HONG KONG
In August 19, 2013, the Hong Kong Monetary Authority
(HKMA) released a circular directing financial institutions
to ensure compliance by establishing the necessary processes and controls, if
applicable. HKMA also suggested that the Hong Kong Association of Banks and the
DTC Association offer appropriate assistance to facilitate the development of
good practices for compliance with FATCA and other overseas tax
regimes. There is no explicit mention of a potential IGA
with the U.S. (Source: HKMA)
PHILIPPINES
Bangko Sentral ng Pilipinas (BSP), in a
memorandum, reminds financial institutions – including commercial and
investment banks – to evaluate if they are Foreign Financial Institutions
(FFIs) subject to FATCA, to study the potential effects of FATCA on their
businesses, and determine the steps to take to avoid the unfavorable
consequences of non-compliance. And if they are subject to FATCA compliance,
the institution must put in place a policy to comply. The BSP message states
that any FATCA-related questions or concerns of banks
should be provided to the Association of Bank Compliance Officers, Inc.
(ABCOMP) which serves as the central repository of FATCA-related
inquiries and collate such queries for a more systematic submission to the U.S.
Government. There is no explicit mention of a potential IGA with the
U.S. (Source: BSP)
SINGAPORE
In a media release last May 14th, Singapore has
indicated its intent to enter into an intergovernmental agreement (IGA) with
the U.S., a move which will help financial institutions operating in the
city-state comply with the U.S. Foreign Account Tax Compliance Act
(FATCA). (Source: IRAS)
NEW ZEALAND
The Government of New Zealand, in a release on 14 May
2013, stated the start of negotiations for an agreement with the United States,
to allow for an exchange of financial information between the countries’ tax
authorities, pursuant to the U.S. Foreign Account Tax Compliance Act (FATCA)
legislation. (Source: Beehive.govt.nz)
Asian Bank Income?
Marini & Associates, P.A.
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Toll Free at 888-8TaxAid (888 882-9243).
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