Notice 2013-43 - Extended timelines for FATCA compliance by withholding agents, foreign financial institutions 

July 12: The IRS today released an advance copy of Notice 2013-43, which revises the timelines included in the FATCA final regulations for withholding agents and foreign financial institutions to begin their due diligence and withholding, and reporting requirements under sections 1471-1474.

Notice 2013-43 [PDF 51 KB] provides a six-month extension for when withholding will begin (i.e., payments after June 30, 2014) and for implementing new account-opening procedures as well as related requirements to comply with FATCA.

The timeline for foreign financial institutions to register as (among other things) participating foreign financial institutions is also extended under today’s notice, with the registration portal expected to open on August 19, 2013.

Finally, Notice 2013-43 provides that financial institutions operating in jurisdictions that have signed an intergovernmental agreement (IGA) covering their financial institutions' compliance with FATCA will be treated as having an effective IGA.

Notice 2013-43 will be published in Internal Revenue Bulletin 2013-31 on July 29, 2013.

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