Switzerland has confirmed that the implementation date for the US Foreign
Account Tax Compliance Act has been pushed back six months.

The Federal
Authorities of the Swiss Confederation said in a statement that Swiss financial
institutions will now have to implement FATCA from July 1, 2014, rather than January 1, 2014.

The confederation said that the agreement
was approved and the implementing act adopted in the final vote of parliament
on September 27, 2013.

In July, the US Department of Treasury announced that FATCA
implementation by foreign financial institutions would be postponed by
six months. As the FATCA agreement signed between Switzerland and the US
in February was based on an earlier timetable, it had to be adjusted to
the new schedule.

Earlier last month, the lower
house of the Swiss parliament voted in favor of allowing Swiss financial
institutions to comply with FATCA.

In recent years, Swiss banks have
been under increased pressure from overseas governments to lift bank secrecy
laws.

FATCA was implemented in 2010 by the US government
to crack down on expat citizens who might be evading taxes by using foreign
accounts.

The agreement ensures that
financial accounts held by US citizens with Swiss banks are disclosed to the US tax
authorities.