MARSH McLENNAN FATCA DOCUMENTATION PORTAL
On December 18, 2018, the United States Department of Treasury and the Internal Revenue Service released burden reduction regulations under chapters 3 and 4 of the Internal Revenue Code (“Code”). For purposes of chapter 4 of the Code, otherwise known as the Foreign Account Tax Compliance Act (FATCA), these regulations modify the definition of a withholdable payment by explicitly removing any premium paid on a noncash value insurance product. This modification was effective immediately and for all open tax years. Because these types of premiums have never been subject to withholding or reporting under chapter 3 of the Code, and now are not subject to withholding or reporting under chapter 4 of the Code (FATCA), tax documentation (i.e., Forms W-8) are no longer required for noncash value premiums paid to any non-US Marsh entity. Consequently, we will be removing the forms from this site in the near future.
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