The Internal Revenue Service says firms which make efforts to comply with the law in good faith will not be subject to penalties even if they do not meet the deadline. Photo: AFP
Financial firms struggling with Fatca compliance as deadline looms
The first deadline for the US Internal Revenue Service's new Foreign Account Tax Compliance Act falls on July 1, but will financial institutions in Asia be ready?
The Internal Revenue Service says firms which make efforts to comply with the law in good faith will not be subject to penalties even if they do not meet the deadline. Photo: AFP
