Tax Identification Number (TIN) Update (2023-05-11)

Summary

This ITA notice informs BVI reporting Financial Institutions (RFIs) about relief granted by the US IRS under Notice 2023-11 concerning the reporting of missing US Taxpayer Identification Numbers (TINs) for preexisting FATCA accounts. It explains the conditions FFIs must meet to qualify for this relief for reporting years 2022, 2023 and 2024, and confirms that the BVI Financial Accounts Reporting System (BVIFARs) supports both the updated 2023 TIN codes and the May 2021 TIN codes.

• Date of birth reporting: FFIs must obtain and report the date of birth of each individual account holder or controlling person whose US TIN is not reported.
• Annual outreach: Starting in calendar year 2023, FFIs must annually request any missing required US TIN from account holders using the communication method most likely to reach them, including specified FATCA FAQ information.
• Annual data search: Starting in calendar year 2023, FFIs must annually search their electronically searchable data for missing required US TINs.
• TIN Code reporting: FFIs must report an accurate TIN Code for each account missing a required US TIN, using the applicable code from the list set out in the notice (e.g. 222222222, 000222111, 333333333, 444444444, 555555555, 666666666, 777777777, 999999999).
• Which codes to use: For calendar year 2022 reporting (due 31 May 2023), either the May 2021 TIN Codes or the updated 2023 TIN Codes may be used; for calendar years 2023 (due 31 May 2024) and 2024 (due 31 May 2025), the most recent TIN Codes issued by the IRS must be used.

The notice also warns that use of a TIN Code does not prevent automatic error notifications for invalid TIN entries, and that a determination of significant non-compliance by the US may trigger compliance measures initiated by the ITA.

Key obligations

• FFIs/RFIs must obtain and report the date of birth of each individual account holder or controlling person whose US TIN is not reported.
• Starting in calendar year 2023, FFIs/RFIs must annually request any missing required US TIN from account holders using the most effective communication method, including the State Department's Joint FATCA FAQs or relief procedures for former citizens.
• Starting in calendar year 2023, FFIs/RFIs must annually search electronically searchable data maintained by the institution for missing required US TINs.
• FFIs/RFIs must report an accurate TIN Code for each account missing a required US TIN.
• For calendar year 2022 reporting (due 31 May 2023), FFIs/RFIs may use either the May 2021 TIN Codes or the updated 2023 TIN Codes; for calendar years 2023 (due 31 May 2024) and 2024 (due 31 May 2025), they must use the most recent TIN Codes issued by the IRS.

Applies to

Reporting Financial Institutions (RFIs), Foreign Financial Institutions (FFIs), BVI Financial Institutions

Deadlines

• 31 May 2023: Deadline for reporting calendar year 2022 data; either May 2021 or updated 2023 TIN Codes may be used to satisfy the TIN Code condition.
• 31 May 2024: Deadline for reporting calendar year 2023 data; must use the most recent TIN Codes issued by the IRS.
• 31 May 2025: Deadline for reporting calendar year 2024 data; must use the most recent TIN Codes issued by the IRS.
• starting in calendar year 2023: FFIs must annually request missing US TINs from account holders and annually search electronically searchable data for missing US TINs.