IoM Says FATCA And CRS Reports Due This Month
by Jason Gorringe, Lowtax.net, London
02 June, 2017
The Isle of Man has reminded financial institutions that the deadline for submitting Automatic Exchange of Information returns for the 2016 year is now less than one month away.
It said returns due under the US Financial Accounts Tax Compliance Act (FATCA) must be submitted by June 30, 2017. This is also the deadline for the first report to be made by Isle of Man financial institutions in respect of the Common Reporting Standard (CRS), which will see the Isle of Man automatically exchange financial account information with up to 49 other "early adopter" jurisdictions.
FATCA and CRS reports must be submitted online and in the prescribed XML file formats.
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