Washington: The US Treasury Department announced it is suspending the Corporate Transparency Act, stating that it will "not enforce any penalties or fines associated with the beneficial ownership information reporting rule under the existing regulatory deadlines." Additionally, the department clarified that it will not impose penalties on US citizens or domestic reporting companies, or their beneficial owners, after upcoming rule changes are implemented. According to Kuwait News Agency, the Treasury Department plans to issue a proposed rulemaking that will narrow the rule's scope to only include foreign reporting companies. The department emphasized that this decision is made to support American taxpayers and small businesses, ensuring that the rule aligns with the public interest. US Secretary of the Treasury Scott Bessent hailed the move as "a victory for common sense," noting that the action aligns with President Trump's agenda to reduce regulatory burdens, especially for small businesses, which are cru cial to the American economy. Bessent emphasized that this step is part of a broader effort to stimulate American prosperity by eliminating onerous regulations.
