U.S.A.: FATCA : IRS releases a new draft of Form W-8BEN-E
Following the recent release of new draft forms of W-8BEN and W-9, the U.S. Internal Revenue Service (IRS) has released a new draft of the W-8BEN-E.
The draft W-8BEN-E form, which relates to non-U.S. entities for FATCA and other withholding tax purposes, has been substantially revised, since the draft posted a year ago, in order to reflect the final FATCA regulations published in January 2013.
The draft form contains significant changes, including the following:
- New FATCA classifications from the Final Regulations and the Intergovernmental Agreements have been added to the form.
- Entities providing a Global Intermediary Identification Number (GIIN) would not be required to provide a Foreign Tax Identification Number.
- Passive Non-Financial Foreign Entities (NFFEs) would no longer be required to report the percentage of ownership of substantial U.S. owners.
- The beneficial owner would be required to update its form within 30 days of a change that would render a certification incorrect.
- The signer of the form would no longer be required to state its “capacity in which acting”, but would be required to tick a box certifying that she/he is authorised to sign the form.
The above points must be confirmed by the instructions in relation to Form W-8BEN-E, which the IRS have not yet published.
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 information in due course.
Further information
For further information, customers may contact the Clearstream Banking1 Tax Help Desk on:
| Luxembourg | Frankfurt | |
| Email: | tax@clearstream.com | tax@clearstream.com |
| Telephone: | +352-243-32835 | +49-(0) 69-2 11-1 3821 |
| Fax: | +352-243-632835 | +49-(0) 69-2 11-61 3821 |
or Clearstream Banking Customer Service or their Relationship Officer.
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1. Clearstream Banking refers collectively to Clearstream Banking AG, registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in the Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500 (CBF) and Clearstream Banking SA, registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Register of Commerce and Companies under number B-9248 (CBL).
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