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IoM Flags Up Approaching FATCA Deadline

by Jason Gorringe, Lowtax.net, London
19 June, 2015

The Isle of Man Treasury has highlighted that the deadline for Manx reporting financial institutions to submit their first US FATCA reports to the Income Tax Division is less than two weeks away.

The reports, in respect of the 2014 reporting year, must be submitted to the Assessor in the prescribed XML file format by no later than June 30, 2015. Full details of the reporting format and how to transmit a report to the Assessor can be found in Practice Note PN 189/15 'Information Providers' Reporting Obligations,' available on the Division's website.

The Division said any financial institution concerned about the reporting format or about meeting the deadline should contact the Division as soon as possible. As this is the first year of reporting, provided the Financial Institution has tried in good faith to comply with the requirements, the Assessor will accept reasonable requests for extra time to submit reports, it said.

Meanwhile, the Treasury has also drawn attention to the June 30, 2015, deadline for business owners to pay local authority, water, and sewerage rates to benefit from a prompt payment discount of five percent.

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