Banks in the Philippines were encouraged to participate in the Foreign Account Tax Compliance Act to prepare them for the global banking environment.
US-based tax lawyer Kurt Rademacher said that failure to do so would prevent banks to invest in the US capital markets.
“I think Filipino banks will decide to comply with the law. That’s the best option. It makes sense to do it,” Rademacher said.
The FATCA seeks to encourage non-US institutions including banks in the Philippines to perform an audit function for the IRS.
“The United States, France, Germany, Italy, Spain and the United Kingdom are cognizant of the need to keep compliance costs as low as possible for financial institutions and other stakeholders and are committed to working together over the longer term towards achieving common reporting and due diligence standards,” Rademacher said.
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