The QI Rap
So, you wanna be a qualified intermediary, great!
With relief at source and not disclosed your clients will be merry;
But if your KYC rules didn’t make their list;
Your chances of QI are zero, nada, nothing, Get the gist?
You’re on the list. Hooray! And now just two forms, to apply;
But if you fail or don’t step up, you stay an NQI;
And then you need to document your clients very quickly;
Cos otherwise you hit them 30 points right in the divi.
You need to know the consequences of your QI actions;
Resources, training, operations, these must be your guiding passions;
For failure to be adequate in any material way;
Sets you up for penalties and you could go to jail!
Revenue Procedures tell you what to do;
Notices and Publications are important too;
Get ’em, read ’em, know ’em or you’ll be in the poo;
At the end of the day, good preparation is your cue.
KYC, AML, series W-8;
Don’t forget LOB to get your entities straight;
Check they’re right, on the face and in your records too;
Otherwise you break the rules and you’re the one who looks a fool.
Chapter 4 then Chapter 3 that’s the payment rule;
Penalise in FATCA then Chapter 3 is cool;
Pay the treasury on your own or use an upstream agent;
You carry the can either way, so make sure you’re not complacent.
On board, off board who’s to choose;
US clients can give you the blues;
But tax is a product not a task;
So figure a solution and you’ll have their cash.
And if this little ditty helped you understand QI, then smile;
We aimed to please and ease your day, if only for a while;
But if you’re worried that theory and reality just don’t reconcile;
Then write, reply or easier still, just dial.
Image Credit: Keith Bellvay
Ross McGill is the CEO and subject matter expert for TConsult. Ross is a specialist in QI and FATCA operational compliance, cross border tax reclaims, relief at source and information reporting. He over 23 years of experience in financial services, including 19 years at C level; and 30 years’ senior management experience in blue chip FMCG, including sales, marketing and operations.