TCI News
IRS NOTICE 2017-46
#Providenciales, June 18, 2019 – Turks and Caicos – On September 25, 2017, the IRS issued Notice 2017-46 which provided for the following:
- Addressed Financial Institutions’ (“FIs”) obligations to obtain and report taxpayer identification numbers (“TINs”) and dates of birth (“DOB”) under chapters 3 and 4 of the Internal Revenue Code;
- Extension of the deadlines imposed on FIs under Model 1 Intergovernmental Agreements (“IGAs”); and
- Chapter 3 and 4 final and temporary regulations released January 6, 2017.
U.S. TIN and DOB Reporting
- Under the Model 1 IGAs, Foreign FIs (“FFIs”) are required to obtain and report U.S. TINs for all reportable account holders and controlling persons.
- For tax year 2017, an FFI failing to include a reportable person’s U.S. TIN would be considered significant non-compliance, triggering a notice from the IRS to the FFI’s tax authority.
- Where an FFI is non-compliant for 18 months after the issuance of a notification, that FFI would be classified as a nonparticipating FFI and would be subject to FATCA withholding.
- An extension is provided to FFIs that have been unable to obtain TINs, allowing them to not be deemed as non-compliant solely because they file tax year 2017, 2018, and 2019 FATCA reports without TINs.
- Where an FFI is unable to obtain TINs, they will be required to undertake the following:
- Obtain and report the DOB of each reportable account holder and controlling person missing a TIN;
- Request annually any missing TIN from such persons; and
- Undertake a search of electronically searchable data maintained by the FFI for the missing TINs prior to the submission of tax year 2017 reports.
Withholding Certificate Validity: Foreign TIN and DOB Requirements
The following amendments will be made by the IRS and Treasury Department: the temporary chapter 3 regulations:
- The circumstances in which Foreign TINs and DOBs are required for Global Financial Services Industry will be narrowed;
- Clarification of the definition of “account holder,” “account,” and “financial institution” under the temporary regulations to align with their meaning under the chapter 4 regulations;
- A Foreign TIN or DOB will not be required where a withholding certificate is obtained solely to avoid Form 1099 reporting and backup withholding;
- The requirement that any account held by a resident in a jurisdiction that does not have an information exchange agreement with the U.S will be excluded from the Foreign TIN;
- There will also be an exception for accounts held by residents in jurisdictions that do not issue Foreign TINs. The current list is limited to Bermuda, the British Virgin Islands, and the Cayman Islands;
- A phase-in period has been provided through December 31, 2019, to provide withholding agents additional time to obtain Foreign TINs. Withholding certificates signed on or after January 1, 2018, the Foreign TIN— or a reasonable explanation for its absence—must be present on the form. Such Foreign TINs are not required to be validated against any jurisdiction’s format or TIN system provided the withholding agent does not have a reason to know it is invalid;
- A withholding certificate signed before January 1, 2018, will not be treated as invalid under the amended temporary regulations solely because of a missing Foreign TIN;
- Payments made before January 1, 2018, a Foreign TIN is not required, and the withholding certificates will be valid until the earlier of “(1) December 31, 2019; (2) the expiration date of the validity period of the withholding certificate [if applicable]; or (3) if applicable, the date when a change in circumstances requiring a revised withholding certificate occurs.”;
- A withholding certificate will remain valid beyond December 31, 2019, if the withholding agent obtains a written record of the Foreign TIN or if the Foreign TIN is otherwise within the withholding agent’s files.
Form 1042-S Reporting
- Form 1042-S will be amended to provid instructions to require Foreign TINs to be reported for tax year 2018 and beyond where they are available, either from withholding certificates or the alternative procedures outlined above for obtaining Foreign TINs;
- For tax year 2017, the instructions will be amended to require DOB reporting in instances where the individual account holder’s DOB is available on the withholding certificate or within the withholding agent’s electronically searchable information;
- For tax year 2018 and beyond, the DOB will be required if it is identified in any of the withholding agent’s files, whether electronically stored or otherwise.
This Notice in its entirety can be viewed on the Internal Revenue Service website at https://www.irs.gov/pub/irs-drop/n-17-46.pdf.
Health
Ministry of Health and Human Services Conducts Emergency Vehicle Operators Course for Emergency Medical Services Personnel
Ministry of Health and Human Services successfully conducted Emergency Vehicle Operator Training for Emergency Medical Services Department in March 2024.
The Ministry of Health and Human Services has reaffirmed its commitment to ensuring the safety and efficiency of emergency services across the Turks and Caicos Islands with the successful completion of an Emergency Vehicle Operator Course. Hosted for all members of the Emergency Medical Services (EMS) Department, this course marks a significant step in the ongoing efforts to provide high quality emergency response services.
Tailored specifically for ambulance operators, the course featured a comprehensive curriculum blending theoretical knowledge with practical skills. Participants underwent rigorous training encompassing critical safety practices essential for effective emergency responses. The amalgamation of didactic instruction and hands-on training enabled operators to navigate emergency situations with precision and confidence, fostering a culture of safety paramount for preserving lives.
In times of crisis, the EMS Department emphasizes the importance of well-trained and composed responders. Equipped with the skills acquired through this specialized course, EMS personnel are better prepared to address emergencies promptly and effectively, ensuring timely assistance to individuals in need.
The course, conducted by esteemed expert Mike Massaro, President of Trilogy Emergency Medical Solutions, ran from March 19th to March 22nd, 2024, across all islands. Mr. Massaro commended the EMS Department members for their enthusiasm and dedication to learning, acknowledging their pivotal role in enhancing community safety.
Participants lauded the interactive teaching approach employed throughout the course, noting its effectiveness in making lessons both engaging and informative. Their positive feedback underscores the value of practical, hands-on training in bolstering emergency response capabilities.
Minister of Health and Human Services, Honorable Shaun D Malcolm commented that “I am confident that the principles instilled during this course will significantly contribute to the safety and well-being of individuals accessing emergency services. By investing in continuous training and development, the Ministry remains steadfast in its mission to deliver safe, efficient and reliable emergency care to the people of the Turks and Caicos Islands.”
For more information, please visit the Turks and Caicos Islands Ministry of Health and Human Services Facebook pagE at https://www.facebook.com/tciministryofhealth/.
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