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Tag Archive for Singapore

G20 Presidency Potentially Used To Reduce Bank Secrecy And Share Tax Information

Algirdas Semeta, EU’s Commissioner for Tax wants Australian PM to use G20 Presidency to lean on Asia-Pacific financial centres to reduce bank secrecy & share tax information.

In an exclusive in today’s Australian Financial Review, journalist Geoff Winestock reports that Commissioner Semeta (who is currently in Australia) wants Prime Minister Abbott to convince Singapore, HK, Taiwan & Macau to reduce their bank secrecy provisions and to share tax information with other authorities. Commissioner Semeta is due to meet today with Australia’s Treasurer Joe Hockey and the two are likely to discuss protection of the tax base against multinationals that shift profits to offshore financial centres.

Commissioner Semeta said “Australia could find a way to get all these countries on board”. Read more

FATCA: Updates for Hong Kong, Philippines, New Zealand and Singapore.

TaxConnections Offshore BusinessHONG KONG

In August 19, 2013, the Hong Kong Monetary Authority (HKMA) released a circular directing financial institutions to ensure compliance by establishing the necessary processes and controls, if applicable. HKMA also suggested that the Hong Kong Association of Banks and the DTC Association offer appropriate assistance to facilitate the development of good practices for compliance with FATCA and other overseas tax regimes. There is no explicit mention of a potential IGA with the U.S. (Source: HKMA)

PHILIPPINES

Bangko Sentral ng Pilipinas (BSP), in a memorandum, reminds financial institutions – including commercial and investment banks – to evaluate if they are Foreign Financial Institutions (FFIs) subject to FATCA, to study the potential effects of FATCA on their businesses, and determine the steps to take to avoid the unfavorable consequences of non-compliance. And if they are subject to FATCA compliance, the institution must put in place a policy to comply. The BSP message states that any FATCA-related questions or concerns of banks should be provided to the Association of Bank Compliance Officers, Inc. (ABCOMP) which serves as the central repository of FATCA-related inquiries and collate such queries for a more systematic submission to the U.S. Government. There is no explicit mention of a potential IGA with the U.S. (Source: BSP)

SINGAPORE

In a media release last May 14th, Singapore has indicated its intent to enter into an intergovernmental agreement (IGA) with the U.S., a move which will help financial institutions operating in the city-state comply with the U.S. Foreign Account Tax Compliance Act (FATCA). (Source: IRAS) Read more