What is the purpose of the US Tax Withholding and Reporting form, also known as W-8BEN (TnG)?

The purpose of the US Tax Withholding and Reporting form, also known as W-8BEN, is for investors who wish to invest in the US market. It is required by US regulations.

Form W-8BEN, officially titled the "Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting," must be submitted by all Webull Malaysia clients who applies to trade US Stocks . Clients must sign on the Form W-8BEN.

Malaysia does not have a tax treaty with the US. Therefore, Malaysians, in general, will be subject to a withholding tax. Foreign individuals are subjected to a prevailing tax rate of 30% (subject to changes in US tax regulations) on specific types of income, including interest, dividends, rents, royalties, premiums, annuities, and compensation for services rendered.