IRS announces six-month delay in FATCA implementation
The US Treasury Department and the Internal Revenue Service have announced a six-month extension to the start of the FATCA withholding and account due diligence requirements.
The delay to 1 July 2014 will provide foreign financial institutions (FFIs) with the time necessary to comply with FATCA and allow more time for the US Treasury Department to complete intergovernmental agreements (IGAs) with foreign countries.
In the coming days we will send you a more in-depth look at the IRS’s announcement, published as Notice 2013-43…
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The European Commission is calling for European Union member states to introduce an injunctive and compensatory collective redress mechanism to their national procedural rules by 26 July 2015.
On 29 November, the US and the Cayman Islands signed a ‘Model 1’ intergovernmental agreement on FATCA.
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