The Comptroller of Revenue has informed us that Revenue Jersey will not levy late-filing penalties for company tax returns filed by midnight on 31 January 2021.
The provision of an extra month to submit the tax returns is welcome news. This decision was made due to the significant changes to the returns from previous years, the additional information required and the pressures caused by the Covid-19 Pandemic and lockdown.
Although this will provide some welcome time, in light of the increased amount of work required for the corporate tax returns including the economic substance considerations, the submission of financial statements and the online filing requirement for each company, we recommend companies continue to prioritise the completion of these returns.
High-Risk Intellectual-Property Entities
In order for Jersey to meet its treaty commitments in relation to information exchange, returns for High-Risk Intellectual Property entities in accordance with the Taxation (Companies – Economic Substance) (Jersey) Law 2019 will still be required to file their Jersey tax return by the original deadline of midnight on 31 December 2020.
If you require our assistance to meet these deadlines or would like to discuss the above, please contact your usual KPMG contact or any of the KPMG contacts listed.