Failure to comply can result in a 30% withholding tax on certain U.S.-sourced payments to the FFI. Many countries have entered into intergovernmental agreements (IGAs) with the U.S. to implement FATCA, altering the reporting process for FFIs in those jurisdictions. Requirements for U.S. ...
As the world of FATCA withholdings breaks down into two major categories, FFIs and NFFEs, there is a set of hard and fast rules that are applicable to these groupings – although, in the case of an individual business, it is always best to consult with an attorney or an accountant to...
In short, BEFORE December 2016, a FATCA/CRS declaration will be obtained for ALL accounts – owned by Residents or Non-Residents. And, It is very critical to understand the CRS/FATCA declaration, which I have explained in my another blog:FATCA / CRS Declaration: Requirement, Importance and D...
If none of the other categories fit, Active NFFE is the best option. Your FATCA (Foreign Account Tax Compliance Act) status will determine which parts of the W8BEN-E form you fill out later. If the company is not a Foreign Financial Institution (FFI) (bank, insurance, or investment ...
Clearly, in this case, due diligence is in order. Automatingthe W-8BEN-EProcess Automating any AP process these days is a big payoff. Not only does financial technology lead to a higher rate of speed and accuracy, it ensures tax-related documents will not be rejected during an audit. ...
Clearly, in this case, due diligence is in order. Automatingthe W-8BEN-EProcess Automating any AP process these days is a big payoff. Not only does financial technology lead to a higher rate of speed and accuracy, it ensures tax-related documents will not be rejected during an audit. ...