FATCA legislation introduced by US authorities


Preliminary guidance released by IRS
08/04/2010  Updated guidance released      
14/07/2011     Prior guidance modified and timeline for phased implementation released
31/12/2011     IRS issues proposed regulations          
08/02/2012  Joint statement issued between US, UK, France, Germany, Italy & Spain
26/07/2012 IRS issues draft Model Intergovernmental Agreement (IGA)
12/09/2012    US and UK sign agreement based on IGA
24/10/2012    IRS announces 2012-42 with revised timelines 
15/11/2012 IGA (Model 2) announced
01/01/2013  Electronic process for registering as an FFI scheduled

Earliest effective date for FFI agreements. Onboarding processes for new accounts need to be in place. Witholding begins.

01/01/2015 FATCA withholding on high value reclcitrants begins.
31/03/2015 US Account Reporting for FFIs begins. Recalcitrant Account Reporting starts. 
31/12/2015 Due diligence for all accounts complete
01/01/2016  Limited FFI exemption expires. Witholding begins.
15/03/2016 Reporting on income by participating FFIs begins
01/01/2017  Withholding on foreign passthru payments
15/03/2018 FATCA legislation introduced by US authorities