Tax on shares

Discussion in 'Tax' started by onlyonpaper, 8 Nov 2018 at 7:58 PM.

  1. onlyonpaper

    onlyonpaper Registered User

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    43
    I have recently received the W-8BEN form relating to withholding tax on U.S. company shares which I own. I have received these at regular intervals for many years. However this one is requesting D.O.B. and Foreign Taxpayer Identification Number (TIN). This appears to be a new requirement as I was never asked for it previously. I was wondering if others on this forum have completed this new format. I am tax compliant but I am nervous of what appears to be harvesting of information
     
  2. David1234

    David1234 Frequent Poster

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    85
    I have done these for company and as personal submissions. They are very straight forward forms that I view as a box ticking exercise. What are you concerned about?
     
  3. Billy Baltic

    Billy Baltic Frequent Poster

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    43
    I noticed this recently. When completing the w8ben form electronically it wouldn’t accept a blank entry for TIN. I ended up using my PPS number but didn’t like doing that. Is it a new requirement that TIN is mandatory?
     
  4. jpd

    jpd Frequent Poster

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    World wide anti tax evasion procedures, I'm afraid
     
  5. sadie

    sadie Frequent Poster

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    606
    As far as I know the TIN is your PPS number. I have shares from a US company and was asked to provide this a long time ago.
     
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  6. jpd

    jpd Frequent Poster

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    1,477
    Almost all developed countries now share tax data using national tax identification numbers (TIN) - in Ireland this is your PPS number
     
  7. seamus1968

    seamus1968 Registered User

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    Yes I had to do the same already 3 years ago. The TIN is your PPS number. I had to renew the W-8BEN forms this year and was still there. I'm also tax compliant however a friend of mine who works in the financial sector told me clearly that the U.S. adhere to their own scheme called FATCA which provides for tax information exchange with hundreds of countries but it's a one way scheme in favour of the U.S. only. In reality the U.S. while ask and require full info on accounts held by U.S. citizens abroad , they are exchanging no or very little information with third party countries on foreign nationals having accounts in the U.S.. He told me that the U.S. at the moment is one of the main worldwide tax haven for non U.S. national / companies.

    Seamus