-
. Foreign Recipients,of, U.S. Income, 1991
.by Denise Bori
nited -States source income paid to "foreign per-sons" in - 199
l,totaled over $70 billion, a not in-crease of 27 percent or $15
billion over 1989.
However, the $2 billion in U.S. tax withheld on this incomewas 6
percent less than that for 1989. This was becausedividend payments,
typically subject to high withholdingrates, decreased by 21
percent, while all other income subjectto withholding declined by 9
percent, and, in addition'income not subject to withholding at all
increased by 44percent to almost $55 billion.
Most of the increase in total income for 1991 was dueto payments
made to persons in tax treaty countries, whichare often either
subject to reduced withholding rates or areexempt from withholding
altogether. Even though inter-est, which was the principal source
of income, increasedby almost $14 billion, this foirn of income is
generallysubject to reduced withholding or is- tax-exempt.
.
Payments to Japanese persons increased by 51 percentduring the
2-year period, to $19.*8. billion, making them
-the-largest -recipient -group-
for-1991-U.S.-source-income-Payments to United Kingdom recipients,
the largestrecipient group in 1989, remained stable, increasing
byonly 0.3 percent, to almost $13.7 billion. Together, thesetwo
countries accounted for almost half of all the income
---paid.to.,foreign-recipients.,
"Iackgoin'd'U.S.-source income of nonresident alien individuals
and;.other foreign persons is reported on Form 1042S,
ForeignPersons' U.S. -Source Income Subject to Withholding.This
income is taxed at aflat, statutory rate of 30 percent(or a lower
tax treaty rate). The income covered by thisarticle includes, but
is not limited to, certain interest,dividends, compensation for
personal services, rents androyalties, retirement payments, and
capital gains. Incomethat is "effectively connected" with a U.S.
trade orbusiness (see "Income Effectively Qbimected with a
U.S.Trade or Business" in the Explana'.tion ofSelected
Termssection), including bank deposit interest, is not subject
towithholding and is not reported on Form 1042S.
Even though income that is exempt from U.S. taxationunder a tax
treaty between the person's country of resi-dence and the United
States, or under a U.S. statutoryexemption (such as.portfolio
intirest),.'is also not subjectto withholding,'it is nevertheless
reported on Form 1042S.Portfolio interest is any interest
(including original issuediscount) which is not derived in the
ordinary course of a
Denise Bori is an economist with the Foreign ReturnsAnalysis
Section. This article was prepared under thedirection of
Chris-Carson, Chief.
trade'or business. According to se~tioh- 871(i) of theInternal
Revenue Code, bank deposit interest(which is -considered to be
portfolio interest if such interest is notderived in the ordinary
course of a trade or businesswithin the United States) is exempt
from withholding.The exemptions from U.S. tax vary under each
treaty. (Aforeign payee may claim an exemption or reduced tax
rateby filing Form 1001, Owhers4ip, Exemption, or ReducedRate
Certificate.)
U.S. individuals or businesses distributing U.S.-sourceincome to
foreign persons are required to withhold taxeson this income, or to
appoint a withholding agent (nor-mally a financial institution) to
do so: The'p'ayer or desig-nated.agent is fully liable for all
taxes owed by the recipi-ent and reports the income paid to each
foreign recipienton a Form 1042S. Without this withholding
requirementthere would be no way to enforce taxpayer
compliancebecause foreign recipients are not required to file U.S.
taxreturns to report this income.
-OataHighlights-,Total U.S.-source income payments to foreign
persons as
. reported on Form 1042S increased by $15. 1 billion to$70.2
billion between 1989 and 1991 (1]. Interest ($47.2billion for 1991)
accounted for $13..9 billion of this,incre
,a
.se, -In-
~aditio7n-t6-itit6r-esi,-~toW--p-ay--rrk-ent-s-a-r'e-'
comprised of dividends, capital,gains, royalties,,rents,
pensions and annuities,, scholarship or. fellowship
compen-sation, compensation for personal services, social
securityand railroad retirement payments, real estate
distributions,and miscellaneous income. The last income category
isused to report U.S.-source fixed or determinable annual'income
that is not reportable under any of the other 'income categories.
Examples of such income are commis-sions, insurance proceeds,
prizes, and racing purses.Miscellaneous income, as shown in the
statistics, alsoincludes'income that taxpayers do not specifically
classifyas being one. type or another.
Figure A,depicts the percentages and Figure B shows
theamounts'of total income attributable to interest, dividends,and
rents androyalties for 1987, 1989, and 1991. During thisperiod
there was a substantial increase in the amount ofinterest paid to,
foreigners ($11.4 billion to $47.2 billion),which raised the
percentage of total income accounted for by1 1,interestTrom'50
percent to 67 percent.
The-lar'ge increase in interest can be explained by~manyfactors.
The Deficit Reduction Act of 1984, which ex-empted most portfolio
interest payments from withhold-ing, enabled U.S. entities to
compete more effectively forfunds in international financial
markets. Also, during the1980's; the U.S. savings rate was one of
the lowest in the
34
-
Foreign Recipients of U.S. Income, 1991
Figure A
Selected Types of Income as Percentages of Total U.S.-Source
Income, 1987-1991
Percentage
Figure B
Dividends
Interest
U.S.-Source Income by Selected Income Type, 1987-1991
r"IInterest LJ Dividends Rents and royalties 35
-
Foreign Recipients of U.S. Income, 1991
industrialized world, about 3 percent of national income[2]. As
a result of these two factors, domestic entitieswere forced to
search abroad for investment ftinds, and asa result, there were
large inflows of foreign capital to U.S.banks to meet the surge in
credit demand. At the sametime, because national savings rates were
considerablyhigher in other countries, foreign countries were able
torespond to the U.S. demand for investment funds. More-over, the
demand for investment funds by U.S. entitiesexerted upward pressure
on interest rates,'Zmaking invest-ment in the United States more
attractive [3]. Foreignholdings of U.S., Treasury bonds and other
bonds, alone,increased to record levels in the late 1980's [4].
Forexample, it is estimated that up to one-third of new issuesof
Treasury securities in 1988, Were purchased by foreignpersons [5].
On the other hand, dividends paid increasedbetween 1987 and 1989
and then decreased slightlybetween 1989 and 1991, while the
percentage of totalincome attributable to dividends decreased
steadily. Rents
-and-royalties;-both-as-an-amount-of income-paid-
and.as-a-percentage of total income, steadily increased over
the1987-1991 period.
For 1991, the total number of Forms 1042S fell 6percent to
1,209,120. The average payment increased to$58,039, -up-36
percent-from.1989. -The average U.S.--taNwithheld (not including
tax withheld by foreign govern-ments and withholding agents) rose
less than I percent to$1,534. For 1991, the average or effective
withholdingrate (tax withheld as a percentage of total
U.S.-sourceincome) was less than 3 percent. However, the
effectivewithholding rate on the $15.5 billion of income subject
towithholding tax was 12 percent, substantially less than the30
percent statutory rate. Reasons for this are discussed inthe Taxes
Withheld section.
Tax TreatiesThe United States participates in tax treaties with
40 of itsprincipal trading partners (Table 1). It should be
notedthat during 1991 the United States exchanged instrumentsof
ratification for new income tax treaties with Finland,Germany,
India, Indonesia,' Spain, and Tunisia [6]. Ofthese six countries,
India, Indonesia, Spain, and Tunisiadid not previously have
treaties with the United States.Thus, in the statistics for
previous years they are includedin the nontreaty country total; in
the 1991 data they areincluded as treaty countries.
The main purpose of tax treaties is to avoid intema-tional
double taxation. tax treaties typically designateprimary taxing
authority to the source country (the coun-try in which the income
is earned), although-this authorityis frequently limited. The
resident country of the recipient
36
is then granted the residual,taxing authority. Tax treatiesalso
generally involve reciprocal reductions in tax rates(or exemptions
in some cases) between the participatingcountries.
Most countries, including the United States, tax theirresidents
on their worldwide income. Residents of thesecountries are
typically -allowed a credit against their"domestic" income tax for
taxes paid to other countries.Certain countries, including a number
in Latin America,tax only that income earned within their borders.
Gener-ally, persons in these countries are granted exemptionsfrom
domestictaxation for any foreign-source income.
Tax treaties reduce the U.S. tax liability for foreignpersons
earning U.S.-source income. Jbis reduction inU.S. tax reverrue is
at least partially offset by the reductionin, foreign
tax,credits.,of U.S. persons- receiving incomefrom,
.and payini
.g taxes to, tr
Ie~aty`countne's. Fewer foreign
tax credits serve to increase the revenue intake of theUnited
States. Another effect of tax treaties is to increaserevenue
through improved compliance programs becauseof the in
orinatione~xchangetNa_texists_amori-g_tre-at5rcountries.
For 1991, persons in treaty countries received 84 per-cent of
total U.S.-source income payments to foreign
_pqrsons, while accounting for 80 percent of the total U.S.Th-e
-_ -_ - --- - - -_ tri - -_tax withheld on these payments.
nontreaty coun es
which received the largest amounts of U.S.-source incomewere
Bermuda, Hong Kong, Mexico, and Singapore(Table 2). Figure C
compares income, U.S. tax withheld,and effective U.S. tax rates for
treaty and nontreaty coun-try recipients for 1991.
_ Figure C
Total U.S.-Source Income, U.S. Tax Withheld, andEttective U.S.
Tax Rates for Treaty and NontrealtyCountrie
-s,_1991
[Money amounts are in millions of dollars]
Effective U.S.Treaty Total U.S.- U.S. tax tax ratestatus source
income withheld I (col. 2 / col. 1)
(percent)(2) (3)
All countries .......... . ...... .. 70,176 1,855 2.6Treaty
countries............ 61
1559 1,500 2.4
Nontreaty countries ............... 8,617 355 4.1
1 Excludes small amounts of U.S. tax withheld by foreign
governments and withholding
agents.
Types of IncomeFor 1991, interest payments (excluding bank
depositinterest) reported on Forms 1042S increased by 42 percentto
$47.2 billion, accounting for 67 percent of the totalU.S.-source
income paid to foreign persons. For 1989,
-
Foreign Recipients of U.S. Income, 1991
interest comprised 60 percent of total U.S.-source incomeand
amounted to approximately $33.3 billion. Dividendpayments, the
second largest type of payment, decreasedby 21 percent to $11.6
billion. As a result dividendsaccounted for only 16 percent of
total income for 199 1,down from 26 percent for 1989. Miscellaneous
incomealmost doubled, from $2.3 billion in 1989 to $4.3 billionin
199 1. Compensation for personal services alsodoubled, to $1.7
billion from $0.8 billion. Rents androyalties increased by 50
percent to $3.9 billion for 1991.Retirement payments increased 10
percent, totaling almost$1 billion. These payments included social
security andrailroad retirement benefits. Figure D details 1991
incomeand tax information for the different types of income.
Figure D
U.S.-Source Income and U.S. Tax Withheld, by Type ofIncome,
1991fMoney amounts are in millions of dollars]
IncomeTotalU.S.-
sourceincome
U.S. taxwithheld'
PercentageOf U.S.
taxwithheld
-M4
Effective U.S.tax rate
(col. 2 / col. 1)(percent)
(1) (2) 3 1A%
All Income types 70,176 1,855 1W 2.6Interest
............................ 47,231 331 18
0.7Dividends........................ 11,555 1,206 65 10.4Rents and
royalties 3,926 151 8 3.8Social security and
railroad retirementpayments..................... 983 85 4
8.6
Compensation forpersonal services 1,651 31 2
1 -9
Capital gains.................... 77 1 (2) 1.3Pensions and
annuilies... 138 7 (2) 5.1Scholarships and
fellowships .................. 309 14 1 4.5Real estate
distributions- 47 14 1 29.8Miscellaneous................. 1 4,258 1
15 1 1 1 0.4
IExcludes small amounts of U.S. tax withheld bV foreign
governments and withholding
agents.2 Less than 0.05 percent
NOTE: Detail may not add to totals because of rounding.
Type of RecipientForeign corporations received 76 percent of the
U.S.-sourceincome paid in 1991, while accounting for 68 percent of
theU.S. tax withheld. U.S.-source income paid to
corporationstotaled almost $53.5 billion, an $11.9 billion increase
fi-om1989. Figure E presents percentages of total income andU.S.
tax withheld by type of recipient.
In Figure E, tax withheld on corporations is low incomparison to
the income earned by corporations (68versus 76 percent of the
totals for all recipients) because78 percent of the income
distributed to corporations wasexempt from U.S. taxation,
principally because of varioustax treaties involving interest
income, which made up 69
percent of the income distributed. Thus, only I percent ofthe
income distributed to corporations was taxed at themaximum rate of
30 percent. In addition, "direct invest-ment dividends" (i.e.,
those dividends paid on a parentcompany's return on investment in a
subsidiary or otheraffiliate) were subject to a lower tax rate
under some taxtreaties than were portfolio dividends.
Individuals, in contrast to corporations, show a
higherpercentage of total taxes withheld relative to total
income.Just 57 percent of the income distributed to individuals
wasexempt from U.S. taxation and 26 percent of this incomewas taxed
at the maximum rate of 30 percent. Moreover,individuals received 43
percent of their income in theform of retirement benefits and
dividends, two of theincome types taxed at the highest effective
rates, and notordinarily covered by tax treaties.
Foreign governmental organizations received $2,568.6million in
U.S.-source income during 1991, but less than$0.5 million in taxes
was withheld on this income. Thiswas because income paid to these
organizations waslargely exempt from U.S. taxation. In 1989, the
tax with-held was almost $19.8 million on income of
$1,535.8million. For 1991, most income received by these
govem-mental organizations was in the form of interest (77
per-cent). Figures F and G show the countries whose govem-mental
organizations received the most income and ac-counted for the most
U.S. tax withheld, respectively.
Counby of RecipientFor 1991, persons in nine countries received
total pay-ments of more than $1 billion each. These
countriesrepresented 80 percent of the total U.S.-source
incomereported on Form 1042S and almost 73 percent of the totalU.S.
taxes withheld. Figure H ranks income and taxinformation for these
countries according to the size ofincome totals.
Persons in these nine countries had an aggregate effec-tive U.S.
tax rate of 2.4 percent. The effective U.S. taxrates of persons in
these countries, however, varied be-tween 0.8 percent and 3.8
percent. This variation can bestbe explained by differences in tax
treaty provisions anddifferences in U.S. taxability of certain
types of income.
For 1991, Japan received more U.S.-source income thanany other
country. Japan also received the most incomeduring the 1987-1991
period (with the exception of 1989when the United Kingdom received
slightly more thanJapan). Payments to Japanese residents increased
by 51percent from 1989 to a total of $19.8 billion. Most of
thisincome, $13.6 billion, was interest paid to
corporations,including banks. Japan accounted for more than 28
per-cent of the total income paid to foreign recipients. The
51-percent increase may be explained, in part, by the sharp 37
-
Foreign Recipients of U.S. Income, 1991
Figure E
Total U.S.-Source Income and U.S. Tax Withheld, by Type of.
Recipient, 1991
Total U. S.-Source Income
All other(10.2%)
Individuals1 (4.8%)
Government,(3.70/6)._,_,
Nominees and fiduciaries1 (5.20/6)
$70.2Billion
Corporations(76.10/6) ' "
ITotal U.S. Tax Withheld'
$1.9Billion
Corporations68.4%
Excludes small amounts of U.S tox withhold by foreign
governments and withholding agents.
-
Foreign Recipients of U.S. Income, 1991
Figure F
U.S.-Source Income and U.S. Tax Withheld for CountriesWhose
Governments Received the Most U.S.-SourceIncome, 1991[Money amounts
are in thousands of dollars)
Selected countryor geographic
area
U.S.-source incomereceived by foreign
govemment organizations
U.S.tax
withhold
All countries! ....................United Kingdom
.....................
Singapore ..............................Spain
.....................................
Sweden .................................United Arab
Emirates............MexioD ...................................
Kuwait....................................
I Includes countries not shown separately.21-ess than $5DO.
Figure G
2,568,607487,331358,033346,733265,759263,085173,669134,683
4482
2
(2)
U.S-Source Income and U.S. Tax Withheld for CountriesWhose
Governments had the Most U.S. Tax Withheld, 1991[Money amounts are
in thousands of dollars]
Selected countryreceived by foreign tax
withheld
U.S.-source income U.S. ,or geographic
area
All countries'.......................British Virgin Islands
.................Cayman
Islands........................Germany...................................Saudi
Arabia .............................Bahamas
..................................Australia....................................Taiwan
......................................
government organizations
2,568,6077,137
35644,65750,8553,272
34,5292,249
1 Includes countries not shown separately.
Figure H
"S133838056292712
U.S.-Source Income and U.S.Tax Withheld forCountries Whose
Residents Received the Most U.S.-Source Income, 1991[money amounts
are in millions of dollars]
Selected countryor geographic
area
TotalU.S.-source
income
Percentageincrease
from 1989
U.S.tax
withheld'
EffectiveU.S. tax
rate(col. 3 / col. 1)
(percent)(1) (2) (3) (4)
All countries ................ 70,176 275 1,855 2.6Japan
............................... 19,843 51.4 474 2.4United Kingdom
............... 13,677 0.3 334
2.4Canada............................ 4,789 14.1 133
2.8Netherlands..................... 4,483 5.1 95
2.1Switzerland...................... 3,535 12.8 136 3.8France
............................. 3,188 66.6 78 2.4Netherlands Antilles
2,637 6.9 22 0.8Germany.......................... 2,529 2.1 54
2.1Belgium ............................ 1314 50.3 22 1.7Other
countries................ 14:181 1 58.1 1 507 1 3.6'Excludes small
amounts of U.S. tax withhed by foreign governments and
withholding
agents.
increase in Japanese investments in the United States inrecent
years, in the form of both securities and directinvestment,
especially the latter [7].
Although the United Kingdom experienced only aslight increase in
U.S.-source income received from 1989to 1991, the total was the
second largest in 1991 in com-parison to other foreign countries.
In 1991, nearly $13.7billion in income was paid to recipients in
the UnitedKingdom ($10.3 billion was received by corporations),$7.8
billion of which was interest. Figure I displays thepercentage of
income and taxes by income type for Japa-nese and United Kingdom
recipients.
Taxes WithheldFor 1991, the U.S. tax withheld amounted to nearly
$1.9billion on U.S.-source income of $70.2 billion. Thistranslates
to an effective tax rate of 2.6 percent. Theoverall effective tax
rate was much lower than thestatutory U.S. withholding rate of 30
percent for a numberof reasons, some of which have previously been
men-tioned:
• tax treaties allow for lower tax rates on certain typesof
payments made to residents of treaty countries;
• under a statutory exemption, U.S.- source incomepaid to
foreign governmental organizations isgenerally not taxed (although
it must still be reportedon Form 1042S);
• most U.S.- source income paid to foreign privatefoundations is
taxed at a 4 percent rate;
• the effective tax rate for social security and
railroadretirement benefit payments is 15 percent, becauseonly half
of these payments is subject to the full 30percent statutory
withholding rate, while the otherhalf is not subject to the
withholding tax; and
• the Tax Reform Act of 1984 rescinded the withhold-ing tax on
most interest, especially portfolio interest.However, this interest
income (except bank depositinterest that is effectively connected
with a business)must still be reported on Forms 1042S.
These factors result in considerable variation amongcountries
(as well as among types of recipients and typesof income paid) in
terms of the effective U.S. withholdingrate (tax withheld as a
percentage of total income paid).
Seventy-eight percent (or $54.7 billion) of the $70.2billion of
total U.S.-source income reported on Form1042S was exempt from
taxation. Most of this wasinterest. Because of tax treaties, only
$1.9 billion of the$15.5 billion of income subject to taxation was
taxed at 39
-
Foreign Recipients of U.S. Income, 1991
Figure I
Total U.S.-Source Income and U.S. Tax Withheld, Japanese and
United Kingdom Recipients, by IncomeType, 1991
I Japanese Recipients
All other(7.99/6)
$19.8Billion
Interest77.2%
Dividends(34.9%)
$0.5Billion
.Interest .(42.9%
I United Kingdom Recip!
C__U_.S_Ta_xW_1thhe_1d_1
InterestPersonal (I.Cr/.)
lExcludes small amounts of U.S. tax withhold by foreign
governments and withholding agents.
NOTE: Detail may not add to totals because of rounding.
U.S. Tax Withheld'
Personal services Personal services
Dividends (3.2%)(6.5%)
Rents and royalti
C_U_.S_-S_o_urce-in-come-_~)
All other
(0-90/6)
-
Foreign Recipients of U.S. Income, 1991
the 30 percent statutory rate. This wasjust 2.8 percent ofthe
total U.S. source income. Figure J shows the countrieswith the
highest and lowest effective tax rates for 1991(for countries with
total U.S.-source income of $10 mil-lion or more).
Sixty-eight percent of the total U.S. tax withheld on
Figure J
Countries With Total U.S.-Source Income of $10 Millionor More
and With the Highest and Lowest Effective TaxRates, 1991[Money
amounts are in thousands of dollars]
Selected country orgeographic area
South Africa ...............Liechtenstein
..............Philippines ..................Turks and CaicosIslands
.....................
Panama ......................Argentina....................Brazil
..........................Greece... ....................Mexico
........................Jersey (ChannelIslands)
...................
South Korea ...............Kuwait
........................Netherlands
AntillesChina..........................Singapore
...................Finland .......................Puerto
Rico................United Arab Emirates.Brunei
.........................
I Excludes small amounts of U.S. tax withheld by foreign
governments and withholdingagents.2 Less than 0.05 percent.
foreign recipients was for income paid to corporations,compared
to 13 percent for individuals and 8 percent fornominees and
fiduciaries. About 64 percent of taxeswithheld for corporations was
for dividend payments. Ofthe $1.3 billion in U.S. tax withheld on
income paid tocorporations, approximately half was accounted for
byJapan ($0.4 billion) and the United Kingdom ($0.2 bil-lion).
For 1991, about $239 million in U.S. tax withheld wason income
paid to foreign individuals. Recipients inMexico, Canada, and
Germany accounted for more U.S.taxes than persons in other
countries. Taxes withheld onindividuals in Mexico totaled $35
million. Almost $26million of that amount was withheld on social
securitybenefits, although only half of the amounts paid were
U.S.-sourceincome
w
12,41562,14789,656
10,977304,14040,61130,51573,743
526,974
106,046
58,962184,063268,553
2,636,663137,642561,189207,449102,178406,951
87,448
U.S. taxwithheld 1
_L21Highest effective tax
1,6637,661
11,010
1,34835,426
4,1432,8846,483
42,765
8,348Lowest effective tax rate
6821,5432,227
21,710913
3,7501,139
474571
15
Effective U.S.tax rate
(col. 2 / col. 1)(percent)
431rates
RI
13.412.312.3
12.311.610.29.58.88.1
7.9
1.2
0.8
0.8
0.8
0.70.7
0.5
0.5
0.1(2)
subject to withholding. Of the $26 million in tax withheldon
Canadian individuals, almost $9 million was on divi-dends. Of the
$20 million withheld on German individu-als, almost $11 million was
for dividends.
U.S. taxes withheld on foreign governmental organiza-tions
totaled almost $450,000. The effective tax rates forthese
organizations was less than 0.05 percent, reflectingthe fact that
organizations of this type were generallyexempt from tax under the
Internal Revenue Code. Sixtypercent of these taxes were withheld on
dividend pay-ments. Governmental organizations in the British
VirginIslands had the largest amount of U.S. tax withheld,$133,000,
mostly on interest payments. The effective taxrate for payments to
governmental organizations in theBritish Virgin Islands was 1.85
percent. Ecuador, anontreaty country, was the only country for
which U.S.tax withheld on payments to governmental organizationswas
computed at the maximum 30 percent rate.
SummaryU.S.-source income paid to foreign recipients
totalednearly $70.2 billion in 1991. U.S. tax withheld on
thisincome amounted to nearly $1.9 billion. Recipients inJapan and
the United Kingdom accounted for almost 50percent of U.S. income
paid to foreign persons.Foreign corporations received more income
($53.5 billion)and had more U.S. tax withheld (almost $1.3 billion)
than allother recipient types combined. Interestpayments
accountedfor 67 percent of all income distributed, while tax on
divi-dends accounted for65 percent of the total U.S. tax
withheld.
Data Sourm and LimitationsPayers (or their authorized
withholding agents) of mostU.S.-source income to foreign persons
must withhold taxin accordance with the Internal Revenue Code.
Form1042S, Foreign Persons' U.S. - Source Income Subject
toWithholding, is filed by the payer to report this incomeand the
U.S. tax withheld on it. Often a financial institu-tion acts as the
payer's withholding agent.
The statistics in this article were tabulated by calendaryear,
based on all Forms 1042S filed with the InternalRevenue Service in
1991. The data reflect the income thatwas paid and the U.S. tax
that was withheld in 1991,except for U.S. tax withheld by foreign
governmentalorganizations and their withholding agents. In a
fewcountries, under treaty provisions, tax is withheld byforeign
governmental organizations (or other authorizedentities) for income
paid to foreign nominees and fiducia-ries if the ultimate recipient
is unknown. The purpose ofsuch tax withholding is to prevent
persons in nontreatycountries from reaping treaty benefits by
indirectly chan-nelling their income through a treaty country. When
the 41
-
ultimate recipient is.not entitled to the treaty benefits,
the.foreign governmental organization (or withholding agent)remits
the tax withheld back to the United States... This,,additional tax,
therefore, is not.generally attributable tospecific income years.
F6r this reason, the statistics inTables I and 2 do. not, include
tax withheld by foreigngovernmental or2aniz,ations and foreign
withholdingagents (except for Canada, which remits its tax
paymentsduring; the same calendar year in which the U.S. income
ispaid'"d which is, therefore, treated
Ias if it were a domes-
tic withholding agent for purposes of these stati.stics)~
Thetaxes'received during 1991 from foreign
governmentalorganizations are shown in Figure K.
Figure K
Foreign Recipients of U.S. Income, 1991
U.S. Irax Withheld by Foreign Governments andWithholding Agents
Puring 1991[Money amounts are in thousands of dollars]
Country orgeographic area,
U.S. tax withheld by foreigngovernments and
withholding agents -
All countries, total...............................
Treaty countries, total........... . .................
Austria ............................................... ...
be-Igium
......................................................_.
France
......................................................
Luxembourg................................. 7 ..........
Netherlands......................... ...........
Switzarland ................. ........................... 7.
United Kingdom .......................... : ...........
Nontreaty countries ........... .............
82,3268.2,326
220-4,343'-
7354,648,
85169,558
1,971
Because all Forms 1042S are included in the statistics,the data
are not subject-to sampling error. However, ft.:datar are subject
to nonsampling error, such as computerdata entry errors and minor
taxpayer reporting errors. Alimited computerized program was used
to~test the d~ta forcertain basic numerical relationships;
including the calcu-lation of the correct tax withheld, but the
possibility oferror was not completely eliminated. , In addition,
Forms1042S with income greater than $2 million were
manuallyverified.
Explanation of Seleded Terms . ~Foreign Persons.- For purposes
of this article, foreignpersons include: (a) individuals whose
residence is notwithin the United States and who are not U.S.
citizens;and (b) corporations and other organizations
(includingpartnerships, private foundations, estates, and
trusts)created or organized outside the United States. Also,
forpurposes of this article, persons residing in Puerto Ricoand
U.S. possessions are considered foreign persons..42
Income Effectively Connected withl.al U.S. Trade orBusiness.-
Income that-is "effectively connected" with aU.S. trade or business
isexempt.from the withholding. taxrequirements. This income is
taxed at the ordinary gradu-ated U,S. rates, in the same manner
asany other incomepaid to U.S. citizens and residents. Foreign
corporations~ind
'ividuals) must report such *income on a Form I I20F,
U.S. Tax,Return of aForeign Corporation (Form 104ONR,,U.S.
Nonresident Alien Income Tax Return). Effectivelyconnected income
may be erroneously reported on Forms1042S, but the extent of its
inclusion in the statistics isbelieved to be insignificant although
unknown.
Nominee and Fiducia]ry.-Anenitity chosen or ap-.pointed to
accept income.for the eventual recipient of theincome.' Typically,
a financial institution acts as a n
.omi-
nee or fiduciary. A nominee differs"from a fiduciary inthat a
nominee has little or no freedom to exercise judg-ment or control
over income received.
Withholding Agent.- A withholding agent is
anyperson-or-entity-required-to-withhold
itaxes.-Usually-thewith-
'holding agent is the payer of the income or an entity(normally
a financial institution) acting on behalf of thepayer (see the
Background section).;
Notes and References[11 Statistics on foreign recipients of U.S
income are
compiled yearly. Because of an error uncovered inthe 1990 data
published in the Spring 1993 issue ofthe Statistics ofIncome
Bulletin, 1989 data are usedfor comparison purposes in this
article. Arevision ofthe 1990 data will be included in a subsequent
issueof'the Bulletin.
"Whatever happened to saving?," The Economist,
[31
February 3-9, 1990, p. 13.
Miller, Randy, "Foreign Recipients of , U.S. Income,1989,"
Statistics of Income Bulletin, Spring 1992,Volume 11, Number
4.,
[4] $cho 11, Russell B., "The Investment Position of theUnited
States in 108
.9,7 Survey of Curre'nt,Business,
U.S. Department of Commerce, Bureau of EconomicAnalysis, June
1990, p. 58.
15] Scholl, Russell B., "The Investment Position of theUnited
States in 1988," Survey of Current Business,U.S. Department of
Commerce, Bureau of EconomicAnalysis, June 1989, p. 44.
[6] U.S. Department of the Treasury, Internal RevenueService,
U.S. Tax Treaties (Revised November1991), Publication 901.
[7] Scholl, Russell B., op. cit.
-
Foreign Recipients of U.S. Income, 1991
Table 1.-Forms 1042S: Number of Returns, Total U.S.-Source
Income, and U.S.Tax Withheld, Tax TreatyCountries and Total Non-Tax
Treaty Countries[Money amounts are in thousands of dollars]
U.S.-source incomeCountry or Number of Exempt Subject U.S.
tax
geographic area Forms 1042S Total from U.S. tax to U.S. tax
withheld 1withholding withholding
(1) (2) (3) (4)
(5)Total..............................................................................
1,209,120 70,176,989 54,707,295 15,468,694 1,854,617
Treaty countries, total....................................
.................... 679,289 61,559,111 47o517,742 14,041,369
1,499,574Australia
............................................................................
16,780 830,000 541,624 288,376
22,026Austria...............................................................................
6,285 233,946 209,793 24,153
3,716Barbados...........................................................................
890 62,254 52,857 9,397 1,495Belgium
.............................................................................
11,001 1,314,487 1,146,357 168,130 22,195Canada
..............................................................................
314,523 4,789,064 3,814,077 974,987
133,214China.................................................................................
16,442 137,642 127,797 9,845
913Cyprus...............................................................................
1,065 9,875 8,425 1,450 192Denmark
...........................................................................
3,649 337,330 301,175 36,155 3,946Egypt
.................................................................................
2,273 15,731 13,368 2,363
326Finland...............................................................................
1,844 207,449 194,316 13,133
1,139France...............................................................................
22,885 3,188,708 2,411,202 777,506 77,824Germany
............................................................................
103,323 2,528,641 2,141,629 387,012 54,499Greece
...............................................................................
16,248 73,743 33,929 39,814
6,483Hungary.............................................................................
849 11,681 9,306 2,375 308Iceland
...............................................................................
227 656 275 381 45India
...................................................................................
5,800 35,402 20,936 14,466 2,166Indonesia
...........................................................................
2,019 14,433 11,566 2,867
433Ireland...............................................................................
8,954 418,420 361,826 56,594
10,2112Italy....................................................................................
36,609 685,770 552,567 133,203 16,880Jamaica
.............................................................................
2,908 11,988 2,936 9,052
1,189Japan.................................................................................
76,542 19,843,166 15,500,348 4,342,818 474,440Luxembourg
.......................................................................
3,187 851,852 705,359 146,493
36,481Malta..................................................................................
733 2,931 2,269 662 105Morocco
.............................................................................
872 4,613 3,943 670 115Netherlands
......................................................................
13,835 4,483,110 3,337,206 1,145,904 94,627Netherlands Antilles
........................................................... 3,683
2,636,663 2,563,824 72,839 21,710New Zealand
.....................................................................
3,365 19,301 12,014 7,287
1,036Norway..............................................................................
7,228 107,889 87,014 20,875 3,166Pakistan
.............................................................................
3,801 21,923 15,445 6,478 337Philippines
.........................................................................
24,531 89,656 17,433 72,223
11,010Poland...............................................................................
3,445 21,074 8,270 12,804
1,815Romania............................................................................
273 1,652 1,452 200 49South
Korea.......................................................................
4,395 184,063 172,146 11,917 1,543Spain
.................................................................................
11,590 509,610 439,154 70,456
10,085Sweden.............................................................................
8,486 633,941 517,009 116,932 13,777Switzedand
........................................................................
24,850 3,535,32-2 2,094,060 1,441,262 135,546Trinidad
andTobago..........................................................
1,308 4,865 1,643 3,222 540Tunisia
...............................................................................
244 3,528 2,955 573 67United
Kingdom.................................................................
109,877 13,677,374 10,062,802 3,614,572 333,563USSR
................................................................................
2,470 19,358 17,435 1,923 361
Nontreaty countries, total
................................................... 329,831 1
8,616,878 1 7,189,553 1 1,427,325 1 355,043Excludes small amounts
of U.S. tax withheld by foreign governments and withholding
agents.NOTE: Detail may riot add to totals because of rounding.
43
-
Foreign Recipients of U.S. Income, 1991
Table 2.-Forms 1042S: Number of Returns, U.S. Tax Withheld, and
U.S.-Source. Income, by Principal Types ofIncome, Selected
Reciplen
[Money amounts are in thousands of dollars]
Selected country orgeographic area and
selected recipient type
All countries, total.........Individuals.................
Corporations .. ...... . ..Argentina ........................
:
Individuals........................
Corporations ................
Australia ...............................
Individuals........................Corporations
.....................
Austria .................................
Individuals ........................
Corporations .....................
Bahamas..............................
Individuals ........................
Corporations.....................
Bahrain.................................
Individuals..................... :..
Corporations.....................
Barbados..............................
Individuals........................
Corporations .....................
Belgium................................
Individuals ........................
Corporations .....................
Bermuda...............................
.......... -
Corporations.....................
Brazil....................................
Individuals........................
Corporations.....................
British Virgin Islands.............
IndividuaLs........................
Corporations .....................
Canada .................................
Individuals ........................
Corporations ................
Cayman Islands...............
Individuals ....................
Corporations ................
China....................................
Individuals........................
Corporations....................
Denmark ..............................
Individuals........................
Corporations .....................
Ecuador................................
Individuals ........................
Corporations .....................
Finland ..................................
Individuals ........................
Corporations .....................
France ..................................
Individuals........................
Corporations.....................
Germany...............................
Individuals........................
Corporations .....................
Footnotes at end of table.
Number ofForms 1042S
(1)
20
'622,66110,164
18016,779
13,7851,3646,21153,4511,9144,5791,8891,746
69551031-
890677124
11,0019,035
7163,250
_-_ -11307---878
6,7075,704
239509
6903,619
314.523276,216
160954:747
7972,69016,44215,727
126
3,6493,134
2653,1192,771
1021,8441,463
22122,59217,7102.488
103,32391,5073,642
U.S. taxWthheld
M
1,854,617238,875
1,268,5704,1432,859
76628,2803,048
15,3253.7161,1831,691
22,9202,234
17,0231.611
91--660-
1,495271.
1,13422,1952,191
16,80925,386
___854----19,7002,884
2.065550
13,788633
8,560133,21426,14593,19028,241
1,46320,963
913816
403,946
8472,1382,3411,0711,204
1,139474582
77,8249.874
52,37654,499
20,83025.828
TotalU.S.-source
income
70,176,989
3,347,65253,498A%
40,61130,277
4.979830,0002=30
614,020233,946
11,956174,508394,33020,555
309,69178,884
1,146-----48.006-
62.254
2,26830,009
1.314,48722,588
527,590718,364
368,16130.51517,0474,620
451,0199,878
315,603
4,789,064477,194
3,783,858903,391
18,503722,302137,642101,89628,897
337,3307,853
210,417
17,75411.1535,579
207,4496,135
138.2163,188,129
168,3402,645,4062,528,641
277,8031,924,910
Interest
M
47,230,787783.795
36,886,62721,57615,183
3,015502,502
1,334,36766,491,558
196,4551,111
154,495
308,66912.488
244.17969,605
77944,67652,214
7322,340
924.6315.244
205,628572,430
- --7;196 -1246,290
165,1323.201
385,6836,329
276,0242,816,897
29,8302,592,056
794,01912,963
638,986
30,655696
25,643267,711
612160,786
5,0062,6211,580
171,057987
119,0791,724,2134
23,5351,482,3161,632,574
106,3231,267,642
Principal types of U.S.-source income
DividendsRentsand
royalties
Social securityand railroad -
retirement payments
_C51-
11,555,120
465,2678,254,258
5,8104,176
578136,543
5,04959,40317,672
1,97110,84678,9425,272
62,6187,799
3011,9406,343
1785,997
102,4404,373
68,39984,337- 1;492 ---63,8143,5172,727
42956,290
2,18438,735
1,010,90358,987
651,16786,0644,692
61,9061,207
730218
18,121769
11,108
5,1631,0333.982
10,326146
9.696558,59673,296
375,911341,57578,410
215,081
L61
3,926,292135,342
3,590,510601149
27318,846,593
2,46017,588,092
2,854
1402,3571,2D8
21,195
2221
1,39527,321
7,362
6,953914
184453
35252
)164,78621,092
131,921108,207
348278149113
421,076
9617,027
4230
1,68141
1,497274,733
10,269253,680368,748
11,887343,042
M
983,970983,970
5,3135,313
5.4875,487
3,4863,486
765765
8
8
1,5981,598
2,5272,527
596- -596
3,6683,668
238,549238.549
i-
358358
155155
3,697
3,697
4,603
4,6D3
2,1092,108
13,86813,868
40,90540,905
Personal'Servicesincome
80
1,651,273
430,8031,141,825
1,6981,012
(2)
14,&383,3679,8523,0771,790
14681306301
1,122
1.12232
17,9083,898
13,39623,583
22,9762,2621.634
2491,1581,158
122,33955,18155,322
122,33911
26971,52769.762
4,660. 7533,754
14183
5,268872
4,077163,38233,071
127,953
12,7418,257
44
-
Foreign Recipients of U.S. Income, 1991
Table 2.--Forms 1042S: Number of Returns, U.S. Tax Withheld, and
U.S.-Source Income, by Principal Types ofIncome, Selected Recipient
Types, and Country of Recipient-Continued[Money amounts are in
thousands of dollars)
Selected country or Total Principal types of U.S.-source
i.noome
geographic area and Number of U.S. tax U.S.-source Rents Social
security Personalselected recipient type Forms 1042S withheld
income Interest Dividends and and railroad services
royalties retirement payments Income(1) (2) (3) (4) (5) (6) (7)
(8)
Gibraltar ................................ 197 424 33,611 23,876
1,369 1 13 (2)Individuals ........................ 60 27 136 34 89
(2) 13 -Corporations ..................... 74 142 32,025 23,216
422,098 - - -
Greece.................................. 16,248 6,483 73,743
18.856 3,997 101 33,911 2,045Individuals ........................
15,354 6,084 47,331 2,191 2,679 93 33,911 2,014Corporations
..................... 162 124 23,230 14,482 416 (2) - (2)
Guernsey (ChannelIslands) ............................. 516
5,250 143,803 126,230 17,535 (2)
-Individuals........................ 72 134 3,861 3,598 260
-Corporations..................... 280 4.614 116,124 1 OD,996
15,124 2 ) - -
Hong Kong............................ 18,757 24,282 692,292
497,367 49,288 2,024 4,043
19,895Individuals........................ 14,251 5,437 31.740 9,918
13,560 758 4,043 473Corporations..................... 2.037 12,298
488.896 338,442 13,822 1,251 - 18,817
India ...................................... 5,800 2,166 35.402
5,739 1,385 261 773 10,100Individuals ........................
5,299 1,862 26,490 918 765 so 773 7.573Corporations
..................... 64 202 6,422 3,063 474 205 - 2,264
Indonesia .............................. 2,019 433 14,433 8.112
1,217 9 48 1,911Individuals ........................ 1,789 368
6,591 852 924 8 48 1,783Corporations ..................... 58 16
6,926 6,768 46 - - 65
Ireland ................................... 8.954 10,212 418,420
305,013 36,838 24,575 9,159 22,565Individuals
........................ 8,084 1,879 32,227 795 1.910 1,063 9,159
17,342Corporations ..................... 355 4,160 260,119 203,460
11,791 22,997 - 4,658
Israel ..................................... 8,045 3,984 62.360
35,148 5,OD2 612 4,187 11,534Individuals ........................
6,508 2,751 25,515 4,364 2,139 333 4,187
8,987Corporations..................... 265 639 27,973 24,405 1,291
75 - 1,985
Italy....................................... 36,609 16,880
685,770 425,553 57,082 41.346 97,274
15,410Individuals........................ 34,498 2,751 131,331
3,943 4,739 1,125 97,274 8,297Corporations.....................
1,056 12,072 479.223 363,195 42,328 35,986 - 4,743
Japan.................................... 76,542 474,440
19,843,166 15,316,342 1,288.514 1,032,935 12,621
631,502Individuals........................ 44,889 5,732 177,960
50,066 8,394 15,111 12,621 66,474Corporations.....................
8,T73 424,055 17,371,174 13,604.748 1,023,991 989,104 - 563,026
Jersey (ChannelIslands) ............................. 803 8,348
106,046 79,848 24,524 162,925 6 (2Individuals
........................ 112 85 675 356 192 38 6 2Corporations
..................... 352 5,198 74,896 60,669 13,158 7 - -
Kuwait ................................... 1,480 2,227 268,553
206,345 56,961 12 - 5,063Individuals ........................ 1,049
446 4,168 2,478 772 12 - 835Corporations ..................... 188
1,354 75,765 64,006 7,456 2 ) - 4,228
Liberia ................................... 1,268 12,468 171,579
126,042 40,340 327 24 2Individuals ........................ 358 499
3,504 1,597 1,Z79 - 24 -Corporations ..................... 636
2,759 74,733 63.565 9,179 327 - -
Liechtenstein ........................ 1,605 7,661 62,147 36,677
19,998 3,391 9 1,039Individuals........................ 324 816
8,775 5,781 2,910 2 9 7Corporations..................... 744 4,272
27,550 14,387 8,421 3,362 - 588
Luxembourg ......................... 3,187 36,481 851,852
701,762 147,145 15 175 1,160Individuals........................ 730
401 4,644 1,814 1.608 6 175 702Corporations.....................
1,113 21,684 545,810 458,707 85,698 9 - 448
Malaysia............................... 2,616 404 23,492 21,115
1,Z71 27 20 172Individuals........................ 2,390 259 1,705
95 538 22 20 157Corporations..................... 69 8,156 13,915
13,634 279 2 - -
Mexico.................................. 83.742 42,765 526,974
283,902 17.867 12,648 178,826 12,674Individuals
........................ 79,182 35,064 271,372 54,352 8,777 3,972
178.825 6,467Corporations ..................... 1,026 4,376 48,172
32,280 7,207 4,978 - 1,997
Netherlands.......................... 13,835 94,627 4,483,110
3,095,963 1,052,268 263,856 6,318 10,035Individuals
........................ 9,644 4,062 36,111 3,919 11,521 1,686
6,318 7,894Corporations ..................... 2,013 65,837
3,944,716 2,815,211 838,604 252,274 - 1.176
Netherlands Antilles............. 3,683 21,710 2,636,663
2,357,878 77,626 176,151 477 8,835Individuals
........................ 1,454 2,139 11,269 3,471 6,806 19 477
139Corporations ..................... 1,346 14,597 2,396,531
2,144,571 53,232 175,776 - 8,623
New Zealand ........................ 3,365 1,036 19,301 11,666
3,751 766 434 627Individuals........................ 2,832 463
4,084 328 1.048 551 434 319Corporations .....................
1150
1 174 1 4.156 2,999 383 173 -(2)
Footnotes at and of table.
45
-
Foreign Recipients of U.S. Inicome, 1991-'
Table 2.--Forms 1042S: Number of Returns, U.S. Tax Withheld, and
U.S.-Source Income, by Principal Types ofIncome, Selected Recipient
Types, and Country of Recipient--Continued
[Money amounts are in thousands of dollars]
Selected country orgeographic area and
selected recipient type
Nigeria ..................................
Individuals ........................Corporations
.....................
Norway
.................................Individuals........................
Corporations.....................
Panama. ...............................
Individuals..:.....................
Corporations..................
Philippines............................
Individuals........................
Corporations.....................
PortugaL! .............................
Individuals ........................
Corporations.....................
Puerto Rioo...........................
Individuals ........................
Corporations .....................
Saudi Arabia.........................Individuals
........................
CorpRrations .....................
Singapore .............................
Individuals........................
Corporations......................
South Africa .........................
Individuals ........................
-Corporations ................... .
South Korea..........................
Individuals ............ ;...........
Corporations ............. :
Spai n....................................
Individuals..: .....................
Corpor ions .....................- at ZSweden
.................................
Individuals.: .... :.............
Corporations ..............
Switzerland ...........................
Individuals-: .....................
Corporations .....................
Taiwan..................................
Individuals ........................
Corporations .............
Thailand ..................
Individuals ........................
Corporations .....................
Turks and Caloos
Islands..............................
Individuals........................
Corporations.....................
United Arab Emirates...........
Individuals........................
Corporations .....................
United I(ingdom....................
Individuals ........................
Corporations .....................
Venezuela.............................
Individuals ........................
Corporations .....................
Number ofForms 1042S
1.0079Z727
7.2286,519
3248,6702,9514,236
24,53123,882
1478,5508,266
1316,6945,932
325
6,08041758
5899,7828,556
4623,5163,168
4,3954,053
16811,59010,329
4828,4867,524
438.24,850
.14,1716,201,8,5917.523
2571,9271,768
3.2
27043
1501,4091.224
so109,07
85,07111,3118,927
7,434509
U.S. taxwithheld
J21
.68232~s346
3,1662,2D1
740
35,4261,867
22,50811,01010,829
794,1263,999
62474200200
20,924
4,629
3,750935
2,4411,6631,243
1,543595900
10,0853,7265,092
13,7773,9059,141
135,5467.260
90,056
3,4502,375
750
569517
is
1.34874
1,253571231306
333,56312,656
243,8993,2012,318
373
. TotalU.S.-source
income
58,9622,718
53,218107,889
25,79270,247.
304.14017,886
225,38289,65677,962
1,624121,897
27,56412,567
102,178
1,03891,873
373,667-
12,671-126,349561,189
7,512.143,95312,41510,560
__ 706---184,063
17.51169,636
509.61028,665
111,724633,941
35,065311,677
3,535,322108,184
.2,950,013247.00020,430
221,91420,045
5.7721,119
10,977340
10,088406,951
4,818
40,66813,677,374
.409,541,10,269,326
47,428
28,12010,471
I
'Interest
L4)
55,422..
37852,06558,2929.149
46.116216,793
6,554188,05910,3212,5051,114
94,602805
12,312100,742
25091,366
229,518-7.715-
91,453
4T7.4482,959
140,1301,136
739
158,133681
61,507
381,5074,177
94,065423,150
1,991138.928
1,846,33953,371
1,577,275230,044
6,439220.344
15,2271,606
735
6,40137
5.896144,723
43340,108
7,750,480208,981
5.455,8W36,60919,8199,514
lExcludes small amount of U.S. tax withheld by foreign
governments and withholding agents.
21-ess than $500.
Principal types of U.S.-source income
Dividends
-"5
1,396200
1,1526,295
9643,894
50,372
4,56928,155
4,744
2,330157
1,243883189
1,151599488
139,237-3,315-
34.40778,629
2,4091,7791,136
763246
-4,969406
4,2BO16,577
3,5538,794
92,8571,996
88,2531,130,893
32,410850,727
7.6445,323
322,446638518
6
Rentsand
royalties
4061
1716
2.520205
2,24720,827
111,679
9694
727124
40
2613
401-381
20
7070
341153
_______78-1,646
29622
3,402235
1,37442,142
59540,740
353,290
4,523342,150
251243
866
66
Social securityand railroid
~retiremerrt payments
M
12,67112,671
1,0131,013
65,59265.592
24,54024,540
2020
17-17
126126
592592
120120
15,145
15,145
10,57710,577
5,6005,6DO
133133
416416
Personalservices
income
(8)
138
4,463198
4,189258,691
865
5434.062.775
48,7813,289,839
5,667
4.2D6729
976.607'42,407
877,454623387
53
3232
135
9,9341,2298,469
461256161
2.4411,376
(2)
506
399
71
166
3,242222-279
1,242210163
1,211434so
8,19429
3,7501,"71,044
25,65316,9217,314
28.937
5,06921,478.
2,5662,253
11616
488
3
48,107
48,107
1,3131,313
129.29231,54578,663
947399
.46
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