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Foreign Account Tax Compliance Act ("FATCA") and Common Reporting Standard ("CRS")
FATCA
Following the enactment and implementation of the Foreign Account Tax Compliance Act ("FATCA") by the United States of America ("US"), the Government of the Hong Kong Special Administrative Region ("Hong Kong") has executed an Inter-Governmental Agreement with US ("IGA"). The IGA requires financial institutions in Hong Kong to observe and adhere to the requirements laid down by the IGA including customer identification and account reporting etc. As a Participating Foreign Financial Institution, Dah Sing Bank, Limited ("DSB") is required to identify the US tax status of its customers for the FATCA purpose.
CRS
According to the Organisation for Economic Cooperation and Development ("OECD") Common Reporting Standard ("CRS") implementation requirements set out in the Inland Revenue (Amendment) (No. 3) Ordinance 2016 which is effective starting from 30 June 2016, as a Reporting Financial Institution, DSB needs to identify the jurisdiction(s) of residence* of its customers and to collect from its customers the related information of their tax residence(s), and furnish the relevant return to the Inland Revenue Department of the Hong Kong Government.
(*Jurisdiction of residence means a territory of which an individual or entity is a resident for tax purposes)
Customer may wish to refer to our Bank's FATCA Frequently Asked Questions and CRS Frequently Asked Questions for a basic understanding of FATCA and/or CRS.
To know more about FATCA, customer may visit the webpage of the Financial Services and the Treasury Bureau of the Hong Kong Government or the US IRS website.
For details and more information about CRS, customer may visit the webpage of the Inland Revenue Department of the Hong Kong Government or the OECD AEOI portal.
- Foreign Account Tax Compliance Act (FATCA) - Frequently Asked Questions
- Common Reporting Standard - Frequently Asked Questions
Customer may need to provide the relevant self-certification/form listed below and the related supporting documents upon applying our services or updating customer's information at DSB.
