Vietnam: FATCA guidance, extended reporting deadline

Vietnam: FATCA guidance, extended reporting deadline

The State Bank of Vietnam this week issued guidance to financial institutions and branches of foreign banks with respect to implementation of the Foreign Account Tax Compliance Act (FATCA) regime.

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The guidance—Official Letter 1882/TTGSNH11 (17 June 2015)—provides the State Bank’s position concerning:

  • The FATCA reporting deadline (requests for an automatic 90-day extension to be filed by 29 June 2015)
  • A waiver for filing Form 8966 electronically, in hardship cases, if requested by 13 August 2015
  • The reporting format

The guidance also requires that foreign branches of foreign banks in Vietnam not report directly to their parent banks or foreign partners prior to approval of the State Bank.

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