On 12 July 2013 the IRS issued Notice 2013-43 (the Notice) extending certain timelines regarding the implementation of FATCA by 6 months.

The start date for the implementation of FATCA withholding has been pushed from 1 January to 1 July 2014. The IRS online registration portal to register financial institutions which was to have been accessible by no later than 15 July 2013 will now be accessible by 19 August 2013. Financial institutions will be able to use the period between 19 August and year end to access and modify their registration information. It will only be on or after 1 January 2014 that financial institutions will be expected to finalise their registration information.

The IRS electronically posted first list of foreign financial institutions will no longer be published by 2 December 2013 but rather by 2 June 2014 with financial institutions needing to finalise their registration by 25 April 2014 to appear on the first list.

Additional changes provided for in the Notice include partner jurisdictions no longer being required to obtain and exchange account information with respect to calendar year 2013. In addition the IRS intend on providing a list of jurisdictions that will be treated as having in effect an IGA notwithstanding that an IGA may not have entered into force as of 1 July 2014. Modifications made to the US Treasury Regulations on foot of the Notice to deal with all these changes should feed into Ireland’s IGA through the operation of its most favoured nation provision.