The Securities Industry Association (SIA)* provides comments to the Internal Revenue Service (IRS) regarding the Chief Counsel Advisory on Manufactured Overseas Dividends (CCA). The CCA addresses the use of a special offset mechanism under which a U.K. subsidiary of a U.S. financial services company utilized foreign dividend withholding tax in certain circumstances. SIA shares its profession expertise and practical experience relating to the CCA with the IRS.
*SIFMA is the product of a merger between the Securities Industry Association (SIA) and The Bond Market Association (TBMA) in 2006.
SIFMA, SIFMA AMG, American Bankers Association (ABA), Bank Policy Institute (BPI), Institute of International Bankers (IIB), Insured Retirement Institute (IRI),…