KPMG addresses SBV seminar on FATCA implementation

July 29, 2014 | 16:41

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The Banking Supervisory Agency of State Bank of Vietnam, in coordination with KPMG and IBM, today hosted the seminar “FATCA Implementation: Challenges and solutions” in Hanoi.

The aim of the session was to support financial institutions in Vietnam in complying with the requirements of the U.S. Foreign Account Tax Compliance Act (FATCA).

Attending the seminar were senior management representatives from the State Bank of Vietnam, Ministry of Finance, Ministry of Justice, Ministry of Foreign Affairs and more than 150 representatives from Board of Directors, Member Council, or Management Board of commercial banks, securities companies, insurance companies and branches of foreign banks in Vietnam.

Through the seminar, participants had the opportunity to capture the overall FATCA compliance requirements set out by the United States’ Internal Revenue Services (IRS) as well as understand the difficulties and challenges in implementing FATCA in the context where Vietnam has yet to sign the Inter-governmental Agreement (IGA) with the US.

Having in-depth experience in providing FATCA compliance advisory services to various leading banks and financial institutions worldwide and in Vietnam, KPMG Limited shared the participants the practical experiences, difficulties and challenges that Vietnamese banks may encounter during the FATCA implementation.

Practical implementation solutions were also recommended with reference to the specific context of the current Vietnamese financial and banking environment.

KPMG Limited is one of the leading professional services firms in Vietnam, with over 800 staff working at Ho Chi Minh City and Hanoi offices.

By By Mai Thuy

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