Originally the 2012 British Virgin Islands mutual legal assistance (Tax matters) amendment Act required every company shall maintain at the office of its registered agent records and underlying documentation; sufficient to explain the company’s transactions and financial position as determined by the directors, for a period of five years from the date of completion of…
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FATCA FAQs Provides for Substituted Form W-8's
IRS has updated its list of frequently asked questions (FAQs) on the Foreign Account Tax Compliance Act (FATCA) to explain what is a "Similar Agreed Form" that can be used instead of the self-certification made on Form W-8, Certificate of Foreign Status, as provided in Annex I of both the Model 1 and Model 2…
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How to Complete Form W-8 BEN E & and W-8IMY?
After receiving numerous questions from clients and US Stock Brokers on how to fill out the various Form W–8's, which now has increased to 8 pages in some cases, we discovered a blog post entitled Guide to Completing Form W-8 and Complying with FATCA for Foreign Entities, which found to be very helpful and which we reproduced portions…
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IRS Updates List of Countries For Exchange of Bank Interest Information and Who Qualify for Auto Exchange of Information
The Internal Revenue Service added 7 additional jurisdictions to the list of those with which the U.S. has agreements for exchange of information for purposes of reporting bank interest paid to nonresident aliens. The 7 additional jurisdictions include: Brazil, Cayman Islands, Colombia, Croatia, Curacao, Hong Kong and Mauritius. Bring the total to 86 countries with…
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