Global Forum: Withholding Statement Standardization in 2020

By Rasheed Khan
Read Time: 2 minutes
TAINA Withholding Statements Industry Standard Forum 2.0

Global Industry Forum strive to create standard withholding statement templates in 2021

The greatly anticipated Global Industry Forum on Withholding Statements 2.0 will take place via virtual conferencing on 29th April 2020. It will provide an update on the progress made since the First Forum in 2019 and propose the standard created by the Industry Working Group and agree the next steps towards adoption. To get involved, please reach out

Thank you all for your input, consideration and feedback into the Withholding Statements Global Industry Forum. You have all been valuable partners in this group and I hope to continue that success. Now that we have moved beyond the work for the first phase, we should look at what is next. Primary focus will be on adoption of the format and data dictionary plus the integration and use of the uniform format. This would include actions on how do we want to communicate, service and update the templates.

Next Steps for Withholding Statement Standard Templates in 2021

Beyond the adoption of the current format there is the issue of existing withholding statements as they phase out; how are we going to reduce the burden of these non-conforming statements?

TAINA is looking at producing lightweight and effective tools that would minimize the work for creating, updating, validating and processing these statements by all market participants, including buy-side, sell-side and service providers.We welcome your feedback and contributions’ into helping us define these solutions for use by the industry. Additionally any specific problematic formats that you would like to present to TAINA we can use them in our development.

Lastly, TAINA is looking for thoughts and feedback on new products and tools that would make the documentation/withholding process easier.  We would like to create new ways of helping the industry cope with these challenges for both the buys side and sell side of the process. We are always looking to share our knowledge and ideas with the group participants. we look forward to speaking with you in April; stay tuned for additional emails and newsletters.

For more information on how our fully automated FATCA and CRS Validation platform can add value to your business, get in touch or request a demo to see it in action.

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