REDUCING THE COMPLIANCE BURDEN ASSOCIATED WITH COMPLETION OF U.S. W-8 FORMS
The IIAC responded to the U.S. Internal Revenue Service (IRS) with recommendations on how the compliance burden associated with completion of U.S. W-8 forms can be reduced. Non-U.S. persons or entities, including IIAC member firms, use these forms to certify their foreign status and to establish if they qualify for a reduced rate of withholding from certain U.S. taxes that may be applicable to them. The IIAC has recommended extended validity periods for the forms to reduce re-papering, as well as permitting firms to consider a W-8 form valid if they have sufficient documentation on file to supplement the information missing from the form W-8 (similar to CRA’s allowance for FATCA/CRS).
For more information, please contact Adrian Walrath.