The 30 June deadline for Isle of Man Reporting Financial Institutions to submit their 2015 US FATCA reports to the Income Tax Division is now only two weeks away.
It 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 UK (the UK IGA) for the 2014 and 2015 periods.
The US FATCA and UK IGA reports can only be accepted by the Assessor online and 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 the Industry Advisory Notice that was issued earlier this month and is available on the Division's website at: /categories/tax-vat-and-your-money/income-tax-and-national-insurance/international-agreements/fatca-and-common-reporting-standard/
In order to submit 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 Division in order to obtain the necessary activation and security codes.
Isle of Man Financial Institutions with US FATCA or UK IGA reports due 30 June 2016 must therefore register and enrol for the online service as soon as possible as the Division cannot guarantee that registration forms received after 23 June 2016 will be processed in time to allow filing by the reporting deadline.
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 and, provided the Financial Institution has tried in good faith to comply with all their reporting requirements, the Assessor will consider reasonable requests for extra time to submit reports.