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W-8imy Form: What You Should Know

As a result of the 2023 IRS rule changes, only the Foreign Intermediary (Form W8) and Flow-Through Entity (Form WARP) are required to file an income tax return as specified in Internal Revenue Code Section 469. The Foreign Intermediary (Form W8) is required to file a 1040. Form WARP will be required for a non-U.S. branch. The 1040 is the U.S. form that will be used for withholding on payments of tax to foreign persons and branches of U.S. corporations. The Form 1040 (which may be done online or sent by mail) must not be filed as income tax withholding are for Federal, State, or Local taxes. The withholding that's imposed on a foreign branch includes all federal and most state and local taxes levied at all domestic U.S. corporations. Payments of income taxes to foreign persons and branch of foreign corporations are based on the amount received or determined for U.S. tax on the dividends, interest, or capital gains paid to the foreign person or branch of foreign corporation. When all of these taxes and withholding are applied to the foreign person, that person is considered an “issuer” for U.S. tax purposes. As a result, if that person does not have income from U.S. sources, no withholding and no U.S. tax is due. In this way, the WARP is a foreign branch of a U.S. corporate with U.S. shareholders. As an example, suppose a Non-U.S. corporation, XYZ Company, receives a dividend from a subsidiary corporation in a foreign country. The dividend is reported on a branch statement of a U.S. stock company, XYZ Company Corp., reporting the amount received on a form W-8BEN. The Form W-8BEN will then be subject to tax withholding at the rate of 30%. The company will be required to withhold 30% (30% from each share received). The Form W-8IMY is used by a foreign branch of a corporation, branch of a non-U.S. entity, or by any non-U.S.

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