Thursday, March 31, 2016

RP-2016-18: March 2016 Supplement to Rev. Proc. 2014-64, Implementation of Nonresident Alien Deposit Interest Regulations

Revenue Procedure 2016-18 updates Rev. Proc. 2015-50 (published in 09/15) to add countries to the list of countries set forth in Section 4 of Rev Proc 2014-64. Section 4 lists countries with which the Treasury Department and the IRS have determined that it is appropriate to have an automatic exchange relationship with respect to bank deposit interest information collected on certain nonresident alien individuals under§§1.6049-8(a) and 1.6049-4(b)(5). Rev. Proc. 2016-18 supplements that list of countries by adding three additional ones that have recently completed a FATCA-related safeguards assessment.

Revenue Procedure 2016-18 will be in IRB 2016-16, dated April 18, 2016.

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