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Counterparty Manager: Tax Utility

Enabling counterparties to exchange validated tax documentation to support the processing of Forms W-8BEN-E, W-8IMY, W-8EXP, W-8ECI, W-9 and Common Reporting Standard (CRS)

US tax regulations require tax forms be collected by withholding agents to appropriately identify payees and account holders, and determine the applicable withholding rate. Current methods of collection and the complexity of the forms have proven burdensome for the financial industry. In addition, FATCA imposes 30% mandatory withholding tax if a beneficial owner’s tax status is not correctly and timely ascertained. Meanwhile, global regulatory compliance costs have significantly increased due to changes in cross-border tax laws and additional regulations such as European Union Savings Directive (EUSD) and CRS.

The Tax Utility collects, validates and monitors tax forms for clients and securely distributes the information to banks and other counterparties in accordance with IRS regulations. The Tax Utility adheres to the guidelines for a shared documentation system maintained by an agent as defined in § 1.1471-3(c)(9)(i). For contributors, the built-in workflow management helps facilitate onboarding tax documentation, client permissions and identifying refresh populations. Subscribers receive access to a master set of tax data and documentation that has been collected and validated to an industry standard and is maintained and monitored for changes in circumstance on an ongoing basis. This helps to reduce cost through operational and technological efficiencies and eliminates duplicative requests for data and documentation accelerating remediation efforts.

The Tax Utility leverages IHS Markit existing Counterparty Manager database, which includes access to 145,000+ legal entities across buy-side firms and corporates. The utility enables buy-side firms and corporates to validate Forms W8, W9 or CRS through CTI Tax Solutions and permission them out to their counterparties. Buy-side firms and corporates benefit from a centralized repository within Counterparty Manager to communicate any key changes in circumstances that might affect their tax or regulatory status. Subscribers benefit from access to a complete tax validation package for FATCA and CRS that is monitored for changes in circumstance and refreshed regularly.

Key benefits:

  • Improve Accuracy – Validate client tax status using industry standard validation tools. Ongoing monitoring of client tax status and resolution of discrepancies due to change in circumstance for both tax and KYC regulations
  • Drive Efficiency – Secure delivery of golden-source tax data and documentation that can be easily reused across tax, KYC, FATCA and CRS
  • Implement Standardization – Industry-consistent approach to tax regulations through standardized processes with continuous monitoring for changes to global tax regulations and guidance that might impact tax documentation/status
  • Enhance Customer Experience – Single point of contact with expertise in the documentation required; facilitating the exchange of information, reducing emails and/or phone traffic, creating a better working relationship


  • Asset managers
  • Banks
  • Broker dealers
  • Corporations
  • Fund administrators
  • Hedge funds
  • Insurance companies
  • Prime brokers
  • Private equity funds
  • Special purpose vehicles


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