US product providers express relief as IRS eases Fatca implementation
The US Internal Revenue Service has announced an extension and modification to Foreign Account Tax Compliance Act compliance procedures, as well as an expansion in the range of financial institutions that will not have to enter into agreements with the IRS
The announcement by the US Internal Revenue Service (IRS) and US Treasury on February 9 that there would be an extension to the timeframe for reporting and withholding requirements has given US structured product providers greater clarity regarding the information that will be required in order to comply with the Foreign Account Tax Compliance Act (Fatca).
“While it has long been anticipated that systems changes will be necessary, we now have a better idea as to their complexity, and this
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