Fatca User Guide Reporting

Foreign Account Tax Compliance Act (FATCA) User Guide

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FATCA – User Guide - Withholding

Table of Contents Overview .................................................................................................................. 3 Reporting ................................................................................................................. 3 Reporting of recalcitrant account holders .............................................................................. 5

Reporting Parameter ............................................................................................... 6 FATCA TAX BASE ................................................................................................... 8 POOL REPORTING ................................................................................................ 10 Form 8966 .............................................................................................................. 10 Who Must File ...................................................................................................................... 10 How and When to File .......................................................................................................... 12 When to file....................................................................................................................... 12 How to file. ........................................................................................................................ 12 PFFI Reporting ..................................................................................................................... 12 Information to be Reported .................................................................................................. 13 Currency translation ............................................................................................................. 14 Transitional Reporting for 2014 and 2015 ........................................................................... 14 Form 8966 – Paper filing ...................................................................................................... 14 Part I – Identification of Filer............................................................................................. 15 Part II - Account Holder or Recipient Information............................................................. 16 Part III – Identifying Information of U.S. Owners that are specified U.S. Persons ........... 16 Part IV – Financial Information ........................................................................................ 17 1.1.1

Part V – Pooled Reporting Type ........................................................................ 17

Electronic filing – Schema instructions ................................................................................ 17 FATCA XML ..................................................................................................................... 17

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Overview FATCA is a tax law designed at preventing US tax payers from evading US Tax by holding income-producing assets through accounts at Foreign Financial institutions (FFIs). FATCA brings about a significant change to the rules governing cross-border payments and will have far reaching consequences. Under FATCA, financial institutions must sign an agreement with the IRS to be designated as a “participating foreign financial institution" or PFFI. The FFIs will be required to identify US accounts and report about these accounts to IRS on an annual basis. Withholding taxes (30%) will apply to specified US source income (dividend, interest payments and Original issue discount) in case of payments made to non-participating FFIs, recalcitrant account holders or NFFEs that have not provided information regarding its substantial owners. If the foreign institution is a PFFI, the U.S paying agent will not have to withhold the payment but the PFFI would have to apply the withholding to its investors – both US and non US persons – if they are not in compliance with requirements of FATCA. The Treasury Department has also collaborated with foreign governments to develop two alternative model intergovernmental agreements (Model 1 IGA and Model 2 IGA) that facilitate the effective and efficient implementation of FATCA in a manner that removes domestic legal impediments to compliance, fulfils FATCA’s policy objectives, and further reduces burdens on FFIs located in partner jurisdictions. Under the IGA models, the United States shall not require a Reporting [FATCA Partner] Financial Institution to withhold tax under FATCA provisions with respect to an account held by a recalcitrant account holder or to close such account. The withholding is applicable only on payments made to non-participating financial institutions.

Reporting The financial institutions have an obligation to Obtain and exchange Information with respect to reportable accounts. This paragraph provides rules addressing the information reporting requirements applicable to participating FFIs with respect to U.S. accounts. A participating FFI shall report by the time and in the manner prescribed in the regulation, the information required with respect to accounts that it is required under its FFI agreement and the regulation to treat as US accounts maintained at any time during each calendar year. (1) the name, address, and U.S. TIN of each Specified U.S. Person that is an Account Holder of such account and, in the case of a Non-U.S. Entity that, after application of the due diligence procedures, is identified as having one or more Controlling Persons that is a Specified U.S. Person, the name, address, and U.S. TIN (if any) of such entity and each such Specified U.S. Person; (2) the account number (or functional equivalent in the absence of an account number); (3) 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, immediately before closure; (4) In the case of any Custodial Account:

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(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 (B) the total gross proceeds from the sale or redemption of property 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; (5) 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 (6) in the case of any account not described above, 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.

The reporting obligations become effective in a phased manner as shown below: (1) the information to be obtained and exchanged with respect to 2014 is only the information described in (1) to (3) above; (2) the information to be obtained and exchanged with respect to 2015 is all of the above , except for gross proceeds described in subparagraph (4); and (3) the information to be obtained and exchanged with respect to 2016 and subsequent years is all the information described above. The address to be reported with respect to an account held by a specified U.S. person is the residence address recorded by the FFI for the account holder or, if no residence address is associated with the account holder, the address for the account used for mailing or for other purposes by the participating FFI. In the case of an account held by a U.S. owned foreign entity, the addresses to be reported are the addresses of both the U.S. owned foreign entity and each substantial U.S. owner of such entity. The account number to be reported with respect to an account is the identifying number assigned by the participating FFI for purposes other than to satisfy the reporting requirements of this regulation or, if no such number is assigned to the account, a unique serial number or other number such FFI assigns to the financial account that distinguishes the account from other accounts maintained by such institution. The FFI shall report the balance or value of the account as of the end of the calendar year. The balance or value of the account is not to be reduced by any liabilities or obligations incurred by an account holder with respect to the account or any of the assets held in the account and is not to be reduced by any fees, penalties or other charges to which the account holder is liable for terminating, transferring, surrendering, liquidating, or withdrawing cash from the account. The account balance or value of an account may be reported in U.S. dollars or in the currency in which the account is denominated. In the case of an account denominated in a foreign currency, if the FFI elects to report account balances or values in the currency in which the account is denominated, it is required to identify the currency in which the account is reported. If the FFI elects to report such an account in U.S. dollars, the FFI must calculate the account balance or value of the account by applying

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a spot rate to translate such balance or value into the U.S. dollar. The spot rate must be determined as of the last day of the calendar year or, if the account was closed during such calendar year, the closure dates of the account. In the case of a US account closed or transferred in its entirety by an account holder during a calendar year, that is a financial account described under the relevant sections, the FFI is required to report the account as closed or transferred along with the amounts. If a FFI retains copies of account statements with respect to holders of U.S. accounts in the ordinary course of its business, such statements must be provided to the IRS within 30 days of a request for such statement to the extent they have been retained under such business procedures at the time of the request. AFFI is required to retain for six years copies of account statements that summarize the activity in the account for each calendar year for which the account is required to be reported under the regulation and is required to provide such copies to the IRS within 30 days of a request for such statements.

Reporting of recalcitrant account holders A FFI, as part of its reporting responsibilities under its FFI agreement, shall report for each calendar year, the following groups of account holders separately: (A)The aggregate number and aggregate value of accounts held by recalcitrant account holders at the end of the calendar year, other than accounts that have U.S. indicia; (B) The aggregate number and aggregate value of accounts held by recalcitrant account holders at the end of the calendar year, other than accounts described above, that do not have U.S. indicia ; and (C) The aggregate number and aggregate value of accounts held by recalcitrant account holders at the end of the calendar year that are dormant accounts.

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Reporting Parameter FATCA REPORTING PARAMETER is used to specify the high level parameters governing the yearly reporting required under FATCA.

Since only specific clients need to be reported, the reportable statuses (based on FATCA STATUS of the client in FATCA CUSTOMER SUPPLEMENTARY INFO) are specified here. Besides, for certain clients (Passive NFFEs, Owner Documented FFIs), the details of substantial and beneficial owners also need to be reported. The statuses for which the ownership details need to be reported are also defined in FATCA REPORTING PARAMETER. Specified US Persons, Passive NFFEs, Owner Documented FFIs, Recalcitrant and dormant statuses are identified based on the FATCA STATUS associated with each of these status types. The reporting will vary based on the type above (for e.g. substantial owner details need to be reported for Passive NFFEs, recalcitrant accounts may be subject to pool reporting).

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Besides, the parameter is also used to specify default address to be used for reporting (CUSTOMER or DE ADDRESS), whether pool reporting is required for recalcitrant clients, whether accounts are to be reported in account currency or USD and whether accounts with balance less than USD 50000 needs to be reported or not.

Banks/financial institutions are expected to report annually with the first reporting due in 2015 (for 2014 year end balance). As part of the Close of Business on the report extraction date (as per the date specified in parameter – the last working day of the calendar year), a record will be built in FATCA TAX BASE for all the reportable clients.

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FATCA TAX BASE FATCA TAX BASE is a live file (ID: Customer.YYYYMMDD) that will have all the data that needs to be reported – Customer name, address, TIN/EIN/GIIN details, ownership details (passive NFFEs, Owner documented FFIs), client type and account balance details (in 2015, the 2014 year end account balance will be reported) including details of accounts (and portfolios) in which the client is a joint owner.

In the case of Passive NFFEs with US substantial owners, the substantial owner details will also be updated in the base.

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All the accounts (except accounts that are specifically excluded, accounts/deposits, portfolios with balance or value less than $50000 based on parameter setting) will be included in the base file for the balance to be reported. The accounts that are jointly held (identified based on settings in FATCA AGGREGATION PARAMETER and relationships defined in CUSTOMER/ACCOUNT) will also be reported as the balance of jointly held accounts need to be attributed to all the account holders.

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POOL REPORTING A FFI, as part of its reporting responsibilities under its FFI agreement, shall report for each calendar year, the following groups of account holders separately: (A)The aggregate number and aggregate value of accounts held by recalcitrant account holders at the end of the calendar year, other than accounts that have U.S. indicia; (B) The aggregate number and aggregate value of accounts held by recalcitrant account holders at the end of the calendar year, other than accounts described above, that do not have U.S. indicia ; and (C) The aggregate number and aggregate value of accounts held by recalcitrant account holders at the end of the calendar year that are dormant accounts. A consolidated record with the pool balance will be built for clients that are classified as Recalcitrant or Dormant, provided pool reporting is required (RECAL REPORT field in FATCA REPORTING PARAMETER). The aggregated balance will be updated at year end based on the balances from FATCA TAX BASE and updated in FATCA POOL BALANCE.

Form 8966 Form 8966 is to be filed by those listed under ‘Who Must File’ below, including Participating FFIs, registered deemed-compliant FFIs, and Reporting Model 2 FFIs, to report the U.S. account and other account information required as a condition of their applicable status. For the 2015 and 2016 years, Form 8966 is also to be filed by FFIs to report foreign reportable amounts paid to their account holders that are nonparticipating FFIs. Form 8966 is further to be filed by a withholding agent to report U.S. owners of certain foreign entities regarding withholdable payments made to these entities.

Who Must File Except as otherwise provided, you are required to file Form 8966 if you are one of the following persons: 

Participating FFI (PFFI) or branch

A PFFI must file Form 8966 to make a report as further described in Accounts and Amounts Subject to Reporting on Form 8966 below. 

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U.S. branch of a PFFI Not Treated as a U.S. Person

Foreign Account Tax Compliance Act (FATCA)

FATCA – User Guide - Withholding

A U.S. branch of a PFFI that is not treated as a U.S. person, and that has not elected chapter 61 reporting, is subject to the same Form 8966 reporting requirements as a PFFI. 

Registered-Deemed Compliant FFI (RDC FFI) An RDC FFI reports on Form 8966 under the requirements applicable to a PFFI with respect to those of its accounts for which it has reporting obligations as a condition of its applicable RDC status.

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Limited branch or FFI A Limited branch or FFI reports on Form 8966 under the requirements of a PFFI to the extent permitted under the relevant laws pertaining to the branch or FFI.

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Reporting Model 2 FFI A Reporting Model 2 FFI reports on Form 8966 under the requirements applicable to a PFFI, subject to the provisions of its Model 2 IGA and its FFI agreement, such as permission to include certain non-consenting U.S. accounts in pooled reporting for recalcitrant account holders.



Qualified Intermediary (QI), Withholding Foreign Partnership (WP), Withholding Foreign Trust (WT) A QI, WP, or WT reports on Form 8966 as provided in its QI, WP, or WT agreement and in accordance with the entity’s applicable chapter 4 status (such as a PFFI or direct reporting NFFE).

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Direct reporting NFFE A direct reporting NFFE reports on Form 8966 regarding certain U.S. owners of the entity, with respect to certain withholdable payments made to the entity.

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Sponsoring Entity A Sponsoring Entity reports on Form 8966 on behalf of a Sponsored Entity to the extent and in the manner required as if such Sponsoring Entity were a PFFI, or a direct reporting NFFE, with respect to the accounts maintained by, or withholdable payments made to, the sponsored FFI or direct reporting NFFE.



Withholding Agent A withholding agent reports on Form 8966 regarding certain U.S. owners of certain foreign entities to whom it makes withholdable payments.

Form 8966 is not required to be filed for the circumstances described below. 

U.S. withholding agent reporting payments to U.S. persons Report these payments on the appropriate Form 1099 to the extent required under chapter 61. Do not file Form 8966 to report these payments.



Reporting Model 1 FFI A Reporting Model 1 FFI (other than certain U.S. branches treated as U.S. persons, see below, and branches treated as participating FFIs or reporting Model 2 FFIs) does not file Form 8966 with the IRS. A Reporting Model 1 FFI reports any information required to be reported under a Model 1 IGA to the applicable Model 1 IGA tax authorities.



FFIs Reporting under Chapter 61 An FFI that is not required to file Form 8966 to report a payment to a U.S. person under chapter 4. may be required to report under chapter 61, such as

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regarding an account that a PFFI does not elect to report instead as a U.S. account. 

PFFI Electing Form 1099 Reporting A PFFI that elects Form 1099 reporting is not required to report with respect to an account to which such election applies held by a specified U.S. person. See Regulations section 1.1471-4(d)(5).



Sponsored FFI or Sponsored direct reporting NFFE A Sponsored FFI, or a Sponsored direct reporting NFFE, does not file Form 8966. The FFI’s, or direct reporting NFFE’s, Sponsoring Entity files Form 8966 on behalf of the Sponsored Entity. See Regulations 1.1471-4(d)(2)(ii)(C).



Withholding Agent A withholding agent generally reports chapter 4 reportable amounts on Form 1042-S and not on Form 8966, except for reporting regarding certain U.S. owners of certain foreign entities to whom withholdable payments are made. See Regulations section 1.1474-1(d), 1.1474-1(i), and Form 1042-S and instructions.

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U.S. branch of a PFFI, Reporting Model 1 FFI, Reporting Model 2 FFI, or Territory financial institution, treated as a U.S. person A U.S. branch of a PFFI, Reporting Model 1 FFI, Reporting Model 2 FFI, or Territory financial institution that is treated as a U.S. person reports in the same manner as a Withholding Agent above with respect to withholdable payments to U.S. persons. See Regulations section 1.1471-1(b)(122), 1.14711(b) (126), 1.1471-4(d)(2)(ii)(B), and 1.1471-4(d)(2)(iii)(B).

How and When to File When to file Form 8966 is required to be filed for the 2014 calendar year on or before March 31, 2015. Extension of time to file - There is an automatic 90-day extension of time to file Form 8966. Under certain hardship conditions, the IRS may grant an additional 90-day extension to file Form 8966. A request for an additional 90-day filing extension due to hardship must contain a statement setting out the reasons for requesting the extension.

How to file. Electronic Filing requirement. A PFFI, a RDC FFI, Reporting Model 2 FFI, or a withholding agent that is a financial institution is required to file Form 8966 electronically unless it has requested and received a waiver of the electronic filing requirement from the IRS for filing this form. The form can be electronically filed through the IRS’s FATCA website at www.irs.gov/fatca.

PFFI Reporting Reportable Accounts. A PFFI must file a separate Form 8966 for each reportable account, or for each group of accounts for which pooled reporting is permitted, in accordance with its FFI agreement and Regulations section 1.1471-4(d), including for each

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U.S. Account that is any financial account that it maintains that is held by one or more specified U.S. persons or U.S. owned foreign entities. It has to be filed separately for each account held by a specified U.S. person, and for each substantial U.S. owner of an account held by a passive NFFE that is a U.S. owned foreign entity.

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Account held by an Owner-documented FFI (ODFFI) as defined in Regulations section 1.1471-5(f)(3). File a separate Form 8966 to report for each specified U.S. person that owns certain equity or debt interests in the ODFFI in accordance with Regulations section 1.1471-3(d)(6)(iv)(A)(1) and (2). See Regulations section 1.1471-3(d)(6)(iv)(A)(1) and (2), and 1.1471-4(d)(2)(iii)(D).

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Account held by a Territory financial institution not treated as a U.S. person. File a separate Form 8966 with respect to each substantial U.S. owner of a foreign entity that is a passive NFFE with respect to which the territory financial institution acts as an intermediary and provides the PFFI with the information and documentation required under Regulations section 1.1471-3(c)(3))(iii)(G). See 1.1471-4(d)(2)(ii)(B)(2).

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Account held by a Nonparticipating FFI. For calendar years 2015 and 2016, file a separate Form 8966 for each account maintained for a nonparticipating FFI (including a limited branch or limited FFI treated as a nonparticipating FFI) to report certain aggregate amounts. See below for permitted pooled reporting for non-consenting nonparticipating FFIs, if specific payee reporting is prohibited under domestic law without account holder consent.

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Group of Accounts for which Pooled Reporting is Permitted Accounts of the following Pooled Reporting Types may be reported on a single Form 8966: Recalcitrant account holders with U.S. indicia, Recalcitrant account holders without U.S. indicia, Recalcitrant account holders that are U.S. persons, Recalcitrant holders that are passive NFFEs, and Recalcitrant account holders of Dormant Accounts. A Reporting Model 2 FFI, under the terms of the Model 2 IGA, is required to report certain aggregate information regarding accounts it is required to treat as non-consenting U.S. accounts on Form 8966 in the manner described in §1.1471-4(d)(6). For calendar years 2015 and 2016, if specific payee reporting is prohibited under domestic law without account holder consent, the pool of non-consenting nonparticipating FFIs may be reported on a single Form 8966.

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Report Accounts Maintained at Any Time During Calendar Year Report with respect to any of the above accounts maintained at any time during each calendar year, including accounts that are identified as U.S. accounts by the end of such calendar year pursuant to a change in circumstances during such year.

Information to be Reported The information is to be reported includes the following.

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Account held by specified U.S. persons. Identification of the account holder (name, address, and TIN), account number, account balance or value, certain enumerated payments with respect to the account, and such other information as may be required. See Regulations section 1.1471-4(d)(3)(ii).

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Account held by Passive NFFE. With respect to a passive NFFE that is a U.S. owned foreign entity, on a separate Form 8966 for each a substantial U.S. owner, identification of the NFFE and substantial U.S. owner (name, address, and TIN), account number, account balance or value, certain enumerated payments with respect to the account, and such other information as may be required. See Regulations section 1.1471-4(d)(3)(iii).

Foreign Account Tax Compliance Act (FATCA)

FATCA – User Guide - Withholding

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Account held by ODFFI. With respect to each account held by an ODFFI, on a separate Form 8966 for each specified U.S. person that owns certain equity or debt interests in the ODFFI in accordance with Regulations section 1.14713(d)(6)(iv)(A)(1) and (2), identification of the ODFFI and specified U.S. person (name, address, and TIN), account number, account balance or value, certain enumerated payments with respect to the account, and such other information as may be required.

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Account held by nonparticipating FFI. For calendar years 2015 and 2016, with respect to each account held by a nonparticipating FFI (unless pooled reporting is permitted), identification of the account holder, account number, account balance or value, certain enumerated foreign reportable payments (unless an election is made to report all payments made) with respect to the account, and such other information as may be required.

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Pooled Reporting. For each group of accounts for which pooled reporting is permitted, the aggregate number of accounts and the aggregate account balance or value. See Regulations section 1.1471-4(d)(6).

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Amount and character. The amount and character of payments made with respect to an account may be determined under the same principles that the PFFI uses to report information on resident account holder to its domestic tax authority. Thus, the amount and character of items of income required to be reported need not be determined in accordance with U.S. federal tax principles. If any type of payment is not reported to domestic tax authorities, such amounts may be determined in the same manner as used for reporting to the account holder. Otherwise, reporting must either be in accordance with U.S. federal tax principles, or with any reasonable method consistent with the accounting principles applied by the PFFI. IRS consent is required to change such method, except that a change to rely on U.S. federal income tax principles is automatically permitted. See Regulations section 1.1471-4(d)(4)(iv)(E).

Currency translation Account balance or value, and any reportable payment, may be reported in U.S. dollars or in the currency in which the account or payment is denominated. In the case of an account, or payments denominated in multiple currencies, the PFFI may elect to report the account balance or value, or payments, in a currency in which the account or payments are denominated and is required to identify the currency, including the applicable currency code, in which the account is reported.

Transitional Reporting for 2014 and 2015 

2014 calendar year. Report all the foregoing information, except for the enumerated payments with respect to the account.

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2015 calendar year. Report all the foregoing information, except for such enumerated payments with respect to the account consisting of certain gross proceeds.

Form 8966 – Paper filing There are five parts to Form 8966. A filer completes only the relevant parts of the form applicable for that that filer, as follows.

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FILER

SEPARATE FORM 8966 FOR EACH 

PFFI

    WITHHOLDING AGENT





U.S. account held by a specified U.S. person (unless pooled reporting for recalcitrant accounts is applicable) Substantial U.S. owner of each U.S. account held by a passive NFFE (unless pooled reporting is applicable) Specified U.S. person owner of certain equity or debt interests in an ODFFI account holder Nonparticipating FFI held account (unless pooled reporting is applicable) Type of pooled reporting accounts Specified U.S. person owner of certain equity or debt interests in an ODFFI account holder or payee recipient of a withholdable payment Substantial U.S. owner of each U.S. account held by a passive NFFE, or of each passive NFFE that is a or payee recipient of a withholdable payment

COMPLETE PARTS I, II, and IV

I, II, III, and IV

I, II, III, and IV

I, II, IV I and V I, II, III, and IV

I, II, III, and IV

Part I – Identification of Filer Complete Part I to provide identifying information about the Form 8966 filer. All filers must complete lines 1 through 3(c). Filers provide information on lines 4 and 5 as required by the specific instructions below for those lines. Lines 1 through 3b. Enter the filer’s name and mailing address, including country and postal code. If your post office does not deliver mail to a street address, and you have a post office box, enter your post office box number instead of your street address. Line 3c. If the filer is a PFFI, Reporting Model 2 FFI, or an RDC FFI, report the country of the branch that maintains the account reported in Part II, if different from the FFI’s country of residence. Otherwise, report the filer’s country of residence. Line 4. If the filer has been assigned a GIIN by the IRS, enter it on line 4. Use the GIIN of the branch that maintains the account, if different. Where a Sponsoring Entity is filing on behalf of a Sponsored FFI or a Sponsored direct reporting NFFE, use the GIIN of the Sponsoring Entity. Line 5. If the filer has been assigned a taxpayer identification number (TIN) by the IRS, enter it on line 5. A QI, WP, or WT enters on line 5 the EIN that was issued by the IRS to be used by the QI, WP, or WT when acting in its capacity such. You are not required to obtain a U.S. TIN in order to file Form 8966 if you have not been issued a TIN. Lines 6 through 10. Enter the information required by lines 6 through 10 to report the indicated information relating to   

A Sponsored FFI on behalf of which a Sponsoring Entity is filing Form 8966. A Sponsored direct reporting NFFE on behalf of which a Sponsoring Entity is filing Form 8966 A Territory financial institution, not treated as a U.S. person, on behalf of which a filer is filing Form 8966.

Follow the instructions for lines 1 through 3c to provide the information required by lines 6 through 8c.

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Line 9. If the entity reported on line 6 is a Sponsored FFI that is an RDCFFI, the Sponsored FFI’s GIIN must be entered on line 9. If the entity reported on line 6 is a Sponsored direct reporting NFFE, the direct reporting NFFE’s GIIN must be entered on line 9. If a Territory financial institution is reported on line 6, [determine identifying number to be provided]. Line 10. If the entity shown on line 6 has been issued a TIN, enter the TIN on line 10.

Part II - Account Holder or Recipient Information On a separate Form 8966 for each reportable account or payee recipient, or for each of certain U.S. owners of the ODFFI or NFFE indicated by checking the relevant box on line 5, complete Part II to report information concerning the account holder, or payee of withholdable payments, as follows. Caution/tip. Jointly hold accounts. If a jointly held account is being reported in Part II, you must report each account holder that is a specified U.S. person on a separate Form 8966. Lines 1 through 5. Enter the following information for each account holder or payee. Line 1. Enter the name of the account holder or payee. Lines 2 through 3c. Enter the account holder’s or payee’s address, including country and postal code, on lines 2 through 3c, as follows. If a residence address cannot be reported as required, report the address used for account or payee mailings by the FFI or withholding agent. Line 3c. If you are reporting an address in the United States, enter only the 9 digit zip code (zip + 4) for that address. Line 4. Enter the social security number (SSN), individual taxpayer identification number (ITIN), or employer identification number (EIN) for an account holder or payee that is a specified U.S. person. Line 5. Check the appropriate box on line 5 that describes the account holder or payee recipient reported in Part II, line 1.

Part III – Identifying Information of U.S. Owners that are specified U.S. Persons Lines 1 through 4. Enter the following information for the subject of the reporting on the form.  

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If you are reporting an account held by, or a payment made to, a specified U.S. person, enter the account holder’s or payee‘s residence address recorded by the FFI. If you are reporting an account held by, or a payment made to, a passive NFFE with a substantial U.S. owner, enter the residence address for such substantial U.S. owner. If a passive NFFE has more than one substantial U.S. owner, report each substantial U.S. owner on a separate Form 8966.

If you are reporting an account held by, or payment made to, an ODFFI, enter the residence address of each specified U.S. person that owns certain equity or debt interests in the ODFFI in accordance with Regulations section 1.14713(d)(6)(iv)(A)(1) or (2). If there is more than one such specified U.S. person with respect to an ODFFI, file additional Forms 8966 to report each such specified U.S. person.

Line 3c. If you are reporting an address in the United States, enter only the 9 digit zip code (zip + 4) for that address.

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Line 4. Enter the social security number (SSN), individual taxpayer identification number (ITIN), or employer identification number (EIN) for the subject of the reporting on the form.

Part IV – Financial Information Lines 1 through 4. Enter the indicated financial information for the subject of the reporting on the form.

Part V – Pooled Reporting Type Lines 2 through 5. Enter the information for the applicable pooled reporting type, subject of the reporting on the form, corresponding to the box that you check on line 1. If an account balance or payment is reported in U.S. dollars, the PFFI must calculate the amount in the manner described in Regulation section 1.1471-5(b)(4). A FFI, as part of its reporting responsibilities under its FFI agreement, shall report for each calendar year, the following groups of account holders separately: (A)The aggregate number and aggregate value of accounts held by recalcitrant account holders at the end of the calendar year, other than accounts that have U.S. indicia; (B) The aggregate number and aggregate value of accounts held by recalcitrant account holders at the end of the calendar year, other than accounts described above, that do not have U.S. indicia ; and (C) The aggregate number and aggregate value of accounts held by recalcitrant account holders at the end of the calendar year that are dormant accounts.

Electronic filing – Schema instructions The preceding section covered the instructions applicable for paper filing of Form 8966. This sections contains the guide (instructions) for electronic filing.

FATCA XML This section explains the information required to be included in each data element of the FATCA XML schema and its mapping to fields in T24. Where a data element is not used for FATCA reporting, the same has been excluded. The requirement field for each data element and its attribute indicates whether the element must be included in the schema (mandatory or validation), is optional, or is not used for FATCA (null). The following terms are used: o Validation – The data element is required for schema validation and must be included o Mandatory – The data element is not required for schema validation but IS required for FATCA reporting o Optional – The data element is not required for FATCA reporting but may be provided if available o Null – The data element is not used for FATCA reporting and may be left blank

Message Header Information in the message header identifies the Financial Institution (FI) or Tax Administration that is sending the message. It specifies when the message was

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created, what calendar year the report is for, and the nature of the report (original, corrected, supplemental, etc.)

This data element will contain the bank (FFI)’s GIIN mapped from FATCA PARAMETER field, EIN. The GIIN is a 19-digit alphanumeric identifier and should be entered with appropriate punctuation (period or decimal). Example: 98Q96B.00000.LE.25.

This data element identifies the jurisdiction where the financial account is maintained or where the reported payment is made by the FI. This will be mapped from the LOCAL COUNTRY field of the COMPANY to which the ACCOUNT belongs to.

This data element identifies the jurisdiction of the tax administration that is the intended recipient of the message. If the STATUS in FATCA PARAMETER is IGA1, then the receiving country will be the same as the TransmittingCountry else it will be ‘US’.

This data element identifies the type of message. The only allowed value is ‘FATCA’.

This data element is a free text field assigning a unique identifying number for the message being sent. The ID will be ‘CUSTOMER.YYYYMMDD.n (sequence number – 1 for the initial message, 2 for the first correction and so on).

This data element is a free text field capturing the unique identifying number (as determined by the sender) that identifies a corrected message being sent. This data element MUST reference the original Message Reference ID created for the original message. When an earlier message is being corrected, this element will contain the Original Message Reference ID and MessageRefID will contain the corrected message ID. For example, if the unique reference for the original message is 100291.20141231.1’, then the ID of the corrected message will be ‘100291.20141231.2’. The latter will be populated in the MessageRefID and the former in CorMessageRefID. If there is a further correction, the MessageRefID will be ‘100291.20141231.3’ and the CorMessageRefID will be ‘100291.20141231.1’.

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This data element identifies the calendar year to which the message relates in YYYYMM-DD format. For example, if reporting information for the accounts or payments made in calendar year 2014, the field would read, “2014-12-31”.

This data element identifies the date and time when the message was compiled. It will be automatically generated when the XML message is being generated. The format for use is YYYY-MM-DD’T’hh:mm:ss. Fractions of seconds are not used. Example:201503-15T09:45:30.

PersonParty_Type The data elements in this section are used when the Account Holder is a natural person. This complex type is comprised of the following data elements:

TIN TYPE

This data element identifies the Tax Identification Number (TIN) used by the receiving tax administration to identify the Individual Account Holder. *If the message is being transmitted by an FI this element must be present. It is mapped to TIN CODE field in FATCA TAX BASE.

This attribute identifies the jurisdiction that issued the TIN. It is mapped to the TIN COUNTRY field in FATCA TAX BASE.

ResCountryCode

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The element defines the tax residence country code(s) for the individual being reported upon. It is mapped to the TAX RESIDENCE field in FATCA TAX BASE.

NamePerson_Type

The field will be updated from Customer.Name.1 from FATCA TAX BASE. In the unlikely event of the field in FATCA TAX BASE being blank, the element will be updated as NFN.

The field will be updated from Customer.Name.2 from FATCA TAX BASE.

Address_Type There are two options for Address type in the schema – AddressFix and AddressFree. AddressFix will be the only option supported.

This data element is the country associated with the account holder’s address and updated from COUNTRY in FATCA TAX BASE.

These will be updated based on Street, Address, Post Code, Town Country and Country Sub Entity fields in FATCA TAX BASE.

BirthInfo

This identifies the birth date of the individual and is updated only when TIN is not present.

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OrganisationParty_Type This complex type identifies the name of an Account Holder or Payee that is an Entity as opposed to an Individual. It is comprised of the following three data elements:

TIN_Type

This data element provides the tax identification number used by the receiving tax administration to identify the Entity Account Holder. If GIIN is present in FATCA TAX BASE, the data element will be updated with the GIIN. If the GIIN is not present, EIN from FATCA TAX BASE will be updated. And if EIN is also not present, then TIN from FATCA TAX BASE will be updated.

This attribute identifies the jurisdiction that issued the TIN. It will be mapped to the TIN COUNTRY field in FATCA TAX BASE if TIN is used as the identifier else it will be left blank (i.e. with GIIN and EIN).

ResCountryCode

The element defines the tax residence country code(s) for the organisation being reported upon. It is mapped to the TAX RESIDENCE field in FATCA TAX BASE.

Organisation Name

The name of the legal entity being reported. This is updated from Customer Name 1 in FATCA TAX BASE.

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Reporting FI This section identifies the financial institution that maintains the reported financial account or that makes the reported payment.

Reporting Group This data element provides specific details about the FATCA report being sent by the reporting FI or tax administration transmitting the message.

The following four data elements comprise the Reporting Group: “Sponsor” and “Intermediary” are used only when necessary. Each FATCA report must contain either an “AccountReport” or a “PoolReport”. T24 will generate either an Account Report or Pooled Report only. The account report will be generated for all the reportable statuses except the classifications for which pool report is required.

Account Report Type

AccountReport includes the following data elements.

DocSpec identifies the particular report within the FATCA message being transmitted. It allows for identification of reports requiring correction. DocSpec_Type is comprised of the following elements:

This element specifies the type of report being submitted. Allowable entries are: o OECD0 = Resend Data o OECD1 = New Data o OECD2 = Corrected Data o OECD3 = Deletion of Data o OECD10 = Resend Test Data o OECD11 = New Test Data o OECD12 = Corrected Test Data o OECD13 = Deletion of Test Data

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Account Balance

This element provides the account number used by the financial institution to identify the account holder or payee. For example: The account number may be the account number of a Custodial Account or Depository Account (Portfolio or Account ID).

This data element identifies an entity account holder or payee that is: (1) an owner documented FI with specified US owner(s); (2) a passive NFFE with substantial or controlling US owner(s); (3) a nonparticipating FFI; or (4) a Specified US person. These clients will be identified from the Status type (OD_FFI, PASSIVE_NFFE, NON_PARTICIPATING and SPEC_US_PERSON statuses defined in FATCA REPORTING PARAMETER.

If the Account Holder reported is a natural person (individual), his/her identifying information is reported here.

If the Account Holder reported is not a natural person (entity), the entity’s identifying information is reported here.

This data element identifies an entity account holder or payee that is: (1) an owner documented FI with specified US owner(s); (2) a passive NFFE with substantial or controlling US owner(s); (3) a nonparticipating FFI; or (4) a Specified US person.

1. FATCA101 = Owner-Documented FI with specified US owner(s) 2. FATCA102 = Passive Non-Financial Entity with substantial US owner(s) 3. FATCA103 = Non-Participating FFI 4. FATCA104 = Specified US Person

Provide the name of any specified U.S. owners of an owner documented FI, substantial US owners or controlling U.S. persons of a passive NFFE.

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Provide the account balance or value of the reported financial account. This will be updated from the base based on the currency settings in FATCA REPORTING PARAMETER (USD or Account or Portfolio currency). This element will be Numeric characters and [three digit code for currency type].

All payment amounts must be accompanied by the appropriate 3 digit currency code. The currency code will be the currency in which the balance above is reported.

All the withholdable income (FDAP income from 2014, gross proceeds from 2017, etc.) will be updated in the base from the respective effective dates. This element includes the payment made to the reported financial account during the reporting period. Payment information is a repeating element, if more than one payment type needs to be reported. For example payment types may include the following: - Depository accounts: o The aggregate gross amount of interest paid or credited to the account during the calendar year. - Custodial accounts: o The aggregate gross amount of dividends paid or credited to the account during the calendar year; o The aggregate gross amount of interest paid or credited to the account during the calendar year; o The gross proceeds from the sale or redemption of property paid or credited to the account during the calendar year with respect to which the FFI acted as a custodian, broker, nominee, or otherwise as an agent for the account holder; and o The aggregate gross amount of all other income paid or credited to the account during the calendar year -

Foreign reportable amounts:

o The aggregate gross amount of foreign reportable amounts paid or credited to a Nonparticipating FFI may be reported as “FATCA Other” payment.

Specific payment types listed are: o OECD503 = Dividends o OECD504 = Interest o FATCA518 = Gross Proceeds/Redemptions o FATCA519 = Other – FATCA. (Example: Foreign reportable amount)

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Payment Amounts are entered with 2-digit fractional amounts of the currency in question. For example, one-thousand US dollars would be entered as 1000.00

All payment amounts must be accompanied by the appropriate 3 digit currency code.

Pool report A pool report will be generated for all the statuses set for pool reporting in FATCA REPORTING PARAMETER.

This data element provides the number of accounts that are associated with the pool. For example, input 25 if there are 25 accounts described within the pooled report. This will be from the count in FATCA POOL BALANCE for the status being reported.

This data element describes the type of status of the account holders or payees that are described within the pooled report. The allowable entries are: o FATCA201 = Recalcitrant account holders with US Indicia o FATCA202 = Recalcitrant account holders without US Indicia o FATCA203 = Dormant Accounts o FATCA204 = Non-participating foreign financial institutions The relevant status is identified based on ID of FATCA POOL BALANCE record.

The balance will be updated from FATCA POOL BALANCE. The aggregated balance reporting (foreign reportable amounts) for NPFFIs will be handled separately.

The currency associated with the balance (USD).

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The XML generation from FATCA TAX BASE will be triggered using FATCA XML GENERATE. It will be used to generate new XML, resend, correct and delete based on the ACTION specified.

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