The Treasury Department said Friday that due to overwhelming interest from countries around the world, it will extend by six months the start of the withholding and account due diligence requirements of the Foreign Account Tax Compliance Act, or FATCA, until July 1, 2014, to allow more time to complete agreements with foreign jurisdictions.
The six-month delay will also provide foreign financial institutions with the time necessary to comply with FATCA while helping to ensure efficient implementation of the law, according to the Treasury.
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