On April 19 of 2012, the Internal Revenue Service ("IRS") and the Department of Treasury of the United States issued the Final Rule T.D. 9584 entitled "Guidance on Reporting Interest Paid to Nonresident Aliens" that provides the final regulations regarding reporting requirements for interest that relates to deposits maintained in U.S. offices of certain financial institutions and interest paid to nonresident aliens. These regulations will affect commercial banks, savings institutions, credit unions, securities brokerages, and insurance companies that pay interest on deposits. In particular, this new regulation requires financial institutions to report interest paid to nonresident aliens in the United States to the Internal Revenue Service IRS. Under this regulation, the IRS may share the information received with other Tax Authorities, provided the compliance with certain additional requirements (for example, that it is only used for tax purposes). Notwithstanding the foregoing, the IRS may not share that information with the countries that do not have a "Tax Information Exchange Agreement" with the United States, as is the case of Colombia. Therefore, currently this country cannot seek or request such information.

It is worth pointing out that with the issuance of this regulation, the United States gives a boost to foreign countries whose banks are required under the FATCA "Foreign Account Tax Compliance Act" to inform the IRS about the financial  of U.S. citizens abroad. Moreover, as the IRS has stated, these regulations will ensure greater tax compliance in the United States because it mtransactionsakes it difficult for foreigners that have U.S. deposits to be treated, illegitimately, as nonresidents to avoid paying taxes.

Furthermore, it is important to note that this new regulation provides for a change in the form "W-8BEN" (certificate signed by foreign customers of U.S. banks), to the extent that it will also include the tax identification number of each person in its home country ("Tax ID") and the birth date, in order to clearly identify potential tax payers and therefore send more detailed information to foreign countries.

It is worth pointing out that these regulations are exempted from the extension term of FATCA and come into effect from January 1, 2013.