QI Update - New FAQ on QDD published


QI Update - New FAQ on QDD published

1 March 2017

Operational Tax News

On 15 February 2017, the IRS has added a new FAQ to provide guidance for QIs that would like to apply for QDD status.

More specifically, questions 10 to 13 have been included and provide the following information:

  • Steps to be completed by a branch in order to apply for QDD status on the QI Account Management System
  • Information that should be provided for question 19 part 1 “Description of business of the Applicant (If the Applicant is applying for QDD status, indicate which portions of the business description are applicable to the QDD status)”
  • Information that should be provided for question 20 part 1 “Description of new account opening procedures (If the Applicant is a WP or WT, provide a description of the procedures for admitting a new partner, beneficiary, or owner) (If the applicant is applying for QDD or QSL status, describe the Applicant’s procedures for collecting documentation from counterparties)”
  • Causes of an incomplete status of an application for renewal of QI status due to compliance issues

More details can be found on the FATCA FAQ page.

If you have any questions regarding the above, please do not hesitate to contact us.

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