Trinidad and Tobago Tax Agency Issues Updated Information on XML Schema for FATCA

The Trinidadian and Tobagonian Inland Revenue Division Sept. 18 issued information on XML schema reporting requirements for the U.S. Foreign Account Tax Compliance Act (FATCA), with respect to U.S. taxpayer identification numbers (TINs). The information adds to guidance in Notice 2023-11, on relief provided for Model 1 foreign financial institutions (FFIs) that were unable to obtain U.S. TINs for their existing U.S. reportable accounts. The information explains: 1) the use of special codes when U.S. TIN information is not available; 2) the use of TIN codes issued in May 2021, or specified updated TIN codes, by Model 1 FFIs seeking ...