Vietcombank begins consulting project to comply with FATCA
Vietcombank chose to become the first local bank in Vietnam to be compliant with FATCA, which are a set of new US tax laws becoming effective July 1, 2014.
Vietcombank selected consulting firm KPMG Vietnam to advise the bank on the implementation and compliance requirements of FATCA.
In 2010, the U.S. government enacted FATCA (Foreign Account Tax Compliance Act) to prevent and detect tax evasion by US taxpayers hiding income and assets overseas. Accordingly, the FATCA provisions include complex and comprehensive rules that affect almost every financial institution in the world, including those in Vietnam. The Vietcombank compliance project will involve banking, tax, and change management specialists from KPMG.
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