Fatca delay adds to complications

Delays expected

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In October the US Internal Revenue Service (IRS) announced another delay in implementation of the Foreign Account Tax Compliance Act (Fatca). This time foreign financial institutions (FFIs) were told they would have an extra 12 months to implement their Fatca compliance programmes, in particular for new account on-boarding procedures, which had been set at January 1, 2013 and are now due by January 1, 2014. The delay has generally been welcomed by the industry, but there are many implications of

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