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US Withholding Tax

Practical Implications of QI and FATCA

  • Book
  • © 2019

Overview

Authors:
  1. Ross McGill

    1. TConsult Ltd, Yateley, UK

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  • Explains U.S. QI and FATCA regulations in ways that allow financial institutions to understand their compliance obligations and take practical steps to meet them
  • Builds on the basic framework of the QI and FATCA and provides updates over the last 5 years
  • Includes two new chapters on AEoI/CRS and BEPS
  • Includes explanatory material on Section 871(m) and QDD

Part of the book series: Global Financial Markets (GFM)

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Table of contents (18 chapters)

  1. Front Matter

    Pages i-xxx
    Download chapter PDF

  2. The QI Regulations

    1. Front Matter

      Pages 1-1
      Download chapter PDF

    2. Principles of IRC Code Chapter 3

      • Ross McGill
      Pages 3-22

    3. Contracts: The QI Agreement—With Commentary

      • Ross McGill
      Pages 23-37

    4. Documentation

      • Ross McGill
      Pages 39-62

    5. Withholding and Depositing Tax

      • Ross McGill
      Pages 63-77

    6. Information Reporting and Tax Returns

      • Ross McGill
      Pages 79-99

    7. Control and Oversight

      • Ross McGill
      Pages 101-117

    8. Penalties

      • Ross McGill
      Pages 119-125

    9. Issues for Non-qualified Intermediaries

      • Ross McGill
      Pages 127-144

    10. 871(m) and QDD

      • Ross McGill
      Pages 145-154

  3. FATCA

    1. Front Matter

      Pages 155-155
      Download chapter PDF

    2. An Introduction to FATCA

      • Ross McGill
      Pages 157-163

    3. Principles of FATCA

      • Ross McGill
      Pages 165-182

    4. Due Diligence

      • Ross McGill
      Pages 183-197

    5. Simplifying FATCA

      • Ross McGill
      Pages 199-216

    6. FATCA Withholding

      • Ross McGill
      Pages 217-222

    7. Reporting

      • Ross McGill
      Pages 223-229

  4. Related Global Tax Initiatives

    1. Front Matter

      Pages 231-231
      Download chapter PDF

    2. International Context

      • Ross McGill
      Pages 233-257
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Keywords

About this book

The 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 for financial institutions to become QIs while at the same time, the rules of the QI program become more complex and onerous. Equally, most NQIs have little idea that they are subject to these extra-territorial regulations. The US FATCA anti-tax evasion framework has also evolved through the development of intergovernmental agreements. These are complex and bilaterally jurisdiction specific as well as of multiple types. Most firms are struggling to understand the concepts and how FATCA rules overlap and are affected by QI rules. The original book on this subject by the author continues to be the only book able to explain these regulations in ways that allow financial institutions to understand their compliance obligations and take practical steps to meet them, by hearing about best practice.

This second edition builds on the basic framework of the QI and FATCA frameworks by updating the text to encompass the changes that have occurred since the book’s original publication. This edition will also delete material that has become obsolete or was proposed by the IRS originally but never implemented.

Authors and Affiliations

  • TConsult Ltd, Yateley, UK

    Ross McGill

About the author

Ross McGill is a well-known author of nine books on international withholding tax and associated regulation as well as anti-tax evasion frameworks (GATCA). McGill sits on several international tax related committees including ISO20022 Securities Evaluation Group. He was an Expert Witness to the European Commission FISCO Group in 2012 and a member of, and editor of, the European Commission Tax Barriers Business Advisory Group Report on in 2013. He has been nominated by multiple financial institutions on two occasions for membership of the US ETAAC and IRPAC tax committees. McGill is Chairman of TConsult Ltd, a specialist consultancy with clients in 15 countries, specialising in providing operational opinion on regulatory compliance to QI, FATCA, AEoI, CRS, MiFID II, GDPR and BEPS amongst others. McGill speaks regularly at conferences including The Network Forum events in Asia, Europe and Africa and has written numerous thought leadership articles for Tax Notes International, theInternational Bureau of Fiscal Documentation (IBFD) amongst others.

Bibliographic Information

  • Book Title: US Withholding Tax

  • Book Subtitle: Practical Implications of QI and FATCA

  • Authors: Ross McGill

  • Series Title: Global Financial Markets

  • DOI: https://doi.org/10.1007/978-3-030-23085-2

  • Publisher: Palgrave Macmillan Cham

  • eBook Packages: Economics and Finance, Economics and Finance (R0)

  • Copyright Information: The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG 2019

  • Hardcover ISBN: 978-3-030-23084-5Published: 20 September 2019

  • Softcover ISBN: 978-3-030-23087-6Published: 20 September 2020

  • eBook ISBN: 978-3-030-23085-2Published: 10 September 2019

  • Series ISSN: 2946-3831

  • Series E-ISSN: 2946-384X

  • Edition Number: 2

  • Number of Pages: XXX, 412

  • Number of Illustrations: 44 b/w illustrations, 6 illustrations in colour

  • Topics: Financial Accounting, Business Finance, Accounting/Auditing, Economic Policy

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