Italy: Updated FATCA, CRS technical guidance
Updated instructions for the preparation and transmission of FATCA and CRS returns
Updated instructions for the preparation and transmission of FATCA and CRS returns
The Italian tax authority issued an updated version (v2.6.1) of the instructions for the preparation and transmission of FATCA returns.
The update follows the issuance of Notice 2023-11 by the U.S. tax authority (IRS), which provides temporary relief to Model 1 foreign financial institutions unable to report a valid U.S. tax identification number (TIN) for certain pre-existing accounts. Read TaxNewsFlash
Foreign financial institutions can use either the TIN codes issued by the IRS in May 2021 or the updated 2023 codes. However, for reporting in subsequent years, the new codes must be used. This update was instituted to better understand the issues faced by foreign financial institutions while attempting to obtain a valid TIN for pre-existing accounts.
Additionally, the Italian tax authority issued an updated version (v2.1) of the instructions for the preparation and transmission of the common reporting standard (CRS) returns.
Read a June 2023 report [PDF 543 KB] prepared by the KPMG member firm in Italy
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