What is a W8 Ben E form used for?

The W-8BEN-E is an Internal Revenue Service (IRS) mandated form to collect correct Nonresident Alien (NRA) taxpayer information for entities for reporting purposes and to document their status for tax reporting purpose.

Who must provide form W-8BEN-E?

Who Must Provide Form W-8BEN-E. You must give Form W-8BEN-E to the withholding agent or payer if you are a foreign entity receiving a withholdable payment from a withholding agent, receiving a payment subject to chapter 3 withholding, or if you are an entity maintaining an account with an FFI requesting this form.

Is W-8BEN sent to irs?

Do not send Form W-8BEN to the IRS, and do not file it with a tax return. Instead, you should submit the completed form to the party that requests it. Typically, this is the person or group from whom you received payment.

What is participating FFI?

A participating FFI is an FFI (including a Reporting Model 2 FFI) that has agreed to comply with the terms of an FFI agreement. The term participating FFI also includes a qualified intermediary (QI) branch of a U.S. financial institution, unless such branch is a reporting Model 1 FFI.

Do I need to complete a W-8BEN form?

No Form W-8BEN is required unless a treaty benefit is being claimed. A nonresident alien student or researcher who receives compensatory scholarship or fellowship income must use Form 8233 to claim any benefits of a tax treaty that apply to that income.

What is my foreign tax identifying number?

United Kingdom For most individuals in the UK the TIN will be their National Insurance Number.

Is a reporting Model 1 FFI a participating FFI?

“Reporting Model 1 FFI” means an FFI or branch of an FFI that is treated as a reporting financial institution under an applicable Model 1 IGA and that has registered with the IRS to obtain a GIIN.

What is IRS FATCA list?

The FFI list data comes from the FATCA Registration System. The list includes all financial institutions and direct reporting non- financial foreign entities that registered and were assigned a Global Intermediary Identification Number (GIIN) at the time the list was compiled.

When to give Form W-8 Ben to the IRS?

About Form W-8 BEN, Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting (Individuals) Give Form W-8 BEN to the withholding agent or payer if you are a foreign person and you are the beneficial owner of an amount subject to withholding.

What is the difference between form W-8BEN and Form 8233?

Instead, use Form W-8BEN, Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting (Individuals), or Form 8233, Exemption From Withholding on Compensation for Independent (and Certain Dependent) Personal Services of a Nonresident Alien Individual, as applicable.

What is the giin of the trustee on a W-8BEN-E?

If you receive a Form W-8BEN-E or Form W-8IMY from a nonreporting IGA FFI that is a trustee-documented trust that indicates its trustee is foreign, you must obtain a GIIN of the trustee on the form.

What happens if W-8BEN-E is not filed?

If a tax treaty isn’t in place, non-U.S. entities have to pay 30 percent tax on their U.S. earnings, according to the IRS. If you don’t submit a W-8BEN-E form to your US client, 30 percent of your income is subject to withholding, regardless of whether your country has a tax treaty with the U.S. Does the W-8BEN-E Expire?