The Securities and Futures Commission (SFC) has confirmed that Hong Kong is in talks with the US Treasury Department over Foreign Account Tax Compliance Act (FATCA) law.
The SFC revealed the Hong Kong Government has been in discussions "with the objective of concluding an inter-governmental agreement (IGA) designed to facilitate compliance with FATCA by FFIs in Hong Kong in a manner that reduces their overall reporting burden."
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The IGA is expected to be similar to that already negotiated between the US and Singapore, Germany, Spain, Norway, Switzerland, Ireland, Mexico, Denmark and the UK.
The FATCA is principally concerned with the imposition of reporting requirements for FFIs in respect of foreign financial accounts held by US taxpayers or by foreign entities in which US taxpayers hold a substantial ownership interest.
Hong Kong is one of 80 countries globally currently in negotiations with the US over its controversial FATCA law.
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