ARTICLE · 17 JULY 2013

US Government Announces Six-Month Extension To FATCA Effective Dates

PwC Malta

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The Internal Revenue Service and the US Department of the Treasury issued Notice 2013-43 today announcing revised timelines for implementing various provisions under the Foreign Account Tax Compliance Act.

MaltaTax

David Ferry

In brief

The Internal Revenue Service (IRS) and the US Department of the Treasury (Treasury) issued Notice 2013-43 (Notice) today announcing revised timelines for implementing various provisions under the Foreign Account Tax Compliance Act (FATCA). The Notice also provides additional guidance concerning financial institutions in jurisdictions that have signed an intergovernmental agreement (IGA) but have not yet enacted legislation bringing it into force. By extending the timelines, the Notice also provides (1) the IRS more time to issue the necessary forms, guidance, clarification, and interpretation, (2) Treasury and potential FATCA partners more time to agree to and sign IGAs and (3) entities around the world more time to implement changes in order to be FATCA / IGA compliant.

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