Germany releases FATCA Infobrief 03/2019

On 14 June 2019, the Central Tax Office in Germany (“Bundeszentralamt für Steuern” or “BZSt”) issued a newsletter, “Infobrief FATCA 03/2019” (Link-German), which will be issued on the BZSt website shortly and provides updated information for the Foreign Account Tax Compliance Act (“FATCA”) outlining the following topics:

  • In agreement with the Federal Ministry of Finance, for the reporting period 2018 data can be submitted to the BZSt by 31 August 2019 (please note that this deadline is currently outlined in the info letter exclusively – the Website states still the 31. July 2019 as deadline). Reason: The FATCA Info letter 08/2017 indicated that on September 25, 2017, the IRS published Notice 2017-46 upon which the failure of reporting financial institutions to provide a US-TIN for the reporting periods 2017, 2018 and 2019 does not lead to a so-called “significant non-compliance” if certain requirements are met (please see IRS Notice 2017-46 or info letter for detailed requirements). The BZSt outlines that these requirements must be fulfilled prior to submission.
  • The BZSt has completely revised its internet presence and starts with a new website design in the second half of June 2019. FATCA will then be found under “Startseite/ Unternehmen/ Internationaler Informationsaustausch/ FATCA“.
  • As a result of the FATCA exchange of information between the BZSt and the IRS, the BZSt has recently been provided with a notification containing some information from the IRS regarding the processing of the data delivery as well as certain errors (US Notification), which has been forwarded to the Financial Institutions / Service Providers. The explanatory documentation to the „US-EmpfangsbestätigungAnFI (Notification)“ can be found under the following website (Link-German).

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