In response to widespread concern about the feasibility of timely compliance, the Treasury Department released Notice 2011-53 on July 14, which gives foreign financial institutions (FFIs) and U.S. withholding agents temporary relief from the fast approaching January 1, 2013 deadline for implementing the withholding and reporting requirements enacted in the Foreign Account Tax Compliance Act (FATCA).
FATCA was enacted as part of the 2010 Hiring Incentives to Restore Employment Act and is designed to target tax avoidance by U.S. taxpayers through the use of foreign accounts. FATCA is a complex law that imposes significant reporting and information gathering obligations on FFIs, which are enforced through new withholding taxes and substantial penalties. You can access our previous analysis of FATCA here.
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