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Firms urge delay in offshore tax rules
Financial institutions from around the world called for delay and changes to proposed US rules to combat offshore tax evasion at an Internal Revenue Service hearing yesterday. Government tax officials gave no indication about how they would respond to the businesses’ requests and said the final rules were on track to be ready in three to four months. With just months to go before implementation of the Foreign Account Tax Compliance Act, representatives complained that the rules would cause confusion and reporting errors that could destabilise markets.