FATCA implementation delayed until 2014
15 July 2011
On July 14 the US Treasury Department and the Internal Revenue Service (IRS) issued Notice 2011-53, which includes dates by which foreign financial institutions and US withholding agents must apply the rules in the Foreign Account Tax Compliance Act (FATCA).
Most importantly, it postpones
levying FATCAs associated taxes until January 1 2014,
rather than 2013 as originally stipulated.
FATCA is an
important development in US efforts to combat offshore
non-compliance, said IRS Commissioner Doug Shulman in a
At the same time, the IRS recognises that implementing
FATCA is a major undertaking for financial institutions,
14] notice is a reflection of our serious commitment to
implementation of the statute, but also a serious commitment to
listen to the implementation challenges of affected financial
institutions and make appropriate adjustment to ensure a smooth
and timely roll-out, he said.
FATCA, which was signed into law March 18 2010, forces
foreign financial entities to...
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