Malta Further Extends FATCA Reporting Deadline
The Inland Revenue Department (IRD) has announced a further extension to the deadline for Maltese financial institutions (FIs) to comply with the reporting requirements under the US Foreign Account Tax Compliance Act (FATCA).
The deadline for FIs to submit FATCA data to the IRD has been moved forward to July 31, 2015. The exception will apply for this year only, reverting to the usual reporting date of April 30 in each subsequent year.
The IRD has also published an updated version of its FATCA Guidelines, which discusses the intergovernmental agreement signed between Malta and the United States on December 16, 2013.
FATCA requires all FIs outside of the United States to submit regular information on financial accounts held by US persons to the Internal Revenue Service (IRS). Otherwise, certain payments of US-sourced income will face a 30 percent withholding tax.
