The Isle of Man Income Tax Division published updated versions of FATCA and Common Reporting Standard (CRS) guidance notes. The updated documents may be found by clicking on the below links: The International Tax Compliance (United States of America) Regulations 2014, as amended Application of FATCA for Isle of Man Financial Institutions - UPDATED 27 January 2022 - Guidance Note GN 55 The Common Reporting Standard Isle of Man Regulations, Application of the CRS for Isle of Ma

The Isle of Man announced Financial Institutions (FIs) who miss the FATCA and CRS reporting deadline will be liable to an initial late filing penalty of £300 and daily penalties of at least £60 per day until the outstanding returns are filed. The filing deadline for Y2020 FATCA and CRS data is June 30, 2021. The daily minimum £60 penalty will begin to accrue immediately regardless of whether the initial late filing £300 penalty has been issued. Additionally, using the wrong s

Guernsey Guernsey announced it has extended both the FATCA and CRS reporting deadlines to September 30, 2020. However, Guernsey made clear that filings submitted after September 30, 2020 may be subject to enforcement action. You should not put off all Guernsey preparation until later this summer as you must ensure that all of your Reporting Guernsey Financial Institutions (RGFIs) are registered in IGOR (the online Guernsey portal) by June 30, 2020. There is a potential financ