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April 2, 2014: FATCA Announcement 2014-17

Foreign Account Tax Compliance Act (FATCA)


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FATCA announcement 2014-17: Extends registration deadline and identifies countries with pending Intergovernmental Agreements (“IGAs”)

On April 2, 2014, the U.S. Treasury Department issued Announcement 2014-17 to indicate that it will treat more than a dozen countries that have agreed in substance on the terms of an IGA with the United States as having signed bilateral agreements until the end of the year.

In addition, the U.S. Treasury Department has announced they are extending the FFI registration deadline from April 25 to May 5, 2014 giving institutions 10 more days to register with the IRS as a Participating Foreign Financial Institution. The announcement also provides certain clarifications to financial institutions in foreign countries that are close to signing an IGA but are not quite there yet. With 26 IGAs approved thus far, the announcement adds the following additional jurisdictions to be treated as having IGAs in place until December 31, 2014, the date by which the IGA must be signed in order for this status to continue without interruption.

Model 1 IGA
  • Australia
  • Belgium
  • Brazil
  • British Virgin Islands
  • Croatia
  • Czech Republic
  • Estonia
  • Gibraltar
  • Jamaica
  • Kosovo
  • Latvia

 

  • Liechtenstein
  • Lithuania
  • New Zealand
  • Poland
  • Portugal
  • Qatar
  • Slovenia
  • South Africa
  • South Korea
  • Romania

 

Model 2 IGA
  • Austria

Full article and Announcement 2014-17 are available for download. Review the U.S. Treasury website for further updates. For more information please contact a Deloitte FATCA leader or click here.

As used in this document, "Deloitte" means Deloitte Tax LLP, a subsidiary of Deloitte LLP. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting.

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