TAJ urges financial institutions to comply with deadline to submit FATCA reports
Wednesday, July 20, 2016 | 7:02 PM
KINGSTON, Jamaica – The Tax Administration Jamaica (TAJ) is urging Reporting Financial Institutions (RFIs) to comply with its July 22 deadline to submit their FATCA reports for 2015.
The TAJ in a statement today said that in May, as a response to an urgent request from stakeholders within the financial sector, and notwithstanding the May 31 deadline as stipulated by the Revenue Administration (Amendment) Act (RAA) 2015, they allowed for the submission of FATCA Reports for Calendar Year 2015 up until July 22, 2016, without penalty.
The release added that the extension was granted to allow institutions to make adjustments to their systems to accommodate additional information required by the Internal Revenue Service (IRS).
“To date, 24 of the 44 financial institutions required to file a FATCA report for calendar year 2015 have done so. The remaining institutions are urged to submit their reports by July 22, to avoid any penalty being applied,” TAJ said.
The FATCA submission process is facilitated through TAJ’s new Revenue Administration Information System (RAiS) that is accessible through its web portal at www.jamaicatax.gov.jm.
The system employs industry security standards and best practices at the database and communication levels.
The RFIs are required to upload their FATCA reports through RAiS.
TAJ said in turn, they will submit the reports to the US IRS on behalf of the RFIs and in accordance with the RA(A) 2015 and the Inter-Governmental Agreement implementing FATCA.
Persons may call TAJ’s Exchange of Information Office (EOI) at 905-5638/5685, or email their FATCA questions to email@example.com for further guidance.