On 24 October 2012 the IRS issued Announcement 2012-42 indicating that certain timelines with respect to the implementation of FATCA, as detailed in the proposed regulations published on 12 February 2012, are to be postponed by six months. The announcement was made following comments received by the US Department of Treasury and the IRS identifying certain practical issues in implementing FATCA under the proposed regulations. As a result, the timelines for undertaking due diligence for US withholding agents, Foreign Financial Institutions (FFIs) in countries with an IGA and FFIs in countries without an IGA are to be aligned thereby reducing significantly the administrative burden.