FATCA agreement between US and Hong Kong enters into force

US Treasury has today announced on its website that a Model 2 FATCA intergovernmental agreement (IGA) signed by the US and Hong Kong entered into force as of July 6.

Under a model 2 IGA, a foreign financial institutions must report information on US taxpayers directly to the IRS.

The agreement was signed on November 13, 2014, and along with a memorandum of understanding.

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