ITS central securities depository receives Qualified Intermediary status from U.S. IRS
ITS central securities depositary (ITS Central Securities Depositary, CSD) has received Qualified Intermediary with primary withholding responsibility (WQI) status from the U.S. Internal Revenue Service (IRS).
The new status allows ITS CSD to apply a reduced tax rate on dividend income paid to beneficiaries of securities issued by U.S. companies. To benefit from this, beneficiaries must submit a completed W-8 form on time.
For convenience, required documents can be submitted through the Electronic Document Management System. Detailed submission guidelines and requirements are available on the official ITS website.
The U.S. IRS granted ITS CSD WQI status on 5 December 2024. This status is valid for the entire 2024. ITS CSD has also been assigned a U.S. taxpayer identification number (QI-EIN).
Tax disclosures related to corporate actions for 2024 must be submitted to ITS Central Clearing Counterparty (CCP) by 31 January 2025. Submissions after this date will not be processed, and the standard tax rate of 30% will apply.
For further information, please contact ITS CSD support at info@itsx.kz.
About ITS
ITS is an international liquidity hub. Central to ITS's business model are the principles of best execution and smart order routing technology. These principles enable investors to execute securities transactions at the best prices available on the global financial market, regardless of the transaction volume. This technology ensures that the liquidity for foreign securities on ITS matches that of leading international platforms where these securities are traded.
ITS Central Securities Depository Limited, the central depository for ITS, offers depository services for the storage and settlement of securities.
Operating a clearing house that acts as a Central Counterparty, ITS assumes the counterparty role for all obligations of clearing participants and manages the clearing process for transactions on the ITS trading platform.
ITS also calculates its own indexes: the ITS World index (ITSW) and the ITS Shariah index (ITSS).
ITS's direct clients include professional securities market participants from Kazakhstan and other countries, such as financial intermediaries who are accredited and directly registered at the AIFC. Investors, both private individuals and legal entities, access trading through these financial intermediaries, such as brokers and banks.
ITS Press Service
pr@itsx.kz