On November 23, 2015 the Internal Revenue Service (IRS) announced an upgrade of the FATCA online registration system.
Sponsoring entities are now enabled to edit the details on their sponsored entities and sponsored subsidiary branches. This can be done either individually or by submitting a data file. For the latter an excel-based preparation tool is provided.
Furthermore, it is now possible to declare the tax identification number of foreign institutions in their home jurisdiction, if existing. In addition, several questions have been added in order to identify the common parent entity and the transfer between expanded affiliated groups has been facilitated. Furthermore, certain financial institutions are now able to change their “Financial Institution Type”.
On November the 24, 2015, the Swiss Bankers Association published a specimen version of the “Similar Agreed Form” (password required) for inquiring the FATCA status of individuals in four languages (German, French, Italian and English).
According to the FATCA Qualification Committee, this specimen form is compliant with the requirements of the Internal Revenue Service (IRS) regarding Similar Agreed Forms and can therefore be used by Swiss financial institutions (FFI) during the documentation procedures of both pre-existing and newly opened accounts. The specimen form is also applicable to cases of change in circumstances. The specimen form, however, does not comprise any information on reduced withholding tax rates (chapter 3 status).