Fatca compliance slowing down after 'ambiguous' IRS notice

Three months after IRS notice, Fatca compliance programmes slackening

slow-road-sign

Banks are reining in their Fatca compliance programmes in light of a notice the US Internal Revenue Service (IRS) released in May outlining a transitional period for Fatca compliance, one expert warns.

Notice 2014-33 states that calendar years 2014 and 2015 will be regarded as a transition period for IRS enforcement and administration of Fatca implementation by withholding agents and foreign financial institutions (FFIs). During the transition period, the IRS says it will take into account the

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