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ARTICLE · 31 JANUARY 2013

U.S. Tax Authorities Issue Final FATCA Regulations

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On January 17, 2013, the U.S. Department of the Treasury (Treasury Department) and U.S. Internal Revenue Service (IRS) issued final Treasury Regulations (Final Regulations) under the tax provisions commonly referred to as the Foreign Account Tax Compliance Act (FATCA).

United StatesTax
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On January 17, 2013, the U.S. Department of the Treasury (Treasury Department) and U.S. Internal Revenue Service (IRS) issued final Treasury Regulations (Final Regulations) under the tax provisions commonly referred to as the Foreign Account Tax Compliance Act (FATCA).1

With the issuance of the Final Regulations, taxpayers and other affected stakeholders have increased clarity regarding the application of FATCA to affected transactions, and affected financial institutions can move forward with greater certainty in implementing FATCA compliance. The Final Regulations also amend in important ways certain provisions of the proposed regulations under FATCA issued in February 2012 (Proposed Regulations) and take into account the effect of existing and anticipated intergovernmental agreements (IGAs) between the U.S. and foreign governments. However, notwithstanding the issuance of the Final Regulations, the FATCA statutory rules, the IGA framework and the Final

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