The ICMA lead manager constituency engages with developments in taxation that impact the cross-border bond market. Related information is below. See also the ICMA Primary Market Handbook (IPMA Handbook).


FATCA

16 November 2011
ICMA Request for clarification concerning the Foreign Account Tax Compliance Act (FATCA)

28 June 2011
ICSA submission on the implications of the Foreign Account Tax Compliance Act (FATCA)

1 November 2010
ICMA response to US IRS Notice 210-60 concerning information reporting and withholding under the US Hiring Incentives to Restore Employment Act (HIREA)

19 November 2009
ICMA further submission in relation to the proposed U.S. Foreign Account Tax Compliance Act of 2009

5 November 2009
ICMA submission in relation to the proposed U.S. Foreign Account Tax Compliance Act of 2009

(and see also more generally FATCA information resources).


EU Savings Tax Directive

5 February 2002
Proposed EU Savings Tax Directive Grandfathering Date


Japanese withholding tax procedures


16 June 2020
ICMA’s predecessor IPMA had published “OPERATING MANUAL - JAPANESE WITHOLDING TAX ON CERTAIN EUROBOND ISSUES” (24 June 1998) and “OPERATING MANUAL - JAPANESE WITHOLDING TAX ON CERTAIN INTERNATIONAL ISSUES HELD THROUGH DTC” (28 January 2000). Subsequently in 2010-2011 ICMA organised working group discussions to update these publications in light of certain developments in Japanese law. The discussions progressed draft revisions but did not formally conclude (though many aspects were reportedly adopted in practice by market participants). However:
  • the International Capital Market Services Association (ICMSA) published: “Global Tax Procedures – Tax Relief Procedure for Japan” (ICMSA Bulletin 140716/29) (14 July 2016); and
  • the Depository Trust Company (DTC) published, appended to its Master Important Notice for Japanese Bonds (B #: 12644-19) (12 December 2019): “WORKING DRAFT OF OPERATING MANUAL JAPANESE WITHHOLDING TAX ON CERTAIN INTERNATIONAL ISSUES HELD THROUGH DTC [Securities industry working group draft interim procedures updated as of August, 2010 to reflect changes in Japanese tax rules affecting international securities offerings by Japanese issuers on or after April 1, 2010.] Minor amendments by DTC to reflect changes to the Japanese withholding tax rate effective January 1, 2013 and to reflect updates in Appendix 2”.

Other

12 June 2017
ICMA response to HMRC Consultation document - Withholding Tax Exemption for Debt Traded on a Multilateral Trading Facility

18 September 2015
ICMA Response to UK HMRC Consultation Document - Deduction of income tax from savings income: implementation of the Personal Savings Allowance


Contacts:

Ruari Ewing    
Senior Director, Market Practice and Regulatory Policy; secretary to the ICMA Primary Market Practices Committee and related groups.
Direct line: +44 20 7213 0316

Charlotte Bellamy
Senior Director, Market Practice and Regulatory Policy; secretary to the ICMA Legal & Documentation Committee and related groups.
Direct line: +44 20 7213 0340
ICMA Zurich

T: +41 44 363 4222
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ICMA London

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ICMA Hong Kong

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