Vietnam: IGA’s entry into force; MOU clarifies FATCA provisions

Vietnam: IGA’s entry into force; FATCA provisions

The intergovernmental agreement (IGA) between Vietnam and the United States for implementing the FATCA regime entered into force on 7 July 2016. Accordingly, financial institutions in Vietnam are officially “reporting financial institutions” as of that date under FATCA Model 1.

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A memorandum of understanding (MOU) between the governments of Vietnam and the United States further clarifies certain provisions of the IGA—such as the first reporting date for financial institutions in Vietnam will be 30 September 2016. Other clarifications concern the rules for “deemed compliant” financial institutions and the treatment of securities registered in the Vietnam securities depository held by one or more reporting Vietnamese financial institutions. 

 

Read a July 2016 report [PDF 189 KB] prepared by the KPMG member firm in Vietnam: FATCA Alert

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