Articles
Jan 2013
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29
Final FATCA regulations issued - PricewaterhouseCoopers’ comments
Finally, the final regulations were issued by the US on 17January 2013. Attached is the PwC summary of the main differences between the FATCA final regulations and the proposed regulations.
Published in: Pensions and Funds
Nov 2012
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22
FATCA - latest update on IGA
On November 14, 2012, the US Department of the Treasury (Treasury) published the second model intergovernmental agreement (IGA) (Model 2) for implementing the broad-ranging provisions of the Foreign Account Tax Compliance Act (FATCA), which was enacted in 2010 with the goal of diminishing tax evasion by US taxpayers. Attached is the latest update from PWC outlining the differences between Model 1 and Model 2.
Published in: Pensions and Funds
Oct 2012
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29
FATCA timeline - US Withholding Agent
KPMG has issued the attached FATCA timeline for US Withholding Agents.
Published in: Pensions and Funds
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29
FATCA timeline - Foreign Financial Institution
KMPG has issued the attached FATCA timeline for Foreign Financial Institutions.
Published in: Pensions and Funds
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29
IRS announces timelines for due diligence and other requirements under FATCA
Baker & McKenzie has issued the attached client alert regarding timelines for due diligence and other requirements under FATCA.
Published in: Pensions and Funds
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26
FATCA - summary of timing for performing due diligence procedures
FATCA: attached is a table summarising the dates by which withholding agents and financial institutions must fully implement new account opening procedures to identify account holders, and the dates by which withholding agents and financial institutions must complete the review and documentation of all pre-existing accounts for the purposes of applying the relevant treasury regulations.
Published in: Pensions and Funds
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26
FATCA - extension of effective dates for certain provisions
FATCA: the IRS has extended effective dates for certain provisions and modified a number of key concepts. Attached is a Newsbrief from PricewaterhouseCoopers with further details.
Published in: Pensions and Funds
Aug 2012
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27
Submission to IRS/US Treasury - August 2012
Attached is the final submission proposing “ a new category of deemed-complaint FFI status” for ORSO which was submitted to the IRS/US Treasury on 24 August 2012.
Published in: Pensions and Funds
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08
The Evolving MPF System: An objective assessment
The Joint Industry Group (HK Federation of Insurers, the HK Investment Funds Association and the HK Trustees' Association Ltd) commissioned Ernst & Young to carry out a study on fees, fund options and fund performance in the Hong Kong mandatory provident fund sector. A summary of the report can be found on the Retirement Schemes Sub-Committee page, together with a press release and the presentation by Ernst & Young at the press conference held on 24 May 2012.
Published in: Pensions and Funds
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08
FATCA submission to the U.S. Treasury
Attached is the final FATCA submission made by the joint industry FATCA working group (representing HKTA, HKIFA and HKFI) consisting of:
Published in: Pensions and Funds
1. a cover note and
2. 4 appendices covering (I) retirement plans, (II) investment funds, (III) insurance companies and (IV) private trusts.
The submission was sent to the US Treasury on 30th April (the due date for submissions). The working group is pleased that, given the tight timeline, we were able to complete the project and we also wish to express our appreciation for the work and support of the 4 professional firms, PwC, Dechert, KPMG and Baker & McKenzie.