FATCA Frequently Asked Questions (FAQ)

Tags: FATCA, FAQ

Q: Does the FATCA Point of Contact need to be registered with the Board of Inland Revenue?

A: Yes. BIR numbers are needed by ttconnect to authenticate users accessing e-Tax.

Q: How do I register with the Board of Inland Revenue e-Tax Portal to upload FATCA Reports?

A: Refer to the “FATCA Registration Guide.”
Please note that the registrant must have a ttconnect ID. For more information on acquiring a ttconnect ID, please visit www.ttconect.gov.tt

Q: When am I expected to submit FATCA Reports to the IRD for 2014, 2015 and 2016?

A: Financial Institutions (FIs) are expected to submit FATCA reports starting August 2nd, 2017.

The submission deadline is September 15th, 2017.
FIs are encouraged to submit their reports as early as possible.

Q: How do I submit FATCA Reporting information to the Board of Inland Revenue?

A: Refer to the “FATCA Report Submission Guide.”

Q: Does the Board of Inland Revenue validate my FATCA submission?

A: Refer to the “FATCA File Preparation Guide.”

Q: Can I provide balances for accounts that are not denominated in US Currency?

A: Yes. The IRS guidelines/FATCA XML schema advise that non-US currency denominations are accepted

Q: What should be reported if the account holder does not provide an SSN?

A: Based on the following IRS links, the DOB should be reported for account holders where the SSN is not available and the TIN (i.e. SSN) element can be omitted. This will result in a “TIN not populated” error being received which can be ignored.

https://www.irs.gov/businesses/corporations/fatca-ides-technical-faqs#GIINF15

https://www.irs.gov/businesses/corporations/irs-fatca-report-notifications-frequently-asked-questions (Q9)

Q: Where can I find a description of the FATCA Reporting (XML) file?

A: Refer to the “FATCA File Preparation Guide.”

Q: Where can I find sample FATCA Test files?

A: Refer to the “FATCA File Preparation Guide.”

Q: Will the Inland Revenue Division provide an opportunity for Financial Institutions to test FATCA Submissions?

A: Yes. The IRD is providing two opportunities for Financial Institutions to test FATCA submissions.

  • Submission of test files to IDES – FIs will be invited to come into IRD’s office to work, hands on, with the FATCA submission facility prior to go live. This will work hand in hand with the IRSs testing window. It will give FIs the ideal opportunity to become familiar with the process and to get feedback on the validity of their FATCA Reporting file from both the IRD and the IRS. This will be facilitated from June 27th to July 7th, 2017.
  • Online Test Validation Facility – FIs that have completed the registration process may leverage the online facility that is provided on e-Tax. This will provide feedback on the format of the file based on the validation rules described in the “FATCA File Preparation Guide” section of this document.

 IRD strongly encourages FIs to participate in submitting test files during the IDES testing window.

Q: How do I take part in the IDES test file submissions conducted by the Board of Inland Revenue?

A: Please email TTFATCA@ird.gov.tt to request further details.

Q: Is there a limit to the number of users that can submit FATCA reports to the IRD?

A: The users that can submit FATCA reports is limited to the authorized Points of Contact for the FI. An FI may register multiple Points of Contact with the IRD.

Q: Can the Points of Contact be changed?

A: Yes. Refer to the “FATCA Registration Guide.”

Q: What standards should be used for FATCA submissions?

A: Refer to the “FATCA File Preparation Guide.”

Q: Can I make changes to information previously submitted?

A: Changes are only allowed after a notification has been received.

Q: How will I know that my file has been processed?

A: You will be notified via email. The result of your file submission can be viewed on e-Tax.

Q: How soon can I expect to receive a notification email after file submission?

A: Notifications can generally be expected within 5 business days.