On 5 October 2017, the Swiss Banking Association (“SBA”) published Circular 7939, which covers the translations of IRS Forms W-8BEN and W-8BEN-E, the extension of the FFI Agreement renewal, and several evaluations made by the FATCA Qualification Board.
With this Circular, the SBA has provided Swiss Financial Institutions (“FIs”) with German, French, and Italian translations of the current and updated IRS Forms W-8BEN and W-8BEN-E. FIs may use the translated IRS Forms effective immediately. Additionally, the Circular includes a reminder that the new IRS Form W-8IMY must be implemented and used by 1 January 2018, while all other new W-8 Forms must be implemented and used by 1 February 2018. Please refer to the link to find the German, French, and Italian translations of the IRS Forms W-8BEN and W-8BEN-E in PDF format under Circular 7939.
Circular 7939 also discusses the IRS-granted extension for FIs that have not renewed their FFI Agreement. On 1 August 2017, the IRS published a FAQ clarifying that FIs have been granted an extension until 24 October 2017 to renew their FFI Agreement. Please refer to the link for access to the FAQ published by the IRS (the FFI Agreement renewal topic is covered in question 12 under “Registrations Update”).
Lastly, Circular 7939 discusses various evaluations made by the FATCA Qualification Board, including evaluations made regarding FATCA self-certifications and plausibilization, deaths of US person(s) controlling a passive NFFE, and identifying entitled third party beneficiaries of cash value and annuity insurance contracts. Please refer to the following links for additional details to the evaluations made by the FATCA Qualification Board:
Partner, Operational Tax
+41 58 792 43 72