Global

Details

  • Service: Tax, Global Mobility Services, Global Compliance Management Services, International Tax
  • Type: Regulatory update
  • Date: 5/27/2014

Hong Kong - Model 2 IGA under FATCA 

May 27:  Hong Kong and the United States have substantially concluded discussions on an intergovernmental agreement (IGA) for facilitating compliance by financial institutions in Hong Kong with U.S. law known as “FATCA.”

The IGA with Hong Kong is reported to follow the Model 2 IGA.


In early April 2014, U.S. tax authorities announced that foreign financial institutions (FFIs) located in a jurisdiction that has reached an “agreement in substance” with the United States, under the FATCA regime, will be treated as having an agreement in effect until the end of 2014.


Read a May 2014 report prepared by the KPMG member firm in Hong Kong: Hong Kong Edges Closer to FATCA




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