26 Nov 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:
-TransmittingCountry and ReceivingCountry – must be set to ‘IM’.
-Nil Reporting isn’t required on the Isle of Man.
-ResCountryCode – must be set to ‘IM’
-ReportingFI / Name – must be unique within the XML file.
-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
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)
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
-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’.
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