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FACTA Delayed

Article Summary:

The fulfillment of the obligation to report on foreign bank accounts belonging to U.S. citizens has been postponed to July 1, 2014.

Photo Credit: El Espectador

Original Article Text From El Espectador via Google Translate :

U.S. postpones deadline according to foreign banks for tax evasion

United States until mid-2014 postponed the deadline from which the 80 foreign banks must submit to the tax account information of U.S. citizens, the Treasury said Friday in a statement.

The Treasury said that “due to the huge interest from countries around the world” would extend the deadline to comply with the Law on Foreign Account Tax Compliance (FATCA, for its acronym in English) six months, until July 1, 2014.

To this date, foreign banks and other financial institutions should have agreed the identification and delivery of information on U.S. account holders.

The law, adopted in 2010 with the objective of combating tax evasion imposed on U.S. financial institutions a tax on transactions with foreign banks that fail to provide to the tax authorities of the United States information.

United States said it has signed nine agreements with other governments to facilitate the automatic exchange of information required by FACTA and is in talks with 80 other countries and jurisdictions.

Link to Original Article:

From El Espectador

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