What Is form w 8ben?
Today, so many people from different corners of the planet work for the companies registered in the United States. They are not the citizens and do not have the status of the residents. In this case, they need to do something to avoid paying taxes to both the United States and their country of citizenship.
Form W-8BEN is specially designed to solve this problem and simplify the life of a common taxpayer. It is also known as the Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting (Individuals). Different countries have different double income taxation agreements with the United States.
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Using Form W-8BEN, you confirm your status of a nonresident of the United States. You must file this form once every two-three years, otherwise you will be required to pay 30% tax. The form must be provided to your income payer, but not to the IRS (Internal Revenue Service).
The form is used to prove that you are not the United States resident and that the money you have received is your income earned on the territory of this country. It must contain a signature of the beneficial owner of that income or the authorized representative. After you submit this form, it will be valid for three calendar years from the date of its signing.How to Fill out W-8BEN
Never use Form W-8BEN if you are not an individual. The United States citizens and residents, or intermediaries do not file this. There are generally three parts. In the first part, you must pryour personal information:
name of individual who is the beneficial owner;
country of citizenship;
permanent residence address;
U.S. taxpayer identification number;
date of birth.
The second part is devoted to the claim of the tax treaty benefits, where you indicate special rates and conditions. The last part is a certification where you confirm that you understand the possible results of online W-8BEN submission and pryour agreement. The last step is the signature.
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