Isle of Man: Updated FATCA and CRS guidance

Isle of Man: Updated FATCA and CRS guidance

The Isle of Man tax authority issued updated guidance with respect to the FATCA and the common reporting standard (CRS) regimes, and guidance highlighting the key changes to the XML schema as a result of the implementation of the OECD’s CRS XML schema v2.0.

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Financial institutions are reminded that any CRS submissions (including new data corrections or void files), must be made using the updated v2.0 schema format from 1 December 2020, regardless of the reporting period.


FATCA updates

The updated FATCA guidance includes:

  • An added section on relief procedures for certain former citizens
  • Additional guidance on the XML schema including how to re-submit files when errors are identified in previously submitted data


CRS updates

The updated CRS guidance includes:

  • Additional commentary in relation to the data protection issues arising from over-reporting
  • Additional guidance on the XML schema including how to re-submit files when errors are identified in previously submitted data

Read a December 2020 report [PDF 74 KB] prepared by the KPMG member firm on the Isle of Man

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