Wednesday, March 26, 2014

Hong Kong Signs Deal To Give Financial Data Of Americans Working In City To US Tax Authorities



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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