• Service: Tax
  • Industry: Financial Services
  • Type: Publication series
  • Date: 7/25/2011

Changes to the Foreign Account Tax Compliance Act (FATCA) 

On 14 July 2011, the U.S. Treasury Department and the Internal Revenue Service (the IRS), released an advance copy of Notice 2011-53 which provides a phased approach to the implementation of information reporting and withholding provisions under the Foreign Account Tax Compliance Act (FATCA). The new approach represents an attempt by the U.S. authorities to give both foreign financial institutions (FFIs) and U.S. withholding agents enough time to adjust their internal systems fully comply with FATCA.
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