The United States suspends FATCA penalties against Kazakhstani banks in order to allow time to conclude bilateral agreement

The United States suspends FATCA penalties against Kazakhstani banks in order to allow time to conclude bilateral agreement

Foreign Account Tax Compliance Act of 2010 (FATCA) requires banks that have any U.S. depositors to report on those U.S. depositors’ accounts to the U.S. Treasury.  Kazakhstan and the United States initialed a bilateral agreement regarding how such information about U.S. citizens would be transmitted, and we continue to work towards a final agreement.  Although FATCA formally goes into effect October 1, 2015, the United States has suspended penalties against Kazakhstani banks for noncompliance with FATCA until the final U.S.-Kazakhstan agreement is reached.

More information on FATCA can be found at:http://www.treasury.gov/resource-center/tax-policy/treaties/Pages/FATCA.aspx