No Form Journey for W-8IMY

TAINA releases 'No Form Journey' for W-8IMY Form

After launching No Form support for the W-8BEN-E, we are excited to support the 'No Form Journey' for the W-8IMY form.

This No Form Journey support for the W-8IMY Form allows End Customers to fill in W-8IMY forms and upload Withholding Statements via the Online Portal.

New No Form Journey Improvements include:

• New blocks have been added to this Journey. They clarify the complex elections on the W-8IMY form. 

  • For a qualified intermediary acting as a QI and Qualified Derivatives dealers needing to populate lines 14, 15, and 16, the elections are now more clearly described. These are then translated to the check boxes on the form. 

• Customers now have the ability to upload a withholding statement as part of their submission in this new No Form Journey. 

• This build on TAINA's existing IMY Structure processing features to make Intermediary form and structure processing more efficient for Tax operations.

New No Form Journey support for W-8IMY provides benefits such as:

• Improved quality and efficiency of the End Customer Experience

• Reduced errors on forms and the need for re-solicitation

• Ultimately minimises the time spent reviewing forms by Tax Operations

Importantly, this new support of the W-8BEN-E and W-8IMY forms paves the way for ‘No Form Journey’ for other W8 Entity Forms including the W8-EXP and W8-ECI forms. These 'No Form’ Journeys will be coming out in the very near future.

Watch TAINA's Subject Matter Expert, Sean Sutton complete a W-8IMY Form using TAINA's No Form Journey. 

For more information on the TAINA's No Form Journey and on how the TAINA fully automated FATCA and CRS Validation platform can add value to your business, get in touch or request a demo to see it in action.