Through an update to its FAQs, IRS announced it will extend the deadline to renew the FFI Agreement from July 31 to October 24. Foreign Financial Institutions in Model 2 or Non-IGA countries are required to sign and adhere to the terms of the Agreement to be considered Participating. Should an FFI not sign the Agreement, it will lose its GIIN and would be withheld upon.
About the Author
Steve’s research focuses on international tax laws with a particular emphasis on FATCA, CDOT, and CRS. Steve received his BA from The University of Vermont, and his JD from Roger Williams School of Law. He is licensed to practice law in both Massachusetts and Rhode Island.More Content by Stephen Kessinger