Banking and securities industry trade groups are urging government officials to extend deadlines for the Foreign Account Tax Compliance Act, a U.S. effort to crackdown on overseas tax cheats.
In a letter to the Treasury Department and Internal Revenue Service, the Securities Industry and Financial Markets Association, American Bankers Association, Clearing House Association and the Institute of International Bankers plead their case that the first scheduled FATCA implementation date of July 1, 2014 “is insufficient time to achieve the effective, full implementation of FATCA.” Cited concerns include the continuing wait for final guidance and slow pace of negotiated agreements with other nations.
