IRS will resubmit the collection at the final rule stage reflecting any comments received on the collection in the supporting statement.
table that charts list comparision
Inventory as of this Action
Requested
Previously Approved
36 Months From Approved
0
0
0
0
0
0
0
0
0
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).
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
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.
No
No
No
No
No
Uncollected
David Juster 202 622-3850
Reginfo record details
No
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:
(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;
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.
Supporting Statement_REV NPRM REG-146537-06.docx
REG-146537-06 (NPRM) Income of Foreign Governments and International Organizations