GDT reminds firms to mind US tax act FATCA

The General Department of Taxation on Friday issued a statement reminding Cambodian financial institutions to comply with the reporting requirements of the US’s Foreign Account Tax Compliance Act (FATCA).

Cambodia and the US have signed an agreement to enforce FATCA, which mandates that financial institutions holding certain amounts of money in accounts managed by US citizens must report that information to the US government.

The deadline for reporting on accounts active last year is June 29, according to the Tax Department’s statement. “In case of late submissions, insurance enterprises and financial institutions that are subject to reporting obligations under the FATCA agreement will face penalties as specified in the agreement,” the announcement says.