The Treasury Department and the IRS said they will treat 19 countries that have reached agreements in substance with the U.S. on the Foreign Account Tax Compliance Act as having those agreements in effect, until the end of 2014, and they will also delay the registration deadline for foreign banks for 10 more days.
FATCA, which was included as part of the HIRE Act of 2010, requires foreign financial institutions to report on the holdings of U.S. citizens to the IRS or else face stiff penalties. The law has provoked controversy in many countries, which have complained that it would violate their privacy and banking secrecy laws.
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