Articles
Mar 2014
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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
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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 first one related to Final and temporary regulations for FATCA.
These regulations (together with the update for Coordinating Regulations for Chapters 3, 4 and 61) 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.
Final and temporary regulations for FATCA
The regulations contain over 50 discrete amendments and clarifications to the FATCA regulations issued in January 2013 to provide clarifications and to take into account certain stakeholder suggestions regarding ways to further reduce burdens consistent with FATCA's compliance objectives. Modifications to the final regulations are also intended to harmonize FATCA with the approach taken in the IGAs (Intergovernmental Agreements).
Key amendments and clarifications include those relating to:
• The accommodation of direct reporting to the IRS, rather than to withholding agents, by certain entities regarding their substantial US owners
• The treatment of certain special-purpose debt securitization vehicles
• The treatment of disregarded entities as branches of foreign financial institutions
• The definition of an expanded affiliated group
• Transitional rules for collateral arrangements prior to 2017
Published in: Pensions and Funds
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27
KPMG FATCA Alert 20 February 2014
KPMG have issued the attachef alert on 20 February 2014: The Treasury Department and IRS today announced the release of a package of regulations to implement provisions under the Foreign Account Tax Compliance Act (FATCA). The package of regulations concerns information reporting by foreign financial institutions (FFIs) and withholding payments to FFIs and other foreign entities; withholding of tax on certain U.S. source income paid to foreign persons; information reporting; and backup withholding on payments made to U.S. persons.
Published in: Pensions and Funds
Nov 2013
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13
KPMG Alert - Draft Instructions and new model IGAs
The U.S. Treasury Department has posted revised versions of the FATCA model intergovernmental agreements (IGAs).
Published in: Pensions and Funds