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Foreign Tax Law

FATCA: Deadlines postponed

(Dubai, 29/10/2012) The US government has postponed the start date of incoming tax regime FATCA to give businesses more time to comply with the rules.

The Internal Revenue Service (IRS) said institutions will now have until 1 January 2014 to put procedures in place to meet the requirements of the Foreign Account Tax Compliance Act (FATCA). Its implementation was already going to be staggered over several years, but the new 2014 deadline means businesses have an additional year to prepare. They will also now have until 1 January 2017 to begin withholding US tax from clients' investment gains, an extra two years from the original deadline.

FATCA remains a major worry and potentially a very costly exercise for foreign financial institutions, which have yet to receive the final rules on the regime.

So far, only the UK and its crown dependencies Guernsey, Jersey and the Isle of Man have finalised bilateral agreements with the US on FATCA, subject to parliamentary approval. France, Germany, Italy, Spain, Switzerland and Japan have pending agreements. HM Treasury is negotiating with at least 40 countries for FATCA agreements, according to reports.

Source: Investment Week

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