Executive Stock Option Plans which Conform to Article 29-2 or 29-3 of the Act on Special Measures Concerning Taxation of Japan

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Agriinvest AccountsAll Products offering Retirement benefits Under the Wage Tax Act 1964 (Wet Op de Loonbelasting 1964) or the Wage Tax Act beS (Wet Loonbelasting beS)

All Products That are Deductible in the Contribution Phase and Taxable in the Distribution Phase That are Covered by Articles 3.124, 3.125 and 3.126A of the Income Tax Act 2001 (Wet Inkomstenbelasting 2001) or Paragraphs 1(A) and 1(E) of Article 16 of the Income Tax Act beS (Wet Inkomstenbelasting beS)

An Alimony annuity, As Provided by Article 6.5 and Article 6.6 of the Income Tax Act 2001 (Wet Inkomstenbelasting 2001)An annuity Contract or A Trust Scheme or Part of A Trust Scheme Approved by the Revenue Commissioners Under Chapter 2 of Part 30 of the Taxes Consolidation Act 1997

An Approved Retirement Fund or an Approved Minimum Retirement Fund Provided for under a Retirement benefit Scheme, an annuity Contract or a PRSA as Approved Under Chapters 1, 2 or 2A of Part 30 of the Taxes Consolidation Act 1997An Interest in a Trust Established in Accordance With Section 15S(1)(c) of the Tax Administration Act 1994 by A Tax Pooling Intermediary For the Purposes of Administering a “Tax Pooling Account” As Defined in Section Rp 17B of the Income Tax Act 2007Annuity Contracts which Substantiate Commitments on Pensions Under First Additional Provision of the Amended Text of the Law on Pension Funds and Pension Schemes (Legislative Royal Decree 1/2002 of 29Th November), Provided That the benefit Amount Is Established Pursuant to A Collective Bargaining Agreement between Employers and the Representatives of A Trade Union or Set Out by LawAny Account Owned by an Entity Identified in Paragraph I of This annex IIany Funeral Insurance Policy With A Premium of € 1,000 Per Year or LessArrangements Under Section 1 of the Employers’ Retirement benefit Law (betriebsrentengesetz)Arrangements Under the Law on Private Pension Plan Contracts Certification (Altersvorsorgeverträge-Zertifizierungsgesetz), Provided That Contributions to Such Arrangement Do Not Exceed Fifty Thousand Euro (€50,000) in any Year. Central Provident Fund Investment AccountsCertain Employer-Funded Individual Study Provident Fund AccountsCertain Other Individual Study Provident Fund AccountsCertain Provident Fund AccountsCertain Retirement Accounts or Products Certain Term Life Insurance ContractsChild Development AccountsChild Trust FundsChildren'S Savings Accounts (Børneopsparingskonti)Children’s Bonus BondsCompany Share Option PlansComplying Superannuation/FHSA Life Insurance PolicyCompte Courant BloquéCompulsory annuitiesContracts With A Housing Savings Institution Under the Home Savings and Loan Associations Act (Gesetz Uber Bausparkassen), Provided That the annual Amount Saved Is Not in Excess of Fifty Thousand Euro (€50,000).

Corporate Pension Insurance, Contributory Group annuity Insurance, Group Endow-Ment Insurance, Group Whole Life InsuranceDeferred Profit Sharing Plans (DPSPs)Education Savings Accounts (Uddannelseskonti)Eligible Funeral ArrangementsEmployee benefit Savings Insurance, Employee benefit Savings Trusts, Employee Fund Savings Insurance, and Employee Fund Savings Trusts

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Employee or Executive Stock Ownership Plans Established in Japan Pursuant to Article 1-3-3 (5) of the order For Enforcement of Financial Instruments and Exchange Law

Employee Retirement benefit TrustsEmployee Retirement Savings Accounts, Employee Housing Savings Accounts, and Employee Savings Accounts, Established Under the Act For Promotion of Worker'S Property Accumulation

Employee Share Ownership Trusts Approved by the Revenue Commissioners Under Chapter 2, Part 17 and Schedule 12 Taxes Consolidation Act 1997

Employee Share Purchase SchemeEmployee Share SchemeEmployee Share TrustEmployee Stock Ownership Plan TrustsEmployees’ Stock Ownership TrustsEscrow AccountsExempt Life Insurance PolicyFHSA Fixed Interest Savings CertificatesFuneral PolicyGroup annuities Covered by Section 5-41 of the Norwegian Tax ActHome Savings Bank AccountsIndex Linked Savings CertificatesIndividual Retirement AccountsIndividual Savings Account (“Isa Accounts”) As Defined in Article 37-14(5)1 of the Special Tax Measurement LawIndividual Savings Accounts (ISAs)Insurance Premiums For RetirementJunior ISAsLiving annuitiesLivret A and Livret BleuLivret D’Epargne PopulaireLivret de Développement DurableLivret JeuneMandatory Savings Administered by Retirement Funds Administrators (AFORES)Membership of the Whai Rawa Approved Retirement Savings Scheme Operated by Te Rūnanga O Ngāi TahuNational Bank of Romania (NBR) certified and supervised productsNon-Retirement Savings AccountsOccupational Group Insurance Contracts Due to Sections 18F Thru 18J of the Austrian Insurance Supervisory ActOld-age Pension Savings Account (Slovakia)Pension InsurancePension Plans Covered by Chapter 1 of the Danish Pension Tax Act (Pensionsbeskatningsloven)Pension Schemes Registered With HMRC Under Part 4 of the Finance Act 2004 and Pension Arrangements where the annual Contributions are Limited to £50,000 and Funds Contributed Cannot be Accessed before the Age of 55 Except in Circumstances of Serious Ill HealthPlan D’Épargne D’Entreprise / PEE and Plan D’Épargne Interentreprises / PEIPlan D’Epargne Logement and Compte D’Epargne LogementPlan D’Épargne Populaire / PEPPlan D’Épargne Pour La Retraite Collectif / PERCO and Plan D’Épargne Pour La Retraite Collectif Interentreprises / PERCOIPlan Individual de Ahorro Sistemático

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Planes de Previsión AseguradosPlanes de Previsión Social EmpresarialPooled Registered Pension Plans (PRPPs)Premium BondsProfit Sharing Schemes Approved by the Revenue Commissioners Under Chapter 1, Part 17 and Schedule 11 Taxes Consolidation Act 1997Property Savings Accounts (Boligopsparingskonti)Property Savings Accounts For Young People (Boligsparing For Ungdom)Property Savings Contacts (Boligsparekontrakter)Registered Disability Savings Plans (RDSPs)Registered Education Savings Plans (RESPs)Registered Pension Plans (RPPs)Registered Retirement Income Funds (RRIFs)Registered Retirement Savings Plans (RRSPs)Representative Body of Condominium Owners AccountReserve Fund Accounts. A Reserve Fund Account Under the Law of Property Code and the Housing Act Maintained in Slovenia.Restricted Pension Plan Insurances (Pillar 3A) According to Article 1 Paragraph 1 of the Federal ordinance on the Tax Deductibility of Contributions to Restricted Pension Plans (BVV 3)

Retirement AccountRetirement Accounts or Products Held by one or More Exempt beneficial OwnersRetirement and Pension AccountRetirement Savings AccountSave As You Earn Share Option SchemesSave As You Earn Share Option Schemes Approved by the Revenue Commissioners Under Chapter 3, Part 17 and Schedule 12A Taxes Consolidation Act 1997

Scholarship PlanSeguros de DependenciaSelf Pension Savings Account (Selvpensioneringskonti)Severance accounts administered by Colombian Severance Fund AdministratorsShare Appreciation Rights SchemeShare Award SchemeShare Incentive PlansShare Option SchemeShareholder’S Register For Nominal Shares As Required by the belgian Company Code Under Article 357 and 463Specified Accounts Based on the Act on Transfer of Bonds, Stocks, EtcStock Ownership Plans Established For the benefit of Significant Business Partners Es-Tablished in Japan Pursuant to Article 1-3-3 (6) of the order For Enforcement of Fi-Nancial Instruments and Exchange Law

Stock-Options As Referred Under the belgian Plan For Employment Act of March 26, 1999Stock-Remuneration Plans Qualifying Under the belgian Law of May 22, 2001Supplementary Pension Saving Account (Slovakia)Tax Exempt Savings PlansTax Favorable Pension Schemes (and Paid-Up Policies or Pension Assets Certificates) Covered by Section 6-45 of the Norwegian Tax ActTax Favored Private Life InsuranceTax-Free Savings Accounts (TFSAs)Term Life InsuranceThose Irish Approved Pension Schemes or Contracts Under Part 30 of the Taxes Consolidation Act 1997 or

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Approved Retirement Funds or Approved Minimum Retirement Funds That are Excluded From the Definition of Financial Account Pursuant to Article 1(S)(3)Those That are UK Registered Pension ArrangementsTrusts which are Legally Required to be Established For Segregation of Funds From the Settlors’ Own Property For the Purpose of Keeping the Funds For Repayment in Case of the Settlors’ Bankruptcy

Vested benefits Insurances According to Article 10 Paragraph 2 of the Federal Vested benefits ordinance (FZV)Voluntary accounts administered by Colombian Pension Fund AdministratorsVoluntary and Complementary Savings Administered by Retirement Funds Administrators (AFORES)Workers’ Committee Account

Here is a breakdown of IGA Annex II excluded accounts by jurisdiction:

AustraliaAccount Held by an EstateCertain Term Life Insurance ContractsComplying Superannuation/FHSA Life Insurance PolicyEmployee Share SchemeEmployee Share TrustEscrow AccountsExempt Life Insurance PolicyFHSA Funeral PolicyNon-Retirement Savings AccountsRetirement Savings AccountScholarship Plan

AustriaAccount Held by an EstateAccounts of Condominium Owners AssociationsCertain Term Life Insurance ContractsEscrow AccountsNon-Retirement Savings AccountsOccupational Group Insurance Contracts Due to Sections 18F Thru 18J of the Austrian Insurance Supervisory ActRetirement and Pension Account

BahamasAccount Held by an EstateCertain Term Life Insurance ContractsEscrow AccountsNon-Retirement Savings AccountsRetirement and Pension Account

BarbadosAccount Held by an EstateCertain Term Life Insurance ContractsEscrow AccountsNon-Retirement Savings AccountsRetirement and Pension Account

BelarusAccount Held by an Estate

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Certain Term Life Insurance ContractsEscrow AccountsNon-Retirement Savings AccountsRetirement and Pension Account

BelgiumAccount Held by an EstateCertain Term Life Insurance ContractsEscrow AccountsNon-Retirement Savings AccountsRetirement and Pension Account

Shareholder’S Register For Nominal Shares As Required by the belgian Company Code Under Article 357 and 463

Stock-Options As Referred Under the belgian Plan For Employment Act of March 26, 1999Stock-Remuneration Plans Qualifying Under the belgian Law of May 22, 2001

BermudaAccount Held by an EstateCertain Term Life Insurance ContractsEscrow AccountsNon-Retirement Savings AccountsRetirement and Pension Account

BrazilAccount Held by an EstateCertain Term Life Insurance ContractsEscrow AccountsNon-Retirement Savings AccountsRetirement and Pension Account

BulgariaAccount Held by an EstateCertain Term Life Insurance ContractsEscrow AccountsNon-Retirement Savings AccountsRetirement and Pension Account

CanadaAgriinvest AccountsDeferred Profit Sharing Plans (DPSPs)Eligible Funeral ArrangementsEscrow AccountsPooled Registered Pension Plans (PRPPs)Registered Disability Savings Plans (RDSPs)Registered Education Savings Plans (RESPs)Registered Pension Plans (RPPs)Registered Retirement Income Funds (RRIFs)Registered Retirement Savings Plans (RRSPs)Tax-Free Savings Accounts (TFSAs)

Cayman IslandsAccount Held by an EstateCertain Term Life Insurance Contracts

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Escrow AccountsNon-Retirement Savings AccountsRetirement and Pension Account

ChileAccount Held by an EstateCertain Term Life Insurance ContractsEscrow AccountsNon-Retirement Savings AccountsRetirement and Pension Account

ColombiaAccount Held by an EstateCertain Term Life Insurance ContractsEscrow AccountsNon-Retirement Savings AccountsRetirement and Pension AccountSeverance accounts administered by Colombian Severance Fund AdministratorsVoluntary accounts administered by Colombian Pension Fund Administrators

Costa RicaAccount Held by an EstateCertain Term Life Insurance ContractsEscrow AccountsNon-Retirement Savings AccountsRetirement and Pension Account

CroatiaAccount Held by an EstateCertain Term Life Insurance ContractsEscrow AccountsHome Savings Bank AccountsNon-Retirement Savings AccountsRetirement and Pension Account

CuracaoAccount Held by an EstateCertain Term Life Insurance ContractsEscrow AccountsNon-Retirement Savings AccountsRetirement and Pension Account

CuracoaAccount Held by an EstateCertain Term Life Insurance ContractsEscrow AccountsNon-Retirement Savings AccountsRetirement and Pension Account

CyprusAccount Held by an EstateCertain Term Life Insurance ContractsEscrow AccountsNon-Retirement Savings Accounts

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Retirement and Pension AccountCzech Republic

A Supplementary Pension Insurance AccountA Supplementary Pension Savings AccountAccount Held by an EstateEscrow AccountsNon-Retirement Savings AccountsPension InsuranceRetirement Savings AccountTax Favored Private Life InsuranceTerm Life Insurance

DenmarkChildren'S Savings Accounts (Børneopsparingskonti)Education Savings Accounts (Uddannelseskonti)Pension Plans Covered by Chapter 1 of the Danish Pension Tax Act (Pensionsbeskatningsloven)Property Savings Accounts (Boligopsparingskonti)Property Savings Contacts (Boligsparekontrakter)Self Pension Savings Account (Selvpensioneringskonti)

EstoniaAccount Held by an EstateCertain Term Life Insurance ContractsEscrow AccountsNon-Retirement Savings AccountsRetirement and Pension Account

FinlandAccount Held by an EstateCertain Term Life Insurance ContractsEscrow AccountsNon-Retirement Savings AccountsRetirement and Pension Account

FranceAccords de ParticipationCertain Retirement Accounts or Products Compte Courant BloquéLivret A and Livret BleuLivret D’Epargne PopulaireLivret de Développement DurableLivret JeunePlan D’Épargne D’Entreprise / PEE and Plan D’Épargne Interentreprises / PEIPlan D’Epargne Logement and Compte D’Epargne LogementPlan D’Épargne Populaire / PEP

Plan D’Épargne Pour La Retraite Collectif / PERCO and Plan D’Épargne Pour La Retraite Collectif Interentreprises / PERCOIGeorgia

Account Held by an EstateCertain Term Life Insurance ContractsEscrow Accounts

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Non-Retirement Savings AccountsRetirement and Pension Account

Germany

Arrangements Under Section 1 of the Employers’ Retirement benefit Law (betriebsrentengesetz)Arrangements Under the Law on Private Pension Plan Contracts Certification (Altersvorsorgeverträge-

Zertifizierungsgesetz), Provided That Contributions to Such Arrangement Do Not Exceed Fifty Thousand Euro (€50,000) in any Year.

Contracts With A Housing Savings Institution Under the Home Savings and Loan Associations Act (Gesetz Uber Bausparkassen), Provided That the annual Amount Saved Is Not in Excess of Fifty Thousand Euro (€50,000).

Escrow AccountsGibraltar

Account Held by an EstateCertain Term Life Insurance ContractsEscrow AccountsNon-Retirement Savings AccountsRetirement and Pension Account

GuernseyAccount Held by an EstateCertain Term Life Insurance ContractsEscrow AccountsNon-Retirement Savings AccountsRetirement and Pension Account

Holy See (Vatican City State)Account Held by an EstateCertain Term Life Insurance ContractsEscrow AccountsNon-Retirement Savings AccountsRetirement and Pension Account

HondurasAccount Held by an EstateCertain Term Life Insurance ContractsEscrow AccountsNon-Retirement Savings AccountsRetirement and Pension Account

Hong KongAccount Held by an EstateCertain Term Life Insurance ContractsEmployee Share Purchase SchemeEscrow AccountsNon-Retirement Savings AccountsRetirement and Pension AccountShare Appreciation Rights SchemeShare Award SchemeShare Option Scheme

HungaryAccount Held by an EstateCertain Term Life Insurance Contracts

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Escrow AccountsNon-Retirement Savings AccountsRetirement and Pension Account

IcelandAccount Held by an EstateCertain Term Life Insurance ContractsEscrow AccountsNon-Retirement Savings AccountsRetirement and Pension Account

IndiaAccount Held by an EstateCertain Term Life Insurance ContractsEscrow AccountsNon-Retirement Savings AccountsRetirement and Pension Account

IrelandA Prsa Contract in Respect of A Prsa Product, Approved by the Revenue Commissioners Under Chapter 2A of

Part 30 of the Taxes Consolidation Act 1997A Retirement benefit Scheme, Within the Meaning of Section 771 of the Taxes Consolidation Act 1997,

Approved by the Revenue Commissioners For the Purposes of Chapter 1 of Part 30 of That Act.an annuity Contract or A Trust Scheme or Part of A Trust Scheme Approved by the Revenue Commissioners

Under Chapter 2 of Part 30 of the Taxes Consolidation Act 1997

an Approved Retirement Fund or an Approved Minimum Retirement Fund Provided for under a Retirement benefit Scheme, an annuity Contract or a PRSA as Approved Under Chapters 1, 2 or 2A of Part 30 of the Taxes Consolidation Act 1997

Employee Share Ownership Trusts Approved by the Revenue Commissioners Under Chapter 2, Part 17 and Schedule 12 Taxes Consolidation Act 1997

Profit Sharing Schemes Approved by the Revenue Commissioners Under Chapter 1, Part 17 and Schedule 11 Taxes Consolidation Act 1997

Save As You Earn Share Option Schemes Approved by the Revenue Commissioners Under Chapter 3, Part 17 and Schedule 12A Taxes Consolidation Act 1997

Those Irish Approved Pension Schemes or Contracts Under Part 30 of the Taxes Consolidation Act 1997 or Approved Retirement Funds or Approved Minimum Retirement Funds That are Excluded From the Definition of Financial Account Pursuant to Article 1(S)(3)Isle of Man

Account Held by an EstateCertain Term Life Insurance ContractsEscrow AccountsNon-Retirement Savings AccountsRetirement and Pension Account

IsraelAccount Held by an EstateCertain Employer-Funded Individual Study Provident Fund AccountsCertain Other Individual Study Provident Fund AccountsCertain Provident Fund AccountsCertain Term Life Insurance ContractsEscrow Accounts

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Non-Retirement Savings AccountsRepresentative Body of Condominium Owners AccountRetirement and Pension AccountWorkers’ Committee Account

ItalyRetirement Account

JamaicaAccount Held by an EstateCertain Term Life Insurance ContractsEscrow AccountsNon-Retirement Savings AccountsRetirement and Pension Account

Japan

Accounts or Products Under Qualified Employee or Executive Stock Option Plans which Conform to Article 29-2 or 29-3 of the Act on Special Measures Concerning Taxation of Japan

Corporate Pension Insurance, Contributory Group annuity Insurance, Group Endow-Ment Insurance, Group Whole Life Insurance

Employee benefit Savings Insurance, Employee benefit Savings Trusts, Employee Fund Savings Insurance, and Employee Fund Savings TrustsEmployee or Executive Stock Ownership Plans Established in Japan Pursuant to Article 1-3-3 (5) of the order For Enforcement of Financial Instruments and Exchange Law

Employee Retirement benefit TrustsEmployee Retirement Savings Accounts, Employee Housing Savings Accounts, and Employee Savings Accounts,

Established Under the Act For Promotion of Worker'S Property AccumulationEmployee Stock Ownership Plan TrustsEmployees’ Stock Ownership Trusts

Individual Savings Account (“Isa Accounts”) As Defined in Article 37-14(5)1 of the Special Tax Measurement LawSpecified Accounts Based on the Act on Transfer of Bonds, Stocks, EtcStock Ownership Plans Established For the benefit of Significant Business Partners Es-Tablished in Japan

Pursuant to Article 1-3-3 (6) of the order For Enforcement of Fi-Nancial Instruments and Exchange Law

Trusts which are Legally Required to be Established For Segregation of Funds From the Settlors’ Own Property For the Purpose of Keeping the Funds For Repayment in Case of the Settlors’ BankruptcyJersey

Account Held by an EstateCertain Term Life Insurance ContractsEscrow AccountsNon-Retirement Savings AccountsRetirement and Pension Account

Korea, Republic ofAccount Held by an EstateCertain Term Life Insurance ContractsEscrow AccountsNon-Retirement Savings AccountsRetirement and Pension Account

KosovoAccount Held by an EstateCertain Term Life Insurance Contracts

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Escrow AccountsNon-Retirement Savings AccountsRetirement and Pension Account

KuwaitAccount Held by an EstateCertain Term Life Insurance ContractsEscrow AccountsNon-Retirement Savings AccountsRetirement and Pension Account

LatviaAccount Held by an EstateCertain Term Life Insurance ContractsEscrow AccountsNon-Retirement Savings AccountsRetirement and Pension Account

LiechtensteinAccount Held by an EstateCertain Term Life Insurance ContractsEscrow AccountsNon-Retirement Savings AccountsRetirement and Pension Account

LithuaniaAccount Held by an EstateCertain Term Life Insurance ContractsEscrow AccountsNon-Retirement Savings AccountsRetirement and Pension Account

LuxembourgAccount Held by an EstateCertain Term Life Insurance ContractsEscrow AccountsNon-Retirement Savings AccountsRetirement and Pension Account

MaltaAccount Held by an EstateCertain Term Life Insurance ContractsEscrow AccountsNon-Retirement Savings AccountsRetirement and Pension Account

MauritiusAccount Held by an EstateCertain Term Life Insurance ContractsEscrow AccountsNon-Retirement Savings AccountsRetirement and Pension Account

MexicoIndividual Retirement Accounts

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Insurance Premiums For RetirementMandatory Savings Administered by Retirement Funds Administrators (AFORES)Voluntary and Complementary Savings Administered by Retirement Funds Administrators (AFORES)

MoldovaAccount Held by an EstateCertain Term Life Insurance ContractsEscrow AccountsNon-Retirement Savings AccountsRetirement and Pension Account

Moldova, Republic ofAccount Held by an EstateCertain Term Life Insurance ContractsEscrow AccountsNon-Retirement Savings AccountsRetirement and Pension Account

NetherlandsA Course of Life Account (Including A Levenslooprekening, Levensloopverzekering and A Levenslooprecht Van

Deelneming) Concluded and Maintained Prior to January 1, 2012. A Kapitaalverzekering Eigen Woning (Endowment Insurance Connected With the Mortgage on the Owner-Occupied Home, As Described in Article 3.116 Income Tax Act 2001), A Spaarrecht Eigen Woning, A beleggingsrecht Eigen Woning (the Bank and Investment Equivalent of the Kapitaalverzekering Eigen Woning, As Described in Article 3.116A Income Tax Act 2001) and A Bouwdepot (Building Account)

A Stamrecht (Tax-Favored annuity For Severance benefits, As Described in Paragraph 1(G) of Article 11 and Article 11A of the Wage Tax Act 1964)

All Products offering Retirement benefits Under the Wage Tax Act 1964 (Wet Op de Loonbelasting 1964) or the Wage Tax Act beS (Wet Loonbelasting beS) All Products That are Deductible in the Contribution Phase and Taxable in the Distribution Phase That are Covered by Articles 3.124, 3.125 and 3.126A of the Income Tax Act 2001 (Wet Inkomstenbelasting 2001) or Paragraphs 1(A) and 1(E) of Article 16 of the Income Tax Act beS (Wet Inkomstenbelasting beS)

An Alimony annuity, As Provided by Article 6.5 and Article 6.6 of the Income Tax Act 2001 (Wet Inkomstenbelasting 2001)

Any Account Owned by an Entity Identified in Paragraph I of This annex IIAny Funeral Insurance Policy With A Premium of € 1,000 Per Year or Less

New ZealandAccount Held by an Estate

an Interest in a Trust Established in Accordance With Section 15S(1)(c) of the Tax Administration Act 1994 by A Tax Pooling Intermediary For the Purposes of Administering a “Tax Pooling Account” As Defined in Section Rp 17B of the Income Tax Act 2007

Certain Term Life Insurance ContractsEscrow Accounts

Membership of the Whai Rawa Approved Retirement Savings Scheme Operated by Te Rūnanga O Ngāi TahuNon-Retirement Savings AccountsRetirement and Pension Account

NorwayGroup annuities Covered by Section 5-41 of the Norwegian Tax ActProperty Savings Accounts For Young People (Boligsparing For Ungdom)

Tax Favorable Pension Schemes (and Paid-Up Policies or Pension Assets Certificates) Covered by Section 6-45 of the Norwegian Tax Act

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PhilippinesAccount Held by an EstateCertain Term Life Insurance ContractsEscrow AccountsNon-Retirement Savings AccountsRetirement and Pension Account

PolandAccount Held by an EstateCertain Term Life Insurance ContractsEscrow AccountsNon-Retirement Savings AccountsRetirement and Pension Account

PortugalAccount Held by an EstateCertain Term Life Insurance ContractsEscrow AccountsNon-Retirement Savings AccountsRetirement and Pension Account

QatarAccount Held by an EstateCertain Term Life Insurance ContractsEscrow AccountsNon-Retirement Savings AccountsRetirement and Pension Account

RomaniaAccount Held by an EstateCertain Term Life Insurance ContractsEscrow AccountsNational Bank of Romania (NBR) certified and supervised productsNon-Retirement Savings AccountsRetirement and Pension Account

Saint Kitts and NevisAccount Held by an EstateCertain Term Life Insurance ContractsEscrow AccountsNon-Retirement Savings AccountsRetirement and Pension Account

Saint Vincent and The GrenadinesAccount Held by an EstateCertain Term Life Insurance ContractsEscrow AccountsNon-Retirement Savings AccountsRetirement and Pension Account

SingaporeAccount Held by an EstateCentral Provident Fund Investment AccountsCertain Term Life Insurance Contracts

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Child Development AccountsEscrow AccountsNon-Retirement Savings AccountsRetirement and Pension Account

SlovakiaAccount Held by an EstateCertain Term Life Insurance ContractsEscrow AccountsNon-Retirement Savings AccountsOld-age Pension Savings Account (Slovakia)Supplementary Pension Saving Account (Slovakia)

SloveniaAccount Held by an EstateCertain Term Life Insurance ContractsEscrow AccountsNon-Retirement Savings Accounts

Reserve Fund Accounts. A Reserve Fund Account Under the Law of Property Code and the Housing Act Maintained in Slovenia.

Retirement and Pension AccountSouth Africa

Account Held by an EstateCertain Term Life Insurance ContractsCompulsory annuitiesEscrow AccountsLiving annuitiesNon-Retirement Savings AccountsRetirement and Pension Account

SpainAccounts Held by Mutualidades de Previsión SocialAccounts Held by Pension Plans Described in Section I.C.annuity Contracts which Substantiate Commitments on Pensions Under First Additional Provision of the

Amended Text of the Law on Pension Funds and Pension Schemes (Legislative Royal Decree 1/2002 of 29Th November), Provided That the benefit Amount Is Established Pursuant to A Collective Bargaining Agreement between Employers and the Representatives of A Trade Union or Set Out by Law

Plan Individual de Ahorro SistemáticoPlanes de Previsión AseguradosPlanes de Previsión Social EmpresarialSeguros de Dependencia

SwedenAccount Held by an EstateCertain Term Life Insurance ContractsEscrow AccountsNon-Retirement Savings AccountsRetirement and Pension Account

SwitzerlandRestricted Pension Plan Insurances (Pillar 3A) According to Article 1 Paragraph 1 of the Federal ordinance on the

Tax Deductibility of Contributions to Restricted Pension Plans (BVV 3)

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Retirement Accounts or Products Held by one or More Exempt beneficial Owners

Vested benefits Insurances According to Article 10 Paragraph 2 of the Federal Vested benefits ordinance (FZV)Turkey

Account Held by an EstateCertain Term Life Insurance ContractsEscrow AccountsNon-Retirement Savings AccountsRetirement and Pension Account

Turks and Caicos IslandsAccount Held by an EstateCertain Term Life Insurance ContractsEscrow AccountsNon-Retirement Savings AccountsRetirement and Pension Account

United Arab EmiratesAccount Held by an EstateCertain Term Life Insurance ContractsEscrow AccountsNon-Retirement Savings AccountsRetirement and Pension Account

United KingdomChild Trust FundsChildren’s Bonus BondsCompany Share Option PlansFixed Interest Savings CertificatesIndex Linked Savings CertificatesIndividual Savings Accounts (ISAs)Junior ISAs

Pension Schemes Registered With HMRC Under Part 4 of the Finance Act 2004 and Pension Arrangements where the annual Contributions are Limited to £50,000 and Funds Contributed Cannot be Accessed before the Age of 55 Except in Circumstances of Serious Ill Health

Premium BondsSave As You Earn Share Option SchemesShare Incentive PlansTax Exempt Savings PlansThose that are UK Registered Pension Arrangements

UzbekistanAccount Held by an EstateCertain Term Life Insurance ContractsEscrow AccountsNon-Retirement Savings AccountsRetirement and Pension Account

Virgin Islands (British)Account Held by an EstateCertain Term Life Insurance ContractsEscrow Accounts

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Non-Retirement Savings AccountsRetirement and Pension Account

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APPENDIX 2: CURING US INDICIA UNDER A UK IGA

Warning: these cures are written from the standpoint of the UK IGA. Rules vary by IGA. Further, if your Jurisdiction has no IGA then US Treasury rules apply. Furthermore, this table does not address the CRS.

Indicia Cures for US indicia

a) Identification of the account holder as a U.S. citizen or resident;

Not applicable. Treat as US Reportable.

b) Unambiguous indication of a U. S. place of birth; [Unambiguous PoB is not indicium under the CRS. PoB, is however, Reportable, under the CRS.]

Cure A

c) Current U.S. mailing or residence address (including a U.S. post office box or U.S. "in-care-of' address); Cure B

d) Current U.S. telephone number;

If the only telephone numbers are US numbers, then Cure B. If, among the US numbers, there are non US numbers then, Cure D.

e)  Standing instructions to transfer funds to an account maintained in the United States; Cure C

f)  Currently effective power of attorney or signatory authority granted to a person with a U.S. address; or Cure D

g)  An "in-care-of or "hold mail" address that is the sole address the Reporting United Kingdom Financial Institution has on file for the account holder. In the case of a Pre-existing Individual Account that is a Lower Value Account, an "in-care-of address outside the United States shall not be treated as U.S. indicia.

Cure D

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Cure Requirement

Cure A

Where account holder information unambiguously indicates a U.S. place of birth, the Reporting United Kingdom Financial Institution obtains or has previously reviewed and maintains a record of:(1) a self-certification that the account holder is neither a U.S. citizen nor a U.S. resident for tax purposes (which may be on an IRS Form W-8 or other similar agreed form);(2) a non-U. S. passport or other government-issued identification evidencing the account holder's citizenship or nationality in a country other than the United States; and(3) a copy of the account holder's Certificate of Loss of Nationality of the United States or a reasonable explanation of:(a) the reason the account holder does not have such a certificate despite renouncing U.S. citizenship; or(b) the reason the account holder did not obtain U.S. citizenship at birth.

Cure B

Where account holder information contains a current U.S. mailing or residence address, or one or more U.S. telephone numbers that are the only telephone numbers associated with the account, the Reporting United Kingdom Financial Institution obtains or has previously reviewed and maintains a record of:(1) a self-certification that the account holder is not a U.S. citizen or resident for tax purposes (which may be on an IRS Form W-8 or other similar agreed form); and(2) a non-U. S. passport or other government-issued identification evidencing the account holder's citizenship or nationality in a country other than the United States.

Cure C

Where account holder information contains standing instructions to transfer funds to an account maintained in the United States, the Reporting United Kingdom Financial Institution obtains or has previously reviewed and maintains a record of:(1) a self-certification that the account holder is not a U.S. citizen or resident for tax purposes (which may be on an IRS Form W-8 or other similar agreed form); and(2) documentary evidence, as defined in paragraph VI.D of this Annex I [below], establishing the account holder's non-U.S. status.

Cure D

Where account holder information contains a currently effective power of attorney or signatory authority granted to a person with a U.S. address, has an "in-care-of" address or "hold mail" address that is the sole address identified for the account holder, or has one or more U.S. telephone numbers (if a non-US. telephone number is also associated with the account), the Reporting United Kingdom Financial Institution obtains or has previously reviewed and maintains a record of:(1) a self-certification that the account holder is not a U.S. citizen or resident for tax purposes (which may be on an IRS Form W-8 or other similar agreed form); or(2) documentary evidence as defined in paragraph VI.D of this Annex I [below], establishing the account holder's non-U.S. status

Annex 1 paragraph VI. D (mentioned as part of Cure C and Cure D).

Review Procedures for Identifying Entity Accounts With Respect to Which Reporting is Required.

For Pre-existing Entity Accounts (page Error: Reference source not found) described in paragraph B of this section, the Reporting United Kingdom Financial Institution must apply the following review procedures to determine whether the account is held by one or more Specified U.S. Persons (page Error: Reference source not found), by Passive NFFEs (page Error: Reference source not found) with one or more Controlling Persons (page Error: Reference source not found) who are U.S. citizens

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or residents, or by a Non-participating Financial Institution (Page Error: Referencesource not found):

1. Determine Whether the Entity is a Specified U.S. Person.

a) Review information maintained for regulatory or customer relationship purposes (including information collected pursuant to AML/KYC Procedures) to determine whether the information indicates that the entity account holder is a U.S. Person. For this purpose, information indicating that the entity is a U.S. Person includes a U.S. place of incorporation or organization, or a U.S. address.

b) If the information indicates that the entity account holder is a U.S. Person, the Reporting United Kingdom Financial Institution must treat the account as a U.S. Reportable Account unless it obtains a self-certification from the account holder (which may be on an IRS Form W-8 or W-9, or a similar agreed form), or reasonably determines based on information in its possession or that is publicly available, that the account holder is not a Specified U.S. Person.

2. Determine Whether a Non-U.S. Entity is a Financial Institution.

(a) Review information maintained for regulatory or customer relationship purposes (including information collected pursuant to AML/KYC Procedures) to determine whether the information indicates that the entity account holder is a Financial Institution.

(b) If the information indicates that the entity account holder is a Financial Institution, then the account is not a U.S. Reportable Account.

3. Determine Whether a Financial Institution is a Non-participating Financial Institution Payments to Which Are Subject to Aggregate Reporting Under Paragraph) 1(b) of Article 4 of the Agreement.

a) Subject to subparagraph (b) of this paragraph, if the account holder is a United Kingdom Financial Institution or other Partner Jurisdiction Financial Institution, then no further review, identification, or reporting is required with respect to the account.

b) A United Kingdom Financial Institution or other Partner Jurisdiction Financial Institution shall be treated as a Non-participating Financial Institution if it is identified as such by the IRS pursuant to paragraph 2 of Article 5 of the Agreement.

c) If the account holder is not a United Kingdom Financial Institution or other Partner Jurisdiction Financial Institution, then the Reporting United Kingdom Financial Institution must treat the entity as a Non-participating Financial Institution payments to which are reportable under paragraph 1(b) of Article 4 of the Agreement, unless the Reporting United Kingdom Financial Institution:

(1) Obtains a self-certification (which may be on an IRS Form W-8 or similar agreed form) from the entity that it is a certified deemed-

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compliant FFI, an exempt beneficial owner, or an excepted FFI, as those terms are defined in relevant U.S. Treasury Regulations; or

(2) In the case of a participating FFI or registered deemed-compliant FFI, verifies the entity's FATCA identifying number on a published IRS FFI list.

4. Determine Whether an Account Held by an NFFE is a U.S. Reportable Account.

With respect to an account holder of a Pre-existing Entity Account that is not identified as either a U.S. Person or a Financial Institution, the Reporting United Kingdom Financial Institution must identify (i) whether the entity has Controlling Persons, (ii) whether the entity is a Passive NFFE, and (iii) whether any of the Controlling Persons of the entity is a citizen or resident of the United States. In making these determinations the Reporting United Kingdom Financial Institution should follow the guidance in sub-paragraphs (a) through (d) of this paragraph in the order most appropriate under the circumstances.

a) For purposes of determining the Controlling Persons of an entity, a Reporting United Kingdom Financial Institution may rely on information collected and maintained pursuant to AML/KYC Procedures.

b) For purposes of determining whether the entity is a Passive NFFE, the Reporting United Kingdom Financial Institution must obtain a self-certification (which may be on an IRS Form W-8 or W-9, or on a similar agreed form) from the account holder to establish its status, unless it has information in its possession or that is publicly available, based on which it can reasonably determine that the entity is an Active NFFE.

c) For purposes of determining whether a Controlling Person of a Passive NFFE is a citizen or resident of the United States for tax purposes, a Reporting United Kingdom Financial Institution may rely on:

(1) Information collected and maintained pursuant to AML/KYC Procedures in the case of a Pre-existing Entity Account held by one or more NFFEs with an account balance that does not exceed $1,000,000; or(2) A self-certification (which may be on an IRS Form W-8 or W-9, or on a similar agreed form) from the account holder or such Controlling Person in the case of a Pre-existing Entity Account held by one or more NFFEs (page Error: Reference source not found) with an account balance that exceeds $1,000,000.

d) If any Controlling Person (page Error: Reference source not found) of a Passive NFFE (page Error: Reference source not found) is a citizen or resident of the United States, the account shall be treated as a U.S. Reportable Account.

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APPENDIX 3: CURING INDICIA UNDER THE CRS

CRS Paragraph B(6):

[A] Reporting Financial Institution is not required to treat an Account Holder (Page Error: Reference source not found) as a resident of a Reportable Jurisdiction (Page Error: Reference source not found) if:

a) The Account Holder information contains a current mailing or residence address in the Reportable Jurisdiction, one or more telephone numbers in the Reportable Jurisdiction (and no telephone number in the Jurisdiction of the Reporting Financial Institution) or standing instructions (with respect to Financial Accounts other than Depository Accounts) to transfer funds to an account maintained in a Reportable Jurisdiction, the Reporting Financial Institution obtains, or has previously reviewed and maintains a record of:

(i) A self-certification from the Account Holder of the Jurisdiction(s) of residence of such Account Holder that does not include such Reportable Jurisdiction; and

(ii) Documentary Evidence establishing the Account Holder's non-reportable status.

b) The Account Holder information contains a currently effective power of attorney or signatory authority granted to a person with an address in the Reportable Jurisdiction, the Reporting Financial Institution obtains, or has previously reviewed and maintains a record of:

(i) A self-certification from the Account Holder of the Jurisdiction(s) of residence of such Account Holder that does not include such Reportable Jurisdiction; or

(ii) Documentary Evidence establishing the Account Holder's non-reportable status.

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APPENDIX 4: CLASSIFICATION OF LEGAL ENTITIES UNDER THE UK IGA

If you look at, say, section 1.5 of a US W-8 BEN-E you will find the following “Chapter 4” Classifications for legal entities:

Ref Chapter Four Classification Part of W-8 BEN-E to complete

Verification required

1 Nonparticipating FFI (including a limited FFI or a FFI related to a Reporting IGA FFI other than a registered deemed-compliant FFI or participating FFI)

2 Participating FFI (an FFI that is Participating and is outside of an IGA Jurisdiction)

GIIN

3 Reporting Model 1 FFI GIIN4 Reporting Model 2 FFI GIIN5 Registered deemed-compliant FFI (other than a reporting

Model 1 FFI or sponsored FFI that has not obtained a GIIN)

GIIN

6 Sponsored FFI that has not obtained a GIIN Complete Part IV

7 Certified deemed-compliant nonregistering local bank Complete Part V

8 Certified deemed-compliant FFI with only low-value accounts

Complete Part VI

9 Certified deemed-compliant sponsored, closely held investment vehicle

Complete Part VII

10 Certified deemed-compliant limited life debt investment entity

Complete Part VIII

11 Certified deemed-compliant investment advisors and investment managers

Complete Part IX

12 Owner-documented FFI Complete Part X

GIIN

13 Restricted distributor Complete Part XI

GIIN

14 Nonreporting IGA FFI (including a FFI treated as a registered deemed-compliant FFI under an applicable Model 2 IGA)

Complete Part XII

15 Foreign government, government of a US possession, or foreign central bank of issue

Complete Part XIII

16 International organization Complete Part XIV

17 Exempt retirement plans Complete Part XV

18 Entity wholly owned by exempt beneficial owners Complete Part XVI

19 Territory financial institution Complete Part XVII

20 Nonfinancial group entity Complete Part XVIII

21 Excepted nonfinancial start-up company Complete Part XIX

22 Excepted nonfinancial entity in liquidation or bankruptcy Complete Part XX

23 501(c) organization Complete Part XXI

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24 Nonprofit organization Complete Part XXII

25 Publicly traded NFFE or NFFE affiliate of a publicly traded corporation

Complete Part XXIII

26 Excepted territory NFFE Complete Part XXIV

27 Active NFFE Complete Part XXV

28 Passive NFFE Complete Part XXVI

Controlling Persons

29 Excepted inter-affiliate FFI Complete Part XXVII

30 Direct reporting NFFE GIIN31 Sponsored direct reporting NFFE Complete

Part XXVIII

However, under the UK IGA it is necessary only to determine whether the account holder is:

I) A Specified US person (Page Error: Reference source not found);II) A UKFI or other PJFI (Partner Jurisdiction FI);III) A

i) Participating FFI [in this particular context this would not include an Model 2 FFI]ii) DC-FFI [Non-Reporting UK FIs]

Includes:(A) Non-profit organisations,(B) Financial Institutions with a Local Client Base

(a) Credit Unions(b) Industrial and Provident Societies(c) Friendly Societies(d) Building Societies(e) Investment Trust Companies(f) Venture Capital Trusts(g) A FI with a Local Client Base that means all of the below criteria:

a) The Financial Institution must be licensed and regulated under the laws of the United Kingdom;b) The Financial Institution must have no fixed place of business outside the United Kingdom;c) The Financial Institution must not solicit account holders outside the United Kingdom. For this purpose, a Financial Institution shall not be considered to have solicited account holders outside of the United Kingdom merely because it operates a website, provided that the website does not specifically indicate that the Financial Institution provides accounts or services to non-residents or otherwise target or solicit U.S. customers;d) The Financial Institution must be required under the tax laws of the United Kingdom to perform either information reporting or withholding of tax with respect to accounts held by residents of the United Kingdom;e) At least 98 percent of the accounts by value provided by the Financial Institution must be held by residents (including residents that are entities) of the United Kingdom or another Member State of the European Union;f) Subject to subparagraph 2(g), below, beginning on January 1, 2014, the Financial Institution does not provide accounts to (i) any Specified U.S. Person who is not a resident of the United Kingdom (including a U.S. Person that was a resident of the United Kingdom when the account was opened but subsequently ceases to be a resident of the United Kingdom), (ii) a Non-participating Financial Institution, or (iii) any Passive NFFE with Controlling Persons who are U.S. citizens or residents;g) On or before January 1, 2014, the Financial Institution must implement policies and procedures to monitor whether it provides any account held by a person described in subparagraph 2(f), and if such an account is discovered, the Financial Institution must report such account as though the Financial Institution were a Reporting United Kingdom Financial Institution or close such account;h) With respect to each account that is held by an individual who is not a resident of the United Kingdom or by an entity, and that is opened prior to the date that the Financial Institution implements the policies and procedures described in subparagraph 2(g), above, the Financial Institution must review those accounts in accordance with the procedures described in Annex I applicable to Pre-existing Accounts to identify any U.S. Reportable Account or account held by a Non-participating Financial Institution, and must close any such accounts that were identified, or report on such accounts as though the Financial Institution were a Reporting United Kingdom Financial Institution; andi) Each Related Entity of the Financial Institution must be incorporated or organized in the United Kingdom and must meet the requirements set forth in this paragraph.

This CRS also includes an:

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o Exempt Collective Investment Vehicle [Defined Term – Page Error: Reference source not found]o A Trust established under the laws on the Reportable Jurisdiction to the extent that the trustee of the trust is

a Reporting FI that reports all the information that it is required to report.o Qualified Credit Card Issuer [Defined Term – Page Error: Reference source not found]

iii) Exempt Beneficial Owners [Non Reporting] Includes:

(A) UK Governmental Organisations,(B) Central Banks, International Organisations, or(C) International Organisations(D) Retirement Funds

iv) Excepted FFI (see below); or

v) Ani) Active (Page Error: Reference source not found) orii) Passive NFFE (Page Error: Reference source not found)

Excepted FFI – despite this phrase being referenced in the UK IGA “as those terms are defined in the relevant U.S. Treasury Regulations” it is not a defined term in either TD9610 or TD9657. However, the Term “Excepted inter-affiliate FFI” is defined thus:

The entity is a member of an expanded affiliated group; • Does not maintain financial accounts (other than accounts maintained for members of its expanded affiliated group); • Does not make withholdable payments to any person other than to members of its expanded affiliated group that are not limited FFIs or limited branches; • Does not hold an account (other than a depository account in the country in which the entity is operating to pay for expenses) with or receive payments from any withholding agent other than a member of its expanded affiliated group; and • Has not agreed to report under §1.1471-4(d)(2)(ii)(C) or otherwise act as an agent for chapter 4 purposes on behalf of any financial institution, including a member of its expanded affiliated group.

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APPENDIX 5: RESPONSIBLE OFFICER ATTESTATIONS

Responsible Officer Attestations (applicable to Non-IGA and IGA Model 2 Jurisdictions)

1. That the participating FFI maintains effective internal controls, or If the participating FFI has identified an event of default or has failed to remediate any material failures as of the date of the certification (“qualified certification”).

The Responsible Officer must separately certify to the IRS that the participating FFI is compliant with the due diligence identification procedures for pre-existing accounts. Generally this certification must be made no later August 29, 2016.As part of this certification, the responsible officer must certify that the following statements are true:The participating FFI has completed the required review of all high-value accounts and treats any account holder of an account for which the participating FFI has not retained a record of any required documentation as a recalcitrant account holder;

2. The participating FFI has completed the account identification procedures and documentation requirements for all other preexisting accounts or, if it has not retained a record of the required documentation, treats such account according to the applicable rules;

3. To the best of the responsible officer’s knowledge after conducting a reasonable inquiry, the participating FFI did not have any formal or informal practices or procedures in place from August 6, 2011, through the date of that certification to assist account holders in the avoidance of FATCA.

If the responsible officer is unable to make any of these certifications, the responsible officer must make a qualified certification to the IRS stating that such certification cannot be made and that corrective action will be taken by the responsible officer.

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Qualified Certification

If the responsible officer has identified an event of default, or a material failure that the participating FFI has not corrected as of the date of the certification, the responsible officer must make a qualified certification by certifying to the following statements:The responsible officer (or designee) has identified an event of default, or the responsible officer has determined that as of the date of the certification, there are one or more material failures with respect to the participating FFI’s compliance with the FFI agreement and that appropriate actions will be taken to prevent such failures from reoccurring;With respect to any failure to withhold, deposit, or report any amount under the requirements of the FFI agreement, the FFI will correct such failure by paying any taxes due (including interest and penalties) and filing the appropriate return (or amended return); andThe responsible officer (or designee) will respond to any notice of default (if applicable) or will provide to the IRS upon request a description of each material failure and a written plan to correct each such failure.

Certification of effective internal controls

For a valid certification of effective internal controls, the responsible officer must make the following statements relevant to the certification period:The responsible officer (or designee) has established a compliance program that is in effect as of the date of the certification and that has been subjected to the review as described under the regulations;There are no material failures for the certification period, or, if there have been, appropriate actions were taken to remediate such failures and to prevent such failures from reoccurring; andIf there has been any failure to withhold, deposit, or report any amount under the requirements of the FFI agreement, the FFI has corrected such failure by paying any taxes due (including interest and penalties) and by filing the appropriate return (or amended return).

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APPENDIX 6: EXAMPLES OF KEY DIFFERENCES BETWEEN OECD AEOI & US TREASURY FATCA

Topic US Treasury FATCA CRS/AEOI/"GATCA"Targets US Citizens Residents in all Reportable

JurisdictionsUnique Identifiers GIIN/TIN/ITIN Registered Company #, GLEIs,

GIIN/TIN/ITINDe-minimis rules Entities and Individuals Pre-existing accounts for entities

onlyWithholding Applies Does not applyAccount can be opened before self certification

True (Self Certification must be completed within 90 days or the first withholdable event whichever is earlier)

Self Certification must be completed before a new account is activated.

Basis of determination of reportable Passive NFFEs

Beneficial Ownership at 10%

Controlling Persons based on local law.

Competent authority to whom to report

One: US IRS (for Non IGA Countries and Model 2 IGA Countries). In Model 1 IGA Jurisdictions the FFI reports to Local Competent Authority in its jurisdiction.

Many: to the competent authority of every Jurisdictional Competent Authority

Reporting currency USD or Local Currency Local CurrencyBasis of Self Certification

Rules based Principles Based

Pre-population of Self Certifications

Not allowed Allowed, except for tax jurisdiction(s)

Tax advice for customers (regarding completion of the Self Certification)

No tax advice Tax advice expected concerning the determination of FATCA Status this includes providing definitions.

 

Note: the CRS has, thus far, been silent on the “Responsible Officer”.

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APPENDIX 7: MAPPING COUNTRIES AND CURRENCIES FOR REPORTING PURPOSES

The use of GIINs (page Error: Reference source not found) has led to the last three digits of the GIIN (the

ISO107 3166 code) becoming the default means of attributing customer data to a jurisdiction.

However, when reporting on Form 8966108, countries are not identified by ISO Code. Instead (see Form 8966

instructions109) form 8966 has its own convention.

Here I map one to another, as well as mapping currency codes and dialling codes:

Jurisdiction Name (IRS publication 5118)

ISO3166-1

1042Si Alpha2

3166 Alpha2

Currency Code

Dial Code

Afghanistan 004 AF AF AFN 93Aland Islands 248 AX AX EUR 358Albania 008 AL AL ALL 355Algeria 012 AG DZ DZD 213American Samoa 016 AQ AS USD 1-684Andorra 020 AN AD EUR 376Angola 024 AO AO AOA 244Anguilla 660 AV AI XCD 1-264Antarctica 010 AY AQ 672Antigua and Barbuda 028 AC AG XCD 1-268Argentina 032 AR AR ARS 54Armenia 051 AM AM AMD 374Aruba 533 AA AW AWG 297Australia 036 AS AU AUD 61Austria 040 AU AT EUR 43Azerbaijan 031 AJ AZ AZN 994Bahamas 044 BF BS BSD 1-242Bahrain 048 BA BH BHD 973Bangladesh 050 BG BD BDT 880Barbados 052 BB BB BBD 1-246Belarus 112 BO BY BYR 375Belgium 056 BE BE EUR 32Belize 084 BH BZ BZD 501Benin 204 BN BJ XOF 229Bermuda 060 BD BM BMD 1-441Bhutan 064 BT BT INR 975Bolivia, Plurinational State Of 068 BL BO BOB 591Bonaire, Sint Eustatius And Saba 535 BQ BQ USD 599Bosnia and Herzegovina 070 BK BA BAM 387

107 http://www.iso.org/iso/country_codes.htm

108 http://www.irs.gov/pub/irs-access/f8966_accessible.pdf

109 http://www.irs.gov/pub/irs-pdf/i8966.pdf

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Jurisdiction Name (IRS publication 5118)

ISO3166-1

1042Si Alpha2

3166 Alpha2

Currency Code

Dial Code

Botswana 072 BC BW BWP 267Bouvet Island 074 BV BV NOK 47Brazil 076 BR BR BRL 55British Indian Ocean Territory 086 IO IO USD 246Brunei Darussalam 096 BX BN BND 673Bulgaria 100 BU BG BGN 359Burkina Faso 854 UV BF XOF 226Burundi 108 BY BI BIF 257Cambodia 116 CB KH KHR 855Cameroon 120 CM CM XAF 237Canada 124 CA CA CAD 1Cape Verde 132 CV CV CVE 238Cayman Islands 136 CJ KY KYD 1-345Central African Republic 140 CT CF XAF 236Chad 148 CD TD XAF 235Chile 152 CI CL CLP 56China 156 CH CN CNY 86Christmas Island 162 KT CX AUD 61Cocos (Keeling) Islands 166 CK CC AUD 61Colombia 170 CO CO COP 57Comoros 174 CN KM KMF 269Congo, Democratic Republic Of The 178 CG CG XAF 242Congo 180 CF CD CDF 243Cook Islands 184 CW CK NZD 682Costa Rica 188 CS CR CRC 506Cote d'Ivoire 384 IV CI XOF 225Croatia 191 HR HR HRK 385Cuba 192 CU CU CUP 53Curacao 531 CW CW ANG 599Cyprus 196 CY CY EUR 357Czech Republic 203 EZ CZ CZK 420Denmark 208 DA DK DKK 45Djibouti 262 DJ DJ DJF 253Dominica 212 DO DM XCD 1-767

Dominican Republic 214 DR DO DOP1-8091-

8291-849Ecuador 218 EC EC USD 593Egypt 818 EG EG EGP 20El Salvador 222 ES SV USD 503Equatorial Guinea 226 EK GQ XAF 240Eritrea 232 ER ER ERN 291Estonia 233 EN EE EUR 372Ethiopia 231 ET ET ETB 251Falkland Islands (Malvinas) 238 FK FK FKP 500Faroe Islands 234 FO FO DKK 298

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Jurisdiction Name (IRS publication 5118)

ISO3166-1

1042Si Alpha2

3166 Alpha2

Currency Code

Dial Code

Fiji 242 FJ FJ FJD 679Finland 246 Fl FI EUR 358France 250 FR FR EUR 33French Guiana 254 FG GF EUR 594French Polynesia 258 FP PF XPF 689French Southern Territories 260 TF TF EUR 262Gabon 266 GB GA XAF 241Gambia 270 GA GM GMD 220Georgia 268 GG GE GEL 995Germany 276 GM DE EUR 49Ghana 288 GH GH GHS 233Gibraltar 292 Gl GI GIP 350Greece 300 GR GR EUR 30Greenland 304 GL GL DKK 299Grenada 308 GJ GD XCD 1-473Guadeloupe 312 GP GP EUR 590Guam 316 GG GU USD 1-671Guatemala 320 GT GT GTQ 502Guernsey 831 GK GG GBP 44Guinea 324 GV GN GNF 224Guinea-Bissau 624 PU GW XOF 245Guyana 328 GY GY GYD 592Haiti 332 HA HT USD 509Heard Island and McDonald Islands 334 HM HM AUD 672Holy See (Vatican City State) 336 VT VA EUR 39-06Honduras 340 HO HN HNL 504Hong Kong 344 HK HK HKD 852Hungary 348 HU HU HUF 36Iceland 352 IC IS ISK 354India 356 IN IN INR 91Indonesia 360 ID ID IDR 62Iran 364 IR IR IRR 98Iraq 368 IZ IQ IQD 964Ireland 372 El IE EUR 353Isle of Man 833 IM IM GBP 44Israel 376 IS IL ILS 972Italy 380 IT IT EUR 39Jamaica 388 JM JM JMD 1-876Japan 392 JA JP JPY 81Jersey 832 JE JE GBP 44Jordan 400 JO JO JOD 962Kazakhstan 398 KZ KZ KZT 7Kenya 404 KE KE KES 254Kiribati 296 KR KI AUD 686Kosovo XXK KV KV #N/A

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Jurisdiction Name (IRS publication 5118)

ISO3166-1

1042Si Alpha2

3166 Alpha2

Currency Code

Dial Code

Kuwait 414 KU KW KWD 965Kyrgyzstan 417 KG KG KGS 996Lao People's Democratic Republic 418 LA LA LAK 856Latvia 428 LG LV LVL 371Lebanon 422 LE LB LBP 961Lesotho 426 LT LS ZAR 266Liberia 430 LI LR LRD 231Libya 434 LY LY LYD 218Liechtenstein 438 LS LI CHF 423Lithuania 440 LH LT LTL 370Luxembourg 442 LU LU EUR 352Macao 446 MC MO MOP 853Macedonia, The Former Yugoslav Republic Of 807 MK MK MKD 389Madagascar 450 MA MG MGA 261Malawi 454 Ml MW MWK 265Malaysia 458 MY MY MYR 60Maldives 462 MV MV MVR 960Mali 466 ML ML XOF 223Malta 470 MT MT EUR 356Marshall Islands 584 RM MH USD 692Martinique 474 MB MQ EUR 596Mauritania 478 MR MR MRO 222Mauritius 480 MP MU MUR 230Mayotte 175 MF YT EUR 262Mexico 484 MX MX MXN 52Micronesia, Federated States of 583 FM FM USD 691Moldova, Republic of 498 MD MD MDL 373Monaco 492 MN MC EUR 377Mongolia 496 MG MN MNT 976Montenegro 499 MJ ME EUR 382Montserrat 500 MH MS XCD 1-664Morocco 504 MO MA MAD 212Mozambique 508 MZ MZ MZN 258Myanmar 104 BM MM MMK 95Namibia 516 WA NA ZAR 264Nauru 520 NR NR AUD 674Nepal 524 NP NP NPR 977Netherlands 528 NL NL EUR 31New Caledonia 540 NO NC XPF 687New Zealand 554 NZ NZ NZD 64Nicaragua 558 NU NI NIO 505Niger 562 NG NE XOF 227Nigeria 566 Nl NG NGN 234Niue 570 NE NU NZD 683

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Jurisdiction Name (IRS publication 5118)

ISO3166-1

1042Si Alpha2

3166 Alpha2

Currency Code

Dial Code

Norfolk Island 574 NF NF AUD 672Korea, Democratic People's Republic Of 408 KN KP KPW 850Northern Mariana Islands 580 CQ MP USD 1-670Norway 578 NO NO NOK 47Palestine, State Of 275 PS PS 970Oman 512 MU OM OMR 968Other UC UC #N/APakistan 586 PK PK PKR 92Palau 585 PS PW USD 680Panama 591 PM PA USD 507Papua New Guinea 598 PP PG PGK 675Paraguay 600 PA PY PYG 595Peru 604 PE PE PEN 51Philippines 608 RP PH PHP 63Pitcairn 612 PC PN NZD 870Poland 616 PL PL PLN 48Portugal 620 PO PT EUR 351Puerto Rico 630 RQ PR USD 1Qatar 634 QA QA QAR 974Reunion 638 RE RE EUR 262Romania 642 RO RO RON 40Russian Federation 643 RS RU RUB 7Rwanda 646 RW RW RWF 250Saint Barthelemy 652 TB BL EUR 590Saint Helena 654 SH SH SHP 290 nSaint Kitts and Nevis 659 SC KN XCD 1-869Saint Lucia 662 ST LC XCD 1-758Saint Martin (French part) 663 RN MF EUR 590Saint Pierre and Miquelon 666 SB PM EUR 508Saint Vincent and The Grenadines 670 VC VC XCD 1-784Samoa 882 WS WS WST 685San Marino 674 SM SM EUR 378Sao Tome and Principe 678 TP ST STD 239Saudi Arabia 682 SA SA SAR 966Senegal 686 SG SN XOF 221Serbia 688 RB RS RSD 381 pSeychelles 690 SE SC SCR 248Sierra Leone 694 SL SL SLL 232Singapore 702 SN SG SGD 65Sint Maarten (Dutch part) 534 SX SX ANG 1-721Slovakia 703 LO SK EUR 421Slovenia 705 SI SI EUR 386Solomon Islands 090 BP SB SBD 677Somalia 706 SO SO SOS 252

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Jurisdiction Name (IRS publication 5118)

ISO3166-1

1042Si Alpha2

3166 Alpha2

Currency Code

Dial Code

South Africa 710 SF ZA ZAR 27South Georgia and the South Sandwich Islands 239 SX GS 500Korea, Republic of 410 KS KR KRW 82South Sudan 728 SS SS SSP 211Spain 724 SP ES EUR 34Sri Lanka 144 CE LK LKR 94Sudan 729 SU SU SDG #N/ASuriname 740 NS SR SRD 597Swaziland 748 WZ SZ SZL 268Sweden 752 SW SE SEK 46Switzerland 756 SZ CH CHF 41Syrian Arab Republic 760 SY SY SYP 963Taiwan 158 TW TW TWD 886Tajikistan 762 Tl TJ TJS 992Tanzania, United Republic Of 834 TZ TZ TZS 255Thailand 764 TH TH THB 66Timor-Leste 626 TT TL USD 670Togo 768 TO TG XOF 228Tokelau 772 TL TK NZD 690Tonga 776 TN TO TOP 676Trinidad and Tobago 780 TD TT TTD 1-868Tunisia 788 TS TN TND 216Turkey 792 TU TR TRY 90Turkmenistan 795 TX TM TMT 993Turks and Caicos Islands 796 TK TC USD 1-649Tuvalu 798 TV TV AUD 688Uganda 800 UG UG UGX 256Ukraine 804 UP UA UAH 380United Arab Emirates 784 AE AE AED 971United Kingdom 826 UK GB GBP 44United States 840 US US USD 1United States Minor Outlying Islands 581 UM UM USD Uruguay 858 UY UY UYU 598Uzbekistan 860 UZ UZ UZS 998Vanuatu 548 NH VU VUV 678Venezuela, Bolivarian Republic Of 862 VE VE VEF 58Viet Nam 704 VM VN VND 84Virgin Islands (British) 092 VI VG USD 1-284Virgin Islands (U.S.) 850 VQ VI USD 1-340Wallis and Futuna 876 WF WF XPF 681West Bank And Gaza 275 PS PS 970Western Sahara 732 WI EH MAD 212Yemen 887 YM YE YER 967Zambia 894 ZA ZM ZMW 260

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Jurisdiction Name (IRS publication 5118)

ISO3166-1

1042Si Alpha2

3166 Alpha2

Currency Code

Dial Code

Zimbabwe 716 Zl ZW ZWL 263

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APPENDIX 8: +1 DIALING CODES THAT ARE NOT US INDICIUM

Whilst a +1 international dialling code is often perceived as US indicium, the following Countries also have

some international +1 dialling codes. This means that care should be taken as a +1 international dialling code

is not always for a US telephone number.

FATCA Portal / ISO3166 Jurisdiction Name ISO3166 Code

1042Si Alpha2

3166 Alpha2

Dial Code

American Samoa 016 AQ AS 1-684Anguilla 660 AV AI 1-264Antigua and Barbuda 028 AC AG 1-268Bahamas 044 BF BS 1-242Barbados 052 BB BB 1-246Bermuda 060 BD BM 1-441Canada 124 CA CA 1Cayman Islands 136 CJ KY 1-345Dominica 212 DO DM 1-767Dominican Republic 214 DR DO 1-809Grenada 308 GJ GD 1-473Jamaica 388 JM JM 1-876Montserrat 500 MH MS 1-664Saint Kitts and Nevis 659 SC KN 1-869Saint Lucia 662 ST LC 1-758Saint Vincent and The Grenadines 670 VC VC 1-784Sint Maarten (Dutch part) 534 SX SX 1-721Trinidad and Tobago 780 TD TT 1-868Turks and Caicos Islands 796 TK TC 1-649Virgin Islands (British) 092 VI VG 1-284

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APPENDIX 9: SUPPORTING DOCUMENTS

Reporting:

Form 8938 110 Statement of Specified Foreign Financial Assets Instructions for Form 8938 111 March 10, 2015 Update to Form 8938 instructions 112 Form 8966 FATCA Report 113 to report certain information about:

U.S. accounts, Owner-Documented FFIs with specified U.S. owner(s), Passive NFFEs with substantial U.S. owner(s), Non-Participating Foreign Financial Institutions, Specified U.S. Persons Direct Reporting NFFE

Form 8966 Instructions 114 Notice concerning applications for waivers of the requirement to file Form 8966 electronically. 115

1042-S – 2013 116

1042-S – 2013 – Instructions 117

1042-S – 2014 118

1042-S – 2014 – Instructions 119

1042-S 2015 120

1042-S – 2015 – Instructions 121

Specifications for Electronic Filing of Form 1042-S 122 Publication 1187 (Rev 2-2015)

Exceprt from: http://www.irs.gov/Businesses/Corporations/IRS-FATCA-Report-Notifications-Frequently-Asked-Questions#WaiverQ1

Request for Additional Extension of Time to File Form 8966 for Tax Year 2014:

Q1. How do I submit a request for additional extension of time to file Forms 8966 for tax year 2014?Follow the instructions to use the template entitled Request for Additional Extension of Time to File Form 8966 for Tax Year 2014. The deadline for submitting your request is June 29, 2015. Note: You must submit a separate request for each filer (for example, if you are requesting an additional extension of time to file Form 8966 both on behalf of yourself and with respect to reporting on behalf of a sponsored entity, you must submit two requests). Further, for tax year 2014 only, an additional 90-day extension of time will be automatically approved for eligible filers who submit a request. You will not receive a response from the IRS.

Request for Waiver from Filing Form 8966 Electronically for Tax Year 2014:

Q1. How do I submit a request to waive the requirement to file Forms 8966 electronically for tax year 2014?Follow the instructions to use the template entitled Request for Waiver From Filing Form 8966

110 http://www.irs.gov/pub/irs-pdf/f8938.pdf

111 http://www.irs.gov/pub/irs-pdf/i8938.pdf

112 http://www.irs.gov/Businesses/Corporations/Update-to-2014-Instructions-to-Form-8938-1

113 http://www.irs.gov/pub/irs-pdf/f8966.pdf

114 http://www.irs.gov/pub/irs-pdf/i8966.pdf

115 http://www.gpo.gov/fdsys/pkg/FR-2015-02-13/html/2015-03047.htm

116 https://haydonperryman.files.wordpress.com/2015/01/1042-s-2013.pdf

117 https://haydonperryman.files.wordpress.com/2015/01/2013-instructions-for-1042-s.pdf

118 https://haydonperryman.files.wordpress.com/2015/01/1042-s-2014.pdf

119 https://haydonperryman.files.wordpress.com/2015/01/2014_instructions_1042s.pdf

120 http://www.irs.gov/pub/irs-pdf/f1042s.pdf

121 http://www.irs.gov/pub/irs-pdf/i1042s.pdf

122 http://www.irs.gov/pub/irs-pdf/p1187.pdf

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Electronically for Tax Year 2014. The deadline for submitting your request is August 13, 2015. However, if you need an additional extension of time to file, you must submit a separate request for the extension by June 29, 2015. Note:  You must submit a separate request for each filer (for example, if you are requesting a waiver from electronic filing of Form 8966 both on behalf of yourself and with respect to reporting on behalf of a sponsored entity, you submit two requests). Further, if you do not receive a response from the IRS within 45 days of the date you mail your request, you may treat the request as granted.

XML Schema and IDES:P5190 IDES USER GUIDE 123 (Updated March, 2015)

March 3, 2015:

The “IRS FATCA Reports ICMM Notifications User Guide” and the “IRS FATCA Reports  Schema Notification XML Guide” are

Now Available

The IRS FATCA Reports ICMM Notifications User Guide124 and the IRS FATCA Reports 125 P5216: ICMM Notification XML Schema

User Guide v1.4 126  

P5189: FATCA Reports ICMM Report Notifications127

ICMM FAQs128

Digital Signatures for Data Preparation 129 (Updated March 4, 2015) P5188 FATCA Metadata XML Schema V1.0 130

P5124 FATCA XML User Guide1.1 131

International Safeguards Workbook 132

An IDES sample test file has been added to the IDES Data File Preparation133

US IRS FATCA IDES Technical FAQs 134 

Withholding:

P515 Withholding Tax on NRAs and Foreign Entities 135 

Self Certifications:

W9 Form 136

W9 Instructions 137

Instructions for the Requester of Form W-9 138

123 http://www.irs.gov/pub/fatca/p5190idesuserguide.pdf

124 http://www.irs.gov/pub/fatca/fatcareportsicmmnotificationsuserguide.pdf

125 http://www.irs.gov/pub/fatca/fatcareportsicmmnotificationxmlschemauserguide.pdf

126 http://www.irs.gov/pub/irs-pdf/p5216.pdf

127 http://www.irs.gov/Businesses/Corporations/IRS-FATCA-Report-Notifications

128 http://www.irs.gov/Businesses/Corporations/IRS-FATCA-Report-Notifications-Frequently-Asked-Questions

129 http://www.irs.gov/Businesses/Corporations/Digital-Signatures-for-Data-Preparation

130 http://www.irs.gov/pub/irs-pdf/p5188.pdf

131 http://www.irs.gov/pub/irs-pdf/p5124.pdf

132 http://www.irs.gov/pub/fatca/IntlSafeguardsWorkbook.pdf

133 http://www.irs.gov/Businesses/Corporations/IDES-Data-Transmission-and-File-Preparation

134 http://www.irs.gov/Businesses/Corporations/FATCA-IDES-Technical-FAQs

135 http://www.irs.gov/pub/irs-pdf/p515.pdf

136 http://www.irs.gov/pub/irs-pdf/fw9.pdf

137 http://www.irs.gov/pub/irs-pdf/iw9.pdf

138 http://www.irs.gov/pub/irs-pdf/iw9.pdf

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FATCA Entity Classification Guide and what self certification form to complete

The best guide that I have found on Entity Classification for FATCA purposes was written by Credit Suisse.

https://www.credit-suisse.com/media/sites/fatca/docs/entity-classification-guide-en.pdf

W8 BEN Form 139

W8 BEN Instructions 140

W8 BEN E Form 141

W8 BEN E Instructions 142

W8 EXP Form 143

W8 EXP Instructions 144

W8 ECI Form 145

W8 ECI Instructions 146

W8 IMY Form 147

W8 IMY Instructions 148

Instructions for Requestors of W8s   149 

US Internal Revenue Service FATCA Portal Materials:

Form 8957 – Portal Registration 150

Instructions for Form 8957 151

GIIN Composition 152

FATCA Registration Overview 153  Exempt Organizations 154

How and why all this started:

US Senate Sub-commission Offshore Tax Evasion Report 022614155 

Regulatory Texts and Coordinating Regulations

The Hire Act – Title V – Pages – 27 to 36 contain FATCA156

Chapters 3 and 61Coordinating Regulations157

Notice 2014-59158

Modified Applicability Dates of Certain Provisions Under Chapters 3 and 61This notice announces the intention to amend certain provisions of the temporary chapter 4 regulations and temporary coordination regulations published on March 6, 2014 (T.D. 9657 and T.D. 9658, respectively). The amendments provide

139 http://www.irs.gov/pub/irs-pdf/fw8ben.pdf

140 http://www.irs.gov/pub/irs-pdf/iw8ben.pdf

141 http://www.irs.gov/pub/irs-pdf/fw8bene.pdf

142 http://www.irs.gov/pub/irs-pdf/iw8bene.pdf

143 http://www.irs.gov/pub/irs-pdf/fw8exp.pdf

144 http://www.irs.gov/pub/irs-pdf/iw8exp.pdf

145 http://www.irs.gov/pub/irs-pdf/fw8eci.pdf

146 http://www.irs.gov/pub/irs-pdf/iw8eci.pdf

147 http://www.irs.gov/pub/irs-pdf/fw8imy.pdf

148 http://www.irs.gov/pub/irs-pdf/iw8imy.pdf

149 http://www.irs.gov/pub/irs-pdf/iw8.pdf

150 http://www.irs.gov/pub/irs-pdf/f8957.pdf

151 http://www.irs.gov/pub/irs-pdf/f8957.pdf

152 http://www.irs.gov/PUP/businesses/corporations/giin_composition.pdf

153 http://www.irs.gov/PUP/businesses/corporations/fatca_registration_overview.pdf

154 http://www.irs.gov/pub/irs-pdf/p5180.pdf

155 https://haydonperryman.files.wordpress.com/2015/01/us-senate-subcommision-offshore-tax-evasion-report_022614.pdf

156 https://haydonperryman.files.wordpress.com/2015/01/the-hire-act-title-v-pp-27-36-contains-fatca.pdf

157 https://haydonperryman.files.wordpress.com/2015/01/chapters-3-61-coordinating-regs1.pdf

158 https://haydonperryman.files.wordpress.com/2015/01/chapters-3-61-coordinating-regs1.pdf

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modified applicability dates for (1) the standards of knowledge applicable to a withholding certificate or documentary evidence to document certain payees and (2) the circumstances under which a withholding agent or payor may rely on documentary evidence provided by a payee instead of a withholding certificate to document the foreign status of the payee for chapters 3 and 61.

FINAL FATCA Regulations [TD9610]159 

Temporary FATCA Regulation [TD9657]160

Notice 2015-66 161 Foreign Financial Institution Agreement 162 (Signed by Non Inter Governmental Agreement Jurisdictions and Model 2 Inter Governmental Agreement Jurisdictions, not by Inter Governmental Agreement Model 1 Jurisdictions.)Revenue Procedure 2014-47163 Updated Withholding Foreign Partnership or Withholding Foreign Trust (WP/WT) AgreementRevenue Procedure 2014-39   164 Updated Qualified Intermediary (QI) Agreement

FinCEN issues proposed rules to clarify and strengthen customer due diligence requirements for certain U.S. financial institutionshttp://www.treasury.gov/press-center/press-releases/Pages/jl2595.aspx

 

OECD Automatic Exchange of Information: Common Reporting Standard:

Common Reporting Standard 165 166

Common Reporting Standard Implementation Handbook 167

Offshore Voluntary Disclosure Programmes 168

Model Protocol to the Tax Information Exchange Agreements 169

CRS FAQs 170 http://www.oecd.org/tax/transparency/AEOI-commitments.pdfOI Brief 171

Automatic Exchange of Information Keeping it Safe 172

CRS – Adopters 173

Which Jurisdictions have Signed? 174  (Look at the Protocol/”Amended Convention” on the right. The Automatic Exchange of Information is the Amended Convention.)

Countries that are not yet part of the Automatic Exchange of Information: http://bit.ly/1xtXl5z AUTOMATIC EXCHANGE OF INFORMATION:   A ROADMAP FOR DEVELOPING COUNTRY PARTICIPATION 175

OECD Report on Tax Transparency 176

Local AEOI/CRS Consultation and Guidance:Hong Kong Consultation Paper 177

159 http://www.irs.gov/PUP/businesses/corporations/TD9610.pdf

160 http://www.irs.gov/pub/irs-utl/FATCA-Temporary-and-Final-Regs-under-chapter-4.pdf

161 http://www.irs.gov/pub/irs-drop/n-15-66.pdf

162 http://www.irs.gov/pub/irs-drop/rp-14-38.pdf

163 http://www.irs.gov/file_source/pub/irs-drop/rp-14-47.pdf

164 http://www.irs.gov/file_source/pub/irs-drop/rp-14-39 (1).pdf

165 http://www.oecd.org/ctp/exchange-of-tax-information/automatic-exchange-financial-account-information-common-reporting-standard.pdf

166 How does the CRS interace with FATCA? https://www.evernote.com/l/AQ5ADyY1l9dHSLUxICsnTnNtyZ6RNcrmj0w

167 http://www.oecd.org/ctp/exchange-of-tax-information/implementation-handbook-standard-for-automatic-exchange-of-financial-account-information-in-tax-matters.htm

168 http://www.oecd.org/ctp/exchange-of-tax-information/update-on-voluntary-disclosure-programmes-a-pathwaypto-tax-compliance.htm

169 http://www.oecd.org/ctp/exchange-of-tax-information/Model-Protocol-TIEA.pdf

170 http://www.oecd.org/ctp/exchange-of-tax-information/CRS-related-FAQs.pdf

171 http://www.oecd.org/ctp/exchange-of-tax-information/Automatic-Exchange-Financial-Account-Information-Brief.pdf

172 http://www.oecd.org/tax/transparency/final%20Keeping%20it%20Safe%20with%20cover.pdf

173 http://www.oecd.org/tax/transparency/AEOI-early-adopters-statement.pdf

174 http://www.oecd.org/ctp/exchange-of-tax-information/MCAA-Signatories.pdf

175 http://www.oecd.org/tax/transparency/global-forum-AEOI-roadmap-for-developing-countries.pdf

176 http://www.oecd.org/tax/transparency/GFannualreport2014.pdf

177 http://www.fstb.gov.hk/tb/en/docs/AEOI-ConsultationPaper-e.pdf

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UK Consultation Document 314 UK CRS Guidance 178

Spain – Draft Guidance 179

Japan Guidance 180

Australian Exposure Draft 181

Spanish Guidance182

178https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/461418/Guidance_Notes_for_the_Automatic_Exchange_of_Financial_Account_Information.pdf

179 http://www.minhap.gob.es/Documentacion/Publico/NormativaDoctrina/Proyectos/Tributarios/Proyecto_RD_Identificar_Residencia.PDF

180 http://law.e-gov.go.jp/cgi-bin/idxsearch.cgi

181 http://www.treasury.gov.au/ConsultationsandReviews/Consultations/2015/Draft-legislation-to-implement-in-Australia-the-OECDs-Common-Reporting

182 http://www.agenciatributaria.es/AEAT.internet/en_gb/Inicio/_componentes_/_Le_interesa_conocer/Historico/Historico.shtml

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Directive 2011/16/EU (informally “EU FATCA” or “DAC2”) 183

DAC2 is the “common name” for Directive 2011/16/EU and 2014/107/EU184, the EU regulations that sets the standard for how CRS will be implemented within the European Union. The DAC regulation meets all the requirements from CRS and further extends the EU Savings Directive. For any Financial Institution located in EU to be compliant, it is the DAC not the CRS regulation that they must comply with. DAC stands for EU Directive for Administrative Cooperation in the field of taxation.

First Report185 of the Commission AEFI expert group on the implementation of Directive 2014/107/EU for automatic exchange of financial account information

EU Commission Releases Proposals To Repeal Tax Savings Directive, Instead Impose FATCA Automatic Tax Exchange & Disclosure of All Tax Rulings Within 3 Months of Issuance186

Proposal187 for a COUNCIL DIRECTIVE amending Directive 2011/16/EU as regards mandatory automatic exchange of information in the field of taxation.

http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:52015PC0129&from=EN

OECD TRACE

TRACE Implementation Package – January, 2013188

Stop Tax Haven Abuse Act189

INTER GOVERNMENTAL AGREEMENTSSigned IGAs:

A url for signed IGAs can be found at:http://www.treasury.gov/resource-center/tax-policy/treaties/Pages/FATCA-Archive.aspx

Australia Guidance190 Implementing Legislation 191 Austria Bahamas Barbados Belarus Belgium

Bermuda Brazil Bulgaria BVI Guidance192

Canada Guidance193

Cayman Islands Cayman Islands FATCA

Guidance_Notes194 195 196

Chile Costa Rica Croatia 197

Curacao Cyprus Guidance198

Czech Republic Denmark Estonia

183 https://www.evernote.com/shard/s270/sh/d8afcd0a-f668-4844-8b1b-107c3b25d52c/22999436838a3c57a1b5021c04ae7d30

184 http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32014L0107&from=EN

185http://ec.europa.eu/taxation_customs/resources/documents/taxation/tax_cooperation/mutual_assistance/financial_account/first_report_expert_group_automatic_exchange_financial_information.pdf

186http://profwilliambyrnes.com/2015/03/18/eu-commission-releases-proposals-to-repeal-tax-savings-directive-instead-impose-fatca-automatic-tax-exchange-disclosure-of-all-tax-rulings-within-3-months-of-issuance/

187 http://ec.europa.eu/taxation_customs/resources/documents/taxation/company_tax/transparency/com_2015_135_en.pdf

188 http://www.oecd.org/ctp/exchange-of-tax-information/TRACE_Implementation_Package_Website.pdf

189 https://www.congress.gov/113/bills/s1533/BILLS-113s1533is.pdf

190 https://www.ato.gov.au/general/new-legislation/in-detail/other-topics/international/foreign-account-tax-compliance-act/

https://www.ato.gov.au/General/International-tax-agreements/In-detail/International-arrangements/FATCA-detailed-guidance/ http://lets-talk.ato.gov.au/guidance-for-the-foreign-account-tax-compliance-act-version-20-october-2014/documents/16981/download 191

http://www.comlaw.gov.au/Details/C2014A00067192

http://www.bvi.gov.vg/sites/default/files/guidance_notes_-_20_march_2015.pdf193

http://www.cra-arc.gc.ca/tx/nnrsdnts/nhncdrprtng/menu-eng.html194

https://haydonperryman.files.wordpress.com/2015/01/cayman-islands-fatca_guidance_notes-1.pdf195

http://www.pwc.com/en_US/us/financial-services/publications/fatca-publications/assets/cayman-islands-issues-updated-guidance-for-fatca-cdot.pdf196

http://www.pwc.com/en_US/us/financial-services/publications/fatca-publications/assets/cayman-islands-launches-fatca-notification-and-reporting-portal.pdf197

http://www.treasury.gov/resource-center/tax-policy/treaties/Documents/FATCA-Agreement-Croatia-3-20-2015.pdf198

https://home.kpmg.com/content/dam/kpmg/pdf/2015/09/cyprus-fatca-sept-8-2015.pdf

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Finland Guidance199

France Reporting Guidance (France) 200 201 Germany Reporting Guidance (German) 202 Additional Guidance203

Gibraltar Guernsey

IGOR_Project_Update_(Nov_14)_FINAL204

Honduras Hong Kong Hungary Ireland Guidance205

India Guidance206

Isle of Man Guidance207

Israel Italy Jamaica Japan Jersey Guidance208

Latvia Guidance209

Liechtenstein Lithuania Luxembourg Guidance210 Draft law211 Malta Guidance212

Malaysia Guidance213 (IGA “in substance”)Mauritius Guidance214

Mexico MoldovaNetherlands FATCA Guidance (Dutch)215

New Zealand Guidance216

Norway Poland Draft Bill217

Qatar Singapore Guidance218 219 Slovenia South Africa Spain FATCA Form 290 on metadata XML schema 220

Sweden Switzerland One off extension of 2014 Reporting to March 31, 2015221

domestic draft legislation222 through which Switzerland intends to enact theOECD Common Reporting Standard (CRS) into domestic law

Turks and Caicos Islands United Kingdom Uzbekistan Vietnam 223 224

Other documents relating to IGAs:Announcement 2014-38225: Update on Jurisdictions Treated as if They Had an IGA in Effect

You can find URLs for the below at:

199 http://bit.ly/fatca_finland

200http://www.impots.gouv.fr/portal/deploiement/p1/fichedescriptive_7015/fichedescriptive_7015.pdf

201 202

http://www.gesetze-im-internet.de/bundesrecht/fatca-usa-umsv/gesamt.pdf203

http://www.bzst.de/DE/Steuern_International/FATCA/FAQ/FAQ_node.html204

https://haydonperryman.files.wordpress.com/2015/01/igor_project_update_nov_14_final.pdf205

http://www.finance.gov.ie/sites/default/files/FATCA.%20Draft%20Guidance%20Notes%2016%20Jan%202014.pdf206

http://bit.ly/1izjJ7q207

http://www.gov.im/categories/tax-vat-and-your-money/income-tax-and-national-insurance/international-agreements/fatca-and-common-reporting-standard/208

http://www.gov.je/TaxesMoney/InternationalTaxAgreements/IGAs/Pages/UnitedStatesIGA.aspx209

http://tap.mk.gov.lv/lv/mk/tap/?pid=40347347210

http://www.abbl.lu/en/professionnals/legaltax/fatca211

http://bofip.impots.gouv.fr/bofip/simple/recherche-simple-facet?chunkLength=10&chunkOffset=1&ftsq=FATCAhttps://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/taxnewsflash/Documents/lux-fatca-april2-2015.pdf212

http://www.ifsp.org.mt/file.aspx?id=287213

http://www.hasil.gov.my/pdf/pdfam/Guidance_Notes.pdf214

http://www.kpmg.com/US/en/IssuesAndInsights/ArticlesPublications/taxnewsflash/Documents/mauritius-nov26-2014.pdf215

https://haydonperryman.files.wordpress.com/2015/01/fatca-guidance-dutch.pdf216

http://www.ird.govt.nz/international/nzwithos/fatca/217

http://legislacja.rcl.gov.pl/projekt/12269052/katalog/12274940218

http://www.iras.gov.sg/irasHome/page.aspx?id=15664219

https://www.iras.gov.sg/irashome/fatca/220

https://www2.agenciatributaria.gob.es/static_files/common/internet/dep/taiif/ayuda/ixft/FATCA-Presentacion_del_modelo_290_mediante_servicio_Web_v1.0.pdf221

https://www.pwc.ch/news/en/16578/aggregated-fatca-reporting-swiss-fis-2014-extended-march-31222

http://www.news.admin.ch/NSBSubscriber/message/attachments/37926.pdf223

Vietnam, at the time of writing, has no IGA, it is however, rumored that Vietnam will enter into an IGA Model 1 https://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/taxnewsflash/Documents/vietnam-april2-2015.pdf

224 June 19: The State Bank of Vietnam this week issued guidance to financial institutions and branches of foreign banks with respect to implementation of the Foreign Account Tax

Compliance Act (FATCA) regime.The guidance—Official Letter 1882/TTGSNH11 (17 June 2015)—provides the State Bank’s position concerning:

The FATCA reporting deadline (requests for an automatic 90-day extension to be filed by 29 June 2015)

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http://www.treasury.gov/resource-center/tax-policy/treaties/

Pages/FATCA.aspx

FATCA-Reciprocal-Model-1A-Agreement- Preexisting-TIEA -or-DTC-11-30-14

FATCA-Notification-Letter-11-25-14 FATCA-Nonreciprocal-Model-1B-Agreement-

Preexisting-TIEA -or-DTC-11-30-14 FATCA-Nonreciprocal-Model-1B-Agreement-

No-TIEA -or-DTC-11-30-14 FATCA-Model-2-Agreement-Preexisting-TIEA -

or-DTC-11-30-14 FATCA-Model-2-Agreement-No-TIEA -or-DTC-

11-30-14 FATCA-Annex-II-to-Model-2-Agreement-11-

30-14 FATCA-Annex-II-to-Model-1-Agreement-11-

30-14 FATCA-Annex-I-to-Model-2-Agreement-11-30-

14 FATCA-Annex-I-to-Model-1-Agreement-11-30-

14

A waiver for filing Form 8966 electronically, in hardship cases, if requested by 13 August 2015

The reporting format

The guidance also requires that foreign branches of foreign banks in Vietnam not report directly to their parent banks or foreign partners prior to approval of the State Bank.

Read a June 2015 report [PDF 182 KB] prepared by the KPMG member firm in Vietnam: FATCA Alert225

https://haydonperryman.files.wordpress.com/2015/01/a-14-38.pdf

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UK Materials:

April 13, 2015: Updates to reporting requirements226

March 19, 2015: Tax administration: regulations to implement the UK's automatic exchange of information agreements227

UK update (Mar. 16, 2015): Foreign Account Tax Compliance Act registration guidance228

Updated guidance to inform customers of the time lag between registration and reporting:

“You will need to wait approximately 24 hours after registering to file your report.”Schema and supporting documents for Foreign Account Tax Compliance Act (FATCA) software developers. 229

The International Tax Compliance Regulations 2015230

The International Tax Compliance (Crown Dependencies and Gibraltar ) (Amendment) Regulations 2015 231

Tax administration: regulations to implement the UK's automatic exchange of information agreements232

The International Tax Compliance (Crown Dependencies and Gibraltar ) Regulations 2014 233

Implementation of International Tax Compliance (Crown Dependencies and Gibraltar ) Regulations 2014 Guidance Notes 27 June 2014 234 CDOT Guidance Notes – 14th September 2015 235 2013 No. 1962 TAXES The International Tax Compliance (United States of America) Regulations 2013 UK FAQs – FATCA 236 UK Statutory Instrument_20141506_en237

UK FAQs – FATCA238

UK Guide to AEOI for account holders239

UK FATCA registration guide240

UK FATCA Guidance – 28th August 2014241

UK FATCA Guidance – 14th September 2015 242 UK CRS Guidance Notes – September 14, 2015 243 UK CRS consultation document244

Tackling offshore tax evasion: a new corporate criminal offence of failure to prevent the facilitation of evasion Consultation document Publication date: 16 July 2015 245

226 https://www.gov.uk/government/news/updates-to-fatca-reporting-requirements

227 https://www.gov.uk/government/publications/tax-administration-regulations-to-implement-the-uks-automatic-exchange-of-information-agreements

228 https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/406699/FATCA_registration_guidance_v0_2.pdf

229 https://www.gov.uk/government/publications/foreign-account-tax-compliance-act-schema-and-supporting-documents

230 http://www.legislation.gov.uk/uksi/2015/878/made

231 http://www.legislation.gov.uk/uksi/2015/873/pdfs/uksi_20150873_en.pdf

232https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/413976/TIIN_8148_tax_admin_automatic_exchange.pdf

233 https://haydonperryman.files.wordpress.com/2015/01/uk-fatca_cdot.pdf

234 https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/358562/guidance-uk-cd-ot.pdf

235 https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/461540/Guidance_Notes_for_the_UK-Crown_Dependencies_and_Gibraltar_Agreements.pdf

236 http://www.legislation.gov.uk/uksi/2013/1962/pdfs/uksi_20131962_en.pdf

237 https://haydonperryman.files.wordpress.com/2015/01/uk-statutory-instrument_20141506_en.pdf

238 https://haydonperryman.files.wordpress.com/2015/01/uk-guide-to-fatca.pdf

239 https://haydonperryman.files.wordpress.com/2015/01/uk-guide-to-aeoi-for-account-holders.pdf

240 https://haydonperryman.files.wordpress.com/2015/01/uk-fatca-registration-guide.pdf

241 https://haydonperryman.files.wordpress.com/2015/01/uk-fatca-guidance-29august2014.pdf

242 https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/461542/Guidance_Notes_for_the_UK-US_FATCA_Agreement.pdf

243 https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/461418/Guidance_Notes_for_the_Automatic_Exchange_of_Financial_Account_Information.pdf

244 https://haydonperryman.files.wordpress.com/2015/01/uk-crs-consultation-document.pdf

245 https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/445534/Tackling_offshore_tax_evasion_-

_a_new_corporate_criminal_offence_of_failure_to_prevent_facilitation_of_tax_evasion.pdf

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BBA Alternatives to W-8 Series Self CertificationSelf Certification – Individual246

Self Certification – Individual – Instructions247

Self Certification – Entity 248

246 https://haydonperryman.files.wordpress.com/2015/01/bba01-431943-v1-individual_self-certification_form.pdf

247 https://haydonperryman.files.wordpress.com/2015/01/bba_entity_self-certification_form_instructions.pdf

248 https://haydonperryman.files.wordpress.com/2015/01/bba_entity_self-certification_form.pdf

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APPENDIX 10: GIIN LIST

FATCA / CRS Numbers – November, 1 2015IRS GIIN List published November 1, 2015 (Financial Institutions in approved status as of October 26, 2015).

http://apps.irs.gov/app/fatcaFfiList/flu.jsf

FATCA IGA Scenarios

Nov2015 GIINs

Oct2015GIINs

Sept 2015 GIINs Jurisdictions

Model 1A IGA 107,048 106,151 104,755 90 Model 1B IGA 43,134 42,663 42,041 8 Model 2 IGA 19,099 18,978 18,884 14 No IGA 6,868 6,756 6,676 131 US 924 922 911 1 US Territory 74 73 79 6 Total 177,147 175,543 173,346 250

Breaking down the 177,147 [175,543] [173,346] by region:o EMEA 93,128 [92,438] [91,368] (53%)o AMER 60,425 [59,733] [58,966] (34%)o APAC 22,633 [22,429] [22,076] (13%)o “Other” 961 [943] [936] (1%)o It would appear that APAC, the Middle East and Africa are under represented

in terms of GIIN registrations. BRIC Countries represent 5% of the total and NAFTA represents 3% of the total. The 34 OECD Members represent 47% of the overall total. The number of jurisdictions treated as having an IGA place in accordance with US

Treasury rules remains at 112. Of those 112 jurisdictions, 77 have signed an IGA. Regarding the CRS,

o The number of CRS jurisdictions remains at 99 38 Committed 61 Signed

o Of these 99 jurisdictions 56 have an automatic financial information exchange in September

2017 40 have an automatic financial information exchange in September

2018 3 jurisdictions have yet to confirm the date of their information

exchange.

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None of the four new Category Codes (SF, SD, SS, SB) are in evidence on the October 26, 2015 GIIN list.

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November 1, 2015 GIIN numbers by Tax Jurisdiction

Jurisdiction Name

ISO3166-

1

IGA Model

Signed/Substance

IGA Status Date

Signed/Committed

Date 1st Info Exch

GIIN Population

Lead FFIs

Afghanistan 004 No IGA

13 1

Aland Islands

248 No IGA

1 0

Albania 008 No IGA

Signed 29-Oct-14 2018 21 0

Algeria 012 Model 1A IGA

Signed 13-Oct-15 6 0

American Samoa

016 No IGA

0 0

Andorra 020 No IGA

Committed 29-Oct-14 2018 37 4

Angola 024 Model 1A IGA

Ann 2014-38 30-Nov-14 29 4

Anguilla 660 Model 1A IGA

Substance 30-Jun-14 Signed 29-Oct-14 2017 180 6

Antarctica 010 No IGA

0 0

Antigua and Barbuda

028 Model 1A IGA

Substance 03-Jun-14 Signed 30-Oct-15 2018 39 1

Argentina 032 No IGA

Signed 29-Oct-14 2017 602 26

Armenia 051 Model 2 IGA

Substance 08-May-14

36 2

Aruba 533 No IGA

Signed 29-Oct-14 2018 25 1

Australia 036 Model 1A IGA

Signed 28-Apr-14 Signed 03-Jun-15 2018 3,524 105

Austria 040 Model 2 IGA

Signed 29-Apr-14 Signed 29-Oct-14 2018 3,025 75

Azerbaijan 031 Model 1A IGA

Substance 16-May-14

70 0

Bahamas 044 Model 1B IGA

Signed 03-Nov-14 Committed 29-Oct-14 2018 1,123 31

Bahrain 048 Model 1A IGA

Substance 30-Jun-14 Committed 29-Oct-14 TBC 247 31

Bangladesh 050 No IGA

93 23

Barbados 052 Model 1A IGA

Signed 17-Nov-14 Signed 30-Oct-15 2017 186 9

Belarus 112 Model Signed 18-Mar-15   72 1

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1A IGABelgium 056 Model

1A IGASigned 23-Apr-14 Signed 29-Oct-14 2017 370 15

Belize 084 No IGA

Signed 30-Oct-15 2018 316 7

Benin 204 No IGA

  15 0

Bermuda 060 Model 2 IGA

Signed 19-Dec-13 Signed 29-Oct-14 2017 2,451 126

Bhutan 064 No IGA

  1 0

Bolivia, Plurinational State Of

068 No IGA

  42 5

Bonaire, Sint Eustatius And Saba

535 No IGA

13 0

Bosnia and Herzegovina

070 No IGA

68 3

Botswana 072 No IGA

  34 3

Bouvet Island

074 No IGA

  3 0

Brazil 076 Model 1A IGA

Signed 23-Sep-14 Committed 29-Oct-14 2018 5,709 80

British Indian Ocean Territory

086 No IGA

5 0

Brunei Darussalam

096 No IGA

Committed 29-Oct-14 2018 29 4

Bulgaria 100 Model 1B IGA

Signed 05-Dec-14 Signed 30-Oct-15 2017 190 8

Burkina Faso

854 No IGA

10 1

Burundi 108 No IGA

9 0

Cambodia 116 Model 1A IGA

Signed 14-Sep-15 97 2

Cameroon 120 No IGA

18 0

Canada 124 Model 1A IGA

Signed 05-Feb-14 Signed 03-Jun-15 2018 4,549 132

Cape Verde 132 Model 1A IGA

Substance 30-Jun-14 15 0

Cayman 136 Model Signed 29-Nov-13 Signed 29-Oct-14 2017 33,348 1259

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Islands 1B IGACentral African Republic

140 No IGA

5 0

Chad 148 No IGA

6 0

Chile 152 Model 2 IGA

Signed 05-Mar-14 Signed 29-Oct-14 2018 375 29

China 156 Model 1A IGA

Substance 26-Jun-14 Committed 29-Oct-14 2018 1,082 42

Christmas Island

162 No IGA

0 0

Cocos (Keeling) Islands

166 No IGA

0 0

Colombia 170 Model 1A IGA

Signed 20-May-15

Signed 29-Oct-14 2017 251 10

Comoros 174 No IGA

5 0

Congo, Democratic Republic Of The

178 No IGA

18 0

Congo 180 No IGA

9 0

Cook Islands 184 No IGA

Signed 30-Oct-15 2018 147 36

Costa Rica 188 Model 1A IGA

Signed 26-Nov-13 Signed 03-Jun-15 2018 145 16

Cote d'Ivoire

384 No IGA

36 1

Croatia 191 Model 1A IGA

Signed 20-Mar-15 Signed 29-Oct-14 2017 88 1

Cuba 192 No IGA

0 0

Curacao 531 Model 1A IGA

Signed 16-Dec-14 Signed 29-Oct-14 2017 355 18

Cyprus 196 Model 1A IGA

Signed 02-Dec-14 Signed 29-Oct-14 2017 935 34

Czech Republic

203 Model 1A IGA

Signed 04-Aug-14 Signed 29-Oct-14 2017 258 5

Denmark 208 Model 1A IGA

Signed 19-Nov-12 Signed 29-Oct-14 2017 388 25

Djibouti 262 No IGA

8 1

Dominica 212 Model 1A IGA

Substance 19-Jun-14 Committed 29-Oct-14 2017 24 1

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Dominican Republic

214 Model 1A IGA

Substance 30-Jun-14 124 2

Ecuador 218 No IGA

43 4

Egypt 818 No IGA

267 28

El Salvador 222 No IGA

72 5

Equatorial Guinea

226 No IGA

6 0

Eritrea 232 No IGA

0 0

Estonia 233 Model 1A IGA

Signed 11-Apr-14 Signed 29-Oct-14 2017 45 1

Ethiopia 231 No IGA

19 0

Falkland Islands (Malvinas)

238 No IGA

1 0

Faroe Islands

234 No IGA

Signed 29-Oct-14 2017 0 0

Fiji 242 No IGA

6 0

Finland 246 Model 1A IGA

Signed 05-Mar-14 Signed 29-Oct-14 2017 745 27

France 250 Model 1A IGA

Signed 14-Nov-13 Signed 29-Oct-14 2017 5,090 153

French Guiana

254 No IGA

0 0

French Polynesia

258 No IGA

4 0

French Southern Territories

260 No IGA

1 0

Gabon 266 No IGA

11 1

Gambia 270 No IGA

15 0

Georgia 268 Model 1A IGA

Signed 10-Jul-15 36 2

Germany 276 Model 1A IGA

Signed 31-May-13

Signed 29-Oct-14 2017 4,329 125

Ghana 288 No IGA

Signed 14-May-15 2018 56 4

Gibraltar 292 Model 1A IGA

Signed 08-May-14

Signed 29-Oct-14 2017 2,116 11

Greece 300 Model Ann 2014-38 30-Nov-14 Signed 29-Oct-14 2017 167 12

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1A IGAGreenland 304 Model

1A IGASubstance 30-Jun-14 Committed 29-Oct-14 2017 3 0

Grenada 308 Model 1A IGA

Substance 16-Jun-14 Signed 30-Oct-15 2018 32 0

Guadeloupe 312 No IGA

1 0

Guam 316 US Territo

ry

5 0

Guatemala 320 No IGA

86 10

Guernsey 831 Model 1A IGA

Signed 13-Dec-13 Signed 29-Oct-14 2017 5,172 175

Guinea 324 No IGA

14 0

Guinea-Bissau

624 No IGA

1 0

Guyana 328 Model 1A IGA

Substance 24-Jun-14 14 3

Haiti 332 Model 1A IGA

Substance 30-Jun-14 22 2

Heard Island and McDonald Islands

334 No IGA

0 0

Holy See (Vatican City State)

336 Model 1A IGA

Signed 10-Jun-15 1 0

Honduras 340 Model 1A IGA

Signed 31-Mar-14 47 5

Hong Kong 344 Model 2 IGA

Signed 13-Nov-14 Committed 29-Oct-14 2018 3,227 111

Hungary 348 Model 1A IGA

Signed 04-Feb-14 Signed 29-Oct-14 2017 375 5

Iceland 352 Model 1A IGA

Signed 26-May-15

Signed 29-Oct-14 2017 31 2

India 356 Model 1A IGA

Signed 09-Jul-15 Signed 03-Jun-15 2017 910 10

Indonesia 360 Model 1A IGA

Substance 04-May-14

Signed 03-Jun-15 2018 527 12

Iran 364 No IGA

0 0

Iraq 368 Model 2 IGA

Substance 30-Jun-14 71 5

Ireland 372 Model 1A IGA

Signed 23-Jan-13 Signed 29-Oct-14 2017 4,361 56

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Isle of Man 833 Model 1A IGA

Signed 13-Dec-13 Signed 29-Oct-14 2017 1,056 39

Israel 376 Model 1A IGA

Signed 30-Jun-14 Committed 29-Oct-14 2018 804 44

Italy 380 Model 1A IGA

Signed 10-Jan-14 Signed 29-Oct-14 2017 1,390 51

Jamaica 388 Model 1A IGA

Signed 01-May-14

61 8

Japan 392 Model 2 IGA

Signed 11-Jun-13 Signed 30-Oct-15 2018 3,793 169

Jersey 832 Model 1A IGA

Signed 13-Dec-13 Signed 29-Oct-14 2017 4,766 140

Jordan 400 No IGA

88 13

Kazakhstan 398 Model 1A IGA

Ann 2014-38 30-Nov-14 104 10

Kenya 404 No IGA

85 13

Kiribati 296 No IGA

1 0

Kosovo 901 Model 1A IGA

Signed 26-Feb-15 0 0

Kuwait 414 Model 1A IGA

Signed 29-Apr-15 211 27

Kyrgyzstan 417 No IGA

30 0

Lao People's Democratic Republic

418 No IGA

27 0

Latvia 428 Model 1A IGA

Signed 27-Jun-14 Signed 29-Oct-14 2017 62 4

Lebanon 422 No IGA

164 21

Lesotho 426 No IGA

7 0

Liberia 430 No IGA

77 0

Libya 434 No IGA

21 3

Liechtenstein

438 Model 1A IGA

Signed 19-May-14

Signed 29-Oct-14 2017 1,152 21

Lithuania 440 Model 1A IGA

Signed 26-Aug-14 Signed 29-Oct-14 2017 99 0

Luxembourg 442 Model 1A IGA

Signed 28-Mar-14 Signed 29-Oct-14 2017 8,758 283

Macao 446 Model 2 IGA

Ann 2014-38 30-Nov-14 Committed 29-Oct-14 2018 77 2

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Macedonia, The Former Yugoslav Republic Of

807 No IGA

26 0

Madagascar 450 No IGA

9 0

Malawi 454 No IGA

14 2

Malaysia 458 Model 1A IGA

Substance 30-Jun-14 Committed 29-Oct-14 2018 567 33

Maldives 462 No IGA

7 0

Mali 466 No IGA

12 0

Malta 470 Model 1A IGA

Signed 16-Dec-13 Signed 29-Oct-14 2017 978 50

Marshall Islands

584 No IGA

Signed 30-Oct-15 2018 141 0

Martinique 474 No IGA

1 0

Mauritania 478 No IGA

16 1

Mauritius 480 Model 1A IGA

Signed 27-Dec-13 Signed 29-Oct-14 2017 2,819 69

Mayotte 175 No IGA

0 0

Mexico 484 Model 1A IGA

Signed 09-Apr-14 Signed 29-Oct-14 2017 605 18

Micronesia, Federated States of

583 No IGA

1 0

Moldova, Republic of

498 Model 2 IGA

Signed 26-Nov-14 30 0

Monaco 492 No IGA

Committed 29-Oct-14 2018 153 1

Mongolia 496 No IGA

26 5

Montenegro

499 Model 1A IGA

Substance 30-Jun-14 16 0

Montserrat 500 Model 1A IGA

Signed 08-Sep-15 Signed 29-Oct-14 2017 12 0

Morocco 504 No IGA

146 10

Mozambique

508 No IGA

22 1

Myanmar 104 No IGA

33 3

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Namibia 516 No IGA

47 4

Nauru 520 No IGA

Committed 29-Oct-14 TBC 0 0

Nepal 524 No IGA

37 1

Netherlands 528 Model 1A IGA

Signed 18-Dec-13 Signed 29-Oct-14 2017 3,579 90

New Caledonia

540 No IGA

5 0

New Zealand

554 Model 1A IGA

Signed 12-Jun-14 Signed 03-Jun-15 2018 1,408 31

Nicaragua 558 Model 2 IGA

Substance 30-Jun-14 24 4

Niger 562 No IGA

8 0

Nigeria 566 No IGA

109 14

Niue 570 No IGA

Signed 30-Oct-15 2017 0 0

Norfolk Island

574 No IGA

0 0

Korea, Democratic People's Republic Of

408 No IGA

0 0

Northern Mariana Islands

580 US Territo

ry

1 0

Norway 578 Model 1A IGA

Signed 15-Apr-13 Signed 29-Oct-14 2017 560 38

Palestine, State Of

275 No IGA

0 0

Oman 512 No IGA

39 5

Other No IGA

961 2

Pakistan 586 No IGA

167 19

Palau 585 No IGA

1 0

Panama 591 Model 1A IGA

Ann 2014-38 30-Nov-14 Committed 29-Oct-14 2018 1,012 43

Papua New Guinea

598 No IGA

8 1

Paraguay 600 Model 2 IGA

Substance 06-Jun-14 42 0

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Peru 604 Model 1A IGA

Substance 01-May-14

256 13

Philippines 608 Model 1A IGA

Signed 30-Nov-14 236 18

Pitcairn 612 No IGA

0 0

Poland 616 Model 1A IGA

Signed 07-Oct-13 Signed 29-Oct-14 2017 439 22

Portugal 620 Model 1A IGA

Signed 06-Aug-15 Signed 29-Oct-14 2017 351 18

Puerto Rico 630 US Territo

ry

4 0

Qatar 634 Model 1B IGA

Signed 07-Jan-15 Committed 29-Oct-14 2018 74 8

Reunion 638 No IGA

1 0

Romania 642 Model 1A IGA

Signed 02-Apr-14 Signed 29-Oct-14 2017 138 6

Russian Federation

643 No IGA

Committed 29-Oct-14 2018 1,306 54

Rwanda 646 No IGA

18 0

Saint Barthelemy

652 No IGA

0 0

Saint Helena 654 No IGA

0 0

Saint Kitts and Nevis

659 Model 1A IGA

Signed 31-Aug-15 Committed 29-Oct-14 2018 239 8

Saint Lucia 662 Model 1A IGA

Substance 12-Jun-14 Signed 30-Oct-15 2018 97 1

Saint Martin (French part)

663 No IGA

3 0

Saint Pierre and Miquelon

666 No IGA

2 0

Saint Vincent and The Grenadines

670 Model 1A IGA

Signed 18-Aug-15 Signed 30-Oct-15 2018 368 2

Samoa 882 US Territo

ry

Signed 30-Oct-15 2018 62 2

San Marino 674 Model 2 IGA

Signed 28-Oct-14 Signed 29-Oct-14 2017 17 5

Sao Tome 678 No 7 1

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and Principe IGASaudi Arabia 682 Model

1A IGASubstance 24-Jun-14 Committed 29-Oct-14 2018 290 23

Senegal 686 No IGA

25 0

Serbia 688 Model 1A IGA

Substance 30-Jun-14 49 2

Seychelles 690 Model 1A IGA

Substance 28-May-14

Signed 14-May-15 2017 228 4

Sierra Leone 694 No IGA

10 1

Singapore 702 Model 1B IGA

Signed 09-Dec-14 Committed 29-Oct-14 2018 2,169 52

Sint Maarten (Dutch part)

534 No IGA

Signed 30-Oct-15 2018 19 0

Slovakia 703 Model 1A IGA

Signed 06-Aug-15 Signed 29-Oct-14 2017 83 1

Slovenia 705 Model 1A IGA

Signed 02-Jun-14 Signed 29-Oct-14 2017 58 6

Solomon Islands

090 No IGA

4 0

Somalia 706 No IGA

1 0

South Africa 710 Model 1A IGA

Signed 09-Jun-14 Signed 29-Oct-14 2017 807 32

South Georgia and the South Sandwich Islands

239 No IGA

0 0

Korea, Republic of

410 Model 1A IGA

Signed 10-Jun-15 Signed 29-Oct-14 2017 1,306 25

South Sudan

728 No IGA

9 0

Spain 724 Model 1A IGA

Signed 14-May-13

Signed 29-Oct-14 2017 1,225 45

Sri Lanka 144 No IGA

74 5

Sudan 729 No IGA

9 2

Suriname 740 No IGA

11 0

Swaziland 748 No IGA

16 0

Sweden 752 Model 1A IGA

Signed 08-Aug-14 Signed 29-Oct-14 2017 718 30

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Switzerland 756 Model 2 IGA

Signed 14-Feb-13 Signed 19-Nov-14 2018 5,047 169

Syrian Arab Republic

760 No IGA

1 0

Taiwan 158 Model 2 IGA

Substance 23-Jun-14 884 41

Tajikistan 762 No IGA

33 2

Tanzania, United Republic Of

834 No IGA

37 2

Thailand 764 Model 1A IGA

Substance 24-Jun-14 1,723 24

Timor-Leste 626 No IGA

4 0

Togo 768 No IGA

12 0

Tokelau 772 No IGA

0 0

Tonga 776 No IGA

3 0

Trinidad and Tobago

780 Model 1A IGA

Ann 2014-38 30-Nov-14 Committed 29-Oct-14 2017 86 8

Tunisia 788 Model 1A IGA

Ann 2014-38 30-Nov-14 98 6

Turkey 792 Model 1A IGA

Signed 29-Jul-15 Committed 29-Oct-14 2018 267 17

Turkmenistan

795 Model 1A IGA

Substance 03-Jun-14 12 0

Turks and Caicos Islands

796 Model 1B IGA

Signed 01-Dec-14 Signed 29-Oct-14 2017 76 0

Tuvalu 798 No IGA

0 0

Uganda 800 No IGA

32 3

Ukraine 804 Model 1A IGA

Substance 28-Jun-14 277 4

United Arab Emirates

784 Model 1A IGA

Signed 21-May-14

Committed 29-Oct-14 2018 458 25

United Kingdom

826 Model 1A IGA

Signed 12-Sep-12 Signed 29-Oct-14 2017 24,454 717

United States

840 US 924 145

United States Minor

581 US Territo

ry

0 0

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Outlying IslandsUruguay 858 No

IGA Committed 29-Oct-14 2018 189 9

Uzbekistan 860 Model 1B IGA

Signed 03-Apr-15 24 0

Vanuatu 548 No IGA

Committed 29-Oct-14 TBC 13 2

Venezuela, Bolivarian Republic Of

862 No IGA

87 6

Viet Nam 704 No IGA

161 22

Virgin Islands (British)

092 Model 1B IGA

Signed 30-Jun-14 Signed 29-Oct-14 2017 6,130 152

Virgin Islands (U.S.)

850 US Territo

ry

2 0

Wallis and Futuna

876 No IGA

1 0

West Bank And Gaza

275 No IGA

36 3

Western Sahara

732 No IGA

0 0

Yemen 887 No IGA

19 3

Zambia 894 No IGA

25 1

Zimbabwe 716 No IGA

19 1

Total 177,147 5,996

APPENDIX 11: FINES ISSUED BY US REGULATORS FOR ALLEGED FACILITATION OF TAX EVASION VIA OFFSHORE ACCOUNTS

http://www.justice.gov/tax/offshore-compliance-initiative

2015

Luzerner Kantonalbank AG 249 $11.031M

249 http://www.justice.gov/opa/file/789161/download

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GLOBAL ACCOUNT TAX COMPLIANCE “ACTS” (GATCA):US TREASURY FATCA, IGAs & STATUTORY INSTRUMENTS & THE OECD AEOI’s COMMON REPORTING STANDARD.

Habib Bank AG Zurich 250 $9.4M

Banque Heritage S.A. 251 $3.846M

Hyposwiss Private Bank Genève S.A. 252 $1.109M

Piguet Galland & Cie SA 253   $15.365 million

BBVA Suiza S.A. 254 $10.390M

Schaffhauser Kantonalbank 255 $1.613M

Finacor SA 256 $295,000

BHF-Bank (Schweiz) AG 257 $1.768M

Migros Bank AG258 $15.037 M

Graubündner Kantonalbank 259 $3.616 M

St. Galler Kantonalbank 260 AG $9.481M

E. Gutzwiller & Cie, Banquiers 261 $1.556M

Bank La Roche & Co AG 262 $9.296M

Valiant Bank AG 263 $3.304M

Schroder & Co. Bank AG 264 $10.354M

Hypothekarbank Lenzburg 265 AG $560,000

Bank Zweiplus AG 266 $1.089M

250 http://www.justice.gov/opa/file/789186/download

251 http://www.justice.gov/opa/file/789166/download

252 http://www.justice.gov/opa/file/789191/download

253 http://www.justice.gov/opa/file/787646/download

254 http://www.justice.gov/opa/file/784816/download

255 http://www.justice.gov/opa/file/782211/download

256 http://www.justice.gov/opa/file/781061/download

257 http://www.justice.gov/opa/file/780026/download

258 http://www.justice.gov/opa/file/778201/download

259 http://www.justice.gov/opa/file/778196/download

260 http://www.justice.gov/opa/file/772326/download

261 http://www.justice.gov/opa/file/772321/download

262 http://www.justice.gov/opa/file/771291/download

263 http://www.justice.gov/opa/file/769171/download

264 http://www.justice.gov/opa/file/767021/download

265 http://www.justice.gov/opa/file/764506/download

266 http://www.justice.gov/opa/file/762271/download

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GLOBAL ACCOUNT TAX COMPLIANCE “ACTS” (GATCA):US TREASURY FATCA, IGAs & STATUTORY INSTRUMENTS & THE OECD AEOI’s COMMON REPORTING STANDARD.

Banca dello Stato del Cantone Ticino 267 $3.393M

Privatbank Reichmuth & Co 268 $2.592M

Banque Cantonale du Jura SA 269 $970,000

Banca Intermobiliare di Investimenti e Gestioni (Suisse) SA 270 $0 – no penalty

Bank EKI Genossenschaft (Bank EKI) 271 $400,00

PKB Privatbank AG 272 $6.328M

Falcon Private Bank AG 273 $1.806M

Credito Privato Commerciale in liquidazione SA (CPC) 274 $348,900

SB Saanen Bank AG 275 $1,365M

Privatbank Bellerive AG 276 $57,000

Mercantil Bank (Schweiz) AG 277 $1,172,000

Banque Cantonale Neuchâteloise 278 $1,123,000

Nidwaldner Kantonalbank 279 $856,000

Banque Pasche SA Will Pay 280 $7.229M

ARVEST Privatbank AG $1.044M

Von Graffenried 281 $287,000

Ersparniskasse Schaffhausen AG (EKS) 282 $2,066,000

267 http://www.justice.gov/opa/file/762266/download

268 http://www.justice.gov/opa/file/704461/download

269 http://www.justice.gov/opa/file/704451/download

270 http://www.justice.gov/opa/file/704456/download

271 http://www.justice.gov/opa/file/642736/download

272 http://www.justice.gov/opa/file/641606/download

273 http://www.justice.gov/opa/file/641596/download

274 http://www.justice.gov/opa/file/641601/download

275 http://www.justice.gov/opa/file/632876/download

276 http://www.justice.gov/opa/file/632871/download

277 http://www.justice.gov/opa/file/630911/download

278 http://www.justice.gov/opa/file/630906/download

279 http://www.justice.gov/opa/file/630916/download

280 http://www.justice.gov/opa/pr/justice-department-announces-two-banks-reach-resolutions-under-swiss-bank-program

281 http://www.justice.gov/opa/file/625036/download

282 http://www.justice.gov/opa/file/623866/download

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GLOBAL ACCOUNT TAX COMPLIANCE “ACTS” (GATCA):US TREASURY FATCA, IGAs & STATUTORY INSTRUMENTS & THE OECD AEOI’s COMMON REPORTING STANDARD.

Société Générale Private Banking (Suisse) SA  $17,807,000

Berner Kantonalbank AG $4,619,000

Rothschild Bank AG $11.51M283

Banca Credinvest SA $3.022M284

Société Générale Private Banking (Lugano-Svizzera) SA $1,363,000.285

MediBank, based in Zug, $826,000.286

LBBW Switzerland $34,000.

Scobag private bank $9,090.

Finter Bank over $5.414 million.287

Vadian Bank AGUnder a non-prosecution agreement, Vadian will pay a $4.253 million penalty, demonstrate that it put in controls to stop misconduct in undeclared U.S. accounts and cooperate in related legal proceedings.288

BSI289, S.A. (BSI) $211m (the first non-prosecution agreement under the Swiss bank program).

2014

Bank Leumi290 $270m.

Credit Suisse291 $2.6BN (Credit Suisse Group AG, Switzerland's second largest bank, pleaded guilty to aiding U.S. taxpayers in evading tax and agreed to pay a penalty of $2.6 billion).

o $1.8B to the DoJ for the US Treasuryo $100M to the Federal Reserveo $715M to the New York State Department of Financial Services

283 http://www.justice.gov/opa/file/451891/download

284 http://www.justice.gov/opa/file/451886/download285

http://www.justice.gov/opa/file/450621/download286

http://www.swissinfo.ch/eng/coming-clean_four-banks-settle-in-us-tax-evasion-scheme/41457480287

http://www.deblislaw.com/addition-of-pinter-bank-swells-list-of-foreign-banks-to-which-enhanced-offshore-penalty-applies-to-fifteen/288

http://uk.mobile.reuters.com/article/idUKL1N0XZ1RZ20150508289

http://www.jdsupra.com/legalnews/doj-announces-first-non-prosecution-agre-6885290

http://www.timesofisrael.com/us-fines-israeli-bank-400-million-in-tax-evasion-case/291

http://www.justice.gov/opa/pr/credit-suisse-pleads-guilty-conspiracy-aid-and-assist-us-taxpayers-filing-false-returns

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GLOBAL ACCOUNT TAX COMPLIANCE “ACTS” (GATCA):US TREASURY FATCA, IGAs & STATUTORY INSTRUMENTS & THE OECD AEOI’s COMMON REPORTING STANDARD.

Swiss Partners. $4.4M. 292

2013

Liechtensteinische Landesbank AG. $23.8M.293

Wegelin & Co. $57.8M.294

2009

UBS295 $780M (in a deferred-prosecution agreement and provide financial information for almost 4,500 U.S. clients).296

o $380 million in profits from maintaining the US cross-border business and o $400 million for US federal backup withholding tax required to be withheld by

UBS, together with interest and penalties, and restitution for unpaid taxes.297

Pending:

On December 8, 2014, the DOJ filed a lawsuit against Deutsche Bank AG in federal court in New York for tax fraud alleging the bank engaged in a series of transactions designed to fraudulently shift tax liability to an underfunded special purpose vehicle. The government is seeking $190 million in unpaid taxes, penalties and interest. On December 19, 2014, a federal judge in Manhattan approved a special summons directed at Sovereign Management & Legal, a Panamanian legal services firm alleged to have helped U.S. clients evade taxes through anonymous banking services.

Julius Baer Seeking Non Prosecution Agreement Over Tax Crimes.298

Zurcher Kantonalbank.

CIBC FirstCaribbean International Bank Limited, its predecessors, subsidiaries, and affiliates.

The IRS also recovers money via is Offshore Voluntary Disclosure Program:

“The passage of FATCA coincided with the inception of the IRS’s Offshore Voluntary Disclosure Program (OVDP), which since 2009 has afforded U.S. taxpayers with previously undisclosed overseas assets the opportunity to disclose them and pay reduced penalties. The IRS reported that by 2014, the OVDP had collected $6.5 billion through voluntary disclosures from 45,000 participants. “IRS Offshore Voluntary Disclosure Efforts Produce $6.5 Billion; 45,000 Taxpayers Participate,” available athttp://www.irs.gov/uac/Newsroom/IRS-Offshore-Voluntary-Disclosure-Efforts-Produce-$6.5-Billion;-45,000-Taxpayers-Participate(last visited July 31, 2015).”

DoJ Response, “Case: 3:15-cv-00250-TMR Doc #: 16”. August 12, 2015, page 5.

"John Doe” Summonses Issued to Discover U.S. Taxpayers with Offshore Bank Accounts:

292 http://www.theguardian.com/world/2014/may/10/swiss-company-fine-us-tax-dodgers

293 http://www.justice.gov/usao-sdny/pr/manhattan-us-attorney-announces-agreement-liechtenstein-bank-pay-238-million-resolve

294 http://www.bbc.co.uk/news/business-20907359

295 http://www.justice.gov/opa/pr/ubs-enters-deferred-prosecution-agreement

296 https://en.wikipedia.org/wiki/UBS_tax_evasion_controversy

297 http://www.financeasia.com/News/137721,ubs-pays-780-million-to-settle-tax-evasion-charge.aspx

298 http://lawprofessors.typepad.com/intfinlaw/2015/04/julius-baer-seeking-non-prosecution-agreement-over-tax-crimes.html

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GLOBAL ACCOUNT TAX COMPLIANCE “ACTS” (GATCA):US TREASURY FATCA, IGAs & STATUTORY INSTRUMENTS & THE OECD AEOI’s COMMON REPORTING STANDARD.

Belize Bank International Limited and Belize Bank Limited for records of correspondent accounts at Bank of America, N.A. and Citibank, N.A.299

UBS AG for records of Swiss bank Wegelin & Co.’s correspondent account at UBS  Wells Fargo, N.A., for records of the Barbados-based Canadian Imperial Bank of

Commerce FirstCaribbean International Bank (FCIB)

299 http://www.justice.gov/opa/pr/court-authorizes-irs-issue-summonses-discover-us-taxpayers-offshore-bank-accounts-belize-ba-0

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GLOBAL ACCOUNT TAX COMPLIANCE “ACTS” (GATCA):US TREASURY FATCA, IGAs & STATUTORY INSTRUMENTS & THE OECD AEOI’s COMMON REPORTING STANDARD.

APPENDIX 12: US COMPETENT AUTHORITY AGREEMENTS

The U.S. government has signed “competent authority arrangements” with:

Australia Czech Republic Estonia Guernsey Gibraltar Hungary Iceland

India Liechtenstein Malta Mauritius Mexico New Zealand United Kingdom 

to advance their intergovernmental agreements to combat tax evasion under the Foreign Account Tax Compliance Act, or FATCA.

Here is the list of countries that are connected to the IRS computer system.

1. Australia2. Brazil3. Canada4. Czech Republic5. Denmark6. Estonia7. Finland8. France9. Germany10.Gibraltar11.Guernsey12.Hungary

13. Iceland14. India15. Ireland16. Isle of Man17. Italy18.Jersey19.Latvia20.Liechtenstein21.Lithuania22.Luxembourg23.Malta24.Mauritius

25.Mexico26.Netherlands27.New Zealand28.Norway29.Poland30.Slovenia31.South Africa32.Spain33.Sweden34.United Kingdom

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GLOBAL ACCOUNT TAX COMPLIANCE “ACTS” (GATCA):US TREASURY FATCA, IGAs & STATUTORY INSTRUMENTS & THE OECD AEOI’s COMMON REPORTING

STANDARD.

INDEX

1

1.1471-1(a)..................................................................91, 1831.1471-1(b)...91, 134, 143, 154, 164, 183, 184, 185,

186, 187, 188, 2381.1471-1(c)..........................................................................1881.1471-2(a) 110, 143, 147, 166, 175, 179, 195, 196,

197, 198, 199, 208, 233, 270, 299, 326, 352, 360, 365, 372, 382, 387, 388, 398, 405

1.1471-2(b). .125, 126, 167, 176, 199, 200, 360, 3721.1471-2(c)..........................................................................2001.1471-3(a) 142, 161, 164, 178, 181, 196, 233, 234,

269, 2981.1471-3(c).. .95, 103, 104, 107, 109, 169, 174, 182,

183, 184, 190, 192, 196, 197, 234, 235, 238, 239, 240, 241, 242, 248, 267, 268, 269, 271, 273, 274, 275, 278, 298, 299, 300, 302, 320, 363, 387, 393, 398, 404, 405

1.1471-3(d)...95, 101, 107, 118, 140, 143, 150, 159, 164, 169, 184, 191, 192, 196, 209, 232, 233, 242, 243, 245, 246, 247, 249, 270, 278, 279, 282, 286, 307, 331, 332, 335, 345, 352, 354, 363, 365, 370, 378, 379, 400, 401

1.1471-3(e) 107, 130, 181, 184, 232, 249, 250, 253, 256, 257, 258, 267, 270

1.1471-3(f)....95, 147, 150, 192, 197, 258, 270, 271, 272, 277, 334, 363, 387, 391

1.1471-3(g).........................................................................2611.1471-4(a).....................................................123, 186, 2971.1471-4(b)150, 168, 190, 198, 237, 295, 297, 299,

300, 327, 328, 329, 334, 343, 344, 360, 381, 387, 388, 398, 414

1.1471-4(c).103, 104, 107, 109, 130, 143, 150, 155, 159, 174, 181, 184, 210, 212, 220, 233, 241, 242, 300, 318, 320, 321, 327, 328, 334, 335, 343, 344, 348, 378, 391

1.1471-4(e)...98, 134, 140, 173, 178, 183, 186, 295, 307, 308, 348

1.1471-4(f)........................155, 180, 308, 309, 345, 3471.1471-4(g)...............................................................309, 3101.1471-4(h)...............................................................310, 4091.1471-5(a) 107, 162, 173, 181, 184, 267, 271, 272,

276, 3371.1471-5(b).....92, 96, 100, 104, 107, 108, 118, 123,

152, 173, 174, 175, 180, 184, 192, 216, 239, 247, 249, 268, 270, 272, 274, 276, 279, 280, 281, 282, 286, 307, 338, 339, 357, 358, 366

1.1471-5(c)...............................................................165, 1811.1471-5(d).....................................................123, 175, 3391.1471-5(e) 102, 107, 108, 113, 132, 136, 157, 158,

159, 162, 174, 177, 180, 186, 188, 190, 211, 224, 225, 226, 248, 339, 340, 341, 342, 347, 350, 366, 378

1.1471-5(f). 101, 102, 108, 146, 148, 152, 155, 168, 173, 174, 178, 179, 180, 186, 187, 188, 190, 198, 211, 220, 221, 238, 246, 247, 268, 290, 292, 307, 336, 342, 343, 344, 345, 346, 347, 348, 350, 381

3

30 days........103, 104, 169, 209, 212, 213, 215, 221, 241, 250, 253, 492

5

501(c) Organizations........................................................92

8

871(m)......................126, 128, 166, 193, 373, 374, 411

9

90 days. . .84, 85, 103, 104, 150, 226, 240, 246, 250, 251, 253, 254, 269, 270, 299, 333, 335, 344, 369, 557

A

Account....23, 24, 60, 75, 76, 77, 85, 88, 92, 93, 107, 108, 116, 123, 124, 125, 130, 134, 135, 136, 146, 150, 152, 162, 168, 173, 277, 279, 312, 315, 316, 318, 319, 321, 335, 418, 419, 420, 421, 422, 423, 424, 425, 426, 427, 428, 429, 435, 437, 438, 439, 440, 442, 492, 495, 496, 499, 500, 501, 507, 510, 511, 512, 513, 515, 516, 518, 519, 520, 521, 524, 525, 528, 529, 547, 549, 550, 551, 553, 557, 569, 573

Account Holder...76, 77, 85, 93, 130, 418, 420, 421, 422, 423, 424, 425, 426, 427, 428, 496, 499, 500, 507, 551

Active NFE/ Active NFFE...............................................93AES...........................................................................................94Afghanistan...........................................................................558Aland Islands........................................................................558Albania........................................................................170, 558Algeria...................................................................68, 171, 558American Samoa........................167, 182, 493, 558, 565AML Due Diligence...........................................................94AML/KYC Procedures.95, 422, 425, 426, 427, 428,

514, 516, 517, 518, 519, 520, 522, 549, 550Andorra.......................................................................170, 558Angola...................................................................68, 171, 558

132

GLOBAL ACCOUNT TAX COMPLIANCE “ACTS” (GATCA):US TREASURY FATCA, IGAs & STATUTORY INSTRUMENTS & THE OECD AEOI’s COMMON REPORTING

STANDARD.

Anguilla............................................68, 170, 171, 558, 565Annuity Contract.......76, 93, 95, 107, 123, 124, 131,

157, 418, 420, 428, 431, 435, 436, 442, 494, 495, 496, 499, 511

Antarctica..............................................................................558Antigua and Barbuda...................68, 170, 171, 558, 565Argentina.....................................................................170, 558Armenia.......................................................................171, 558Aruba...........................................................................170, 558Assumes primary withholding responsibility........95Attestations.........................................24, 26, 37, 155, 555Australia...................................68, 72, 170, 171, 558, 571Austria.....................................................170, 171, 558, 571Azerbaijan............................................................68, 171, 558

B

Bahamas................................68, 170, 171, 558, 565, 571Bahrain.......................................................68, 170, 171, 558Bangladesh............................................................................558Barbados................................68, 170, 171, 558, 565, 571Belarus........................................................68, 171, 558, 571Belgium.....................................68, 72, 170, 171, 558, 571Belize............................................................................170, 558Beneficial owner................................................95, 96, 207Beneficial Owners 41, 79, 80, 86, 149, 504, 526, 554Benin.......................................................................................558Bermuda........................................170, 171, 558, 565, 571Bhutan....................................................................................558Blocked account.................................................................98Bolivia, Plurinational State Of.........................................558Bosnia and Herzegovina...................................................558Botswana...............................................................................559Bouvet Island.......................................................................559Branch.............................................98, 250, 282, 308, 320Brazil..................................................68, 170, 171, 559, 571British Indian Ocean Territory........................................559Broad Participation Retirement Fund. .98, 121, 135Broker.......................................................................................99Brunei Darussalam................................................170, 559Bulgaria............................................68, 170, 171, 559, 571Burkina Faso.........................................................................559Burundi...................................................................................559

C

Cambodia.............................................................68, 171, 559Cameroon..............................................................................559Canada....................................68, 170, 171, 559, 565, 571Cape Verde..........................................................68, 171, 559Cash Value.....76, 93, 100, 123, 157, 173, 418, 420,

428, 431, 435, 436, 442, 494, 495, 496, 499, 511, 516

Cash Value Insurance Contract....76, 93, 100, 123, 157, 418, 420, 428, 431, 435, 442, 494, 495, 496, 499, 511, 516

Cayman Islands....................68, 170, 171, 559, 565, 571Central African Republic...................................................559

Central Bank.......101, 121, 135, 145, 153, 431, 434, 440, 441, 526

Certified deemed-compliant FFI..........101, 102, 552Certified deemed-compliant FFI with only low-

value accounts................................................102, 552Certified deemed-compliant investment advisors

and investment managers.........................102, 552Certified deemed-compliant limited life debt

investment entity............................................102, 552Certified deemed-compliant non-registering local

bank................................................................................102Certified deemed-compliant sponsored, closely

held investment vehicle..............................102, 552Chad........................................................................................559Change in circumstances.............103, 104, 212, 268Chapter 3...................................................................105, 528Chapter 4 reportable amount....................................105Chapter 4 status..........................................105, 109, 210Chile....................................................................171, 559, 571China...........................................................68, 170, 171, 559Christmas Island..................................................................559Clearing organization....................................................106Cocos (Keeling) Islands.....................................................559Colombia..........................................68, 167, 170, 171, 559Comoros................................................................................559Complex trust....................................................................106Compliance FI.........................................................106, 133Congo......................................................................................559Consolidated obligations.............................................107Controlling Persons...41, 76, 79, 80, 85, 86, 87, 107,

121, 152, 418, 425, 426, 427, 428, 434, 440, 496, 499, 517, 519, 520, 521, 528, 548, 550, 553, 557

Cook Islands...............................................................170, 559Costa Rica........................................68, 170, 171, 559, 571costs of FATCA Compliance.............................................23Cote d'Ivoire.........................................................................559Croatia..............................................68, 170, 171, 559, 571Cuba........................................................................................559Curacao......................................................68, 171, 559, 571Custodial Institution...107, 124, 132, 135, 430, 431,

493Customer master file.....................................................107Cyprus...............................................68, 170, 171, 559, 571Czech Republic...............................68, 170, 171, 559, 571

D

Deemed-compliant FFI.......................................108, 330Deferred annuity contract............................................108Denmark...................................68, 72, 170, 171, 559, 571Depository account...................92, 108, 123, 314, 317Depository Institution108, 124, 132, 135, 430, 431,

493Direct Reporting NFFE (DR-NFFE).......................109Djibouti...................................................................................559Documentary Evidence.....109, 420, 421, 422, 423,

428, 522, 525, 551Documentation.24, 26, 88, 110, 213, 214, 217, 220,

224, 227, 230, 270, 273, 507

133

GLOBAL ACCOUNT TAX COMPLIANCE “ACTS” (GATCA):US TREASURY FATCA, IGAs & STATUTORY INSTRUMENTS & THE OECD AEOI’s COMMON REPORTING

STANDARD.

Dominica..........................................68, 170, 171, 559, 565Dominican Republic...............................68, 171, 559, 565Dormant account.............................................................110

E

Ecuador..................................................................................559Effective date of the FFI agreement......................110Egypt.......................................................................................559El Salvador.............................................................................559Election to be withheld upon.................110, 190, 197Electronically searchable information...................111Employer Identification Number (EIN)..................111Entity......76, 107, 108, 109, 111, 121, 123, 125, 132,

135, 145, 146, 152, 153, 157, 175, 179, 210, 276, 324, 340, 418, 425, 426, 427, 428, 429, 430, 431, 432, 434, 435, 437, 440, 441, 442, 443, 496, 497, 499, 504, 505, 517, 518, 519, 520, 522, 523, 524, 525, 548, 549, 550, 552, 567, 573

Entity account....................................................................111Entity wholly owned by exempt beneficial owners

.................................................................................111, 552Equatorial Guinea...............................................................559Equity Interest...................................................................111Eritrea.....................................................................................559Estonia..............................................68, 170, 171, 559, 571Ethiopia..................................................................................559Excepted inter-affiliate FFI...........112, 326, 553, 554Excepted NFFE................................................................112Excepted non-financial entity in liquidation or

bankruptcy...................................................................115Excepted non-financial start-up company..........115Excepted territory NFFE....................................115, 553Exempt Collective Investment Vehicle.....121, 135,

434, 554Exempt retirement plans...................................121, 552Expanded Affiliated Group.........................................122

F

Falkland Islands (Malvinas).............................................559Faroe Islands..............................................................170, 560FATCA ID..................................................................122, 134FATF......86, 123, 155, 175, 221, 228, 247, 249, 271,

327, 328, 333FATF-compliant Jurisdiction.....123, 221, 228, 247,

249, 271, 327, 328, 333FFI Agreement...............................60, 61, 123, 140, 297Fiji 560Financial Account93, 116, 123, 135, 146, 429, 435,

436, 437, 438, 442, 495, 496Financial Asset...................................116, 124, 431, 439Financial Institution.....24, 25, 34, 35, 37, 76, 77, 93,

95, 98, 108, 111, 116, 123, 124, 130, 135, 136, 142, 146, 150, 153, 154, 157, 165, 181, 186, 321, 418, 419, 420, 421, 422, 423, 425, 426, 427, 428, 429, 430, 431, 432, 434, 435, 436, 439, 440, 441, 442, 443, 492, 493, 494, 495,

496, 499, 500, 501, 503, 504, 505, 506, 507, 510, 511, 512, 513, 514, 515, 516, 517, 518, 519, 520, 521, 522, 523, 524, 525, 528, 529, 547, 548, 549, 550, 551, 553, 554, 568, 570

Finland..............................................69, 170, 171, 560, 571Flow-through entity.........................................................124Flow-through withholding certificate......................124Foreign entity..................................89, 93, 124, 165, 381Foreign government, government of a US

possession, or foreign central bank of issue124, 552

Foreign passthru payment................................124, 336Foreign payee...................................................................125Foreign person..................................................................125Form 8957......25, 125, 146, 155, 184, 366, 368, 568France...............................................69, 170, 171, 560, 571French Guiana......................................................................560French Polynesia.................................................................560French Southern Territories............................................560FTP.........................................................................................125

G

Gabon.....................................................................................560Gambia...................................................................................560Georgia.......................................................69, 171, 560, 563Germany.........................69, 72, 125, 170, 171, 560, 571Ghana.....................................................................................560Gibraltar.................................69, 170, 171, 560, 571, 573GIIN 25, 85, 110, 122, 125, 134, 146, 152, 154, 155,

169, 171, 176, 184, 185, 187, 208, 209, 211, 219, 234, 235, 237, 244, 245, 246, 247, 248, 250, 251, 254, 257, 302, 308, 330, 366, 368, 392, 552, 553, 557, 558, 568, 574

Governmental Entity. 121, 125, 135, 145, 153, 431, 434, 440, 441, 442

Grandfathered obligation........................125, 126, 193Grantor trust.......................................................................128Greece........................................................69, 170, 171, 560Greenland..................................................69, 170, 171, 560Grenada...........................................69, 170, 171, 560, 565Gross proceeds....................................76, 128, 373, 375Group annuity contract.................................................129Group insurance contract............................................129Guadeloupe..........................................................................560Guam........................................................167, 182, 493, 560Guatemala.............................................................................560Guernsey..................................69, 72, 170, 171, 560, 571Guinea....................................................................................560Guinea-Bissau......................................................................560Guyana..................................................................69, 171, 560

H

Haiti.......................................................................69, 171, 560HCTA...............................................................60, 75, 79, 130Heard Island and McDonald Islands.............................560Holy See (Vatican City State).........................69, 171, 560Honduras...................................................69, 171, 560, 571

134

GLOBAL ACCOUNT TAX COMPLIANCE “ACTS” (GATCA):US TREASURY FATCA, IGAs & STATUTORY INSTRUMENTS & THE OECD AEOI’s COMMON REPORTING

STANDARD.

Hong Kong.............................................170, 171, 560, 571HTTPS..................................................................................130Hungary............................................69, 170, 171, 560, 571

I

Iceland........................................................69, 170, 171, 560IDES.......................................26, 60, 73, 75, 77, 130, 567Immediate annuity...........................................................130India.............................................................69, 170, 171, 560Indicia......................................................130, 422, 514, 547Individual account...........................................................131Indonesia............................................69, 72, 170, 171, 560Insurance company........................................................131Insurance contract..........................................................131Intergovernmental Agreement (IGA).....................130Intermediary.......................73, 125, 131, 176, 177, 492Intermediary withholding certificate.......................131International Organization...........................................132Investment Entity........121, 123, 124, 132, 142, 426,

428, 430, 431, 434, 435, 440, 493, 495Investment-linked annuity contract........................133Investment-linked insurance contract...................133Iran..........................................................................................560Iraq................................................................................171, 560Ireland.......69, 73, 170, 171, 492, 493, 526, 527, 560,

571IRS FFI list. 125, 133, 176, 244, 246, 247, 248, 250,

251, 254, 518, 550Isle of Man...............................69, 72, 170, 171, 560, 571Israel..........................................69, 72, 170, 171, 560, 571Italy....................................................69, 170, 171, 560, 571

J

Jamaica.............................................69, 171, 560, 565, 571Japan.........................................25, 34, 170, 171, 560, 571Jordan.....................................................................................560

K

Kazakhstan..........................................................69, 171, 560Kenya......................................................................................561Kiribati....................................................................................561Korea, Republic of.....................................71, 72, 171, 563Kosovo..........................................................................171, 561Kuwait...................................................................69, 171, 561Kyrgyzstan.............................................................................561

L

Lao People's Democratic Republic................................561Latvia.................................................69, 170, 171, 561, 571Lead FI...................................................106, 122, 133, 134Lebanon.................................................................................561Lesotho...................................................................................561Liberia.....................................................................................561

Libya........................................................................................561Liechtenstein..................................70, 170, 171, 561, 571Life annuity contract.......................................................134Life insurance contract.................................................134Limited Branch..................................................................134Limited FFI......................................................133, 134, 288Lithuania..........................................70, 170, 171, 561, 571Local Foreign Financial Institution..........................134Lower Value..........134, 419, 420, 437, 511, 513, 547Luxembourg....................................70, 170, 171, 561, 571

M

Macao.................................................................170, 171, 561Madagascar..........................................................................561Malawi....................................................................................561Malaysia...........................................70, 170, 171, 561, 571Maldives................................................................................561Mali..........................................................................................561Malta.................................................70, 170, 171, 561, 571Marshall Islands......................................................170, 561Martinique............................................................................561Mauritania............................................................................561Mauritius.........................................70, 170, 171, 561, 571Mayotte..................................................................................561Member FI............................................106, 122, 134, 152Mexico..............................................70, 170, 171, 561, 571Micronesia, Federated States of...................................561Model 1 IGA24, 26, 37, 72, 74, 75, 79, 81, 101, 123,

134, 135, 138, 140, 152, 154, 155, 157, 175, 177, 180, 186, 223, 237, 238, 242, 243, 250, 264, 288, 289, 308, 316, 321, 326, 345, 352, 557

Model 2 IGA67, 75, 81, 96, 101, 111, 118, 123, 134, 135, 138, 140, 154, 172, 175, 177, 186, 187, 188, 222, 223, 238, 243, 262, 264, 267, 283, 288, 289, 294, 297, 308, 309, 315, 316, 321, 326, 345, 352, 357, 358, 552, 557

Moldova, Republic of..............................................171, 561Monaco........................................................................170, 561Mongolia................................................................................561Montenegro........................................................70, 171, 561Montserrat......................................70, 170, 171, 561, 565Morocco.................................................................................561Mozambique........................................................................561Myanmar...............................................................................561

N

Namibia..................................................................................561Narrow Participation Retirement Fund.......121, 135Nauru............................................................................170, 561Nepal.......................................................................................561Netherlands.............................70, 72, 170, 171, 561, 571New......26, 60, 70, 72, 135, 170, 171, 419, 425, 427,

428, 436, 437, 516, 520, 561, 562, 571New Caledonia.....................................................................561New Individual....................................135, 425, 437, 516New Zealand..........................70, 72, 170, 171, 561, 571

135

GLOBAL ACCOUNT TAX COMPLIANCE “ACTS” (GATCA):US TREASURY FATCA, IGAs & STATUTORY INSTRUMENTS & THE OECD AEOI’s COMMON REPORTING

STANDARD.

NFE (also see NFFE)....................................................135NFFE (also see NFE)....................................................135Nicaragua....................................................................171, 562Niger........................................................................................562Nigeria....................................................................................562Nil returns..............................................................................73Niue...............................................................................170, 562Non-financial group entity...........................................136Non-participating FFI.................................136, 168, 398Non-profit organization.................................................138Non-reporting FI...............................................................138Non-Reporting Financial Institution. . .135, 430, 431Non-reporting IGA FFI (including a FFI treated as

a registered deemed-compliant FFI under an applicable Model 2 IGA).......................................138

Norfolk Island.......................................................................562Northern Mariana Islands.................167, 182, 493, 562Norway......................................70, 72, 170, 171, 562, 571NQI......110, 138, 142, 147, 190, 196, 197, 202, 204,

207, 208, 299, 390, 393, 397, 398, 399, 405NWP......95, 139, 190, 196, 197, 207, 220, 299, 363,

384, 390, 393, 397, 398, 399NWT.......95, 139, 190, 196, 197, 207, 299, 363, 384,

390, 393, 397, 398, 399

O

OCSP....................................................................................139Offshore account.............................................................139Offshore obligation.........................................................139Oman......................................................................................562Owner.............117, 139, 140, 178, 307, 331, 552, 566Owner-documented FFI...........................140, 307, 552

P

Pakistan..................................................................................562Palau.......................................................................................562Panama.......................................................70, 170, 171, 562Papua New Guinea.............................................................562Paraguay......................................................................171, 562Participating FFI.......25, 81, 140, 168, 178, 552, 553Participating FFI group.................................................140Participating Jurisdiction.. .141, 142, 154, 426, 428,

430, 440Partnership.......................141, 159, 169, 182, 317, 377Passive Income................................................................141Passive Income –Exceptions....................................141Passive NFE / Passive NFFE...................................142Passthru payment.........................................88, 142, 335Payee...............................................88, 109, 142, 201, 210Payment with respect to an offshore obligation

...........................................................................................144Payor......................................................................................144Pension Fund of a Governmental Entity,

International Organisation or Central Bank......................................................................121, 135, 145

Permanent residence address.................................145

Person........60, 76, 86, 109, 111, 142, 145, 152, 153, 168, 397, 416, 418, 420, 422, 423, 424, 426, 427, 428, 435, 440, 495, 496, 497, 499, 507, 513, 514, 515, 517, 518, 519, 520, 528, 549, 550, 553

Peru.......................................................................70, 171, 562Philippines...........................................................70, 171, 562Pitcairn...................................................................................562PKI..........................................................................................145Place of birth.........................................................................81Place of Incorporation........................................41, 79, 80PMO.......................................................................................145Point of Contact (POC).................................................146Poland...............................................70, 170, 171, 562, 571Portugal......................................................70, 170, 171, 562Pre-existing obligation........................................146, 239Pre-FATCA Form W-8........................................146, 187Prima facie FFI.................................................................147Private Arrangement Intermediary.........................147Professionally Managed..............................................148Publicly traded NFFE or NFFE affiliate of a

publicly traded corporation.......................148, 553Puerto Rico.............................................167, 182, 493, 562

Q

Qatar.................................................70, 170, 171, 562, 571QI agreement......109, 148, 149, 179, 186, 210, 289,

525QI branch of a U.S. financial institution. . .145, 149,

154, 174, 176, 179, 187, 198Qualified Collective Investment Vehicle..............149Qualified Credit Card Issuer..................135, 150, 554Qualified Intermediary.......................24, 148, 179, 568Qualifying Relationship................................................150

R

Reason To Know.............................................................150Recalcitrant account holder...................150, 334, 376Registered Deemed-Compliant FFI.............152, 179Regularly Traded.............................................................152Related Entity.....152, 153, 429, 440, 441, 504, 505,

522, 523, 528, 554Relationship manager.........................................152, 274Relevant Holding Company.............................152, 492Reporting Guidance.........................................................571Reporting Model 1 FFI...................135, 154, 168, 552Resident alien...................................................................154Responsible officer...............................................155, 180Responsible Officer.....................................................24, 37Responsible Party...........................................................155Restricted distributor...........................................155, 552Restricted Fund................................................................156Reunion..................................................................................562Romania.....................................................70, 170, 171, 562RSA........................................................................................156Russian Federation.............................................................562Rwanda..................................................................................562

136

GLOBAL ACCOUNT TAX COMPLIANCE “ACTS” (GATCA):US TREASURY FATCA, IGAs & STATUTORY INSTRUMENTS & THE OECD AEOI’s COMMON REPORTING

STANDARD.

S

Saint Barthelemy................................................................562Saint Helena.........................................................................562Saint Kitts and Nevis....................70, 170, 171, 562, 565Saint Lucia.......................................70, 170, 171, 562, 565Saint Martin (French part)...............................................562Saint Pierre and Miquelon...............................................562Saint Vincent and The Grenadines....70, 171, 562, 565Samoa..........................................................................170, 562San Marino.......................................................170, 171, 562Sao Tome and Principe.....................................................562Saudi Arabia..............................................70, 170, 171, 562Schemas...................................................................................74Senegal...................................................................................562Serbia....................................................................70, 171, 562Seychelles..................................................70, 170, 171, 562SFTP......................................................................................157Sierra Leone..........................................................................562Simple trust.........................................................................157Singapore.............26, 70, 73, 162, 170, 171, 562, 571Single FI (Single).............................................................157Sint Maarten (Dutch part).....................................563, 565Slovakia.................................................................70, 171, 563Slovenia............................................70, 170, 171, 563, 571Solomon Islands..................................................................563Somalia...................................................................................563South Africa.............................71, 72, 170, 171, 563, 571South Georgia and the South Sandwich Islands.......563Spain..........................................71, 72, 170, 171, 563, 571Specified Insurance Company.124, 132, 135, 157,

430, 431, 493Sponsored Direct Reporting NFFE........................158Sponsored FFI....................................158, 180, 307, 552Sponsored FFI group....................................................158Sponsoring Entity............................................................158Sri Lanka.................................................................................563SSH........................................................................................158Standardized industry code.......................................158Standing instructions to pay amounts......130, 158,

273, 300Subject to withholding...................................................158Substantial U.S. owner.......................................158, 376Sudan......................................................................................563Suriname...............................................................................563Swaziland...............................................................................563Sweden.............................................71, 170, 171, 563, 571Switzerland......................67, 79, 81, 170, 171, 563, 571Syrian Arab Republic..........................................................563

T

Taiwan..........................................................................171, 563Tajikistan................................................................................563Territory NFFE..................................................................161Thailand................................................................71, 171, 563TIEA.............................................................................161, 572Timor-Leste...........................................................................563

TIN.....75, 76, 77, 111, 140, 142, 150, 161, 168, 184, 185, 207, 209, 213, 221, 224, 238, 243, 249, 271, 278, 279, 282, 319, 335, 366, 367, 392, 395, 401, 418, 419, 425, 429, 499, 501, 507, 516, 557

TLS.........................................................................................161Togo........................................................................................563Tokelau...................................................................................563Tonga......................................................................................563Treasury Center...............................................................162Treasury Company.........................................................162Trinidad and Tobago....................71, 170, 171, 563, 565Tunisia...................................................................71, 171, 563Turkey.........................................................71, 170, 171, 563Turkmenistan.....................................................71, 171, 563Turks and Caicos Islands...71, 170, 171, 563, 565, 571Tuvalu.....................................................................................563

U

U.S. Financial Institution (USFI)..............................165U.S. owned foreign entity. 150, 162, 165, 278, 279,

282, 283, 307, 311, 312, 335, 339, 395U.S. payee.......................125, 143, 165, 176, 183, 202U.S. payor...................................165, 238, 282, 300, 306U.S. person. .95, 105, 124, 125, 138, 139, 140, 143,

148, 150, 155, 157, 158, 161, 162, 164, 165, 166, 167, 173, 174, 176, 178, 181, 182, 185, 188, 190, 192, 196, 202, 204, 207, 208, 215, 217, 219, 220, 221, 224, 233, 235, 243, 250, 259, 260, 266, 268, 269, 270, 271, 272, 273, 278, 279, 282, 283, 286, 293, 302, 303, 305, 306, 307, 311, 312, 329, 332, 334, 338, 343, 349, 366, 376, 377, 378, 379, 381, 382, 385, 389, 390, 391, 392, 393, 399, 400, 401

U.S. source FDAP income110, 128, 142, 164, 166, 167, 190, 196, 197, 202, 206, 208, 221, 222, 223, 225, 226, 227, 228, 229, 245, 246, 247, 248, 294, 360, 372, 373, 374, 375, 376, 382, 384, 390, 392, 398

U.S. Territory.............................117, 167, 497, 522, 525U.S. withholding agent.......143, 167, 190, 216, 233,

242, 318, 320, 387, 391, 392, 393, 394, 398, 399, 412

Uganda...................................................................................563Ukraine.................................................................71, 171, 563United Arab Emirates......................................71, 171, 563United Kingdom. .34, 35, 71, 72, 132, 135, 136, 152,

154, 171, 492, 493, 494, 495, 496, 497, 499, 500, 501, 502, 503, 504, 505, 506, 507, 508, 510, 511, 512, 513, 514, 515, 516, 517, 518, 519, 520, 521, 522, 524, 525, 526, 527, 528, 529, 547, 548, 549, 550, 553, 554, 563,顔 571

United States 24, 35, 92, 96, 103, 104, 109, 113, 115, 118, 128, 130, 134, 136, 139, 140, 141, 142, 143, 144, 147, 154, 157, 158, 165, 166, 167, 177, 178, 180, 181, 182, 188, 192, 202, 205, 209, 210, 211, 212, 220, 230, 231, 241, 256, 260, 268, 271, 273, 274, 282, 286,顔 294, 300,

137

GLOBAL ACCOUNT TAX COMPLIANCE “ACTS” (GATCA):US TREASURY FATCA, IGAs & STATUTORY INSTRUMENTS & THE OECD AEOI’s COMMON REPORTING

STANDARD.

320, 322, 323, 324, 354, 355, 361, 372, 374, 376, 379, 380, 390, 392, 405, 409, 412, 492, 493, 494, 497, 500, 501, 502, 504, 506, 507, 508, 511, 512, 516, 519, 520, 526, 547, 548, 550, 563, 573

United States Minor Outlying Islands..........................563Uruguay.......................................................................170, 563UTC........................................................................................167Uzbekistan.................................................71, 171, 563, 571

V

Vanuatu.......................................................................170, 563Viet Nam................................................................................563Virgin Islands (British)............................71, 171, 563, 565Virgin Islands (U.S.)............................................................564

W

W841, 60, 79, 80, 84, 85, 117, 168, 567, 568Wallis and Futuna...............................................................564Western Sahara...................................................................564Withholdable payment..................................................167

Withholding...24, 25, 83, 88, 89, 103, 148, 166, 168, 169, 182, 190, 192, 196, 198, 207, 240, 254, 263, 264, 265, 297, 299, 360, 365, 372, 380, 387, 388, 389, 397, 405, 416, 557, 567, 568

Withholding agent...........89, 103, 168, 240, 380, 387Withholding certificate..............................168, 207, 254Withholding Foreign Partnership (WP)................169Withholding Foreign Trust (WT)..............................169Written statement............................................................169

X

XML.........................................26, 60, 74, 75, 77, 567, 571

Y

Yemen.....................................................................................564

Z

Zambia....................................................................................564Zimbabwe..............................................................................564

138