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Details

  • Service: Tax, Financial Services
  • Industry: Financial Services
  • Type: Newsletters
  • Date: 4/18/2014

Contact

Gérard Laures
Partner, Tax
Tel. +352 22 51 51 5549

gerard.laures@kpmg.lu

 

Frank Stoltz
Partner, Tax
Tel. +352 22 51 51 5520
frank.stoltz@kpmg.lu

FATCA e-alert Issue 2014-10 

April 2014

IRS Releases Revised and Final

Form W-8EXP

 

The IRS has posted a revised and final Form W-8EXP, Certificate of Foreign Government or other Foreign Organization for United States Tax Withholding and Reporting, with a revision date of April 2014. The revised form reflects the final FATCA regulations, IGAs, and recently issued harmonization regulations.

 

Highlights

 

  • The form has been revised from the draft released last year and continues to be without instructions.
  • Chapter 4 status: slight verbiage changes plus two check boxes added:

 
  • Direct reporting NFFE
  • Sponsored direct reporting NFFE

  • Permanent address: parenthetical instruction added to allow a P.O. box or in care of address other than a registered address.
  • GIIN and Foreign TIN check box divided in two (boxes 8a and 8b)
  • Part III Qualification Statement: Addition of instruction for an FFI treated as a registered deemed-compliant FFI under an applicable Model 2 IGA to provide its GIIN (end of line 15).

 

For an exempt retirement plan of a foreign government, instructions revised for:

  • Line 18, Bullet 1: includes a plan covered under an IGA
  • Line 18, Bullet 2: notation that the plan is in consideration of personal services performed for the sponsor

 

Addition of Line 21 to name a sponsoring entity of a direct reporting NFFE

 

Observations


Finally, like other Forms W-8 recently released, mandatory use of final Form W-8BEN-EXP is six months after the revision date shown on the updated form (Rev. April 2014), therefore, the revised form is required to be in use by October 2014. Until that time, withholding agents may continue to accept the prior version (Rev. December 2000).

 

For your reference


The revised final Form W-8EXP can be accessed by clicking here:

http://www.irs.gov/pub/irs-pdf/fw8exp.pdf

 

For further information, please do not hesitate to contact us.

 

 

 

 

 

 

Any tax advice in this communication is not intended or written by KPMG to be used, and cannot be used, by a client or any other person or entity for the purpose of (i) avoiding penalties that may be imposed on any taxpayer or (ii) promoting, marketing, or recommending to another party any matters addressed herein.

The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.


 

 

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