U.S.A.: IRS outlines modifications to proposed FATCA regulations
U.S. Internal Revenue Service (IRS) Announcement A-2012-42, released on the 24 October 2012, outlines some modifications to the proposed regulations as intended to be incorporated within the final Foreign Account Tax Compliance Act (FATCA) regulations due for the end of 2012.
The release of IRS Announcement A-2012-42 follows numerous comments received by the U.S. Treasury Department and the IRS identifying certain practical issues in the implementation of FATCA rules within the time frames prescribed by the current proposed regulations.
IRS Announcement A-2012-42 outlines the following:
- Certain timelines within which withholding agents and foreign financial institutions (FFIs) are to complete due diligence and other requirements;
- Certain additional guidance concerning the gross withholding of proceeds and the status of certain instruments as "grandfathered obligations" under sections 1471 through 1474 of the Internal Revenue Code; and
- Clarification of the scope of grandfathered obligations.
Details and an accompanying table of deadlines can be found on the IRS website under: http://www.irs.gov/pub/irs-drop/A-12-42.pdf.
Further information
For further information, customers may contact the Clearstream Banking Tax Help Desk on:
| Luxembourg | Frankfurt | |
| Email: | tax@clearstream.com | tax@clearstream.com |
| Telephone: | +352-243-32835 | +49-(0) 69-2 11-1 3821 |
| Fax: | +352-243-632835 | +49-(0) 69-2 11-61 3821 |
or Clearstream Banking Customer Service or their Relationship Officer.
1. Clearstream Banking refers collectively to Clearstream Banking AG, registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in the Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500 (CBF) and Clearstream Banking, société anonyme, registered office at 42, avenue John F. Kennedy and registered with the Luxembourg Register of Commerce and Companies under number B-9248 (CBL).
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