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FAQ

What is United States Publicly Traded Partnerships ("PTP") Securities?

A PTP is any partnership an interest in which is regularly traded on an established securities market or is readily tradable on a secondary market, regardless of the number of its partners.

What kind of withholding tax do I need to pay if I hold PTP after 1 January 2023?

According to section 1446(f) of the Internal Revenue Code (IRC), Internal Revenue Service (IRS) has announced a new provision regarding a withholding tax on Non-US Persons with PTP. In summary, with effect from 1 January 2023, there are
(a) 10 % withholding tax applies on the sale, exchange or transfer of PTP, and
(b) 37% withholding tax applies on the receipt of dividends or interest.

Where can I obtain more information on PTP?

The Bank assumes no liabilities to provide you with the relevant updates on PTP regulations. The provision of our PTP related services may also be subject to adjustment in the future. You are advised to pay attention to the risks and announcements on the IRS official website. When in doubt, please consult your tax advisor for related independent advice.