rp-14-64.pdf

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Part III

Administrative, Procedural, and Miscellaneous

26 CFR 1.6049.00-00: Returns Relating to Payments of Interest
(Also: 1.3406.07-00 Exceptions to Backup Withholding)

Update of Rev. Proc. 2012-24, Implementation of Nonresident Alien Deposit Interest
Regulations

Rev. Proc. 2014-64

SECTION 1. PURPOSE
This revenue procedure lists, in Section 3, the countries with which the United
States has in effect an income tax or other convention or bilateral agreement relating to
the exchange of information within the meaning of section 6103(k)(4) of the Internal
Revenue Code pursuant to which the United States agrees to provide, as well as
receive, information and under which the competent authority is the Secretary of the
Treasury or his delegate for purposes of the reporting required of payors under
§§1.6049-4(b)(5) and 1.6049-8(a) of the Income Tax Regulations. This revenue
procedure also lists, in Section 4, the countries with which the Treasury Department and
the IRS have determined that it is appropriate to have an automatic exchange
relationship with respect to the information collected under §§1.6049-4(b)(5) and

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1.6049-8. This revenue procedure updates Rev. Proc. 2012-24, 2012-20 I.R.B. 913,
effective for interest paid on or after January 1, 2015, by adding additional countries to
the lists set forth in Sections 3 and 4.
SECTION 2. BACKGROUND
Sections 1.6049-4(b)(5) and 1.6049-8(a), as revised by TD 9584, require the
reporting of certain deposit interest paid to nonresident alien individuals on or after
January 1, 2013. Section 1.6049-4(b)(5) provides that in the case of interest
aggregating $10 or more paid to a nonresident alien individual (as defined in section
7701(b)(1)(B)) that is reportable under §1.6049-8(a), the payor is required to make an
information return on Form 1042-S for the calendar year in which the interest is paid.
Interest that is reportable under §1.6049-8(a) is interest described in section 871(i)(2)(A)
that relates to a deposit maintained at an office within the United States and that is paid
to a resident of a country that is identified, in an applicable revenue procedure (see
§601.601(d)(2)) as of December 31 prior to the calendar year in which the interest is
paid, as a country with which the United States has in effect an income tax or other
convention or bilateral agreement relating to the exchange of tax information within the
meaning of section 6103(k)(4), under which the competent authority is the Secretary of
the Treasury or his delegate and the United States agrees to provide, as well as
receive, information. Rev. Proc. 2012-24 was published contemporaneously with the
publication of TD 9584 to identify those countries with which the United States has in
force an information exchange agreement, such that interest paid to residents of such
countries must be reported by payors to the extent required under §§1.6049-8(a) and
1.6049-4(b)(5). This revenue procedure updates Rev. Proc. 2012-24 and will be

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updated by subsequent revenue procedures as appropriate. As noted in the preamble
to the regulations and Rev. Proc. 2012-24, the IRS is not required to exchange
information with another country, even if an information exchange agreement is in
effect, if there are concerns about confidentiality, safeguarding of data exchanged, the
use of the information, or other factors that would make the exchange of information
inappropriate.
SECTION 3. COUNTRIES OF RESIDENCE WITH RESPECT TO WHICH THE
REPORTING REQUIREMENT APPLIES

The following are the countries with which the United States has in effect an
income tax or other convention or bilateral agreement relating to the exchange of tax
information within the meaning of section 6103(k)(4) pursuant to which the United
States agrees to provide, as well as receive, information and under which the
competent authority is the Secretary of the Treasury or his delegate:
Antigua & Barbuda
Aruba
Australia
Austria
Azerbaijan
Bangladesh
Barbados
Belgium
Bermuda
Brazil
British Virgin Islands
Bulgaria
Canada
Cayman Islands
China
Colombia
Costa Rica
Croatia
Curacao
Cyprus
Czech Republic

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Denmark
Dominica
Dominican Republic
Egypt
Estonia
Finland
France
Germany
Gibraltar
Greece
Grenada
Guernsey
Guyana
Honduras
Hong Kong
Hungary
Iceland
India
Indonesia
Ireland
Isle of Man
Israel
Italy
Jamaica
Japan
Jersey
Kazakhstan
Korea (South)
Latvia
Liechtenstein
Lithuania
Luxembourg
Malta
Marshall Islands
Mauritius
Mexico
Monaco
Morocco
Netherlands
Netherlands island territories: Bonaire, Saba, and St. Eustatius
New Zealand
Norway
Pakistan
Panama
Peru
Philippines

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Poland
Portugal
Romania
Russian Federation
Slovak Republic
Slovenia
South Africa
Spain
Sri Lanka
St. Maarten (Dutch part)
Sweden
Switzerland
Thailand
Trinidad and Tobago
Tunisia
Turkey
Ukraine
United Kingdom
Venezuela

SECTION 4. COUNTRIES WITH WHICH TREASURY AND THE IRS HAVE
DETERMINED THAT AUTOMATIC EXCHANGE OF DEPOSIT INTEREST
INFORMATION IS APPROPRIATE

The following list identifies the countries with which the automatic exchange of
the information collected under §§1.6049-4(b)(5) and 1.6049-8 has been determined by
the Treasury Department and the IRS to be appropriate:
Australia
Canada
Denmark
Finland
France
Germany
Guernsey
Ireland
Isle of Man
Italy
Jersey
Malta
Mauritius
Mexico
Netherlands
Norway

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Spain
United Kingdom

SECTION 5. EFFECT ON OTHER DOCUMENTS
Revenue Procedure 2012-24, 2012-1 C.B. 913, is superseded with respect to
interest paid on or after January 1, 2015.
SECTION 6. EFFECTIVE DATE
This revenue procedure is effective for interest paid on or after January 1, 2015.
SECTION 7. DRAFTING INFORMATION
The principal author of this revenue procedure is Leni C. Perkins of the Office of
Associate Chief Counsel (International). For further information regarding this revenue
procedure contact Ms. Perkins on (202) 317-6942 (not a toll free call).