Titlebook: US Withholding Tax; Practical Implicatio Ross McGill Book 2019Latest edition The Editor(s) (if applicable) and The Author(s), under exclusi

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Withholding and Depositing Taxore a requirement for some entity in the chain to (1) withhold tax and (2) deposit it with the appropriate authority. In this chapter we will look at some of the practical issues that flow from these two activities and some of the common pitfalls.

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Control and Oversighte previous QI Agreement, this was achieved by means of an independent Agreed Upon Procedure (AUP). However, while retaining many key aspects of the AUP, this model was replaced in 2017 with a more robust and wide-ranging system.

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Issues for Non-qualified Intermediariesualified intermediaries (QIs); every other financial institution is an NQI. NQIs are also deemed by the US to be facilitators of tax evasion, which means that they are more rigorous disclosure obligations and risk of higher penalties for non-compliance. This chapter explains the most common issues f

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2946-3831 al steps to meet them.Builds on the basic framework of the QThe US QI and FATCA regulations came into being in 2001 and 2010 respectively. They remain today the most challenging cross border tax regulations for financial institutions to comply with and operationalise. There is an increasing trend fo

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Contracts: The QI Agreement—With Commentaryns whose Know Your Customer (KYC) rules are approved by the IRS. However, there is a procedure by means of which applicants in non-approved jurisdictions can apply for approval of their KYC rules at the same time as applying for QI status.

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