Dividends paid on U.S. stocks will be subject to withholding taxes for non-residents. A finalyzed W8 form will allow for a reduced tax rate if a treaty exists between the United States and the holder's country of taxation; however a valid W8 only allows for a reduction in the tax rate not an elimination of the tax completely.Note, that dividends paid on U.S. ADR shares are generally withheld at source and will not be eligible for a reduced tax rate.Clients should consult their tax advisor on how to claim a refund or tax credit.