Extract to table

However, before remitting the dividend to Meridian Trust, the German disbursing agent (auszahlende Stelle) — which, under German law, is the credit institution or financial services institution that holds the shares in a securities account and effects the dividend payment — is required to deduct the German Kapitalertragsteuer (capital gains withholding tax on dividends) at the statutory rate

A QI (and, analogously, a US withholding agent such as Meridian Trust) must obtain and maintain documentation establishing the identity and tax status of each account holder or beneficial owner of payments

A QI that assumes primary withholding responsibility is required to withhold US tax at the applicable rate on payments of US-source FDAP income (e

A QI (and a US withholding agent) must file annual information returns reporting payments made and taxes withheld

Under the QI agreement framework, a QI must engage an independent reviewer to conduct periodic reviews of the QI's compliance with its QI agreement obligations and must certify to the IRS that it is in compliance

Under FATCA, US financial institutions must report to the IRS certain information about financial accounts held by non-US persons (and, in certain cases, US persons with foreign financial assets)