The Isle of Man Government has published an Industry Advisory Notice from the Treasury Income Tax Division dated 26 November 2020. The Notice concerns the update of the Common Reporting Standard (CRS) and Country-by-Country (CbC) reporting schemas to Version 2.0, which is effective from 1 December 2020. With respect to the CbC reporting schema, the notice includes the following:
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CbCR SCHEMA UPDATE
As previously advised in the 1 October 2020 Industry Advisory Notice, the CbCR schema …