U.S.A.: IRS publishes new QI / WP / WT FAQs

On 25 May 2018 the U.S. Internal Revenue Service (IRS) published new Qualified Intermediaries (QI) / Withholding Foreign Partnerships (WP) / Withholding Foreign Trusts (WT) Frequently Asked Questions (FAQs).

The new QI/WP/WT FAQs provide further guidance to:

QIs that have entered in an agreement with a foreign partnership or
non-withholding foreign trust to apply the simplified joint account procedures.
QIs that have applied for a waiver of the periodic review and have assumed primary withholding responsibility with respect to payments of substitute interests.

We continue to monitor the situation and will provide further information as it becomes available.

This Taxflash is intended to provide customers with general information gathered from different sources that are generally believed to be reliable. Clearstream Banking S.A. does not guarantee the accuracy or completeness of the information and does not undertake to keep it up to date. Use of the information made available in this Taxflash is at the customer’s own risk and Clearstream Banking S.A. its subsidiaries and affiliates expressly disclaim any liability for any errors or omissions reflected herein. The information in this Taxflash does not constitute legal or tax advice.