Updates and summary of the FATCA proposed regulations
Dear Members,
As you are aware, the Treasury Department and the Internal Revenue Service (IRS) of the USA released on 8 Feb 2012, for publication in the Federal Register, proposed regulations as guidance concerning information reporting by foreign financial institutions for U.S. accounts, withholding on certain payments made to foreign financial institutions and other foreign entities under the Foreign Account Tax Compliance Act (FATCA).
HKTA’s executive committee, having formed a special FATCA workgroup, has received updates and summaries produced by various professional bodies which are now posted on this page for your ready reference. Please also note the respective disclaimers contained in these publications and refer to the relevant parties should you require further information.
HKTA has been participating in the joint industry working group (HKIFA, HKAB and HKTA) for FATCA and will be providing our members with further development of the FATCA as and when available.
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