Malta Extends FATCA Reporting Deadline
by Ulrika Lomas, Lowtax.net, Brussels
22 April, 2015
The Inland Revenue Department has announced an extension to the deadline for financial institutions to comply with the reporting deadlines under the Foreign Account Tax Compliance Act framework. The deadline for FIs to submit FATCA data has been moved forward to June 15, 2015.
FATCA requires all FIs outside of the United States to submit regular information on financial accounts held by US persons to the Internal Revenue Service (IRS), or otherwise face a 30 percent withholding tax on certain payments of US-sourced income.
The Commissioner for Revenue said reporting Malta Financial Institutions will not suffer any applicable penalties provided that the information that is required to be reported for FATCA purposes is submitted to the Commissioner by no later June 15. The exception will apply for this year only.
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