Under the Foreign Account Tax Compliance Act (FATCA) intergovernmental agreement (IGA) between Hong Kong and the US, the deadline for the first FATCA reporting was 31 March 2015. Here we discuss the reporting requirements, other deadlines, and also what extensions are available for those Hong Kong financial institutions (HKFIs) that have not complied.
The 31 March 2015 deadline applies only to Model 2 foreign financial institutions (FFIs) such as HKFIs. The reporting deadline for Model 1 FFIs is 30 September 2015 for reporting by the local competent authority to the US Internal Revenue Service (IRS). Model 1 FFIs may be required to report information earlier to the local tax authority, generally sometime between April and June.
You must be a
subscribersubscribersubscribersubscriber
to read this content, please
subscribesubscribesubscribesubscribe
today.
For group subscribers, please click here to access.
Interested in group subscription? Please contact us.
你需要登录去解锁本文内容。欢迎注册账号。如果想阅读月刊所有文章，欢迎成为我们的订阅会员成为我们的订阅会员。
Business Law Digest is compiled with the assistance of Baker & McKenzie. Readers should not act on this information without seeking professional legal advice. You can contact Baker & McKenzie by e-mailing Danian Zhang (Shanghai) at: danian.zhang@bakermckenzie.com
