Finance & markets · 15/08/1996

IRS Corrects Proposed Regulations for Withholding Tax on Foreign Income

The Internal Revenue Service (IRS) has issued a document correcting proposed regulations for withholding tax on certain U.S. source income paid to foreign persons, as well as changes to information reporting and backup withholding requirements. The corrections address proposed rulemaking notices published in 1996 and 1988, and aim to remove temporary employment tax regulations and amend existing regulations under the Income Tax Treaties.