Gain deeper insight with articles that give our considered opinion and predictions of where the industry will go next.

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.

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CorpActions2018 (London)

TConsult's chairman, Ross McGill, will be appearing as a panelist at CorpActions2018 in London on Wednesday 3rd October alongside Mariano Giralt from BNY Mellon and Paola Deantoni from SG Securities Services to discuss tax and reporting, including inefficient withholding tax collection procedures, communication flow issues across cross-border capital markets, tax evasion regulation, where the responsibility for failures lies, and entitlements.

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Tax Congress for Financial Institutions (London)

TConsult's chairman, Ross McGill, will be appearing as a panelist at the Tax Congress for Financial Institutions in London on Wednesday 19th September alongside Peter Grant from KPMG and Kevin Custis from Rathbones to discuss KYC, AML, Tax Avoidance and Tax Evasion in the Digital Age.

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FATCA Failures: Holistic compliance or just full of holes?

In the last eighteen months we’ve conducted compliance reviews in five countries on twelve Tier 2 and Tier 3 financial institutions. In this post, we unpick the strategies we have seen firms use to approach their QI and FATCA obligations, and highlight the problems we have observed when firms fail to take a holistic approach to compliance.

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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.

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Validating W-8 Forms: Cultivating an Eye for Detail

We are often asked what constitutes a consequential or an inconsequential error when validating a W-8 form. Some errors are obviously consequential, but what happens if an error appears relatively trivial, such as an incorrect date format? In this post, we explore how you can assess the risks involved and make a judgement about whether to reject or validate a W-8 form.

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I speak English, French and FATCA

Acronyms have two main uses: to facilitate efficient communication between professionals within a given discipline where the long form of technical terms would be unwieldy, and to create a barrier to communication - a secret language that you can only understand if you are within the profession. In this post, Ross McGill gives a quick guide to the acronyms of FATCA.

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GATCA: A Practical Guide to Global Anti-Tax Evasion Frameworks

TConsult's subject matter experts Ross McGill, Chris Haye and Stuart Lipo have written a new book providing a practical guide to global anti-tax evasion frameworks. In this post, Stuart describes the context for the book...

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Are FATCA’s Dissenters Tilting at Windmills?

Like Don Quixote, FATCA’s dissenters may have misidentified their enemy. So what is the problem with FATCA and what might happen if the anti-FATCA movement succeed in getting it repealed?

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  • Four things you need to know in the US tax reporting season

    1042-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

    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.Read more

  • 2022年你需要知道的美國稅務報告

    Ross 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

    If 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

    The 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?

    Can 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

    Our 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?

    To QI, or not to QI? That is the question – and one we get asked about an awful lot. […]Read more

  • Deferral of FATCA and CRS Reporting Deadlines – Should You Be Taking Advantage?

    With the entrance of Covid-19, a lot of things have changed in the world, and a lot of extra stressors have piled on. And it's left firms wondering, should they take advantage of the defered FATCA and CRS reporting deadlines?Read more