Asia can breathe easier over Fatca – or can it?
The US has offered foreign institutions some relief by extending its deadline for Fatca compliance. But uncertainties remain, with a buyside counsel warning against complacency.
Asian institutions can breathe easier after the US agreed to delay penalties for non-compliance with its extraterritorial tax law Fatca, although still some uncertainty remains.
The Internal Revenue Service (IRS) in the US has given foreign financial institutions a transitional period running until 2016 to comply, and relaxed the withholding penalty it would have levied for non-compliance.
Under the Foreign Account Tax Compliance Act previously, non-US financial institutions wou…
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