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 press release. At the same time, the IRS recognises that
implementing FATCA is a major undertaking for financial institutions, he added.
[The July 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