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As of May 1, 2025, Germany’s Federal Central Tax Office (BZSt) has activated the production environment for submitting FATCA (Foreign Account Tax Compliance Act) data for the 2024 reporting period. Financial institutions and relevant reporting entities must transmit their data by the statutory deadline of July 31, 2025, by § 8 Abs. 3 of the FATCA-USA-Umsatzuerverordnung (FATCA-USA-UmsV).
Data transmission can be performed through:
- The Mass Data Interface (ELMA) for automated submissions, or
- The BZStOnline-Portal (BOP) for manual or smaller-scale uploads.
Key FATCA Compliance Points for 2024:
- Who Must Report?
German financial institutions holding accounts for U.S. persons or entities must comply with FATCA obligations. - What’s Required?
Disclosure of account information, balances, interest, and other financial details as outlined in the FATCA agreement between Germany and the United States. - Penalties for Non-Compliance:
Failing to meet the July 31 deadline or submitting incomplete/inaccurate information may result in penalties and increased scrutiny under Germany’s international tax cooperation framework.
This move underscores the growing emphasis on cross-border tax transparency and digital tax infrastructure’s proactive role in enabling real-time compliance. FATCA remains a cornerstone of global information exchange, and Germany’s tax authority is reinforcing its commitment to international reporting standards.
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