US and Vietnam sign Model 1 FATCA IGA, agreement not treated as “in effect”

The US Treasury Department updated its FATCA website on April 19, reporting that Vietnam has signed a Model 1 intergovernmental agreement (IGA) with the United States.

The Treasury Department states, though, that under IRS regulation section §1.1471-1(b)(78), the agreement will not be treated as if it is in effect.

As a result, financial institutions will not be treated



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