The Isle of Man Tax Office has now published guidance notes (GN53) to assist IOM Financial Institutions (“FIs”) with implementing the Common Reporting Standard (“CRS”) regulations which were approved by Tynwald on 21 October 2015.
These IOM guidance notes (1.2 MB) are designed to supplement the OECD’s guidance notes on the CRS by providing comment on specific areas which are particularly relevant to the Isle of Man market place and which may be considered to be unclear in the guidance currently available. These guidance notes will assist IOM FIs in avoiding penalties from errors in their CRS reporting and clarify areas where the IOM was able to specify options.
The News Release issued by the Tax Office also highlights a number of areas where clarification is being sought from the OECD.
If you would like any assistance on automatic exchange, including a reporting solution, please get in touch with David or Clare.