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All financial entities that have customer accounts with tax obligations in the us. What do you have to do? Identify clients under investigation b2c email list report annually to the state tax administration agency all information related to their accounts. How to comply with fatca regulations? Financial entities have to register electronically on the irs website, which is the united states tax administration agency, like our spanish aeat. Once registered, they are assigned a giin number (global intermediary identification number) which will be the identification number with b2c email list all reports carried out by entities to comply with fatca regulations are certified.
Who is the client under investigation? Us citizens with bank accounts outside the us and who operate with them. Shall we specify? -individuals with an b2c email list passport. Corporation incorporated in the us. -people with dual nationality, one of them of course american. What do financial entities base on to identify them?Indications: they must b2c email list be holders of bank accounts in spain that are american residents or citizens, that the postal address is the usa, that they were born there, that they normally operate with bank transfers between spain and the usa. How does it affect us citizens? The spanish b2c email list entities will require you to fill out a self-certification form or the presentation of the irs (american tax administration) w9 model.
The w9 is a format of the us government to prove the tax status of the person and obtain the tin us federal taxpayer id) no one escapes here. Consequences of b2c email list complying with fatca for clients who refuse to provide the requested information to the entities, fatca obliges said entities to consider the client as reluctant and to declare all their accounts to the aeat so that they are reported to the irs (link above). For financial entities that do not take this very seriously, and are not b2c email list in the application of fatca, they may be subjected to a 30% withholding. Implement fatca the easy way here you have seen some brushstrokes of what the fatca regulation means in a simple way.