INTERNATIONAL TAX PLAZA - Malta – Updated version of FATCA Guidelines published

Details: Published: 02 July 2015

(July 2, 2015)

On July 2, 2015 the Maltese Commissioner for Revenue published an updated version of the FATCA Guidelines (Version 2.0).

According to Section 1 of the updated FATCA Guidelines, the following Sections of the FATCA Guidelines have been updated:

2.2.1 Application to Holding Companies and Treasury Centres of Financial Groups;

2.2.3 Application to Trusts;

2.2.6 Application to Securitisation Vehicles;

2.3 Custodial Institution;

2.5 Investment Entity;

2.18 US Reportable Accounts;

2.20 Related Entities;

2.21 Controlling Persons; (This is a newly added Section)

3.1 Registration with the Commissioner for Revenue;

3.2 Registration with the IRS;

3.3 Reporting;

3.5 Format for Transmitting Information to the Commissioner for Revenue;

5.14.6 Aggregation of Pre-existing Entity Accounts;

5.19.1 Threshold Exemptions that apply to Pre-existing Individual Accounts;

5.21.1 Threshold Exemptions that apply to New Individual Accounts;

5.21.4 Identification of New Individual Accounts;

5.22 Pre-existing Entity Accounts;

5.22.1 Threshold Exemptions that apply to Pre-existing Entity Accounts;

5.22.2 Reportable Accounts;

5.22.8.1 Identification of an entity as a Non-Financial Foreign Entity;

5.22.8.2 Criteria for determining an Active Non-Financial Foreign Entity;

5.23.1 Exemptions that apply to New Entity Accounts;

5.23.2 Reportable Accounts;

5.23.6 Identification of an entity as a Non-Financial Foreign Entity;

6.7.1.1 Local Client Base Financial Institutions; and

6.7.1.7 Sponsored closely held Investment Vehicles;

Click here to be forwarded to the updated FATCA Guidelines as published by the Maltese Commissioner for Revenue on July 2, 2015. (The website of the Maltese Inland Revenue will open in a new window)

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