U.S.A.: FATCA : IRS releases a new draft W-8IMY form
On 13 August 2012, the U.S. Internal Revenue Service (IRS) released the draft of a new W-8IMY form, Certificate of Foreign Intermediary, Foreign Flow-Through Entity, or certain U.S. Branches for U.S. Tax Withholding.
The publication of this draft W-8IMY form1 follows the recent publication of drafts for two new W-8BEN forms2 and results from the same need to include the new information requirements related to the Foreign Account Tax Compliance Act (FATCA).
As with the W-8BEN drafts, the new W8-IMY form will cover information requirements for the application of both Chapter 3 (Qualified Intermediary (QI) regime) and Chapter 4 (FATCA regime).
To cover Chapter 4, the identification of the entity has been extended. It is interesting to note that it includes a Foreign Financial Institution Employment Identification Number (FFI-EIN) for filing purposes as well as a FATCA ID for public verification purpose.
No instructions have yet been provided but it is expected that the new W-8IMY form, if not further amended, will have to be used as of 1 January 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.
Further information
For further information, please contact the Clearstream Banking3 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 your Relationship Officer.
1. Available at http://www.irs.gov/pub/irs-dft/fw8imy--dft.pdf.
2. Please refer to our Announcement A12111, dated 11 June 2012.
3. 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, société anonyme, 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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