Asia funds industry underestimating Fatca impact
Local distributors and fund managers are ignoring the cost impact, and some say the new legislation will make foreign financial institutions de-facto tax enforcement agents of the IRS.
Chief operating officers at Asian asset management firms see implementation of the US Foreign Account Tax Compliance Act (Fatca) as one challenge that is most-underestimated by the industry in terms of the implications it could cause to their operations.
Slated to be introduced in 2014, COOs say there has been little industry discussion about how Fatca should be implemented in Asia. While global organisations might be more aware of how to stay compliant if they choose to, Asian as…
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