Articles
Mar 2014
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24
FATCA compliance for members (Baker & McKenzie’s Factsheet)
The HKTA has asked three leading law firms in Hong Kong to help our members with some timely guidance for compliance . They have kindly produced a fact sheet for members to check against and ensure they will be able to comply with the requirements. Download here for the guidelines from Baker & McKenzie. If you would like further information from Baker & McKenzie or the other two law firms, please contact them directly.
Published in: Pensions and Funds
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24
FATCA compliance for members (DLA Piper’s Factsheet)
The HKTA has asked three leading law firms in Hong Kong to help our members with some timely guidance for compliance . They have kindly produced a fact sheet for members to check against and ensure they will be able to comply with the requirements. Download here for the guidelines from DLA Piper. If you would like further information from DLA Piper or the other two law firms, please contact them directly. DLA Piper have generously offered members a ten percent discount on their fees for FATCA-related advice.
Published in: Pensions and Funds
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24
FATCA compliance for members (Withers’ Factsheet)
The HKTA has asked three leading law firms in Hong Kong to help our members with some timely guidance for compliance . They have kindly produced a fact sheet for members to check against and ensure they will be able to comply with the requirements. Download here for the guidelines from Withers. If you would like further information from Withers or the other two law firms, please contact them directly. Withers have indicated they would be pleased to offer members an initial, free consultation in connection with FATCA-related advice.
Published in: Pensions and Funds
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05
KPMG alert - FATCA - IRS forms, instructions updated for 2014
The IRS has posted final versions of the following forms and related instructions for 2014 that have been updated to reflect FATCA provisions:
• Form W-8ECI (Rev. February 2014), Certificate of Foreign Person’s Claim That Income Is Effectively Connected With the Conduct of a Trade or Business in the United States
• Form W-8BEN (Rev. February 2014), Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding
• Instructions (Rev. February 2014) for Form W-8BEN, Instructions for Form W-8BEN, Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding (attached)
Published in: Pensions and Funds
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05
KPMG alert - FATCA - IRS forms, instructions updated for 2014
The IRS has posted final versions of the following forms and related instructions for 2014 that have been updated to reflect FATCA provisions:
- Form W-8ECI (Rev. February 2014), Certificate of Foreign Person’s Claim That Income Is Effectively Connected With the Conduct of a Trade or Business in the United States
- Form W-8BEN (Rev. February 2014), Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding (attached)
- Instructions (Rev. February 2014) for Form W-8BEN, Instructions for Form W-8BEN, Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding
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05
KPMG alert - FATCA - IRS forms, instructions updated for 2014
The IRS has posted final versions of the following forms and related instructions for 2014 that have been updated to reflect FATCA provisions:
- Form W-8ECI (Rev. February 2014), Certificate of Foreign Person’s Claim That Income Is Effectively Connected With the Conduct of a Trade or Business in the United States (attached)
- Form W-8BEN (Rev. February 2014), Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding
- Instructions (Rev. February 2014) for Form W-8BEN, Instructions for Form W-8BEN, Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding
Published in: Pensions and Funds
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05
IRS Releases Forms W-8BEN and W-8ECI
The IRS on 4 March released new Forms W-8BEN and W-8ECI and instructions for the new Form W-8BEN.
The new forms incorporate changes to comply with FATCA and related tax information reporting requirements.
It is anticipated that additional forms related to FATCA compliance will be released.
Attached is the Certificate of Foreign Person's Claim That Income Is Effectively Connected With the Conduct of a Trade or Business in the United States
Published in: Pensions and Funds
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05
IRS Releases Forms W-8BEN and W-8ECI
The IRS on 4 March released new Forms W-8BEN and W-8ECI and instructions for the new Form W-8BEN.
The new forms incorporate changes to comply with FATCA and related tax information reporting requirements.
It is anticipated that additional forms related to FATCA compliance will be released.
Attached are the Instructions for Form W-8BEN, Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting (Individuals)
Published in: Pensions and Funds
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05
IRS Releases Forms W-8BEN and W-8ECI
The IRS on 4 March released new Forms W-8BEN and W-8ECI and instructions for the new Form W-8BEN.
The new forms incorporate changes to comply with FATCA and related tax information reporting requirements.
It is anticipated that additional forms related to FATCA compliance will be released.
Attached is the Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting (Individuals)
Published in: Pensions and Funds
Feb 2014
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27
PricewaterhouseCoopers Ltd global IRW newsbrief on US Treasury and IRS release updates to FATCA regs
The US Treasury and the IRS released on 20 February 2014 two key updates to FATCA and related regulations. The second one related to Coordinating Regulations for Chapters 3, 4 and 61.
These regulations (together with the update for Final and temporary regulations for FATCA) are lengthy (over 550 pages) and contain numerous changes that will likely impact how FATCA is implemented by foreign financial institutions around the world. PwC will provide a detailed analysis shortly. In the meantime, please see the high level summary below.
Coordinating regulations for Chapters 3, 4 and 61
The regulations also harmonize the requirements contained in FATCA with the pre-FATCA rules under Chapters 3 and 61 and Section 3406. Chapter 3 contains reporting and withholding rules relating to payments of certain US source income to non-US persons. Chapter 61 and Section 3406 address the reporting and withholding requirements for various types of payments made to certain US persons.
The changes made by the coordinating regulations relate to four key areas:
• Rules for identification of payees
• Coordination of the withholding requirements under Chapter 3, Section 3406 and FATCA
• Coordination of Chapter 61 and FATCA regarding information reporting with respect to US Persons
• Conforming changes to the regulations implementing the various regimes
Published in: Pensions and Funds