The Internal Revenue Service (IRS) released draft Form 8957, Foreign Account Tax Compliance Act (FATCA) Registration, for public review and comment on April 5, 2013. No accompanying instructions were included. Form 8957, when issued in final form, may be used by foreign financial institutions (FFIs) to register for FATCA purposes. In the IRS release of the draft Form 8957, the IRS reiterated its intention to utilize an on-line registration portal (Portal) for FATCA registration. The Portal is expected to be available in July of this year.
The IRS also released more information today about the schema of its so-called December List - a published list of FFIs that have registered with the IRS by October 25 and their corresponding global intermediary identification number (GIIN). The on-line Portal and Form 8957 (when finalized) will enable FFIs to obtain a GIIN and be included in the list.