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Flyingboat News

IOM issues new CRS & FATCA guidance

Dec 20, 2016

In a note issued today (21st December 2016) the Isle Of Man provided an update concerning US FATCA and Common Reporting Standard filing in 2016. The note was mostly of a technical nature affecting the construction of XML reporting files but contained some useful information:

  • Confirmed the FATCA v2.0 Schema is required
  • Confimred CRS Reports will be submitted using CRS v1.0 schema
  • Confirmed CRS reports to contain all reportable persons in any reportable jurisdiction - ie. not jurisdiction specific reports.
  • The CRS Reportable jurisdictions to be published in the new year
  • The IOM's submission portal will be unavailable from 21 December 2016 until early February 2017

Flyingboat Tax Data Exchange 2017 bureau service and installed software already support the specified formats and will be tested against the IOM's portal when it reopens in February to verify validations applied by the IOM tax authority. More information on Flyingboat Tax Data Exchange and the new Data Visualiser tool can be found else where on this website - click the previous links.

The note from the IOM tax office can be downloaded in full from the IOM's FATCA & CRS website

Flyingboat Support Team
21st December 2016