Tax Administration Jamaica (TAJ) is reminding all Reporting Financial Institutions (RFIs) that they are required to submit their FATCA reports for 2015 on or before May 31, 2016 pursuant to the Revenue Administration (Amendment) Act 2015 [RA(A) 2015].
Additionally, RFIs reporting for the first time are required to notify and provide TAJ with:
(i) The name of the RFI
(ii) The categorization of the RFI
(iii) The Global Intermediary Identification Number (GINN) of the RFI
(iv) The Full Name, Address, Designation and Contact Details of the FATCA Compliance Officer who is the RFI’s principal point of contact for FATCA purposes
by March 31, 2016, pursuant to s.9 of the RA(A) 2015.
The FATCA reporting requirement was introduced 2014, with the first set of reports submitted to TAJ by RFIs in September 2015. These were in turn successfully transmitted by TAJ to the US-IRS in accordance with the RA(A) 2015 and the FATCA Intergovernmental Agreement. Any applicable feedback from the US-IRS in this regard will be subsequently communicated to the RFIs.
The requirements for the 2016 submission in accordance with the IGA (Inter Governmental Agreement) are as follows:
Reporting Financial Institutions are advised that the TAJ portal will be opened in April 2016 to facilitate early submission of the FATCA report for calendar year 2015.
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 standard security practices at the database and communication layers.
The RFIs will be required to upload their FATCA reports through RAiS. TAJ in turn will submit the files to the US-IRS on behalf of the RFIs and in accordance with the RA(A) 2015 and the FATCA Inter-Governmental Agreement.
RFIs are encouraged to contact TAJ before the May 31 submission deadline for any guidance on FATCA so as to avoid the last minute rush.
Source: Tax Administration Of Jamaica