US postpones FATCA deadlines

clock

The US government has postponed the start date of incoming tax regime FATCA to give businesses more time to comply with the rules.

The Internal Revenue Service said institutions will now have until 1 January 2014 to put procedures in place to meet the requirements of the Foreign Account Tax Compliance Act (FATCA). Its implementation was already going to be staggered over several years, but the new 2014 deadline means businesses have an additional year to prepare. They will also now have until 1 January 2017 to begin withholding US tax from clients' investment gains, an extra two years from the original deadline. FATCA remains a major worry and potentially a very costly exercise for foreign financial institutio...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Wealth managers

St James's Place results lay bare cost and charging challenges against market tumult

St James's Place results lay bare cost and charging challenges against market tumult

'Structural opportunity' for advice industry

Hope Coumbe
clock 28 February 2024 • 3 min read
SJP CIO Onuekwusi: Retail investors lack appropriate structure to access private markets

SJP CIO Onuekwusi: Retail investors lack appropriate structure to access private markets

Open-ended structures 'have to work'

Valeria Martinez
clock 01 December 2023 • 2 min read
M&G launches full PruFund range on Wealth platform

M&G launches full PruFund range on Wealth platform

‘Greater flexibility and wider choice’

Valeria Martinez
clock 22 May 2023 • 1 min read
Trustpilot