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International Banking Groups Ask IRS for FATCA Delay
By Colby Adams
printFinancial industry groups from several countries called on U.S. officials to extend by one year a deadline to comply with an anti-tax evasion law that takes effect in January. The requests and complaints, aired at a hearing held at IRS headquarters Tuesday, came from representatives of some 20 bankers associations, individual banks and other organizations concerned about compliance duties under the Foreign Account Tax Compliance Act (FATCA). Given that participating, non-U.S. banks must finalize all participating foreign financial institution (FFI) agreements, certification forms and instructions for their employees and affiliates by Sept. 30, the law's first deadline should be set...
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