Fatca Agreement Cambodia

Cambodia and the United States have signed an agreement to enforce FATCA, which provides that financial institutions that hold certain amounts of money in accounts managed by U.S. citizens must report this information to the U.S. government. The deadline for reporting active accounts last year is June 29, according to the tax department`s statement. “In the event of late filings, insurance companies and financial institutions subject to reporting under the FATCA agreement should expect penalties as defined in the agreement,” the announcement said. The General Tax Department on Friday issued a statement reminding Cambodian financial institutions of compliance with the reporting obligations of the U.S. Foreign Account Tax Act (FATCA).