Articles

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

The Challenges of GATCA

The global anti-tax evasion frameworks that comprise GATCA have as many commonalities as they have differences, so it makes sense to approach regulatory compliance in a holistic fashion.

In this post, we explore how smaller firms are responding to the pressures of compliance...

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FATCA Misconceptions

For some within the industry, the mere mention of ‘FATCA’ is enough to spark compliance-nightmare flashbacks.

The ever unpopular FATCA regulations have now been with us for seven years. But, despite its relative longevity, there are a surprising number of misconceptions surrounding FATCA....

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Will AEoI be the new Equifax?

What are the data security risks associated with the AEoI framework? In this post, Ross McGill explores some of the risks and issues a stark warning to the financial services industry.

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Why W8? – Start re-papering over the cracks now!

QIs and NQIs face a rare opportunity to dramatically increase their W-8 compliance rate by re-papering all existing clients using the IRS' new W-8 forms. Find out how such a project could benefit your firm and why it could be worth it in the long run.

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3 Things To Annoy You About W-8s and 3 Things You’ll Love

The IRS just made three HUGE changes to W-8 series of self certification forms used by almost every financial institution across the globe to categorise their non-US customers, and there's a lot to love...

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Remember your New Reporting Obligations Under AEoI / CRS

You're just getting over the initial FATCA and QI reporting, submitted all of your 1042-S forms, and now you're looking ahead to September and the deadline for all those 1042 forms. However, you may need to report under AEoI/CRS at the same time. Are you planning ahead to avoid this headache?

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Publication 5262 – QI Portal

Continuing the burst of activity, what better way to start a new year, than with a new QI, WP & WT portal and its bed time reading material, Publication 5262, which of course goes hand in hand with the new QI Agreement,Revenue Procedure 2017-15.

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  • Why Am I Being Asked For a W-8?

    One of the most common questions I hear from investors is ‘why am I being asked for a W-8’? It’s […]Read more

  • The FASTER Directive Is Coming Up Fast – Are You Ready?

    By now, many of you should have heard about a new proposed EU Directive called FASTER. It stands for Faster […]Read more

  • W-8 – W-8驗證的險境

    美國的稅收制度是世界上最大的制度之一,意味著其變動將會對更廣大的市場帶來連鎖反應。FATCA是近期史上最大的變革之一,且對其他稅務市場的運作造成許多根本性的改變。特別是,確保金融機構需要使用一些美國W-8系列表單來收集客戶的FATCA(美國稅務)狀態訊息。 W-8系列表單是美國國稅局(IRS)不定時更新的紙本表單,有以下幾種類型: W-8BEN 給個人使用 W-8BENE 給實體與某些類型的信託使用 W-8ECI 給與美國商業貿易有效連結所得的客戶使用 W-8EXP 給政府或國際機構客戶使用 W-8IMY 給中介機構或某些類型的稅務透明信託使用 W-8表單為IRS做了一些事,任何時候有大約9億份W-8表單在流通。它們都有一個共通點 – 需要被驗證。 W-8有什麼作用 W-8表單涉及美國國內稅收法(或IRC) – 第4章(FATCA)與第3章(QI/NQI). 我特別按次順序說明,因為那是IRS法規要求遵循的盡職調查與驗證法規。這兩章都有對支付給客戶的美國來源FDAP所得課徵稅款的可能性。在第4章中稅率是30%,而第3章下稅率為30%或較低的租稅優惠協定稅率。這些法規基於非重複徵稅原則(亦即,如果第4章中有預扣稅款,則第三章無需預扣稅)。如果在第4章沒有需要預扣的稅款,那麼在第3章中的預扣稅款則依據W-8所聲明的正確稅率預扣 […]Read more

  • US Reporting Tax – How Does It All Work?

    As we get to the end of March, most of you will probably be fussing over your reporting obligations and […]Read more

  • The W-8 Web – Perils OF W-8 Validation

    The US tax system is one of the biggest in the world, which of course means that changes will have […]Read more

  • There Might Be A Problem With Your TCC – And You Need To Act Now

    Now that we’ve all relaxed after the IRS notification that electronic filings of US tax returns (Form 1042) have been […]Read more

  • Periodic Review Certifications – A Beginners Guide

    After my last article about periodic reviews, a few people asked questions about the types of certifications submitted to the […]Read more

  • Periodic Reviews – Essential Oversight for QIs

    I just know that a lot of you groaned and put your heads in your hands when you read that […]Read more

  • 1042-S Reporting – A 9-Month Activity You’re Already Behind On

    It’s that time of year again – US 1042-S reporting season! It’s a financial institution’s worst nightmare, and many aren’t […]Read more

  • Muinmos and TConsult ink deal over digital investor tax self-declarations

    Muinmos and TConsult have signed an agreement to integrate TConsult’s Investor Self-Declaration platform (ISD) into Muinmos’ Client Onboarding Platform, enabling Muinmos’ clients, typically financial institutions, to automatically obtain ISDs instead of using multiple paper tax certification forms to document the tax status of their clients.Read more