Tax Administration Jamaica (TAJ) is reminding all Reporting Financial Institutions (RFIs) that the extension to submit their FATCA reports for calendar year 2015 expires on Friday, July 22, 2016, and they are therefore urged to comply.
In May, in 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, TAJ allowed for the submission of FATCA Reports for Calendar Year 2015 up until July 22, 2016 without penalty. 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, twenty-four (24) of the forty-four (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.
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 in turn will submit these 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.