On 20 February 2014, the US Department of Treasury and the
Internal Revenue Service released temporary regulations that revise
and clarify the final FATCA regulations (Temporary Regulations) as
well as temporary regulations coordinating the final regulations
under Chapters 3 and 61 of the IRS code with the final FATCA
regulations (Coordination Regulations).
Deloitte has produced an
initial analysis of some of the most significant updates made
to the final FATCA regulations and also some of the noteworthy
coordinating changes to Chapters 3 and 61, and other related
provisions.
The new rules do not provide any further extensions to the
effective date of FATCA, or to the required timeframes in which a
Foreign Financial Institution (FFI) that has entered into an FFI
Agreement must comply with the due diligence, withholding or
reporting obligations under that agreement.
