J.P. Morgan Tax Forms

• IRS U.S. Tax forms may be downloaded from www.irs.gov
• Affidavit of Unchanged Status
• Useful information to assist completion of W-8 and W-9 tax forms

These regimes include but are not limited to Chapter 3 of the Internal Revenue Code, the Foreign Account Tax Compliance Act (FATCA), and the backup withholding rules under Section 3406 of the U.S. Internal Revenue Code):

Reason for collecting U.S. Forms W-8 and W-9:

1. Document a financial account for local financial account reporting purposes under the FATCA Intergovernmental Agreements (IGAs)  and
2. Document the account for purposes of complying with the U.S. withholding tax and Forms 1042/1042-S or Form 1099 reporting obligations. Absent a Form W-8/W-9 ,the account will suffer worst case U.S. withholding tax on withholdable payments, including potential backup withholding tax on non-U.S. source income and proceeds payments.

Foreign Account Tax Compliance Act (FATCA):

FATCA is a U.S. law designed primarily to identify, and disclose the identity of, certain U.S. persons—both individuals and entities—who hold financial assets and accounts outside of the U.S. through foreign financial institutions, nonfinancial entities or other investment structures. Since the income from such assets may be subject to U.S. taxation, FATCA generally requires foreign financial institutions and other entities to identify and subsequently report the accounts of specified U.S. persons.

Intergovernmental agreements (IGAs) between the U.S. and many foreign jurisdictions facilitate the exchange of this information, and address local bank secrecy and privacy issues that may exist. Failure to comply with FATCA can lead to the imposition of a 30% withholding tax on withholdable payments made to noncompliant parties.

When opening a new account, J.P. Morgan may request additional information and documentation from clients to determine the account holder’s FATCA status, and for purposes of identifying specified U.S. persons that may have an ownership interest in the account.

J.P. Morgan may continue reviewing all existing client account records to ensure that they are properly documented for tax purposes. In some cases this may require J.P. Morgan to request additional tax documentation from clients.

Useful information to assist completion of W-8 and W-9 tax forms

The purpose of this document is to provide a checklist of some of the basic requirements of the Internal Revenue Service (IRS) for completing IRS tax forms (i.e., Forms W-8 and W-9) and reduce on-boarding delays. Please note that his document does not constitute tax advice, and clients should consult their own tax advisors to identify and complete an appropriate tax form when opening an account with J.P. Morgan.

Checklist for all forms (mandatory information):

• The correct tax form is completed based on the table above.
• An authorized signatory signed the form.
• The form is dated.
• A U.S. TIN (Taxpayer Identification Number) and a non-U.S. TIN for your country of tax residence are provided if those have been issued. For a non-U.S. individual completing a Form W-8BEN for an account in the U.S., both a non-U.S.TIN and a date of birth must be provided. Please note that some investments in the U.S. would require you to provide a U.S. TIN on your Form W-8 when you open an account with J.P. Morgan regardless of the account location. Consult your tax advisor whether your investment in the U.S. would require you to include a U.S. TIN on Form W-8.

Additional checklist for all Forms W-8:

• A Chapter 3 and a Chapter 4 status have been checked on the tax form and any additional certifications that correspond to the Chapter 3 and/or Chapter 4 status have also been checked/completed. Note that a W-8ECI does not have a Chapter 4 status.
• If you are completing a Form W-8BEN-E, W-8ECI or W-8EXP, the capacity checkbox above or below the signature line has been checked.
• If a Form W-8 being supplied reflects any evidence or indicia of U.S. status, including but not limited to a U.S. mailing or U.S. permanent residence address, U.S. country of formation, U.S. citizenship or place of birth (individuals only), a copy of one of the following pieces of documentary evidence in support of non-U.S. status should be provided with the tax form:
  • Certificate of incorporation or tax residence.
  • An alternative organizational document for an entity that is not a corporation (e.g. certificate of organization for a partnership or trust) that contains a non-U.S. address.
  • A government issued document that includes a non-U.S. permanent residence address.
  • Driver's license, national identity card or passport (for individuals).
  • For U.S. place of birth for individuals, a copy of Certificate of Loss of Nationality. 
    • Please note that, in some instance, you would be required to provide an explanation to rebut the presumption of U.S. status in addition to or in lieu of the documentation above. 

Additional checklist for Form W-8IMY:

• If your Chapter 3 classification on Form W-8IMY is a Nonqualified Intermediary, Non-Withholding Foreign Partnership, Non-Withholding Foreign Trust, (and in some circumstances, Qualified Intermediary, and/or a Qualified Derivative Dealer)  a withholding statement should be  provided with the Form W-8IMY.
  • Please also provide a valid IRS tax form for each of the underlying partners or beneficial owners listed on the withholding statement.
  • Please ensure that the sum of percentages on the withholding statement equals 100%.

• CRS – Useful information to assist completion of CRS self-certification forms
• Combined CRS and FATCA IGA Self Certification Form - Entity
• CRS – Individual Self-Certification form
  • CRS - Spanish/English - Individual Self-Certification
  • CRS - French Canadian - Quebec Individual
• CRS – Entities Self-Certification form
  • CRS - Spanish/English - Entity Self-Certification
  • Indonesia - Local Self-Certification
  • Japan - Local Self-Certification for Clients Booking Out of Tokyo Branch
    • Japan - Local Self-Certification for Clients Booking Out of Tokyo Branch - Japanese translation
  • Japan - Local Self-Certification for Clients Booking Out of JPMSJ
    • Japan - Local Self-Certification for Clients Booking Out of JPMSJ  - Japanese translation
• CRS – Controlling Persons Self-Certification form
  • CRS - Spanish/English - Controlling Person Self-Certification
  • Indonesia - Controlling Person Self-Certification

The Common Reporting Standard (CRS) was developed by the Organisation for Economic Co-operation and Development (OECD) at the request of many countries to implement automatic exchange of information between tax authorities in order to reduce offshore tax evasion. Under the Standard, CRS participating jurisdictions introduce local laws to obtain financial information from their local financial institutions on the holders of financial accounts and automatically exchange that information with other CRS countries on an annual basis.

CRS shares commonality of operating principles with some EU directives and conventions, but draws most heavily on FATCA (being based upon the principles of FATCA Model 1 IGAs), albeit in a broader, more global sense.

Over 100 countries have adopted the legislation since 1 January 2016.

J.P. Morgan entities and branches located in countries that have adopted the Common Reporting Standard (CRS) under local laws are required to collect and report certain information about an Account Holder’s tax residence status, and where applicable, the tax residence status of each natural person that is a Controlling Person. In order to obtain the required information, self-certification forms were developed which are very closely based upon the OECD BIAC (Business and Industry Advisory Committee) template forms.

Please complete the ‘Entity Self-Certification’ form if you represent an Entity Account Holder. If the Account Holder has indicated on the ‘Entity Self-Certification’ form that it is a Passive NFE or an Investment Entity located in a Non-Participating Jurisdiction managed by another Financial Institution, please complete the ‘Controlling Person Self-Certification’ in respect of each Controlling Person which is a natural person. The ‘Controlling Persons’ form is required for each natural person indicated in part 2, section 2 of the ‘Entity Account Holders’ form. Individuals who are account holders should complete the “Individual form”.

Useful information to assist completion of Common Reporting Standard self-certification forms

The purpose of this document is to provide certain information to support customers who are required to complete Common Reporting Standard ('CRS') self certification forms. This document is not an alternative to clients reviewing, ascertaining and self-certifying their tax status under CRS rules. Responsibility for completing the CRS tax forms remains the sole responsibility of the person submitting the form. This document does not provide tax advice – please consult your tax advisor if you require advice regarding your tax status. Definitions provided in this document have been taken from publicly available OECD published materials including the CRS commentaries.

Which CRS tax residency self-certification forms are available? The types of form and who should complete each type is summarised below:

Who completes the form? The form should be completed by the "Account Holder" - the person who holds the Financial Account, regardless of whether such person is a flow-through Entity. By way of example, the OECD CRS rules state that if a trust or an estate is listed as the holder or owner of a Financial Account, the trust or estate is the Account Holder, rather than the trustee or the trust's owners or beneficiaries. Similarly, if a partnership is listed as the holder or owner of a Financial Account, the partnership is the Account Holder, rather than the partners in the partnership. However, a person, other than a Financial Institution, holding a Financial Account for the benefit or account of another person as agent, custodian, nominee, signatory, investment advisor, or intermediary, is not treated as holding the account, and such other person is treated as holding the account.

For joint or multiple account holders please complete a separate form for each account holder.

Checklist for all forms:

• Have you completed the correct form? See the table above.
• Have you completed all mandatory fields (i.e., those field marked with an asterisk (*))?
• Have you provided a complete address?
• Has an authorised signatory signed the form?
• Have you printed the name and the capacity of the signor?
• If signed under Power of Attorney, has a copy of the Power of Attorney been included?

Additional note for CRS – E(Entity) forms

International Organisation includes any intergovernmental organisation (including a supranational organisation), or wholly owned agency or instrumentality of such an organisation, that:

• primarily comprises governments; and
• has in effect a headquarters or substantially similar agreement with a jurisdiction; and
• the income of which is not for the benefit of private persons.

A multinational group of company would not, solely by virtue of operating in more than one jurisdiction, be considered an international organisation.

Additional checklist for CRS – CP (Controlling Person) forms:

• Only provide completed forms CRS – CP for each controlling person if you completed form CRS - E and classified the entity as a Passive NFE (Part 2 1.(g)) or an Investment Entity located in a Non-Participating Jurisdiction and managed by another Financial Institution (Part2 1.(a)(i)).
• Have you provided a form CRS - CP for each Controlling Person identified on the form CRS - E?
• Has the form CRS - CP been completed and signed? The form can be completed and signed by the Controlling Person, an authorised signer on behalf of the Controlling Person, or by an authorised person from the Passive NFE.
• Have you completed all mandatory fields (i.e., those fields marked with an asterisk (*))? This includes the current address, date of birth and place of birth of the controlling person?
• Is the legal name and country/jurisdiction of tax residence of the entity of which the person exercises control noted on the form?
• Have you provided the TIN (Taxpayer Identification Number) or a functional equivalent of the local jurisdiction?
• Have you identified the type of controlling person?

Controlling Persons are the natural persons who control an entity based upon Anti Money Laundering/Know Your Customer (“AML/KYC”) rules as set out under the Financial Actions Task Force (“FATF”). Under CRS, if there are no other Controlling Persons then a Senior Managing Official is the Controlling Person.