ITD Updated CRS And FATCA Guidance Notes

November 26, 2020 – Isle of Man – ITD has updated CRS (GN 53) and FATCA (GN 55) Guidance Notes

IM country specific requirements:
MessageSpec
-TransmittingCountry and ReceivingCountry – must be set to ‘IM’.
-Nil Reporting isn’t required on the Isle of Man.

ReportingFI
-ResCountryCode – must be set to ‘IM’
-ReportingFI / Name – must be unique within the XML file.

AccountReport
-TIN/IN – where an Account holder is tax resident in more than one jurisdiction the number of TINs/INs provided, and the attribute stating the issuing jurisdiction, must match the number of ResCountryCode and jurisdictions

General
DocRefId and CorrDocRefId – US or IOM Formats

Option 1 (US Format)
Isle of Man Financial Institutions can use the same format prescribed by the US for FATCA filing. This requires the FI to use its GIIN followed by a full stop and a unique number/character combination)

eg. 000000.00000.XX.833.123abc456def789

Option 2 (IOM Format)
Instead of using a US GIIN the Assessor will also accept DocRefId that start with the Information Providers’ Tax Reference Number for the Isle of Man Financial Institution followed by a full stop and a unique number/character combination

eg. C000000Q01.123abc456def789

Undocumented Accounts
-Isle of Man Financial Institutions are reminded that where an account is noted as undocumented using the attribute of ‘true’, the corresponding ‘ResCountryCode’ must be set to ‘IM’.

For more information, please click here.



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