• Service: Tax, International Tax
  • Type: Regulatory update
  • Date: 5/30/2014

Vietnam - Recommended steps for securities companies to comply with FATCA 

May 30:  The State Securities Commission of Vietnam issued guidance recommending all securities companies in Vietnam to take necessary actions to comply with the U.S. law know as “FATCA.”

The actions contained in the guidance—Official Letter 2307/UBCK-QLQ (14 May 2014)—include:

  • Register for a Global Intermediary Identification Number (GIIN) before 3 June 2014, in order to be included in the IRS list of registered and approved foreign financial institutions
  • Notify the State Securities Commission of the GIIN once approved by the IRS
  • Notify and obtain approval from the State Securities Commission before transmitting information to the IRS pursuant to FATCA

Read a May 2014 report [384 KB] prepared by the KPMG member firm in Vietnam: FATCA Alert (May 2014)

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