International Tax Review is part of the Delinian Group, Delinian Limited, 8 Bouverie Street, London, EC4Y 8AX, Registered in England & Wales, Company number 00954730
Copyright © Delinian Limited and its affiliated companies 2023

Accessibility | Terms of Use | Privacy Policy | Modern Slavery Statement

IRS holds testing session this week for FATCA information exchange


Those who are subject to the Foreign Account Tax Compliance Act (FATCA) - financial institutions – and those who have agreed with the US to help make it work - tax administrations - have a chance this week to get a feel for the mechanics of how information will be exchanged under the legislation.

The Internal Revenue Service announced yesterday (February 17) that the FATCA International Data Exchange Service (IDES) will hold an open testing session from February 18 at 2 AM EST to February 20 at 5 PM EST. It will be open to financial institutions and tax administrations who enrol fully as IDES users before February 17 2015 at 2 AM EST.

The IRS advised that to complete the enrolment process, users need an IRS-issued GIIN (Global Intermediary Identification Number) or HCTA (Host Country Tax Authority) Entity ID, a username and a valid certificate, and, before they start testing, to review the data preparation instructions and the IDES User Guide (Rev 2-2015).

Users also should follow the guidelines for recommended file names posted on the IRS website and use test data only. “The test files should not contain any production data or personally identifiable information, such as the taxpayer number, account number, or social security number,” the IRS announcement said.

more across site & bottom lb ros

More from across our site

A steady stream of countries has announced steps towards implementing pillar two, but Korea has got there first. Ralph Cunningham finds out what tax executives should do next.
The BEPS Monitoring Group has found a rare point of agreement with business bodies advocating an EU-wide one-stop-shop for compliance under BEFIT.
Former PwC partner Peter-John Collins has been banned from serving as a tax agent in Australia, while Brazil reports its best-ever year of tax collection on record.
Industry groups are concerned about the shift away from the ALP towards formulary apportionment as part of a common consolidated corporate tax base across the EU.
The former tax official in Italy will take up her post in April.
With marked economic disruption matched by a frenetic rate of regulatory upheaval, ITR partnered with Asia’s leading legal minds to navigate the continent’s growing complexity.
Lawmakers seem more reticent than ever to make ambitious tax proposals since the disastrous ‘mini-budget’ last September, but the country needs serious change.
The panel, the only one dedicated to tax at the World Economic Forum, comprised government ministers and other officials.
Colombian Finance Minister José Antonio Ocampo announced preparations for a Latin American tax summit, while the potentially ‘dangerous’ Inflation Reduction Act has come under fire.
The OECD’s two-pillar solution may increase global tax revenue gains by more than $200 billion a year, but pillar one is the key to such gains due to its fundamental changes to taxing rights.