FATCA group requests
On 20 September 2019 in Bern, Switzerland and the USA exchanged the ratification instruments of the protocol of amendment dated 23 September 2009 concerning the double taxation agreement (DTA) in the area of taxes on income. Therefore, the protocol entered into force on 20 September 2019 and FATCA group requests based on facts from 30 June 2014 can be made. According to the FATCA agreement, the US-American tax administration IRS can request information on all the accounts that were reported to it in aggregated form by the Swiss financial institutions. Upon receipt of a request, the FTA will request the financial institution concerned to provide the FTA with the information described in the FATCA agreement within 10 days. The requirements of the delivery of the information to the FTA can be viewed in the documents below («Technical Specification and User Guide for Financial Institutions according to FATCA IGA 2» [hereafter: «User Guide»] under FATCA Information Delivery, FATCA Credential Form and SEI-XML). The user guide has been updated and addresses new requirements from the IRS concerning the content of the FATCA-XML file (CARRef-Element in accordance with the FATCA XML scheme V2.0, cf. chapter 4.5.3 of the user guide). The general rule is that financial institutions concerned have to take into account the requirements of the IRS for the FATCA-XML that are valid at the time the file is delivered to the FTA. A compilation of all the amendments to the user guide can be found in chapter 1.3.1 «Updates Version 1.2» of the user guide itself.