Global Information Reporting

The following are recent developments related to FATCA and other US and non-US Information Reporting requirements. For further information, please contact a member of PwC's Global Information Reporting network.



FATCA forms and instructions

Instructions for Forms W-8BEN, W-8BEN-E, W-8ECI, W-8EXP and W-8IMY

A. Supplement to the instructions for users of Form W-8BEN-E

The following sections of the instructions are affected by the supplemental instruction:

  • Definition of "substantial US owner" (page 6)
  • Chapter 3 status (page 7)
  • Examples of when an entity should complete Line 15 (page 10)

Follow the link below for more information:

B. Supplement to the instructions for requesters of Forms W-8BEN, W-8BEN-E, W-8ECI, W-8EXP or W-8IMY

The following sections of the instructions are affected by the supplemental instruction:

  • Whether requesters who receive Form W-9 must generally report on Form 1099 (page 3)
  • Correction from "foreign reverse hybrid entity" to "foreign hybrid entity" (page 5)
  • Form W-8BEN-E requested by an FFI solely for purposes of documenting the chapter 4 status (page 7)
  • Form W-8IMY provided by a qualified securities lender (QSL) (page 9)
  • Reliance on a written certification provided by a QSL pursuant to Notice 2010-46 when the QSL’s chapter 4 status is not required (page 10)
  • Use of non-IRS forms for individuals (page 14)

Follow the links below for more information:

A chart of current FATCA-related forms and instructions appears at the bottom of this note.

Instructions for 2014 Form 1042-S

The IRS released a cover sheet updating the instructions for FATCA reporting on Form 1042-S.  All filers should refer to the supplemental instruction in addition to the published instruction before filing Form 1042-S.

The following sections of the instructions are affected by the supplemental instruction:

  • Special Transitional Rule (page 1)
  • Definition of authorized agent (page 3)
  • Amounts Subject to Reporting on Form 1042-S (page 6)
  • Payments allocated, or presumed made, to U.S. non-exempt recipients (page 11)
  • Box 3, Chapter 3 status and Box 4, Chapter 4 status (page 19)
  • Chapter 4 Exemption Codes (page 19)
  • Escrow Procedure (page 20)
  • Box 13i, Recipient’s Chapter 4 Status Code (page 21)
  • Boxes 14e and 14f, Primary Withholding Agent (page 23)

Follow the links below for more information:

A chart of current FATCA-related forms and instructions appears at the bottom of this note.

Instructions and Forms 1099 for filing years 2014 and 2015

The IRS released updated final versions of the various Forms 1099 and their associated instructions for filing years 2014 and 2015.  New check boxes have been added to identify FFIs that are filing to satisfy their chapter 4 reporting requirements.

The IRS also issued a supplement to the 2014 general instructions for certain information return reporting on Form 1099.  Certain foreign financial institutions (FFIs) that are required to report an account that is a US account under FATCA may be eligible to elect to report the account on Form(s) 1099 instead of on Form 8966. 

Follow the links below for more information:

Purpose Form w/ link Title Status
Reporting Annual Withholding Tax Return for U.S. Source Income of Foreign Persons Final
2014-03-21
Reporting Foreign Person’s U.S. Source Income Subject to Withholding Final
2014-12-22
Reporting Foreign Person’s U.S. Source Income Subject to Withholding Final
2014-12-18
Reporting Annual Summary and Transmittal of Forms 1042-S Final
2014-05-12
Reporting Dividends and Distributions Final
2014-10-22
Reporting Interest Income Final
2014-10-22
Reporting Miscellaneous Income Final
2014-10-22
Reporting Original Issue Discount Final
2014-10-22
Reporting Dividends and Distributions Final
2014-10-21
Reporting Interest Income Final
2014-10-21
Reporting Miscellaneous Income Final
2014-10-21
Reporting Original Issue Discount Final
2014-10-21
Reporting Foreign Account Tax Compliance Act (FATCA) Report Final
2014-03-05
Registration Foreign Account Tax Compliance Act (FATCA) Registration Final
2013-08-18
Withholding Certificate Instructions for the Requester of Forms W-8 Final
2014-07-25
Withholding Certificate Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting (Individuals) Final
2014-03-03
Withholding Certificate Certificate of Status of Beneficial Owner for United States Tax Withholding and Reporting (Entities) Final
2014-07-03
Withholding Certificate Certificate of Foreign Person’s Claim That Income Is Effectively Connected With the Conduct of a Trade or Business in the United States Final
2014-07-03
Withholding Certificate Certificate of Foreign Government or Other Foreign Organization for United States Tax Withholding Final
2014-07-03
Withholding Certificate Certificate of Foreign Intermediary, Foreign Flow-Through Entity, or Certain U.S. Branches for United States Tax Withholding and Reporting Final
2014-07-03
Withholding Certificate Instructions for the Requester of Form W-9 Final
2014-12-24
Withholding Certificate Request for Taxpayer Identification Number and Certification Final
2014-12-18
Withholding Certificate Solicitud y Certificacion del Numero de Identificacion del Contribuyente Final
2013-09-30

IRS clarifies use of Forms W-8BEN-E, W-8ECI, W-8EXP and W-8IMY before 1 January 2015
The IRS released updates to Forms W-8BEN, W-8ECI, W-8EXP and W-8IMY on 3 July adding statements clarifying the use of prior versions of forms before 1 January 2015. The white paper instructions to the PDF versions of the Forms W-8 now note:

  • Entities may use the immediately prior ("pre-FATCA") versions (February 2006) of the Forms W-8BEN, W-8ECI, W-8EXP and W-8IMY through 31 December 2014.
  • For purposes of Chapter 3 of the Internal Revenue Code, the pre-FATCA versions of the Forms W-8BEN, W-8ECI, W-8EXP and W-8IMY provided to a withholding agent by an entity before 1 January 2015 will remain valid until the form’s validity expires under the applicable Treasury Regulations section.
  • For purposes of Chapter 4 of the Internal Revenue Code, the pre-FATCA versions of the Forms W-8BEN, W-8ECI, W-8EXP and W-8IMY are and will remain valid to the extent permitted in Treasury Regulations section 1.1471-3(d)(1) (describing the allowance for use of a “pre-FATCA Form W-8”).
  • A withholding agent may request that a payee provide the pre-FATCA versions of the Forms W-8BEN, W-8ECI, W-8EXP or W-8IMY.
  • The Form W-8BEN-E reflects changes made by FATCA; the February 2006 Form W-8BEN does not reflect changes made by FATCA.

Note: Although a pre-FATCA version of a Form W-8 can still be accepted, a withholding agent must document the FATCA status and GIIN of an account owned by a prima facie FFI by December 31, 2014.

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