US postpones FATCA deadlines

The Internal Revenue Service 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 institutio...