FATCA - implications for financial institutions in Asia

29 Nov 2012

Location: Hong Kong

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.  

At this briefing, Charles Kinsley of KPMG and Matthias Feldmann of Clifford Chance provided an update on the current status of FATCA and provide an overview of likely implications for Asia-based international institutions.”

Speakers: Charles Kinsley, Principal, Hong Kong Corporate Tax, KPMG

                 Matthias Feldmann, Partner, Clifford Chance

We would like to thank KPMG Hong Kong for providing the venue for this event.

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