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Jul 03, 2014

Client Alert - Cambodia to Implement FATCA


By Tim Holzer
 
Cambodia has formally notified the United States that it consents to the inclusion of the Kingdom of Cambodia on the list of jurisdictions, which is maintained by the U.S. Department of the Treasury and the U.S. Internal Revenue Service, to be treated as if they have a FATCA intergovernmental agreement in effect.
 
Cambodia, on June 30, 2014, advised the United States that the Royal Government of Cambodia intends to take the steps necessary, including working with the United States as necessary, to finalize and sign by December 31, 2014, an Agreement Between the Government of the United States of America and the Royal Government of Cambodia to Improve International Tax Compliance and to Implement FATCA. Cambodia is intending to proceed with Model 1B agreement, including its Annexes.
 
 
FATCA is the United States’ Foreign Account Tax Compliance Act.
 
Our Services
 
Since 1993, Sciaroni & Associates has provided clients with informed counsel, guidance and insights by our national and expatriate staff to help maximize the value of investments in the Kingdom of Cambodia, Laos and Myanmar. Our Taxation Practice Group has extensive experience in advising clients on the application of Cambodian tax law and on implementing a suitable tax strategy to reduce tax risk to an acceptable level. The firm assists clients in understanding the complex business conditions in those markets in which we operate while efficiently solving problems following strict international ethical standards.
 

 


 
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Sciaroni & Associates is a leading professional and investment advisory firm doing business in Southeast Asia since 1993. Based in Cambodia with legal offices in Laos and Myanmar, we provide experienced advice and business insights to many of the world’s leading companies, governments, economic think tanks, global development funds, international NGOs and the Royal Government of Cambodia in accordance with strict international standards.
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