Germany releases FATCA Infobrief 01/2020

On 20 March 2020, the German Federal Central Tax Office (“Bundeszentralamt für Steuern” or “BZSt”) issued a newsletter: “FATCA Infobrief 01/2020”, providing updated information regarding the Foreign Account Tax Compliance Act (“FATCA”). The Infobrief will be released on the BZSt’s website in the coming days (Link-German) and includes information on:

  • The production environment for FATCA submissions (available from 13.05.2020);
  • Updates to the XML schema regarding specifying the time zone;
  • New US regulation regarding the US TIN from the reporting period 2020. Since the TIN is a mandatory entry, the IRS will always issue an error in the future in the described constellations

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