U.S Internal Revenue Service extended timeline for IGA-1 Jurisdiction to provide FATCA
On April 14, 2020 the U.S Internal Revenue Service on their FATCA – FAQs website under “Reporting” informed, that the timeline for IGA 1 Jurisdictions to exchange 2019 relevant FATCA data is extended to December 31, 2020.
Please keep in mind, that the extension does not automatically enhance the reporting deadline for financial institutions located in an IGA 1 Jurisdiction.
Such Financial Institutions needs to follow up on potential changes to the IGA-1 Jurisdiction specific reporting due dates with their local competent authorities.
About the Author
Marco is a certified Banker and holds degrees as MBA (finance and accounting) and LLM (international business and tax law).
Marco provides 30+ years of working experiences as internal auditor, business consultant, and project manager achieved within Commercial Banking Institutions, Private Banking Institutions, Wealth Management Organisations and Financial Service Provider located in Europe and the APAC Region.
Marco provided advisory services on
international tax transparency initiatives - AEoI, FATCA, EU-DAC6, OECD-CRS - to meet financial institutions AML/KYC, Customer due diligence, tax reporting and disclosure obligations;
the implementation of U.S Qualified intermediary regime (QI) and U.S 1099 tax reporting requirements;
the institution of investment compliance frameworks and policies supporting the monitoring of regulatory, contractual and bank internal investment restriction;