Facta

Asian finance firms face a hefty Fatca compliance burden

The regulations for the US Foreign Account Tax Compliance Act were announced earlier this month, and Asian financial institutions can no longer play wait-and-see, according to PwC.

The proposed regulations for the US Foreign Account Tax Compliance Act Fatca were finally issued on February 8, and they will significantly affect foreign financial institutions FFIs, including those in Asia, according to PricewaterhouseCoopers PwC.

Although most global banks, even firms headquartered in the region, already have Fatca programmes in progress, many Hong Kong and Chinese institutions have adopted a wait-and-see approach. The same is largely the case in other Asian countries too.

“This approach isn’t without risk and it is critical that Asian institutions now begin to address their Fatca compliance challenges,” Anthony Tong, PwC’s US tax consulting leader for...

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