Companies are still 'seriously unprepared' for the FATCA rules which will come into force in January next year, a new survey by Thomson Reuters has revealed.
The Association of Investment Companies (AIC) is advising members with modest investments in US securities to avoid signing up to FATCA, in the same week as the IMA called for a further delay to the deadline.
The US Treasury today issued updated proposals designed to fight offshore tax evasion.
HM Treasury is pressuring the US government for a ‘carve out' on FATCA for low risk institutions, ahead of a draft paper due this week.
While RDR and MIFID II have taken centre stage in recent months, one topic that hasn't gained enough attention yet is the Foreign Account Tax Compliance Act or FATCA.
Industry leaders have warned the upcoming FATCA regulations from the US are "as big as RDR" and could cost the UK hundreds of millions of pounds.