by Alan Samuels, VP Reference Data Solutions, Alacra Inc. for Inside Reference Data

GIIN identifiers being issued as part of compliance with US Fatca tax reporting law do not contain enough information, writes Alacra’s Alan Samuels, who offers suggestions on what ought to be done

There is an increasing focus on global intermediary identifier numbers (GIINs), an entity identifier issued by the IRS to foreign financial institutions (FFIs) as part of compliance with the Foreign Account Tax Compliance Act (Fatca). The goal of Fatca is to reduce US tax evasion by requiring FFIs such as banks, funds, trusts, asset managers and insurance companies to report certain information to the IRS about their US accounts. It’s an important regulation to comply with, as non-compliant FFIs will suffer a new 30% US withholding tax (the Fatca Withholding Tax)….. Read more…