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29 September 2015
Changes to FATCA regulations.
The US Internal Revenue Service (IRS) will amend the Foreign Account Tax Compliance Act (FATCA) regulations to extend some deadlines in the 2014/15 transition period.
In Notice 2015-66 the IRS announced the following amendments to extend:
- the start date of gross proceeds withholding by amending the definition of “withholdable payment” to specified payments occurring after 31 December 2018;
- the start date of withholding on foreign pass through payments to the later of 1 January 2019 or the date the final regulations are published;
- the availability of limited branch and limited foreign financial institution (FFI) status until 1 January 2017; and
- the time for entities to register their sponsored registered deemed-compliant FFIs and sponsored direct-reporting non-financial foreign entities until 1 January 2017. They must use...
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