U.S. IRS FATCA XML Schema Version 2.0: What Publication 5124 Covers

Key steps and distinctions

Publication 5124 explains the electronic structure of FATCA reports corresponding to Form 8966, including message headers, reporting financial institutions, account reports, pooled reports and correction references. Its purpose is to support reporting through the U.S. International Data Exchange Service. The XML schema takes precedence if the narrative guide conflicts with it. Elements have defined data types and permitted repetitions; a repeatable element provides the electronic equivalent of additional reporting forms, while an unspecified repetition defaults to one instance. The guide distinguishes GIIN holders from certain non-GIIN filers that obtain a FATCA Identification Number for IDES enrolment. A FIN appearing on the published FFI list does not itself turn that filer into a foreign financial institution or establish a withholding status. For Singapore reporting, read this technical specification alongside the IRAS supplementary XML guide, which changes how certain identifiers and country fields are supplied and explains the myTax Portal submission route. Do not infer Singapore submission procedures solely from this older U.S. IDES manual.