•  
• Tweet
•  
•        Print
•  
•         Track Keywords
•  
• 

From Precy Dumlao, Opalesque Asia – At least six investment industry associations in Asia have bonded together to put up a united stand against the implementation of the controversial Foreign Account Tax Compliance Act (Fatca) to be implemented by the U.S. The group are up in arms against the far-reaching effect of the tax rules set for implementation in 2014.

According to a report by Asian Investor, the six investment industry associations are: Association of Mutual Funds in India, Federation of Investment Managers (Malaysia), Financial Services Council (Australia), Hong Kong Investment Funds Association, Investment Management Association of Singapore and Securities Investment Trust & Consulting Association (Taiwan).

Hong Kong Investment Funds Association CEO Sally Wong noted that the unprecedented move is the first time that the industry bodies have bonded together to go against a proposed regulation. The joint comment that was submitted to U.S. Treasury Secretary Timothy Geithner reads, "Fatca is an attempt by the US to unilaterally super-impose its tax system – arguably the most complex regime in the world – on all of the world’s financial institutions." Also given a copy of the comment is Douglas Schulman, commissioner of the Internal Revenue Service.

According to the report, the Asian investment industry associations have called for the repeal of Fa......................

To view our full article Click here