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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 FATCA’s 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 entities to...

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