Withholding Statements Industry Working Group 2019
Withholding Statement Standerdisation for 2020 and 2021:
On September 17th 2019 TAINA and over 50 of the world’s top industry leaders, representing most of the world’s largest financial institutions, got together in Madison Avenue, New York, at the First Withholding Statements Industry Forum.
The mission of the Forum was to define a common withholding statements that could be utilized by various intermediaries allowing for a simplified format for providing pass through beneficial owner details, which woul aid with tax withholding under the FATCA, Chapter 3 and Chapter 4 regulations.
Following the First Forum, an Industry Working Group was formed with 3 key goals:-
1. Establish a data dictionary of withholding statement elements and definitions;
2. Create templates as guideline for withholding statements; and
- 3. Create formats that would allow for easy digitization of information.
As a working group, we were successful in accomplishing these goals and creating a standard that would allow for the digitization and consumption of withholding statement through system automation. We transition to working with providers of withholding statements to adopt the format. TAINA is working on developing tools that would automate the creation of the withholding statement. Furthermore, TAINA will work with providers to implement processes that will minimize the work required to update withholding statements.
Next step will be to present the standardized statement to various industry groups to promote the use and benefits of the format. For more information please feel reach out to me at email@example.com.