The US Treasury Department has given foreign financial institutions 10 extra days to register and ensure that they will be included on the first IRS FFI list.
As part of the move, the Treasury Department has extended the registration date for foreign financial institutions (FFIs) to May 5 from April 25.
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Additionally, the countries that have signed agreements in substance with the US on intergovernmental agreements (IGAs) under the FATCA will be treated as having agreements in effect until the end of 2014.
This move has increased the number of countries having IGAs with the US to 45 from 26.
FATCA generally requires US financial institutions to withhold a portion of certain payments made to certain foreign financial institutions (FFIs) that do not agree to identify and report information on US account holders.
The Treasury Department said that the institutions that fail to comply with FATCA will be frozen out of US markets.
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By GlobalDataRobert Stack deputy assistant secretary for International Tax Affairs said: "With 45 countries now considered to have IGAs in effect, and more jurisdictions far along in the process, the robust international support behind FATCA is undeniable.
