U.S.A. : FATCA : IRS releases a new draft Form W-8IMY
On 26 August 2013, the U.S. Internal Revenue Service (IRS) released a draft version of Form W-8IMY, Certificate of Foreign Intermediary, Foreign Flow-Through Entity, or certain U.S. Branches for U.S. Tax Withholding, for use in FATCA reporting by Foreign Financial Institutions (FFIs) with reporting obligations under the Foreign Account Tax Compliance Act (FATCA).
The main changes to be noted in the new draft are:
- The number of pages increased from seven to eight;
- The insertion of a new section for branches and disregarded entities to complete; and
- Changes reflecting the final regulations (January 2013) under FATCA.
No instructions have yet been provided but it is expected that the new Form W-8IMY, if not further amended, will have to be used as of December 2013.
The above information is not intended to be exhaustive. We continue to monitor the IRS and commentator publications and will provide customers with further relevant information in due course.
| 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. |