December 22, 2021

Mr. John Sweeney
Office of Associate Chief Counsel, International
Special Counsel
Internal Revenue Service
1111 Constitution Avenue, NW
Washington, DC 20224

Mr. Subin Seth
Office of Associate Chief Counsel, International
Senior Counsel
Internal Revenue Service
1111 Constitution Avenue, NW
Washington, DC 20224

Mr. Charles Rioux
Office of Associate Chief Counsel, International
Attorney
Internal Revenue Service
1111 Constitution Avenue, NW
Washington, DC 20224

Re: Forms W-8 Requester Instructions Comment

Dear Gentlemen:
The Securities Industry and Financial Markets Association (“SIFMA”)1 would like to take this opportunity to provide comments regarding the Forms W-8 Requester Instructions.

Claims for reduced withholding under section 1446(f)

SIFMA recommends that the Instructions for the Requester of Forms W-8 include, with respect to claims for reduced withholding under section 1446(f) under an applicable tax treaty, the following clarifications to permit withholding agents to rely on such claims.
(1) Notwithstanding that a foreign partner of a publicly traded partnership does not provide a U.S. TIN for itself, the withholding agent would be permitted to eliminate withholding under Internal Revenue Code section 1446(f) on an amount realized based upon the application of one or more of the exceptions to withholding under Treas. Reg. §1.1446(f)-4(b), other than a treaty claim that is made pursuant to Treas. Reg. §1.1446(f)-4(b)(5). We also recommend that those instructions provide that the absence of such a U.S. TIN would not necessarily affect the validity of the form for Chapter 3 purposes. For example, with respect to U.S. source dividends identified on a qualified notice, a withholding agent should be permitted to validate a treaty claim made on a Form W-8BEN or W-8BEN-E that includes a foreign TIN (but not a U.S. TIN).

1 SIFMA is the leading trade association for broker-dealers, investment banks and asset managers operating in the U.S. and global capital markets. On behalf of our industry’s nearly 1 million employees, we advocate for legislation, regulation and business policy,
affecting retail and institutional investors, equity and fixed income markets and related products and services. We serve as an
industry coordinating body to promote fair and orderly markets, informed regulatory compliance, and efficient market operations and
resiliency. We also provide a forum for industry policy and professional development. SIFMA, with offices in New York and
Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA). For more information,
visit http://www.sifma.org.