Articles
Gain deeper insight with articles that give our considered opinion and predictions of where the industry will go next.
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…
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.
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...
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?
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.
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?
TRACE: The next big tax thing
Since Finland announced that it would be the first country to adopt the OECD’s The Tax Relief and Compliance Enhancement (TRACE) IP from 1st January 2021, there has been much excitement in the marketplace about the new regime and the opportunity it presents for financial institutions operating in global markets.
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.
Who Would Want To Be A Responsible Officer?
July 29, 2024What Is A Responsible Officer Anyway? The clue really is in the name. It’s an ‘officer’ of the company (typically […]Read more
What Is A Double Tax Treaty?
July 23, 2024What Is A Double Tax Treaty? A double tax treaty – also known as DDT, or a double tax agreement […]Read more
什麼是雙重課稅協定?
July 23, 2024雙重課稅協定(double tax treaty) – 也稱為DDT 雙重課稅協議 (double tax agreement，簡稱DTA)，是兩個國家(或政府)之間的協議，以避免在相同的期間內，在兩個國家對相同的納稅人，就相同的課稅事項，徵收相類似的稅收。 雙重課稅協定的目的有三項： 在兩個國家對相同收入徵稅的情況下，防止雙重課稅的風險。 為跨境貿易和投資提供確定或特殊待遇。 防止超額的外國稅收和對抗海外商業利益不平等待遇的其他形式。 在沒有雙重課稅協定的情況下，跨境分配的收入將同時被產生和分配的國家課徵稅收，以及被投資者居住的國家視為所得課稅。因此，舉例來說，英國個人投資於雀巢股票(雀巢是一家瑞士上市公司)，將被瑞士當局徵收35%的稅款。他們也必須透過英國報稅申報該收入並繳稅。在這個情境下，同一筆款項會被徵收兩次稅，這對於個人投資來說顯然是不公平的。 雙重課稅協定實際上有什麼作用？ 一般而言，兩個國家會簽訂避免雙重課稅協定，說明雙方如何避免雙重課稅。不同國家之間的細節可能有所不同，但一般情況下，投資國(以瑞士為例)會先徵稅，而投資者居住的國家(以英國為例)則會將瑞士已預扣的稅款計算在內。 在雙重課稅協定中，將有一套「條款」說明不同類型的收入，以及政府希望如何處理每種類型的收入。這通常包括投資和其他收入，例如： 股息 利息 權利金 […]Read more
Common Reporting Standard (CRS) Reporting and Due Diligence (CDD) in Taiwan and Hong Kong: Common Deficiencies and Issues
July 16, 2024To align with international standards for tax transparency and deter taxpayers from engaging in international tax evasion, Taiwan began implementing […]Read more
臺灣與香港共同申報準則(CRS)申報及盡職審查：常見缺失與問題
July 16, 2024介紹 為與國際稅務透明度標準接軌，阻止納稅人參與國際逃稅，臺灣於 2019 年開始實施OECD共同申報及盡職審查準則 (CRS)。根據臺灣 CRS，又稱臺版肥咖條款，臺灣金融機構自 2020 年起必須進行 CRS 申報，而財政部(MoF)國稅局 (NTB)自 2022 年起對這些機構進行年度審查。 臺灣CRS實施情形 臺灣在實施 CRS 面臨諸多挑戰。現在主要的挑戰包括準確識別和申報非居民客戶的金融帳戶，以及對財政部國稅局而 言，確保金融機構遵守 CRS 法規。為應對這些挑戰，臺灣金融機構需要建立有效的內部控制程式，以確保資訊的準確 […]Read more
How Do You Become A QI?
July 3, 2024Trying to decide if your financial institution should become a QI or not is a difficult decision, and one a […]Read more
What The IRS Considers A ‘Good Faith Effort’ for Section 871(m)
June 21, 2024Navigating the labyrinth of tax regulations can be daunting, especially when dealing with the likes of the IRS. Their rules […]Read more
FATCA Reporting 101
June 5, 2024If you’re part of a financial institution, you probably think you have FATCA all sorted out. Most financial institutions do. […]Read more
What Is Amended Reporting Anyway?
May 23, 2024Well, we’re in late May now, which means you should have submitted your original 1042-S information returns filing using the […]Read more
究竟什麼是修訂申報?
May 23, 2024現在已經是五月下旬了，這意味著您應該已經使用IRS的電子資訊申報(Filing Information Returns Electronically, FIRE)入口網站提交了原始的1042-S資訊申報表。您可能會拍拍自己的後背，翹起二郎腿，認為今年的任務已經完成。 嗯，不一定。 有些投資工具可以在美國納稅年度結束(12月31日)後改變分配所得的分類。美國共同基金和圖動產投資信託(又稱REITs)就是兩個很好的例子。這些投資工具通常會告知支付鏈的頂端。例如，它們可能會說，去年原本被歸類為股利的分配，現在被重新分類為資本收益。這不僅令人討厭，而且還意味著一些在支付鏈下游創建的1042-S表格(然後發放給IRS和收款人)現在是錯誤的。 現在怎麼辦? 重分類有什麼影響? 如果發生這種情況(且確實發生了)，那麼您需要採取一些措施。因為現在，如果您是一名 QI，那麼您的集合申報(pooled reporting)可能不再正確。總金額不會有任何變化，但與付款相關的所得代碼(也許還有稅率)會發生變化。例如，您原來的30%股利集合(所得代碼 6)可能需要減少，而您的資本收益集合(所得代碼 37)可能需要增加。如果您一開始就沒有代碼37的集合，那麼您可能會因為現在申報的新集合而被處以逾期申報罰款，因為它不在最初的申報中。 如果您的申報是集合式，那麼只有集合應該被影響。如果您因為客戶是金融機構或穿透實體(flow-through entity)，或者因為揭露式NQI向您揭露了間接收款人，而不得不簽發收款人副本，那麼其中一些收款人副本現在可能也出錯。 您可能還會發現，有些客戶投資了不止一種重分類其所得的工具，而您不太可能同時發現這些情況。如果是這種情況，您可能需要提交多份修訂檔。1042-S的頂端（以及IRS檔案的檔案規格）允許您在提交多份修訂時詳細說明提交的修訂數量。這可能會引起混淆，這也是許多公司等待並只提交一套修訂檔的原因之一。但不要忘記，如果您延遲申報，您的交易對手可能會受到影響，如果他們的下游客戶需要知道的話。在這個例子中，股利可能被徵收30%或15%的稅，但資本收益不被課稅。因此，如果您因這種重分類而修改報稅表，您需要記住，您可能會通過1042報稅表要求IRS退稅，以平衡帳目。 如果我揭露了客戶資訊該怎麼辦? 如果您是揭露式NQI，好消息是您不必擔心。揭露行為會將任何報告義務(包括修訂)賦予您的交易對手，而交易對手通常是一家QI。他們應直接收集並向您的客戶發送修改內容，或者如果您與他們有商議過，則應將修改內容轉發給您。 然而，如果您是非揭露式NQI，那麼您所承擔的義務與QI幾乎相同，但沒有可以集合申報的好處。這意味著您需要花時間找出哪些特定客戶收到了所得，向國稅局提交修訂檔，並簽發新的收款人副本。這可能是一項非常繁重的工作。 […]Read more
