Income of Foreign Governments and International Organizations

Forms and Documents

Document Name	Status
Supporting Statement_REV NPRM REG-146537-06.docx Supporting Statement A	2012-10-03

IC Document Collections

IC ID	Document Title	Status
202740	REG-146537-06 (NPRM) Income of Foreign Governments and International Organizations	New

ICR Details

OMB Control No: 1545-2239	ICR Reference No: 201206-1545-010
Status: Historical Inactive	Previous ICR Reference No:
Agency/Subagency: TREAS/IRS	Agency Tracking No: NPRM
Title: Income of Foreign Governments and International Organizations
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Comment filed on proposed rule	Conclusion Date: 02/26/2013
	Date Received in OIRA: 10/03/2012
Terms of Clearance: IRS will resubmit the collection at the final rule stage reflecting any comments received on the collection in the supporting statement.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date		36 Months From Approved
Responses	0	0	0
Time Burden (Hours)	0	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: This document contains proposed Income Tax Regulations that provide guidance relating to the taxation of the income of foreign governments from investments in the United States under section 892 of the Internal Revenue Code of 1986 (Code).

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Authorizing Statute(s): US Code: 26 USC 7805 Name of Law: Rules and regulations
   US Code: 26 USC 1441 Name of Law: Withholding of tax on nonresident aliens
   US Code: 26 USC 892 Name of Law: Income of foreign governments and of international organizations
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
1545-BG08	Proposed rulemaking	76 FR 68119	11/03/2011

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
REG-146537-06 (NPRM) Income of Foreign Governments and International Organizations

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Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: These regulations will provide rules regarding the taxation of income of foreign governments and international organizations. On June 27, 1988, temporary regulations under section 892 (TD 8211 at 53 FR 24060), were published in the Federal Register to provide guidance concerning the taxation of income of foreign governments and international organizations from investments in the United States. These proposed regulations provide additional guidance for determining when a foreign government's investment income is exempt from U.S. taxation. After the 1988 temporary regulations were published, section 892(a)(2)(A) was amended by the Technical and Miscellaneous Revenue Act of 1988, Pub. L. No. 100-647, 102 Stat. 3342 (TAMRA) to provide that income derived from the disposition of any interest in a controlled commercial entity does not qualify for the exemption under section 892. These proposed regulations revise §1.892-5(a) to reflect the amendment of section 892 by TAMRA. This ICR was originally submitted as a "reinstatement with change" under #1545-1053 because this NPRM supplements regulations under TD 8211. The 1545-1053 collection was allowed to expire in 2001 because the prescribing form created to collection the information under TD 8211 (§1.1441-8), has since been discontinued and replaced by Form W-8EXP, "Certificate of Foreign Government or Other Foreign Organization for United States Tax Withholding," which is currently approved under OMB #1545-1621. It was determined by reinstating the 1545-1053 collection that the burden associated with the proposed revision to §1.892-5(a) would be identified as a potential violation; because of this incorrect designation, we are submitting this as a new information collection to capture burden associated with §1.892-5(a). The estimated burden associated with the information collection requirements under §1.892-5(a)(2) will result in an estimated burden of 195 responses and an estimated annual burden of 975 hours attributed to a change due to agency discretion.

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Annual Cost to Federal Government:

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 10/03/2012

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