IRS Closing Agreement
The UK Club has entered into a closing agreement with the United States Internal Revenue Service (IRS). This closing agreement secures exemption for the Club from Section 4371 Excise Tax, which applies to insurance premiums paid to a foreign insurer or reinsurer when the exemption is based on the provisions of an income tax treaty to which the United States is a party. The UK Club is now listed on the IRS website as a party to a closing agreement with the IRS.
For more information on the IRS closing agreement, please see the IRS websitehttp://www.irs.gov/Businesses/International-Businesses/Exemption-from-Section-4371-Excise-Tax
Source UK P&I
You may also be interested in:
UK Club Correspondent Huatai Marine have issued a new Circular outlining the stricter epidemic control on boarding personnel at the port of Guangzhou.
The UK Club Correspondent, GAC Shipping Ltd, would like to remind Members of the commencement of bulk crew changes of international seafarers from 22nd December 2020, through the Offshore Crew Transit Hub (OCTH) operated by a Public-Private-Partnership (PPP).
FATCA became law in March 2010 and came into effect on 1st July 2014, the FATCA form has since been updated as of November 2020.