The Department for International Tax Cooperation announces a final extension of the soft enforcement due dates for notification and reporting under UK CDOT and US FATCA to Wednesday, 10 August 2016. Notifications and returns submitted on or before Wednesday, 10 August 2016 will not attract any adverse compliance consequences or enforcement measures. This will allow financial institutions a further two months in which to undertake their obligations under UK CDOT and US FATCA f

FATCA was introduced by the US Department of Treasury and Internal Revenue Service in 2010 to encourage better tax compliance by preventing US persons from using banks and other financial organisations to avoid taxation on their income and assets. CRS is part of a global standard proposed last year by the OECD, at the request of the G8 and the G20, for the annual cross border exchange of information on financial accounts. Because the standard shares a lot of similarities wi