Fatca delay gives Asian firms breathing space

The US Treasury Department pushing back the deadline for the Foreign Account Tax Compliance Act (Fatca) has taken some pressure off Asian fund houses, but they must not get complacent, argues consulting firm PwC. Asset managers have been overwhelmed by the amount of operational changes they need to adopt to comply with the rules implemented by the US in order to combat tax avoidance and/or evasion. Fatca requires Asian and other non-US financial institutions to report to America…