Hk Iga Model 2 Agreement -
I am a Pittsburgh based stills photographer and director of photography specializing in commercial lifestyle content. Much of my work has centered around the energy, agriculture, healthcare, and higher education sectors. I have been shooting ad campaigns, both big and small, since 2007 and take pride in being a joy to work with while delivering exceptional service and end results to my clients.
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Hk Iga Model 2 Agreement

As a professional, I understand the importance of creating content that is informative, engaging, and optimized for search engines. In this article, I will be discussing the HK IGA Model 2 Agreement, its significance, and its impact on the financial industry.

The HK IGA Model 2 Agreement is a bilateral agreement between the United States and Hong Kong to implement the Foreign Account Tax Compliance Act (FATCA). FATCA was introduced by the United States government in 2010 to target tax evasion by US citizens and residents through the use of foreign financial accounts.

Under FATCA, foreign financial institutions (FFIs) must report information on their US account holders to the US Internal Revenue Service (IRS) or face penalties. To comply with FATCA, FFIs must either enter into an agreement with the IRS or comply with local legislation implementing FATCA.

Hong Kong is one of several jurisdictions that have signed a Model 2 agreement with the United States. Model 2 agreements allow FFIs to comply with FATCA by reporting information to their local government, which then passes the information on to the IRS.

The HK IGA Model 2 Agreement was signed in November 2014 and came into effect on July 9, 2015. Under the agreement, Hong Kong financial institutions must report information on their US account holders to the Hong Kong government, which will then pass the information on to the IRS. Failure to comply with the agreement could result in financial institutions being subject to a 30% withholding tax on US source income.

The HK IGA Model 2 Agreement has had a significant impact on the financial industry in Hong Kong. Financial institutions have had to invest resources in order to comply with the agreement, including implementing new systems and procedures for identifying and reporting US account holders. The agreement has also led to increased transparency in the financial industry, as US account holders are now required to disclose their accounts to the IRS.

Overall, the HK IGA Model 2 Agreement is an important development in the fight against tax evasion and has had a significant impact on the financial industry in Hong Kong. As a professional, it is important to write articles that are informative and engaging, while also being optimized for search engines. By understanding the significance of the HK IGA Model 2 Agreement, we can create content that is both informative and SEO-friendly.