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FATCA deadline approaches

Firms urged to get in touch with Treasury

Treasury’s Income Tax Division says there’s a just two weeks left to make sure your company complies with US tax laws.

Financial institutions on the Island have until Tuesday, June 30 to submit their FATCA reports for the 2014 reporting year.

FATCA, the Foreign Account Tax Compliance Act, means American citizens must declare any money held outside the USA – and requires businesses to report any such accounts.

You can find out more about the required information – and how to submit it – on the government’s website gov.im.

The Treasury says if you’re having trouble with the deadline it’s prepared to grant extra time for reasonable requests as long as the company’s tried in good faith to comply with the requirements.

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