Isle of Man Income Tax Division have now released the IOM’s final list of reportable jurisdictions for the 2019 reporting. Read our CRS update now.
For those of you involved in the CRS compliance programme for your organisation, you will be pleased to know that the Isle of Man Income Tax Division have now released the IOM’s final list of reportable jurisdictions for the 2019 reporting. The CRS reporting process for the 2019 year can therefore begin!
When considering your CRS (and indeed FATCA) reporting for 2019, we would encourage you to:
- consider whether the entity classification remains appropriate;
- ensure that the latest guidance from the IOM Income Tax Division/OECD has been reviewed and taken into account (especially with regards to decisions in relation to "grey" areas to ensure that the position adopted still remains appropriate); and
- ensure that the processes have been reviewed such that the final reporting for 2019 will be complete and correct.
Given that FATCA and CRS have now been in place for a number of years it is likely that the Income Tax Division will seek to raise penalties where instances of incomplete/ incorrect reporting are identified. It is therefore vital that care is taken in reviewing the final report to ensure that it has been compiled correctly.
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