Channel Islands: Amendment to CRS regulations (Guernsey)

Channel Islands: Amendment to CRS regulations

The tax authority in Guernsey issued an amendment to the common reporting standard (CRS) regulations.


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According to the amendment to the Income Tax (Approved International Agreements) (Implementation) (Common Reporting Standard) Regulations, 2015, a reporting financial institution must maintain the following:

  • Evidence that it has established arrangements for compliance with due diligence procedures
  • A record of the steps taken in accordance with Schedule 2, for a period of six years from the end of the year in which the financial accounts became reportable

Read a May 2020 report [PDF 69 KB] prepared by the KPMG member firm in the Channel Islands

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