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FFIs need to register with the US IRS and obtain a Global Intermediary Identification Number (GIIN) - SEBI Circular - All About Finance

FFIs need to register with the US IRS and obtain a Global Intermediary Identification Number (GIIN) – SEBI Circular

by

CIRCULAR

 

 CIR/MIRSD/6/2014                                                                                     December 30, 2014

 

To,

 

All
Intermediaries registered with SEBI

 

Dear Sir/Madam,

 

 

Sub: Registration for the purpose of
Foreign Accounts Tax Compliance Act (FATCA)

 

 

1.   
Please refer to SEBI circular
CIR/MIRSD/2/2014 dated June 30, 2014 on the captioned subject.

 

 

2.   
The Government of India has informed
SEBI vide communication dated December 30, 2014 that as per the FAQ published
on the US Internal Revenue Service (IRS) website, Foreign Financial
Institutions (FFIs) in Model 1 jurisdictions need to register with the US IRS
and obtain a Global Intermediary Identification Number (GIIN) before January
01, 2015, or at the earliest, in order to avoid withholding. The FFIs

 

who have registered but have not obtained
a GIIN should indicate to the withholding agents that the GIIN is applied for.
The FAQ published on the IRS website (updated as on December 22, 2014), is
placed as Annexure to this circular and is also available at: http://www.irs.gov/Businesses/Corporations/Frequently-Asked-Questions-FAQs-FATCA–Compliance-Legal#IGA. 

 

3.   
All SEBI registered intermediaries
who maintain US reportable accounts, as defined in the Model 1
Inter-Governmental Agreement, may take action appropriately. Information on the
IGA is available at: http://www.treasury.gov/resource-center/tax-policy/treaties/Pages/FATCA.aspx.

 

 

4.   
This Circular is being issued in
exercise of powers conferred under Section 11 (1) of the Securities and
Exchange Board of India Act, 1992 (SEBI Act).

 

 

 

Yours faithfully,

 

 Krishnanand Raghavan General Manager
022-26449632

 

Email: krishnanandr@sebi.gov.in

Related posts:

  1. FFIs who have registered with IRS but have not obtained a GIIN should indicate to the withholding agents that the GIIN is applied for
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