Cambodia to Sign FATCA Agreement; Business Unclear on Reporting Rules

Cambodia is making arrangements to sign an agreement with the U.S. to implement the Foreign Account Tax Compliance Act, ministers told Bloomberg BNA. Meanwhile, banks have begun preparing for FATCA in anticipation of such an agreement, as other businesses raise concerns over reporting requirements.

FATCA, which took partial effect July 1,is aimed at preventing tax avoidance by U.S. citizens through the use of foreign accounts. Cambodian Minister of Commerce Sun Chanthol told Bloomberg BNA in an e-mail Aug. 6 “that Cambodia would move to sign a FATCA agreement with the U.S. by the end of this year.”