The Internal Revenue Service has released a new 2014 Form W-8BEN-E,“Certificate of Status of Beneficial Owner for United States Tax Withholding and Reporting (Entities),” which can be used by foreign financial institutions and other entities in connection with the Foreign Account Tax Compliance Act, or FATCA.
The form includes areas where financial institutions can identify the name of an organization that is a beneficial owner, the country of incorporation or origination, the entity type (such as a simple trust, grantor trust, central bank of issue, tax-exempt organization, corporation, complex trust, estate, private foundation, disregarded entity, partnership or government), as well as the FATCA status, such as a participating foreign financial institution, nonparticipating FFI, etc. Another part of the form allows for a claim of tax treaty benefits, and there is a section for a sponsored FFI that has not obtained a global intermediary identification number, or GIIN.
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