Winners, Loser's From Singapore Acceptance of Facta

        0759 GMT [Dow Jones] Singapore's deal with the U.S. to implement a version of Washington's Foreign Account Tax Compliance Act, or Facta, will be expensive for small companies but positive for the city as a financial center, says Sidley Austin lawyer Han Ming Ho. The tax and regulation law firm says Singapore will better be able to compete with other financial centers like Tokyo and Hong Kong due to the transparency and reassurance that Facta brings. "Financial institutions should be preparing for Facta implementation from today," he says. "The main concern for many of the smaller financial institutions is the cost of implementing the processes to comply with Facta, which are by no means cheap." (jake.watts@wsj.com)
        (END) Dow Jones Newswires

        May 08, 2014 04:00 ET (08:00 GMT)