Looming FATCA Withholding Deadline Prompting Compliance Concerns

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Financial institutions need answers sooner rather than later as the first withholding deadlines approach for the Foreign Account Tax Compliance Act, with potential problems looming for the financial markets, tax advisers told BNA in a series of interviews.
“There have been concerns expressed by many since before FATCA was even enacted that it could have a negative impact on the markets,” Keith Lawson, senior counsel for tax law at the Investment Company Institute and ICI Global, said June 28. “The Treasury Department is very sensitive to that concern.”
With the first withholding deadline approaching Jan. 1, 2014, financial institutions have been working hard on compliance but challenges remain, advisers said.

 

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