The IRS released modified versions of draft Form W-8BEN, Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding, for individuals and entities. The draft Form, now divided into W-8BEN and W-8BEN-E, is a pre-release, but as expected, it indicates changes to come for foreign financial institutions and withholding agents. The new form…
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US clients turned away by Singapore Banks due to onerous US tax laws
SINGAPORE - Go away, American millionaires That is what some of the world's largest wealth-management firms are saying ahead of Washington's implementation of the Foreign Account Tax Compliance Act, which seeks to prevent tax evasion by Americans with offshore accounts. HSBC, Deutsche Bank, Bank of Singapore and DBS all say they have turned away business.…
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