The Isle of Man Tax Office have today released the list of CRS reportable jurisdictions for the 2017 reporting period.
The Isle of Man Tax Office have released the list of CRS reportable jurisdictions for the 2017 reporting - a link to the list is available here. As anticipated, this list contains all CRS early adopter countries except for those with non-reciprocal agreements with the IOM, albeit the Tax Office confirm that reporting will not be submitted to the other jurisdiction if there is not the appropriate mechanism for such reporting in place by 30 September 2017.
As such, entities classified as Isle of Man Financial Institutions can now commence their CRS reporting in respect of the 2016 reporting period. The reporting is due to be submitted to the Tax Office by 30 June 2017.
The ‘Industry Advisory Note’ which contains the list of reportable jurisdictions also covers a number of other points – a brief description of the main points are set out below.
• The Tax Office will allow consolidated CRS reporting – this will allow a third party to submit one report including all details on reportable accounts for a number of Financial Institutions – this is likely to significantly reduce the number of reports required to be submitted by CSPs (where this approach is adopted) whilst not impacting the data that is actually reported to the Tax Office. This will hopefully reduce the time/ cost to complying with the filing obligation.
• There have recently been a number of minor amendments to the IOM CRS regulations; the main change formalises the position as set out in the CRS Guidance Notes that the term ‘excluded account’ includes dormant accounts (except annuity contracts) with a balance that does not exceed $1k.
• The Advisory note also contains some practical procedural points for any Financial Institution that has elected to apply the transitional provisions in relation to Appendix IV of the UK Intergovernmental Agreement (commonly referred to as the Alternative Reporting Regime) and the process required to make the submission.