Articles
Gain deeper insight with articles that give our considered opinion and predictions of where the industry will go next.
Announcing the Tax Compliance Toolkit Training Academy
We are delighted to officially announce the launch of the Tax Compliance Toolkit Training Academy with our debut course: QI Essentials.
This course provides a foundation level understanding of the U.S. qualified intermediary regime and the role you play in helping your firm to be compliant with the terms of the QI Agreement. Find out how you can access the training...
The New QI Agreement 2023: What it means for you (Webinar Recording)
A new QI Agreement is due to be released in January 2023, including new obligations for qualified intermediaries that allow their clients to own interests in publicly traded partnerships.
We hosted a webinar on 8th December for financial institutions in Taiwan and Hong Kong to explain the implications of these proposed changes. Watch the recording now...
Saudi Arabia KYC Rule Approval: What it means for you (Webinar Recording)
Saudi Arabia’s KYC rules were approved by the IRS earlier this year, which means that all Saudi Arabian financial institutions are now eligible to apply for QI status.
We hosted a webinar on 30th November for financial institutions in Saudi Arabia to explain the benefits of becoming a QI. Watch the recording now...
Periodic Review and Certification: QIs in Taiwan Take Note
Many financial institutions in Taiwan became qualified intermediaries in 2018 and 2019 and are now approaching their first periodic review.
Find out what you need to consider when selecting a reviewer…
3 Big Problems with US Tax Regulations
We explore some of the problems we have encountered surrounding the use of Form W-8BEN-E by brokerages and issuers of equity linked instruments.
Benefits of Being a US Qualified Intermediary: Malta Stock Exchange
TConsult is delighted to announce that we have been invited to present a training course for the Malta Stock Exchange, where we will be delivering a two hour presentation discussing the benefits of being a US qualified intermediary at 9am on Monday 21st January 2019.
Nationality, domicile, residency, citizenship and beneficial ownership
We often find that linguistic issues can cause problems for firms looking to establish the correct withholding rate for their clients. In particular, we have seen the distinctions between nationality, citizenship, domicile, residency and beneficial ownership cause a degree of avoidable consternation. In this post, we present a quick reference guide.
Your ‘Bible’ to Compliance
The road to compliance is never ending and the IRS have certainly given us some interesting scenery to admire as we traverse the QI regulatory landscape.
In this post we discuss the importance of a living compliance program, and highlight some of the IRS announcements that need to be reflected in your policies and procedures if you want to remain fully compliant.
Are AML and CFT Based Practices for Validation of Tax Residency Inadequate for AEoI CRS Purposes?
June 27, 2022Marco Zawar shares his views on why Anti Money Laundering and Counter Financing of Terrorsism related due diligence measures in Hong Kong are insufficient to meet financial institutions’ AML/KYC requirements under AEoI/CRS…Read more
Four things you need to know in the US tax reporting season
March 23, 20221042-S U.S. tax reporting season is upon us, so we are sharing our top tips based on the problems we see in the market. Find out how to ensure your reporting goes smoothly in 2022…Read more
3 Big Problems with US Tax Regulations
February 16, 2022We explore some of the problems we have encountered surrounding the use of Form W-8BEN-E by brokerages and issuers of equity linked instruments.Read more
2022年你需要知道的美國稅務報告
February 11, 2022Ross McGill是TConsult Ltd董事長，也是跨境預扣稅務及反逃漏稅務法規的專家。本文內容僅作為一般參考資訊，不應作為提供稅務、法律或投資建議或適用於任何特定金融機構的依據。 我的2022年目標是每週寫一篇部落格文章。在每篇部落格文章中，我將提醒您必須做什麼、思考什麼與計畫什麼。我也會寫一些產業中正在發生的問題，這些問題可能導致錯誤或違反稅法。在這篇部落格文章，我將聚焦於美國預扣稅，也就是美國稅法第3章。未來的文章我將會關注FATCA (第4章)、第一章第871(m)節以及DAC6、AEoI、CRS、TRACE與歐盟預扣稅行為準則(the EU Withholding tax code of conduct)。如果您不知道上述縮寫含義，請持續關注我未來的文章，將會一一解說。 二月的行動、思考、計畫 如果您在一間有接觸美國證券市場的金融機構工作，您很可能有向美國國稅局(the IRS)申報的義務，無論您是合格中介機構(QI)或非合格中介機構(NQI)的身分。大多數人認為這種義務是在三月份發生的事情。確實如此，美國國稅局2021年稅務年度的1042-S和1042申報都在2022年3月15日截止。然而，您可以獲得額外的時間來提交申報。有三件事您必須知道，但大多數人只記得兩件。您可以獲得30天的展延至4月14日向美國國稅局申報1042-S。您可以獲得6個月展延至9月14日申報您的美國退稅(1042)。您也可以獲得30天的展延提供納稅人副本。最後一項是大多數人所忘記的，或是他們認為他們在美國國稅局的1042-S展延也適用於納稅人副本—其實不然。每項展延有不同的表單、格式與遞交方式。這是為什麼美國稅務申報不是從三月開始，當然也不是在四月結束。它在二月開始，在九月結束。 還是關於美國稅務申報的主題，您現在應該也在查看跟上一個申報期間相比，這次申報期間的新內容。通常會有一些編碼變更，如果您是自己申報，您應該確認515跟1187出刊物的新章節。記得，這些出刊物用於特定申報年度，因此請確定您查看的是正確的出刊物。美國國稅局還對FIRE(Filing Information Returns Electronically)網站以及登入方式進行一些變更。 注意或被抓 現在，如果您碰巧是一家非合格中介機構而您沒有揭露您自己的客戶資訊給其他金融機構，那麼您將必須依所得類別向美國國稅局申報您每位客戶的美國來源所得。我們遇到許多券商認為，因為美國國稅局已經獲得最高稅額(30%)，他們既不需要申報或不申報也沒關係，因為您不可能被抓到。兩者皆是錯誤的。首先，美國國稅局沒有收到稅，是美國財政部收到稅款。美國國稅局是一個行政機構，他們對申報向財政部支付了什麼感興趣。第二，事實上，美國國稅局將會知道您的存在，因為您的交易對手，您從交易對手那裡收到的1042-S，將向美國國稅局申報您是一間有”未知納稅人”的非合格中介機構。這代表美國國稅局將預期收到您的資訊申報和美國納稅申報。逾期申報將會有罰款，如果幾年內都沒有申報，您可能會成為所謂的”故意無視”。只因為美國國稅局還沒有抓到您，並不代表他們不能或不會。問題是您是否準備好承擔財務和聲譽的風險。 […]Read more
5 things you need to know about U.S. tax reporting in 2022
February 7, 2022If your firm is exposed to the US securities market, you may have a 1042-S and 1042 reporting obligation to the IRS. Find out more...Read more
美國證券稅收制度對台灣金融機構的影響-不像看起來的那麼簡單
March 24, 2021The first in a series of articles designed to help financial firms in Taiwan understand the pitfalls and opportunities of trading in US securities or derivative financial products.Read more
FATCA AML/KYC procedures in Hong Kong: State-of-the-art compliance?
August 17, 2020Can tax authorities rely on the fact that financial institutions have adequate AML/KYC and client due diligence procedures in place to populate and file the fiscal information required under FATCA?Read more
FATCA and CRS Curing Periods
August 10, 2020Our affiliate, Marco Zawar, asks if FATCA and CRS document curing and classification requests to verify Change in Circumstances are being correctly implemented.Read more
QI Status – Is It Worth It?
June 1, 2020To QI, or not to QI? That is the question – and one we get asked about an awful lot. […]Read more
