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

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 [tag|fatca|]FATCA[/tag] from 1 July 2014 rather than 1 January 2014.

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