A delay in the implementation date for the US Foreign Account Tax Compliance Act (FATCA) for a tax information exchange with financial institutions globally will allow Taiwan to gain leverage in the follow-up negotiations.
Meantime, Taiwan is planning to sign an agreement with the US to support local financial institutions meet tax-reporting requirements under Washington’s 2010 FATCA.
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Taiwan is expected to sign the agreement with the US by March this year.
The postponement follows the pending Intergovernmental Agreements (IGAs) between the US and other countries to crack down on offshore tax evasion.
The delay will enable Taiwan to negotiate better deals.
Additionally, the deadline for local financial institutions to register with the Internal Revenue Service (IRS) to include on the list of Foreign Financial Institutions is 25 April 2014.
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