FATCA reporting starts on March 31 for Model 2 IGAs and some Hong Kong institutions are not ready

International Tax Review is part of Legal Benchmarking Limited, 1-2 Paris Garden, London, SE1 8ND

Copyright © Legal Benchmarking Limited and its affiliated companies 2026

Accessibility | Terms of Use | Privacy Policy | Modern Slavery Statement

FATCA reporting starts on March 31 for Model 2 IGAs and some Hong Kong institutions are not ready

us.png

Reports that the US Internal Revenue Service suspects Asian jurisdictions including Hong Kong and Singapore of making tax evasion easier has caused concern in the market, especially amid allegations that banks around the world have been helping clients evade tax. This concern has been heightened because under the terms of the Foreign Account Tax Compliance Act (FATCA), Hong Kong financial institutions are due to begin reporting to the IRS from March 31.

Unlock this content.

The content you are trying to view is exclusive to our subscribers.

To unlock this content:

Take a Free Trial or Login
more across site & shared bottom lb ros

More from across our site

Rolf van de Velde, dubbed ‘an expert chosen by experts’, is tasked with scaling Reptune’s self-service compliance offering
The newly combined firm brings together more than 3,500 practitioners across 52 offices, with flagship hubs in Seattle, London, Sydney and New York.
Building a transparent culture, prioritising internal promotions and being different from the big four are all key features of A&M Tax’s ambitious plans for India
ITR’s Indirect Tax Forum 2026 showed why harmonisation remains elusive, advisers must raise their game, and ‘everyone’s data is rubbish’
The firm’s board has reportedly asked Kevin Burrowes to continue until 2028 as the KPMG Australia scandal raises expectations of regulatory reform
A former Deloitte partner will lead the firm’s latest geographic expansion; in other news, Baker McKenzie added six tax lawyers to its partnership
The Fair Tax Mark now extends to domestic-only companies with turnover above €1m, with Thai travel operator Tripseed the first to be certified
A technology provider had to be educated on technical requirements by Joseph Ribkoff’s IT team, a tax manager at the company said
But businesses should remain flexible when choosing between internal and external resources to handle added ViDA complexity, ITR’s Indirect Tax forum also heard
Non-compliance from small businesses continues to account for most of the gap, HM Revenue and Customs revealed
Gift this article