Call for opinion - US withholding tax

Last week saw the largest ever gathering of QIs, NQIs, Auditors, US Withholding Agents and solutions vendors since 2001 when the US withholding tax regulations - 1441 NRA came into force.  100 attendees discussed the impact of US tax regulations for two days.

The US Joint Congressional Committee on Tax (JCT) indicated prior to the conference that it would be pleased to hear comment from the conference on the industry's views about how current proposals - IRS, Green Book and the Administration's plans might impact inward investment to the US and thus US tax policy.

I wanted to take this opportunity to ask readers of my blog to let me know if they have any comments that they'd like me to incorporate.  All comments received will be incorporated anonymously to a general letter to JCT.

This is an opportunity to raise issues and concerns about the impact of US tax policy on your businesses at the highest levels.

Currently, comments centre on concerns that the expected level of cost increase resulting from the proposed changes may lead to QIs and NQIs passing on compliance costs to investors.  Together with other market factors such as weak dollar, strong yen and the Asia Pac markets exiting recession faster than the west, the conference was of a mind that the US needs to be more proactive in addressing education issues as well as finding alternative methods to achieve their aims.  Otherwise, perfect storm could be on the horizon.

If you have a view, please email me at ross_mcgill@globetax.com or join the withholding tax group on Linkedin and post your comment there.

The deadline for comments is this Friday October 30th.