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FATCA: Further extension of FATCA Reporting Deadline for 2015.
11.06.2015
The Commissioner for Revenue informs that the reporting deadline for FATCA purposes is being extended to 3rd July, 2015. Reporting Malta Financial Institutions will not suffer any applicable penalties provided that the information that is required to be reported for FATCA purposes is submitted to the Commissioner not later than 3rd July, 2015. The Commissioner further informs that this exception will apply for 2015 only
Automatic exchange of tax information will soon become a reality and one affecting most corners of the globe – there is no hiding place.
Financial information will start to be collected in 2016, for the first transmissions in 2017. Fifty-eight jurisdictions, the so called ‘early adopters’ have committed to be ready then.
This includes Malta, the rest of the EU, Isle of Man, Jersey, Guernsey, Gibraltar, Bermuda, the Cayman Islands, British Virgin Islands, Ireland, Iceland, Liechtenstein, Luxembourg, San Marino, Seychelles, Argentina and South Africa. This loss of financial privacy is a significant change and affects everyone who lives in one country and has assets in another.
One thing that has not changed, though, and this is that every individual has the right to structure their assets in a tax-efficient manner. It is important to only use arrangements which are compliant, but it is also important to protect your wealth for yourself and your heirs, where possible. It is possible to take advantage of legitimate opportunities to protect your assets from various local and cross-border taxes, for ex. Swiss.
You need to be informed on developments and take specialist advice. Welcome!
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