Global Watch ()
Hong Kong and the US signed a tax information exchange agreement (TIEA) on March 25, 2014. The agreement is the first of its kind signed by Hong Kong and allows the free exchange of tax information upon request between Hong Kong and the US. The HK-US TIEA will provide the necessary legal basis for Hong Kong to provide, upon request by the US, certain information that needs to be reported by financial institutions in Hong Kong to the US under the Foreign Account Tax Compliance Act (FATCA), which will be effective from July 1, 2014. In addition to the TIEA, Hong Kong is in discussions with the US to enter into an intergovernmental agreement to help financial institutions in Hong Kong comply with FATCA.