Skip to content
BOL Conferences
Learn More - Click Here!

Thread Options
#2006055 - 04/03/15 02:00 PM Foreign wires and FATCA withholding
Love Cruising Offline
100 Club
Joined: Mar 2009
Posts: 248
If we have a bank customer sending a foreign wire and the recipient bank does not have a GIIN is the bank required to apply a 30%withholding?

Return to Top
Operations Compliance
#2006275 - 04/05/15 07:55 PM Re: Foreign wires and FATCA withholding Love Cruising
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,354
Galveston, TX
A withholding agent that is not related to a documented beneficial owner or payee is not required to withhold on a withholdable payment made if the withholding agent lacks control, custody, or knowledge of the payment. For additional information, refer to IRS Reg. §1.1471-2(a)(4)(i)(A). A sit down with your tax attorney might also be in order if you need further clarification on the terms "control, custody, or knowledge of the payment".
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top

Moderator:  Andy_Z, John Burnett