08.04.15

Seychelles FATCA Reporting Portal Launched

Posted in Business and Economy, Seychelles infrastructure at 1:07 pm by Robert Klien

The Seychelles Revenue Commission (SRC) has announced that the system enabling financial institutions to report information about their American clients under the United States Foreign Account Tax Compliance Act (FATCA) was launched on July 31, 2015. However, it is not yet possible for FIS s to upload the necessary data.

In an earlier circular dated April 2015, the SRC informed FIs that they will be required to transmit financial account information to the US Internal Revenue Service by September 30, 2015. Therefore, affected financial institutions were to report financial account information by no later than June 30, 2015, in the form of a data file compiled in accordance with FATCA XML v1.1 schema.

To address situations where foreign law would prevent an FFI from complying with the terms of an FFI agreement, the US Treasury Department has developed 3 model intergovernmental agreements (IGAs). The Seychelles has signed a Model 1 IGA, under which FIs report tax information about US account holders directly to the local revenue authority, then the information will in turn relay to the IRS.

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