Italy clarifies US TIN reporting

On 10 December, Italy issued a clarification on the reporting requirements for Financial Institutions (“FIs”) under the Foreign Account Tax Compliance Act (“FATCA”). Italy states that FIs that failed to obtain Tax Information Numbers (“TIN”) for pre-existing customer accounts will not violate FATCA if the institutions follow the instructions in the U.S. Internal Revenue Service (“IRS”) Frequently Asked Questions (“FAQs”) (Link).

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