U.S.A.: FATCA : IRS releases updated WP and WT Agreements

12.08.2014

On 8 August 2014, the U.S. Internal Revenue Service (IRS) released on their website updated Withholding Foreign Partnership (WP) and Withholding Foreign Trust (WT) Agreements as set out in the Revenue Procedure 2014-47.

These updated WP and WT Agreements, which supersede those originally released as Revenue Procedure 2003-64, apply where the effective date is on/after 30 June 2014; a WP or WT Agreement in effect before 30 June 2014 is deemed to have expired on 30 June 2014.

A WP or WT that applies to renew its WP or WT status on the IRS FATCA registration website and whose status is:

  • Approved by the IRS on/before 31 August 2014 will have a WP or WT Agreement with an effective date of 30 June 2014; or
  • Approved by the IRS after 31 August 2014 will have a WP or WT Agreement with an effective date of the date on which the renewal is approved.

Revenue Procedure 2014-47 provides guidance for entering into a WP or WT Agreement with the IRS, thereby enabling the WP or WT to assume withholding and reporting obligations under Chapters 3 and 4 of the Code.

We continue to monitor the implementation of FATCA and will provide more information as it becomes available.

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