01 Jun Mauritius FATCA And CRS – Code To Populate Missing US TIN
June 1, 2021 – Mauritius – FATCA – Code to populate missing US TIN
The Mauritius Revenue Authority (MRA) informs all its concerned stakeholders that the US Internal Revenue Service (IRS) has published a FAQ as Q6 under Reporting on the FATCA FAQs. IRS provided following default codes (for missing U.S. TINs) to be used for Model 1 FFIs. The use of these codes is not mandatory and the IRS system will still generate an error notification to indicate the entry is invalid when one of the above codes is used.
Mauritius – CRS – Common Errors
1. Wrong interpretation of undocumented accounts
2. Reporting entities as controlling persons
3. Mismatch between country of residence and country codes
4. Wrong entity classification
5. Incorrect reporting for joint accounts
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