Fatca GIIN Numbers Experiencing Turnover
Identifiers used for compliance become invalid without notice, says tax reporting provider
Adherence to the US Foreign Account Tax Compliance Act (Fatca) may be even more complicated than first imagined as a result of churn in the database of GIINs (Global Intermediary Identification Numbers), according to a product strategist at a tax information reporting provider.
The US Internal Revenue Service has seen a 340 percent increase in GIINs being invalidated over the past five months, says Jeffrey Cronin, vice president of product strategy at Convey, a Minnetonka, Minnesota-based
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