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US gives region six-month extension for implementation of FATCA

Published:Saturday | July 13, 2013 | 12:28 PM

The United States has granted Caribbean countries a six-month extension for the implementation of its new tax law, the Foreign Account Tax Compliance Act (FATCA).



The announcement yesterday by the US Department of the Treasury and the Internal Revenue Service (IRS) means that FATCA will take effect across the region come July 1 next year.



FATCA was enacted by the US Congress in 2010 to target non-compliance by US taxpayers at home and overseas through the use of foreign accounts.



The Treasury Department says the extension will provide the region and foreign financial institutions (FFIs) more time to comply with the new law while helping to ensure efficient implementation.



Deputy Assistant Secretary for International Tax Affairs Robert Stack says it will also provide more time to complete inter-government agreements with countries and jurisdictions across the Caribbean before withholding begins.



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