Global Withholding Tax Reporter. Discover your one-stop information source for withholding tax rates and rules around the globe

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Global Withholding Tax Reporter Discover your one-stop information source for withholding tax rates and rules around the globe

Discover GWTR Your one-stop source for information on portfolio income withholding tax rates and tax rules in 94 markets of investment.

Discover Overview Page 1 Comprehensive coverage Page 3 Withholding tax Pages 4 5 Benefits Page 8 Global tax practice Pages 9 10 Your GWTR team Pages 11 12

Discover informa Over 600 global withholding tax alerts were issued last year. Overview The Global Withholding Tax Reporter (GWTR) is a web-based application offered by Ernst & Young Product Sales LLC that provides technical information regarding withholding income tax rates, fund-level taxes, treaties, procedures, and forms and instructions for the following: Portfolio dividends Portfolio interest Capital gains Mutual fund distributions Real estate investment trust (REIT) distributions Derivative returns (futures, forwards and swaps)* Other financial instruments (repurchase contracts, short sales and asset-backed securities)* Value-added tax (VAT) and goods and services tax (GST) Stamp duties *Currently provided with an upgraded subscription. 1 Global Withholding Tax Reporter

tion The GWTR helps you stay current on withholding tax developments worldwide by providing not only the What is the new tax rate? perspective, but also the What does this change mean to my business? perspective. The GWTR s 25 years of service reflects Ernst & Young LLP s ongoing commitment to the global financial services industry. The GWTR currently covers 94 countries of investment, 190 investor countries and the following beneficial owner types: Collective investment vehicles (CIVs) (including Cayman Islands corporate funds, Irish ICVCs, Luxembourg FCPs and SICAVs, and UK OEICs) Pension funds Trusts Charities and foundations As worldwide tax authorities continue to aggressively enforce tax laws and increase transparency, the need to quickly identify and manage tax risks in-house will only become more challenging and uncertain. Insurance companies Bodies corporate Banks Governments Partnerships Individuals 2

Discover comprehensive coverage The GWTR s content, functionality and support are key differentiators that make it the market leader in delivering global withholding tax information to the financial services industry. Features include the following: Tax alerts that keep you up to date on withholding tax-related market changes Detailed investor-type analyses (i.e., how specific types of investors, including pensions, partnerships and trusts, are taxed in their local jurisdictions and whether they are treaty-eligible) Current and historical information on domestic law rates, treaty rates and procedures Access to robust withholding tax procedures with respect to obtaining tax reclaims, relief at source and domestic law exceptions A committed and experienced group of global tax professionals who review and update their respective country chapters regularly Advisory services at no extra charge for questions within the scope of the GWTR Subscription plans that are tailored to your specific needs GWTR s comprehensive coverage sets it apart from its competitors. Fund types The GWTR s tax analysis covers the applicability of domestic rules and tax treaties for investment fund types such as the following: Cayman Islands corporate funds Irish ICVCs Luxembourg FCPs and SICAVs UK OEICs In addition to an analysis of nonresident capital gains taxes and withholding taxes, the GWTR covers a variety of issues that may impact the tax treatment of an investment, such as the following: Immovable property companies and REITs capital gains and dividends Off-exchange trades Debt secured against real estate Accrued interest on the sale of bonds For various reasons, the treaty position of investment funds may be unclear or open to interpretation in certain jurisdictions. We have worked with the global EY organization to provide the clearest answer possible on a fund s treaty position, considering issues such as the tax residency status of the fund, subject to tax treaty provisions, beneficial ownership and the characterization of derivative returns for treaty purposes. 3 Global Withholding Tax Reporter

A view into the GWTR Statutory withholding tax rates Pop-ups are a unique feature in the GWTR that provide the user with detailed information on various withholding tax rates. Users can get information such as the effective date of the tax rate, the prior tax rate and any special requirements needed to benefit from a specific tax rate. GWTR clients benefit not only from theoretical knowledge but also from real-life practical advice, such as how does this change in tax rate affect my business? Tax treaty matrices The pop-ups within the tax matrices provide information on various investor types covered within the GWTR. Users can obtain information on whether an investor is treaty-eligible and how that investor is taxed in its local jurisdiction. The GWTR contains a robust capital gains section on each country of investment detailing rates by investment type. Global Withholding Tax Reporter 4

Withholding tax procedures The GWTR contains a robust procedures section detailing information on how to: Obtain relief at source Reclaim excess tax withheld Reduce withholding tax for domestic law exceptions In addition, this module contains information on the treatment of entity types whose treatments are not always straightforward in terms of taxation from country to country, such as partnerships, trusts and mutual funds. Withholding tax forms and instructions The Forms and Instructions module completes the cycle for the user. Users can find the latest forms and instructions for obtaining treaty benefits and relief at source in each foreign jurisdiction. 5 Global Withholding Tax Reporter

Discover withholding tax Global Withholding Tax Reporter 6

7 Global Withholding Tax Reporter Discover benefits

Tax alerts Tax alerts are published daily, informing subscribers of important changes on withholding-related requirements, including statutory tax rates, income tax treaties, procedures and forms. Users can search tax alerts using multiple search criteria, including the following: Country Investor type Keyword Custom reporting Users can compare tax rates across various countries of investment, countries of investor, and income types and by specific beneficial owner types. In addition, tax rate tables can be exported to a Microsoft Excel file. Global Withholding Tax Reporter 8

Discover global EY member firm tax practices have more than 20,000 tax professionals in over 130 countries. With over 25 years of experience, Ernst & Young LLP s GWTR US core team has identified and established deep relationships with the tax professionals in the countries where EY member firms have offices. Ernst & Young LLP also has foreign tax desks in New York, which allows us to provide a quick response to your questions. Continual contact with each jurisdiction promotes the transparency of each change or issue. EY member firms have an excellent relationship with local tax authorities, established over many years of working on client issues and providing tax technical knowledge and practical advice. Local country tax reviewers network 9 Global Withholding Tax Reporter

Countries in place North America Bermuda Canada Mexico United States Europe Austria Greece Portugal Belgium Hungary Romania Bulgaria Iceland Serbia Croatia Ireland Slovak Republic Cyprus Italy Slovenia Czech Republic Latvia Spain Denmark Luxembourg Sweden Estonia Malta Switzerland Finland Netherlands Turkey France Norway Ukraine Germany Poland United Kingdom Asia-Pacific Australia Malaysia Bangladesh New Zealand China Philippines Hong Kong Russia India Singapore Indonesia Sri Lanka Japan Taiwan Kazakhstan Thailand Korea Vietnam Macau South and Central America Argentina Brazil Cayman Islands Chile Colombia Costa Rica Dominican Republic Ecuador Jamaica Panama Peru Puerto Rico Uruguay Venezuela Africa Botswana Ghana Guinea Kenya Senegal South Africa Swaziland Tunisia Middle East Bahrain Egypt Israel Jordan Lebanon Oman Pakistan Qatar United Arab Emirates Mauritius Uganda Morocco Zambia Namibia Zimbabwe Nigeria Global Withholding Tax Reporter 10

Discover your GWTR team Combined, Ernst & Young LLP s GWTR team has over 50 years of foreign withholding tax experience. Danielle Clark Stephanie Tanguay Partner Global Withholding Tax Reporter Ernst & Young LLP danielle.clark@ey.com +1 203 674 3693 Associate Director Global Withholding Tax Reporter Ernst & Young LLP stephanie.tanguay@ey.com +1 617 585 0410 Danielle is a member of Ernst & Young LLP s International Tax Services practice within the Financial Services Office and has been with the firm since 1997. Her experience covers a broad range of sectors in the financial services industry, including insurance, banks, broker/dealers and investment funds. Stephanie is the Associate Director of the GWTR. She has more than 15 years of industry experience on foreign withholding tax issues, including withholding tax rates on portfolio income and tax reclamation. Stephanie s primary responsibility is to manage the GWTR s core operations. Prior to joining the GWTR team, Stephanie was an assistant vice president at Brown Brothers Harriman. Her primary role was assisting clients with foreign withholding and tax reclamation issues. She received a BSBA degree from Merrimack College. Danielle leads two service offerings for Ernst & Young LLP: the GWTR and the PFIC Analyzer Service, a comprehensive source for passive foreign investment company (PFIC) data that assists asset managers in ascertaining the status of foreign equities. In addition to these service offerings, Danielle leads health checks for multinational financial institutions assisting them in determining and complying with their obligations in the global withholding and information reporting space. Danielle has more than 18 years of experience in the taxation of financial services multinational institutions. She is a member of the United States Supreme Court Bar and has spoken at many international and domestic tax conferences. Danielle received a BA degree from the University of Cincinnati and a JD degree from Cleveland-Marshall College of Law. She is completing her Master of Laws in Taxation at Chicago-Kent College of Law.

Lillian Chin Kelly Sullivan Louise Liu Senior Manager Global Withholding Tax Reporter Ernst & Young LLP lillian.chin@ey.com +1 212 773 2679 Manager Global Withholding Tax Reporter Ernst & Young LLP kelly.sullivan@ey.com +1 212 773 0896 Senior Global Withholding Tax Reporter Ernst & Young LLP louise.liu1@ey.com +1 212 773 7773 Lillian is an editor of the GWTR. Her responsibilities include managing the daily operations of the GWTR. In addition to the GWTR, she assists financial services clients with various global withholding and information reporting issues and financial transaction tax (FTT) issues. Kelly is an editor of the GWTR. Her responsibilities include writing tax alerts and keeping GWTR updated with the latest information. In addition, she assists clients with their withholding tax inquiries and various withholding tax projects. Prior to joining the GWTR team in April 2013, Kelly worked within the Asset Management group of the Financial Services Office, focusing on mutual funds clients, from 2007 to 2013. Kelly assisted mutual funds clients with regard to passive foreign investment companies, REITs and foreign capital gains issues. She received a BBA degree from Loyola University Maryland and an MBA degree from the State University of New York at Buffalo. She is licensed as a CPA in the state of New York. Louise is a senior on the GWTR team. She assists with the daily operations of the GWTR. She has six years of professional services research experience with a Fortune 500 IT consulting firm where she covered corporate compliance and tax regulatory and legislative trends, as well as with a business advisory firm. Prior to joining the GWTR team, she worked at the World Bank Group in external and corporate relations. Louise has a Bachelor of Arts degree in Communications and International Relations from the University of Washington and a Master of Public Policy degree with a specialization in International Economic Policy from the University of Maryland. Prior to joining the GWTR team in November 2008, she was an associate director in the Bear Stearns Corporate Tax Department from 1993 to 2008. Her primary role was foreign withholding tax advisory to its internal clients and managing the firm s tax reclamation process. She has more than 17 years of experience dealing with various foreign withholding tax issues. She received a BBA degree in Public Accounting from Pace University. She is certified as an enrolled agent with the United States Internal Revenue Service.

EY Assurance Tax Transactions Advisory About EY EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. Global Withholding Tax Reporter offered for sale by: Ernst & Young Product Sales LLC 950 Main Avenue, Suite 1800 Cleveland, Ohio 44113-7214 +1 216 566 7300 2015 Ernst & Young Product Sales LLC EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com. EY is a leader in serving the global financial services marketplace Nearly 43,000 EY financial services professionals around the world provide integrated assurance, tax, transaction and advisory services to our asset management, banking, capital markets and insurance clients. In the Americas, EY is the only public accounting organization with a separate business unit dedicated to the financial services marketplace. Created in 2000, the Americas Financial Services Office today includes more than 6,900 professionals at member firms in over 50 locations throughout the US, the Caribbean and Latin America. EY professionals in our financial services practices worldwide align with key global industry groups, including EY s Global Asset Management Center, Global Banking & Capital Markets Center, Global Insurance Center and Global Private Equity Center, which act as hubs for sharing industry-focused knowledge on current and emerging trends and regulations in order to help our clients address key issues. Our practitioners span many disciplines and provide a wellrounded understanding of business issues and challenges, as well as integrated services to our clients. With a global presence and industry-focused advice, EY s financial services professionals provide high-quality assurance, tax, transaction and advisory services, including operations, process improvement, risk and technology, to financial services companies worldwide. 2015 EYGM Limited. All Rights Reserved. EYG no. CK0944 1411-1354972 NY (Non RIC) ED None This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice. Please refer to your advisors for specific advice. ey.com