The 30 June 2017 deadline for Isle of Man Financial Institutions to submit their 2016 US FATCA reports to the Income Tax Division is now less than one month away.

It 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.

US FATCA and CRS reports must be submitted to the Assessor online using the Information Providers’ Online Service and in the prescribed XML file formats. 

Further information concerning the reporting format, registration process and requirements can be found in the June AEOI Industry Advisory Notice issued by the Assessor earlier today which is available on the FATCA/CRS page of the Division’s website:

https://www.gov.im/categories/tax-vat-and-your-money/income-tax-and-national-insurance/international-agreements/fatca-and-common-reporting-standard/.

Isle of Man Financial Institutions that fail to file valid, complete reports on time may be liable to penalties and further compliance action.