Bloomberg Unveils Data Service For Compliance With New US Tax Law
871(m) Tax Solution identifies affected instruments and provides data for withholding
Bloomberg has launched its 871(m) Tax Solution, designed to support compliance with a new US Internal Revenue Service withholding requirement that will take effect on January 1.
Section 871(m) of US tax law is designed to curb tax avoidance by foreign investors, and levies a withholding tax on derivatives and structured notes linked to US securities and investments linked to equity indices. Intermediaries such as custodians and issuers will have to act as withholding agents under the new law.
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