The six-month postponement of the US's Foreign Account Tax Compliance Act allows Asian companies more time to negotiate, but they shouldn't be complacent, PwC cautions.
Asset managers appear resigned to the drive by governments globally to collaborate on information exchange and withholding requirements for combating tax evasion, says JP Morgan.
Compliance officers at financial institutions outline how the cost of complying with a raft of regulatory reforms is dampening innovation and making it difficult to stay competitive.
In a letter to AsianInvestor, Jim Jatras in Washington, DC explains how Fatca is perceived in the US, and how the proposed law can be influenced.
The firm warns of a significant cost impact along the entire asset management chain and says prompt resolution is needed.
Hong Kong financial industry associations argue that the US Internal Revenue Service should amend Fatca or risk damaging the industry in unexpected ways.