Launch of online FATCA reporting system

The Malta Inland Revenue Department (‘IRD’) has launched the online FATCA reporting portal which may be accessed by Malta Financial Institutions through the IRD website by inserting the data provider number and pin provided by the IRD. This should grant access to the online portal where the reporting spreadsheet is available for download. Reporting for FATCA purposes for the year 2015 should be submitted to the IRD through the reporting portal mentioned above by no later than 15 June 2015.

In this respect it should be noted that the IRD has issued guidelines in relation to the implementation of the Malta-US FATCA Intergovernmental Agreement (the ‘Guidelines’) that may be of assistance in fulfilling your FATCA reporting obligations. The guidelines provide further information in respect to:

• The application of the necessary due diligence procedures;
• The compilation of reportable information;
• The timetable for reporting; and
• Details relating to the transmission of information to the IRD.