Asia’s Wealth Hubs In FACTA Delay

Both Hong Kong and Singapore, Asia’s two wealth management hubs have agreed with the US authorities to extend the reporting dates for their respective institutions.

FATCA requires all Financial Institutions outside of the United States to submit regular information on financial accounts held by US persons to the Internal Revenue Service or otherwise face a 30 percent withholding tax on certain payments of US-sourced income.

The Inland Revenue Authority of Singapore has extended the filing deadline for all reporting Singaporean financial institutions to submit their US Foreign Account Tax Compliance Act data to July 31, 2015 from the original date of May 31. The Financial Institutions in Hong Kong now have until June 29 to file.

As this will be the first year the revised FACTA reporting parameters are worked through delays may have been expected. However from this year forward both Hong Kong and Singaporean financial institutions are required a return setting out the required information in relation to every US reportable account that is maintained in their jurisdiction.

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