On 12 July 2013, the US Internal Revenue Service issued a revised timeline for the implementation of the requirements of sections 1471 to 1474 of the Internal Revenue Code, commonly referred to as FATCA.
Highlights
The implementation of FATCA withholding on US source income has been delayed by six months and will now commence on 1 July 2014 (rather than 1 January 2014).
- The grandfathering period for FATCA withholding on US source income has also be extended by six