Hong Kong Signs Deal To Give Financial Data Of
Americans Working In City To US Tax Authorities
By Treye Green
on March 25 2014 10:12 PM
Institutions that do not comply
with requests for information as outlined in the law will have 30 percent of
their U.S.-sourced income withheld by U.S. tax authorities. Reuters
The financial information of
Americans working in Hong Kong will
soon be available to the U.S.
government as part of Washington’s
plan to better regulate tax evasion.
The tax-information agreement,
signed March 25, allows the U.S.,
“under specified conditions,” to file a request for financial information to
the Inland Revenue Department, reports South China Morning Post. According to
the Financial Services and Treasury Bureau, the agreement also
sets the foundation for an additional agreement that would allow U.S. tax officials to request information
straight from Hong Kong banks.
The agreement is described as a
key piece of Washington’s
anti-tax evasion law that will kick into effect this July. Under the Foreign
Account Tax Compliance Act, foreign financial institution must be willing to
provide to U.S. tax
authorities information on the finances of any person under U.S. tax rules.
The law was signed by President Barack
Obama in 2010. But its activation has been postponed twice, once in January
2013 and again in January of this year. Institutions that do not complete the
request for information as outlined in the law will have 30 percent of their
U.S.-sourced income withheld by U.S.
tax authorities.
After signing the first agreement
with U.S. Consul General Clifford Hart, Secretary for Financial Services and
the Treasury Professor Chan Ka-keung said Hong Kong’s
acceptance of the agreement displayed its dedication to completing its
international obligations. “The [agreement] with the U.S. has adopted highly prudent
safeguard measures to protect taxpayers' privacy and the confidentiality of
information exchanged,” he said.
To officially become law, an order
under the Inland Revenue Ordinance will have to made by the Chief Executive in
Council. If the Legislative Council doesn’t object to the order, it will then
go into effect.
Hong Kong
Hong
Kong Trade Development Council is a trade group for Hong Kong.
Note: Sidley Austin
LLP is the lobby firm for the Hong
Kong Trade Development Council.
R.
Eden Martin is counsel at Sidley
Austin LLP, and the president of the Commercial
Club of Chicago.
Newton
N. Minow is a member of the Commercial
Club of Chicago, and a senior counsel at Sidley Austin LLP.
Michelle
Obama was a lawyer at Sidley Austin
LLP.
Barack
Obama was an intern at Sidley Austin
LLP.
Joseph
McLaughlin is a senior counsel at Sidley
Austin LLP, and a director at the American
Council on Germany.
Henry A. Kissinger is a director at the
American Council on Germany,
A director at the Financial
Services Volunteer Corps, the founder of Kissinger Associates, Inc., an overseer at the International
Rescue Committee, a director at the Atlantic Council of the United
States (think tank), a director at the American Friends of Bilderberg
(think tank), a member of the Bohemian
Club, was a lifetime trustee at the Aspen Institute (think tank), and
a 2008 Bilderberg conference participant (think tank).
J.
Stapleton Roy was the vice chairman for Kissinger Associates, Inc., and U.S.
ambassador for China.
Timothy F.
Geithner was a researcher for Kissinger
Associates, Inc., an overseer at the International Rescue Committee,
and the treasury secretary for the Barack
Obama administration.
Foundation
to Promote Open Society was a funder for the International Rescue
Committee, the Aspen Institute (think tank), and the Brookings Institution (think tank).
George
Soros was, the chairman for the Foundation
to Promote Open Society, is the founder & chairman for the Open Society Foundations.
Open
Society Foundations was a funder for the Atlantic Council of the United
States (think tank).
Belizean_Grove
is the equivalent to the male-only social group, the Bohemian Club.
Henrietta
Holsman Fore is a member of the Belizean
Grove, and a trustee at the Aspen
Institute (think tank).
Deborah L.
Wince-Smith is a member of the Belizean
Grove, and was a member of the IRS
Oversight Board.
Nancy
Killefer was a member of the IRS
Oversight Board, the assistant secretary for the U.S. Department of the Treasury, and the nominee for chief
performance officer at the U.S. Office
of Management and Budget for the Barack
Obama administration.
IRS Oversight
Board is a citizen’s board for the Internal
Revenue Service (IRS).
Internal
Revenue Service is a division of the U.S.
Department of the Treasury.
Charles O.
Rossotti was a commissioner for the Internal
Revenue Service (IRS), is a director at Booz Allen Hamilton, and a director at the Atlantic Council of the United
States (think tank).
Jon M. Huntsman
Jr. is the chairman for the Atlantic
Council of the United States
(think tank), was the ambassador to China
for the Barack Obama administration,
and a distinguished fellow at the Brookings
Institution (think tank).
Booz Allen
Hamilton is a contractor for the National
Security Agency (NSA).
Edward Snowden leaked
information about for the National
Security Agency (NSA), and an employee at Booz Allen Hamilton.
Robert S. Osborne
is the EVP & general counsel for Booz
Allen Hamilton, and a member of the Commercial
Club of Chicago.
Newton
N. Minow is a member of the Commercial
Club of Chicago, and a senior counsel at Sidley Austin LLP.
Sidley Austin
LLP is the lobby firm for the Hong
Kong Trade Development Council.
Cyrus F.
Freidheim Jr. was a managing director at Booz Allen Hamilton, is a member of the Commercial Club of Chicago, and an honorary trustee at the Brookings Institution (think tank).
Teresa Heinz
Kerry is an honorary trustee at the Brookings
Institution (think tank), and married to John F. Kerry.
Cameron F. Kerry
is a fellow at the Brookings Institution
(think tank), John F. Kerry’s
brother, was the general counsel; acting secretary for the U.S. Department of Commerce, and an associate at Wilmer Cutler Pickering Hale and Dorr.
Gary
F. Locke was the secretary for the U.S.
Department of Commerce, and is the U.S.
ambassador for China.
William J.
Wilkins was a partner at Wilmer
Cutler Pickering Hale and Dorr, and is the chief counsel at the Internal Revenue Service (IRS) for the Barack Obama administration.
John
F. Kerry is married to Teresa Heinz
Kerry, Cameron F. Kerry’s
brother, and the secretary at the U.S.
Department of State for the Barack
Obama administration.
U.S.
Department of State is a member of the Joint
Terrorism Task Force.
Internal
Revenue Service is a member of the Joint
Terrorism Task Force.
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