Informative notes
Brief explanatory information regarding the submission of certain reports
Form 290. FAQs update reminder
IRS criteria reminder (Internal Revenue Service) in relation to TIN (US VAT number) and its completion
Notice 2023-11 (updated by the Notice 2024-78) introduced a relaxation for financial institutions, which have not been able to obtain the US TIN, in relation to certain pre-existing accounts that are US accounts subject to reporting for the fiscal years 2023, 2024 and 2025.
The aim is to ensure that the failure to declare the US TIN does not lead to the conclusion that financial institutions have committed significant breaches of their obligations under the FATCA Agreement.
In the FAQs Flexibility criteria are included for financial institutions when the US TIN could not be obtained, if the procedures indicated in the Notice (Notice 2023-11) are followed.
The section 3.05 of Notice 2023-11 It also has a number of implications for the tax authorities, affecting financial institutions and account holders:
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Financial institutions shall not discriminate against U.S. citizens who provide a U.S. TIN.
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U.S. citizens residing in Spain must provide their U.S. TIN to financial institutions upon request.
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Financial institutions that have been identified by the competent US authority as potentially non-compliant will be subject to appropriate control measures by the Tax Agency in order to ensure compliance with FATCA regulations.