Anguilla Extends FATCA Reporting Deadline To Month End
by Mike Godfrey, Lowtax.net, Washington
25 August, 2017
Anguilla's Inland Revenue Department has extended the deadline for financial institutions to meet their reporting obligations under the US Financial Account Tax Compliance Act (FATCA) to August 31, 2017.
The reporting obligations arises out of an inter-governmental agreement between the US and Anguilla, under which Anguilla has agreed to collect information from local financial institutions on their US account holders, and to share this information with the US authorities. Failure by a financial institution to report on foreign assets held by their US account holders means the US will impose withholding tax of 30 percent on their US source income.
The reporting deadline for financial institutions to file their 2014, 2015, and 2016 financial account reports under the Common Reporting Standard (CRS), the single global standard for exchanging financial account information on foreign tax residents on an automatic basis, remains August 31, 2017. The Department has said, however, that it is seeking to extend this deadline because of the unavailability of the island's online CRS portal, through which CRS reports must be filed.
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