Hong Kong banks face global tax woe

From Finance Asia

Hong Kong’s banks, in the midst of adapting to the new US Foreign Account Tax Compliance Act (FATCA), are now facing a tax headache on a global scale.

In July, the month where FATCA became a reality for the region, the OECD published guidelines on the adoption of a much broader and more ambitious set of rules.

Common Reporting Standards (CRS), or GATCA as the rules have been dubbed, effectively require all participating countries to share tax information with each other.

Unlike FATCA, no timeframe has been given for adoption — Hong Kong has yet to sign up — but there is a similar level of confusion; and the burden on the city's regulators and banks has intensified.”

read more>>

KPMG: OECD Action Plan Is Significant Development in Global Collaboration To Modernize International Tax System

From Bobsguide

“While today's Action Plan on Base Erosion and Profit Shifting from the Organisation for Economic Co-operation and Development (OECD) - presented to the G-20 finance ministers at their meeting in Moscow - represents a significant development in global collaboration to modernize the international tax system, the scale of the report and its ambitions for change could signal a potential seismic shift in the international tax landscape, according to KPMG LLP, the U.S. audit, tax and advisory firm.”

read more>>