The 30th June 2015 deadline for Isle of Man Reporting Financial Institutions to submit their first US FATCA reports to the Income Tax Division is now less than two weeks away.

The reports, in respect of the 2014 reporting year, can only be accepted by the Assessor in the prescribed XML file format. 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’ which is available on the Division’s website at www.gov.im/incometax. 

If any Isle of Man Financial Institution has concerns about the XML reporting format or about meeting the reporting deadline of 30 June they 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.