Retail Banking and Wealth Management – Vietnam
There are a number of substantial changes being made by financial regulators, governments and banks, to ensure the protection and long-term safety of both the financial system and our customers' interests.
One of these changes is the Foreign Account Tax Compliance Act (FATCA). This is a new piece of legislation introduced by the United States Department of Treasury and the US Internal Revenue Service (IRS) to counter tax evasion in the US.
FATCA will affect many of HSBC's personal and business customers. The degree to which customers will be affected will vary, depending on the type of account, policy or agreement they hold with HSBC.
Impact to HSBC and our customers
HSBC is proud of our commitment to becoming fully FATCA compliant in all countries where we operate. Other banks and financial organisations will also be affected. However their approach to adopting FATCA may differ to that of HSBC.
We are currently reviewing the effect of the legislation for our customers in order to identify where we need to report information to IRS or local tax authority. We may be contacting you to request further information or documentation in order to verify your tax status under FATCA.
Please note that you may receive more than one request for information if you have relationships with more than one member of the HSBC Group. Therefore, it is important that you respond to all requests, even if you believe you have already supplied the requested information.
W-9: This is the withholding certificate referred to as a ‘W-9’ on the IRS website. This form is completed to confirm US tax status.
W-8: External site: Link opens in an overlay: This is a link to the withholding certificates referred to as ‘W-8s’ on the IRS website. This is a series of forms that are completed to confirm non-US tax status.
In order to provide customers with further support when completing IRS W Forms, we have provided some additional customer guidance for W-9 and W-8BEN.
(Page last updated April 2020)