#W8IMY WITHHOLDING STATEMENT CODE#

IRC Section 864(c)(8) - Generally providing that gain or loss a non-US (foreign) person derives on the sale or exchange of an interest in a partnership that is engaged in a trade or business in the United States is treated as effectively connected gain/loss The Tax Cuts and Jobs Act of 2017 (TCJA) added these new statutory provisions: An updated QI agreement, effective as of 1 January 2023, will include the proposed changes made in Notice 2022-23.įinal regulations addressing withholding under IRC Sections 1446(a) and 1446(f) (TD 9926 see EY Global Tax Alert, US: Final regulations under Section 1446(f) set forth rules on withholding on transfers of partnership interests, dated 27 October 2020), will also become effective as of 1 January 2023.

The current QI agreement, established under Revenue Procedure 2017-15 (see EY Global Tax Alert, IRS releases 2017 Qualified Intermediary Agreement and FFI Agreement, dated 18 January 2017), will expire on 31 December 2022. Generally, these changes would apply to a QI that sells an interest in a publicly traded partnership (PTP) or receives a distribution from a PTP on behalf of a QI account holder.

#W8IMY WITHHOLDING STATEMENT CODE#

The United States (US) Internal Revenue Service (IRS) has published changes ( Notice 2022-23 (pdf)) to the qualified intermediary (QI) withholding agreement rules that will allow a QI to assume withholding and reporting responsibilities for purposes of Internal Revenue Code (IRC) Sections 1446(a) and (f).

W8imy withholding statement