Correct FATCA in spreadsheet smoothly

Aug 6th, 2022
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How to Correct FATCA in spreadsheet

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welcome to simplifying fat can crs reporting uh my name is dave bird im the product manager overseeing and with me is joe barrett our resident expert in this area um and um with that ill hand over to joe who will start our session thank you joe thanks very much dave um yeah so hi everyone my name is joe barrett and im a senior business analyst at um tax systems so im responsible for making sure our products are compliant with the latest regulations and meet our user needs and as dave has already alluded to um alphacat and fatca and crs is is um one of the the areas covered by my portfolio and so im going to be giving you some of the the latest updates um today so just to cover briefly um what were going to talk about in this session so um for everyones benefit well just do a quick recap of the stories so far on fatca and crs so just a very short uh how weve gotten to where we are today um were then going to talk a bit about some of the regulatory changes which come into effec

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The CRS FATCA Self-certification form will ask you to confirm the following: Your full name. Your date of birth. Your country, town/city of birth. Your citizenship. Your current residence, and if applicable, mailing address. Whether you are a US Person. Your country/countries of residence for tax purposes.
FATCA requires certain U.S. taxpayers who hold foreign financial assets with an aggregate value of more than the reporting threshold (at least $50,000) to report information about those assets on Form 8938, which must be attached to the taxpayers annual income tax return.
When preparing the FATCA XML document, the following should be considered. Use XML version 1.0 - The current version of the FATCA XML schemas is written using v1. All elements should be prefixed with the namespace alias. The XML document should be formatted on different lines with indentation.
You will generally be exempt from FATCA Registration and withholding if you meet the requirements to be treated as an exempt beneficial owner (e.g. as a foreign central bank of issue described in Treas. Reg. 1.1471-6(d), as a controlled entity of a foreign government under Treas.
A financial institution in approved status can edit its registration by logging into its FATCA account and selecting the Registration Edit link. The links are located on your account home page under the Available Account Options section.
If you do not know your FATCA ID: Single, Lead, or Sponsoring Entity Financial Institutions - Contact your Responsible Officer or Points of Contact to obtain your FATCA ID. Member Financial Institutions - Contact your Lead financial institution Responsible Officer or Points of Contact to obtain your FATCA ID.
The Foreign Account Tax Compliance Act (FATCA), which was passed as part of the HIRE Act, generally requires that foreign financial Institutions and certain other non-financial foreign entities report on the foreign assets held by their U.S. account holders or be subject to withholding on withholdable payments.
Online Submission of FATCA Self-Certification Log-in to your NPS account (please visit .cra-nsdl.com) Click on sub menu FATCA Self-Certification under the main menu Transaction Submit the required details under FATCA/CRS Declaration Form Click on Submit

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