The tax authority in Guernsey has announced an extension of the FATCA and common reporting standard (CRS) reporting deadline due to the coronavirus (COVID-19) pandemic.
The deadline for reporting financial institutions in Guernsey for the 2019 reportable year has been extended to 30 September 2020.
Additionally, the CRS Schema v2.0 will be effective 1 January 2021. CRS reports received between 30 June 2020 and 30 September 2020 will likely be transmitted by late October or early November. If the receiving jurisdiction rejects a report, then the reporting financial institution in Guernsey will have to provide corrections for that report using CRS Schema v2.0, which will increase the cost of compliance. Therefore, reporting financial institutions in Guernsey need to consider completing their reports by 30 June 2020 in order to avoid any increased compliance costs related to report submission using the new CRS Schema v2.0.
Further, reporting financial institutions in Guernsey are required to register by 30 June 2020.
Read a June 2020 report [PDF 73 KB] prepared for the KPMG member firm in the Channel Islands
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