U.S.A.: IRS publishes an extended deadline for QI, WP, WT agreements renewals and QDD applications
Further to our Taxflash T17012, dated 20 February 2017, Clearstream Banking would like to inform customers that the Internal Revenue Service (IRS) published on 31 March 2017 an extension to the deadline for:
- Qualified Intermediary (QI), Foreign Withholding Partnership (WP) and Foreign Withholding Trust (WT) to renew their Agreement with the IRS. As a result, all renewals duly submitted and approved prior to 31 May 2017 will be granted a retroactive effective date of 1 January 2017. The renewal applications should be submitted via the new QI, WP, WT Application and Account Management System;
- QI, WP and WT to apply for a new Agreement or renew their Agreement with the IRS, if it includes a request to apply for the Qualified Derivative Dealer (QDD) status. As a result, such new applications and renewals duly submitted and approved prior to 31 May 2017 will be granted a retroactive effective date of 1 January 2017. The applications should be submitted via the new QI, WP, WT Application and Account Management System.
Important note:
For QI, WP, WT that apply for a new Agreement which does not include a request to apply for the Qualified Derivative Dealer (QDD) status, the initial deadline set on 31 March 2017 remains in effect.
We continue to monitor the situation and will provide further information as it becomes available.
This Taxflash is intended to provide customers with general information gathered from different sources that are generally believed to be reliable. Clearstream Banking S.A. does not guarantee the accuracy or completeness of the information and does not undertake to keep it up to date. Use of the information made available in this Taxflash is at the customer’s own risk and Clearstream Banking S.A., its subsidiaries and affiliates expressly disclaim any liability for any errors or omissions reflected herein. The information in this Taxflash does not constitute legal or tax advice. |