The Spanish Tax Administration has published additional answers to Frequently Asked Questions regarding FATCA and CRS reporting. The questions address specific circumstances – under both FATCA and CRS – in which a Financial Institution is obligated to carry out blocking of a financial account for both entities and natural persons:
- A Financial Institution must block an account of an individual when the TIN is not included in a new account declaration. Additionally, the FI must communicate that the TIN is missing to the country or jurisdiction of tax residency that appears in the new account declaration.
- For entity accounts, the mere absence of an active or passive determination does not require the FI to block the account.
The new FAQs also address the treatment of certain Spanish not-for-profit foundations and other tax-exempt entities for the purposes of CRS and FATCA.
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