QI & FATCA News
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On 21 June 2012 the Swiss and Japanese tax authorities each issued a joint statement with the US agreeing to pursue an IGA on the implementation of FATCA. Under the joint statements, FFIs in Switzerland and Japan will report information regarding US account directly to the IRS. A new model IGA, or Model II IGA, will be developed to in order to facilitate direct reporting to the IRS instead of the local tax authorities.
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The US Treasury released two draft FATCA intergovernmental agreements (IGAs) on 26 July 2012. These have been designated as "Model I IGAs" and form the basis for negotiation IGAs for the implementation of FATCA under which FFIs will reporting information on US account to the local tax authorities instead of the IRS.
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The IRS has released draft W-8 forms incorporating certification required for FATCA compliance. This is the first change to the W-8 series of forms since the current forms were released in 2006. No instructions have been released to date.
Form W-8BEN has been separated into one for individuals and one for entities. The draft W-8BEN for individuals is a simplification of the current Form W-8BEN as it requests only information relevant for an individual to certify non-US status and claim treaty benefits. The draft form for entities, designated as new Form W-8BEN-E, is a six page form that requests not only information required to certify non-US status and claim treaty benefits but also certification of an entity's status for purposes of FATCA, including disclosure of substantial US owners.
Draft Form W-8IMY has dramatically expanded to seven pages from the current two and is an attempt to incorporate all of the potential types of FFIs under FATCA.
- pdf DRAFT FORM W-8BEN for Individuals (7-12) (94 KB)
- pdf DRAFT FORM W-8BEN-E (05-12) (332 KB)
- pdf DRAFT FORM W-8ECI (8-12) (74 KB)
- pdf DRAFT FORM W-8EXP (8-12) (79 KB)
- pdf DRAFT FORM W-8IMY (8-12) (150 KB)
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On February 8, 2012, the IRS released the long awaited proposed Treasury Regulations that implement the FATCA regime.
