Deadline extended for "deemed effective" InterGovernmental Agreements
Earlier this year, the IRS announced that jurisdictions that had entered into negotiations but not yet concluded an IGA with the US Treasury would be "deemed to have an effective IGA" as of June 30, 2014, but that that status would expire on December 31 if the IGA had not been signed. Those jurisdictions would then become subject to FATCA withholding.
On December 1, the IRS extended the December 31 deadline for any jurisdiction that "continues to demonstrate firm resolve to sign the IGA." Treasury will review their status on a monthly basis beginning in the new year.
There are currently 48 countries with signed IGAs in effect and 64 jurisdictions with IGAs "agreed in substance".
For the full IRS announcement, click here.
And for a complete list of all signed IGAs (Model I and Model II) as well as all agreements "deemed in effect", click here.