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Irs Fatca Ffi Agreement

Yes, participating MFFs (including reporting Model 2 FFIs) who have also complied with the terms of the FFI agreement (including the current FFI agreement since 1 January 2017) have until 24 October 2017 to extend the FFI agreement and continue to be treated as a participating FFI. If a company to renew the FFI agreement does not extend the FFI agreement until October 24, 2017, the company`s registration status is changed to “incomplete,” the company`s GIIN will no longer be on the monthly FFI list as of November and the company will be considered a non-participating FFI as of January 1, 2017. , as in section 3.02 of Revenue Procedure 2017-16.Added: 08-01-2017 The answer depends on your FATCA classification. Not all companies are required to enter into an FFI agreement to obtain an FFI. If you are a company that must enter into an FFI agreement and did so before January 1, 2017, you must extend your FFI contract until July 31, 2017 in the FFI FATCA registration system if you wish to remain on the FFI list. The following table provides an overview of the types of businesses needed to renew their FFI agreement. More information is available in sections 4 and 6 of the 2017-16 revenue procedure, in treasury regulations or in an applicable intergovernmental agreement (IGA). Rev`s FFI agreement. Proc. 2014-38 ended on December 31, 2016.

Therefore, if you do not extend your FFI agreement (according to the 2017-16 revenue procedure) until July 31, 2017, you will be considered non-participating FFI from January 1, 2017 and you will be removed from the FFI list. Added: 07-03-2017 If the FFI agreement is denounced either by the IRS, either by the FFI, in accordance with the termination procedures provided for in Section 12 of the FFI agreement, the FFI is considered a non-participating FFI and is subject to 30% of the withholding of the withheld payments made after the later date (i) of the termination date of the FFI agreement or (ii) of June 30. , 2014, except to the extent that the selected payments are exempt from withholding tax (p. B.