The Swiss State Secretariat for International Financial Matters (SIF) was able to negotiate the extension of deadline for aggregated reporting of the non-consenting account holders till March 31, 2015 (deadline before: January 31, 2015). The IRS confirmed, that the reporting of non-consenting accounts till March 31, 2015 for the 2014 reporting period by the Swiss FI’s will not be considered as non-compliance with the provisions of Art. 11(2) of the Agreement between Switzerland and the USA for Cooperation to Facilitate the Implementation of FATCA (“Swiss IGA”).
The reporting Financial Institutions have now more time for the preparation and registration on the IDES-Platform.