Dear Our Valued Customers,
The Foreign Account Tax Compliance Act (FATCA) has been passed by the US Government in 2010, which took effect from 01 July 2014. The main purpose of the Act is to prevent tax evasion by US Individuals/Entities through financial accounts held at non-US financial institutions (FFIs).
On 01 April 2016, the Government of Vietnam and the Government of the US signed an agreement to implement the Tax Compliance Act for overseas accounts of US citizens Model 1B (IGA 1B Agreement) in Vietnam. IGA 1B Agreement has been enforced from 07 July 2016, according to which, all financial institutions in Vietnam, including Vietcombank, are required to comply with FATCA from 07 July 2016 under the IGA 1B Agreement.
To implement FATCA in Vietnam, authorized representatives of the United States and Vietnam signed a Competent Authority Agreement between the Competent Authorities of the United States of America and the Socialist Republic of Vietnam – CAA Agreement) on 16 October 2016. Further, the State Bank of Vietnam issued Official Letter No. 6226/NHNN-TTGSNH dated 07 August 2017 guiding the implementation of FATCA in accordance with the signed IGA 1B Agreement.
In light of the above regulations and guidances of the Government and State Bank of Vietnam, Vietcombank has registered as a Financial Reporting Institution under the IGA Model 1B and officially become compliant with FATCA under the IGA 1B Agreement.
Under the requirements of the IGA 1B Agreement, Vietcombank will perform due diligence and annually report to the State Bank of Vietnam certain information related to the financial accounts held directly or indirectly by reportable US individuals and/or US entities.
Based on the information provided by you (Form 01a_FATCA or Form 02a_FATCA), it is likely that your case falls under the ambit of Reportable US Person in accordance with FATCA IGA Model 1B regulations. Therefore, please provide to us the completed the prescribed FATCA forms and relevant supporting documents. Customers refer to the following forms and instructions:
- W-9: Individual is a US Citizen or Residents of the United States; or an organization incorporated in the United States.
- W-8BEN: Individual with US indicia but not a US Citizen or US Resident.
- W-8BEN-E: organization outside of the United States.
- Other forms and specific instructions at
http://www.irs.gov/Businesses/Corporations/FATCA-Related-Forms.
- Frequently asked questions.
FATCA forms and related documents should be completed, signed properly and sent to Vietcombank by the deadline. Failure in completion of the required documents and/or committed to the deadline, your status in our system will be marked as “Recalcitrant Account” which will be “Reportable US Person”, accordingly, relevant information of your financial accounts will be summarized and reported to the State Bank of Vietnam.
Please note that the information collected by Vietcombank will solely be used for reporting to the State Bank of Vietnam in order to fully meet the compliant requirements with the IGA Vietnam - US Agreement and related regulations of Vietnam and will not be used for any other purposes.
Vietcombank would like to thank you for your cooperation and support.
VCB News