Extension of temporary relief for U.S. TIN codes, and updated list of participating and reportable jurisdictions
The Isle of Man’s Income Tax Division on January 10, 2025, issued an Industry Advisory Notice outlining updates related to the FATCA and common reporting standard (CRS) regimes.
FATCA updates
The U.S. tax authority (IRS) Notice 2024-78, further extends the temporary relief provided in Notice 2023-11 for Isle of Man financial institutions that are unable to obtain and report U.S. tax identification numbers (TINs) for specified U.S. pre-existing reportable accounts until calendar years 2025, 2026, and 2027.
CRS updates
The notice includes an updated list of participating and reportable jurisdictions for the 2024 tax year (reports due June 30, 2025), and a provisional list of reportable jurisdictions for the 2025 tax year (reports due June 30, 2026).
Read a January 2025 report prepared by the KPMG member firm on the Isle of Man