Hong Kong’s Long-Awaited FATCA Announcement

June 24, 2014

With deadlines looming, Hong Kong’s government announced on May 9th a much-anticipated agreement with the United States regarding the U.S. Foreign Account Tax Compliance Act. Without this intergovernmental agreement (IGA), some Hong Kong financial institutions faced an uncertain road to FATCA compliance. The announcement of the IGA, along with other temporary compliance relief from the U.S. Internal Revenue Service, eases some of FATCA’s most pressing tasks. But Hong Kong financial institutions still have work to do. This article discusses both the recent relief as well as the remaining deadlines.

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