IoM FATCA Report Deadline Approaching
by Jason Gorringe, Lowtax.net, London
16 June, 2016
The deadline of June 30, 2016, for Isle of Man "Reporting Financial Institutions" to submit their 2015 US Foreign Account Tax Compliance Act (FATCA) reports to the island's Income Tax Division is now only two weeks away.
The June 30 deadline is also the deadline for the first reports to be made by Isle of Man Reporting Financial Institutions in respect of the Isle of Man's "FATCA-style" intergovernmental agreement with the United Kingdom (the UK IGA) for the 2014 and 2015 periods.
The US FATCA and UK IGA reports can only be accepted by the Income Tax Division online and in the prescribed XML file format. Full details of the reporting format and how to transmit a report can be found on the Income Tax Division's website.
To submit the report online, Isle of Man Financial Institutions will need to be enrolled for the Information Providers' Online Service and will first need to register with the Income Tax Division to obtain the necessary activation and security codes.
Isle of Man Financial Institutions with US FATCA or UK IGA reports due by June 30, 2016 must therefore register and enroll for the online service as soon as possible, as the Income Tax Division cannot guarantee that registration forms received after June 23, 2016, will be processed in time to allow filing by the reporting deadline, the Government said.
If any Isle of Man Financial Institution has concerns about the XML reporting format or about meeting the reporting deadline of June 30, 2016, they should contact the Income Tax Division as soon as possible, and, provided the Financial Institution has tried in good faith to comply with all their reporting requirements, the Division will consider reasonable requests for extra time to submit reports, the Government said.
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