The Treasury Department has delayed the with-holding and account due diligence requirements of the Foreign Account Tax Compliance Act (“FATCA”) until July 1, 2014. In part, the delay is a result of increased interest from certain jurisdic-tions willing to enter into intergovernmental agreements (“IGAs”). As a general matter, for-eign financial institutions are able to rely on IGAs to comply with FATCA reporting requirements. Currently, the Treasury Department has executed nine IGAs and is discussing possible IGAs with more than eighty other jurisdictions.
Other FATCA deadlines remain unchanged. The first report of information under FATCA contin-ues to be due in 2015. The FATCA registration website will open by August 19, 2013. The Treas-ury Department press release regarding the FATCA delay is available here.