This briefing was held on 14 April in KPMG office successfully. In this briefing, Mr. Charles Kinsley of KPMG provided an update on the current status of FATCA and key dates for Asia-based international institutions. The U.S. Foreign Account Tax Compliance Act (“FATCA”) aims to prevent the avoidance of U.S. taxes but will have a significant impact on financial institutions in Asia.  FATCA imposes a series of due diligence, reporting and withholding obligations on Asian based banks, insurers, custodians, brokers, funds (including retirement funds), trusts and other financial institutions. Failure to meet these obligations could result in a 30% withholding tax on certain types of U.S. sourced income and gross proceeds, as well as on payments from other financial institutions.  

Time         : 12:30 registration (light refreshment will be provided)
                   12:45 - 14:00 presentation, Q&A
Location   : KPMG Offices, 23/F., Conference room Hysan Place, 500 Hennessy Road,   Causeway Bay, Hong Kong

Speaker:

Charles Kinsley           

Principal, Hong Kong Corporate Tax      

KPMG China                                                    

Charles is a financial services tax partner of the KPMG tax practice in Hong Kong. He has over 20 years tax experience, the last 16 years of which have been spent in Hong Kong. He specializes in all tax issues relating to financial institutions and related companies including: financial products, mergers and acquisitions, tax structured products, setting up, disposal and structuring of funds and similar investment vehicles in Asia.

Charles has led the Hong Kong team working on the US qualified intermediary (“QI”) regulations since 1999 and has worked on all the firm’s related projects in Hong Kong commencing with seeking the IRS’s approval of the Hong Kong “Know-Your-Customer” (“KYC”) rules. He has also presented numerous times on QI issues.

Charles is a member of KPMG’s Global FATCA Advisory Board and is the FATCA Lead for China. In this role he has contributed to numerous publications and presented at several industry seminars/workshops in China, Hong Kong, Malaysia, Taiwan and Thailand relating to the FATCA regime. He is also a member of the Hong Kong Investments Funds Association (HKIFA) FATCA Sub-Committee and a broader FATCA working group formed by HKIFA and a number of other associations to look after the interests of the associations in Hong Kong and to liaise with regulators. He also advises the Hong Kong Federation of Insurers on FATCA matters.

His current FATCA engagements in Hong Kong include both banking and insurance groups. Charles also leads the Hong Kong firm’s operational tax team and co-ordinates withholding tax teams across Asia.

His client base includes local and foreign banks and other financial service providers. The areas covered include custody and clearing, asset management, treasury, securities and brokerage services, trustee service and private banking.