Transcription of Qualified Intermediary Agreement SECTION 1. PURPOSE
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Qualified Intermediary Agreement SECTION 1. PURPOSE
Qualified Intermediary Agreement Revenue Procedure 2017-15 SECTION 1. PURPOSE .01 In General. This Revenue Procedure sets forth the final Qualified Intermediary (QI) withholding Agreement (QI Agreement ) entered into under (e)(5).1 In general, the QI Agreement allows foreign persons to enter into an Agreement with the Internal Revenue Service (IRS) to simplify their obligations as withholding agents under chapters 3 and 4 and as payors under chapter 61 and SECTION 3406 for amounts paid to their account holders. The QI Agreement also allows certain foreign persons to enter into an Agreement with the IRS to act as Qualified derivatives dealers (QDDs) and to assume primary withholding and reporting responsibilities on all dividend equivalent payments that they make..02 Withholding Foreign Partnership and Withholding Foreign Trust Agreements. Revenue Procedure 2014-47, 2014-35 393, includes the withholding foreign partnership (WP) and withholding foreign trust (WT) agreements that are currently in effect, and that are supposed to expire on December 31, 2016.
A QI agreement in effect prior to December 31, 2016 expires, in accordance with its terms, on December 31, 2016. SECTION 3. BACKGROUND – WITHHOLDING AND REPORTING REQUIREMENTS UNDER CHAPTERS 3, 4, AND 61 AND SECTION 3406 .01 Withholding and Reporting under Chapter 4 on Payments Made to FFIs and Other Payees.
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