27 May Extension of FATCA & Common Reporting Standard (CRS) reporting for the Isle of Man till Sep 30, 2020
May 27, 2020 – Extension of FATCA and CRS reporting for the Isle of Man till 30th Sept 2020.
As a result of the global COVID-19 pandemic the United States Internal Revenue Service (IRS), in
respect of FATCA, and the Organisation for Economic Co-Operation and Development (OECD), in respect of the Common Reporting Standard (CRS), have extended the annual deadline for the automatic exchange of information between jurisdictions by three months to December 31, 2020.
As such, an extension is in place to September 30, 2020, in respect of the FATCA and CRS reporting for the period ending December 31, 2019, normally due on June 30.
Submissions on or after October 1, 2020 will be liable to penalties.
For more information, please click here.