Fatca delay simply “smoke and mirrors”


The US tax authorities' decision to delay the start dates of key parts of the Foreign Account Tax Compliance Act (Fatca) is nothing more than "smoke and mirrors", as the timetable for imposing penalties for non-compliance remains relatively unchanged, says Tim Clough, partner, risk and controls solutions at PricewaterhouseCoopers in Hong Kong. The Internal Revenue Service (IRS) had originally required foreign financial institutions (FFIs) to sign agreements from January 1, 2013, and to withho

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