• Service: Tax, Global Compliance Management Services, International Tax
  • Type: Regulatory update
  • Date: 4/29/2014

Vietnam - Guidance on complying with FATCA rules 

April 29:  A division of the State Bank of Vietnam issued guidance (an “official letter”) recommending that all credit institutions and branches of foreign banks in Vietnam undertake necessary actions to comply with the FATCA rules under U.S. law.

The official letter directs financial institutions to register for a Global Intermediary Identification Number (GIIN); notify the State Bank of Vietnam of this number; and obtain approval from the State Bank of Vietnam prior to transmitting information to the IRS as required under FATCA if the government of Vietnam has not yet signed an intergovernmental agreement with the United States.

Read an April 2014 report [PDF 551 KB] prepared by the KPMG member firm in Vietnam: State Bank of Vietnam Recommendation to Local Credit Institutions on U.S. FATCA Compliance

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