Share with your friends

Channel Islands: FATCA and CRS reporting deadline extended to 30 September (Guernsey) (COVID-19)

Channel Islands: FATCA and CRS reporting deadline

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.


Related content

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

The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us


Want to do business with KPMG?


loading image Request for proposal