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Today’s Top Headlines

Mauritius Extends FATCA Deadline

by Lorys Charalambous,, Cyprus

03 August 2016

In a July 27 notice, the Mauritius Revenue Authority (MRA) announced an extension, to August 31, 2016, to the due date for the submission by Mauritius-based financial institutions (MFIs) of US Foreign Account Tax Compliance Act (FATCA) data for the 2015 reporting year.

"Following requests from stakeholders," the MRA decided to extend the due date from July 31, a date that had only recently been confirmed by an MRA notice dated July 5, 2016. In the previous reporting year, FATCA information for onward transmission to the US Internal Revenue Service (IRS) had been required by July 31, 2015.

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) or otherwise face a 30 percent withholding tax on certain payments of US-sourced income.

To ease FATCA compliance for MFIs, the Mauritian Government signed a Model 1 Intergovernmental Agreement (IGA) with the United States in 2013. Model 1 IGAs provide for FIs to report account information relating to US persons to their relevant domestic tax authority – in Mauritius' case, the MRA – which, in turn, shares this information with the IRS.

A reporting MFI must, in respect of each calendar year, prepare and provide to the MRA a return setting out the required information in relation to every US reportable account that is maintained by the MFI at any time during the calendar year in question. MFIs have been informed that FATCA reporting will only be possible through MRA's e-Services platform.

TAGS: compliance | Foreign Account Tax Compliance Act (FATCA) | tax | tax compliance | Mauritius | FATCA | law | banking | Internal Revenue Service (IRS) | tax authority | withholding tax | United States | regulation | Compliance | Tax

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