U.S.A.: Deadline for QI, WP or WT status request in conjunction with FATCA registration
In its FATCA News & Information of 26 April 2013, the U.S. Internal Revenue Service (IRS) published a reminder that, beginning on 31 December 2013, the Qualified Intermediary (QI), Withholding Foreign Partnership (WP), and Withholding Foreign Trust (WT) Agreements will be expanded to incorporate (to the extent applicable) Foreign Financial Institution (FFI) requirements under Chapter 4 (more commonly referred to as FATCA) with the QI, WP or WT responsibilities under Chapter 3.
For FFIs currently considering to apply for QI, WP or WT status in conjunction with their compliance with Chapter 4, the IRS provides the deadline of 3 May 2013.
Application, with all required attachments, should be provided by this deadline in order to ensure that the respective status is obtained before the date on which the FATCA registration portal opens (15 July 2013).
The above information is not intended to be exhaustive. We will continue to monitor the IRS and commentator publications and will provide customers with further relevant information in due course.
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