Reciprocal approach to FATCA could cause delay, experts say

08/3/2012 | Risk.net

The Foreign Account Tax Compliance Act requires non-U.S. banks to identify and report on American account holders, prompting foreign governments to seek a reciprocal agreement. Experts expect U.S. banks to push back on such a quid pro quo. "As U.S. financial institutions begin to realize the herculean tasks necessary to adopt global reporting systems and controls to be compliant with FATCA by 2013, they will likely seek out legislative solutions to alleviate these burdens or seek administrative deferrals of implementation dates," said Michael Silva, a tax partner at DLA Piper.

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