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FATCA withholding is generally treated as withholding under IRC sections 1441 through 1446; however, no credit or refund is allowed unless the beneficial owner of the payment triggering the withholding provides the IRS with the information needed to determine (1) whether the owner is a “United States owned foreign entity” and (2) the identity of any substantial US owners of that entity. FFIs may obtain a credit or refund on FATCA withholding if they are entitled to a reduced rate under a tax treaty, and if so, the credit or refund is limited to the extent of the treaty reduction and no interest is allowed thereon. The withholding rules under the IGAs are similar to those under the Code and the Treasury regulations, albeit a much more benign (or less draconian, depending on your point of view) regime applies. For example, only a “nonparticipating financial institution” is subject to FATCA withholding under the Canadian IGA.