[26397]
August 14, 2012
TO: TAX MEMBERS No. 31-12INTERNATIONAL MEMBERS No. 33-12
OPERATIONS COMMITTEE No. 28-12
TRANSFER AGENT ADVISORY COMMITTEE No. 49-12
TAAC FATCA TASK FORCE No. 3-12
INTERNATIONAL OPERATIONS ADVISORY COMMITTEE No. 16-12 RE: IRS RELEASES DRAFT INVESTOR CERTIFICATION FORM FOR FATCA
The IRS has released another draft certification form for use under FATCA. [1] The new draft Form W-8IMY will be used to certify status as a Foreign Intermediary, Foreign Flow-Through Entity, or as a U.S. Branch for U.S. withholding, tax treaty benefit, and FATCA purposes. Draft instructions for the form have not been released. This new form will replace the existing IRS Form W-8IMY (last revised in 2006); the existing W-8IMY is generally used by entities, among other things, to confirm that an entity is an intermediary or flow-through for U.S. tax purposes and to establish that such entity is not a U.S. person.
The draft new W-8IMY– Certificate of Foreign Intermediary, Foreign Flow-Through Entity, or Certain U.S. Branches for United States Tax Withholding – generally would be used by non-U.S. investors that are flow-through entities or intermediaries. Because this new form would be used to establish FATCA compliance, it is very different from the existing W-8IMY. Part I of the draft new form – regarding beneficial owner identification – includes 21 separate boxes to identify an entity’s status for FATCA purposes. Parts II through VI of the form are consistent with the existing W-8IMY and would be used to certify status as a qualified or nonqualified intermediary, a U.S. branch, or as a withholding or nonwithholding foreign partnership or trust. Parts VII through XXIII would be used by an entity to certify its FATCA status (e.g., as a participating foreign financial institution (“FFI”) or a registered deemed-compliant FFI). Part XXIV would be used to certify under penalties of perjury that the information provided is, to the best of the signer’s knowledge, accurate and complete.
Ryan Lovin
Assistant Counsel – Tax Law
endnotes
[1] See ICI Memo #26224, released June 7, 2012, discussing the release of new draft Form W-8BEN and Form W-8BEN-E.