Asia financial institutions unhappy about scope of Fatca

While the goal of Fatca is to reduce tax evasion by enabling US tax authorities to obtain information regarding income of US persons earned through foreign financial institutions, the wide scope of compliance obligations imposed on financial institutions is unreasonable, say market participants.

Across Asia, financial institutions, through various industry bodies, have submitted comment letters to the US Internal Revenue Service (IRS) to voice their concerns with the regulations and the