Channel Islands: FATCA and CRS updates (Jersey)

Revenue Jersey issued FATCA and CRS reminders.

Revenue Jersey issued FATCA and CRS reminders.

Revenue Jersey in May 2021 released a compliance note concerning FATCA and the common reporting standard (CRS).

The compliance note:

  • Provides a list of common issues observed during compliance interventions with financial institutions
  • Lists various errors related to documentation, data integrity, quality of reports, due diligence, and reporting of undocumented accounts
  • Includes hallmarks of effective implementation of FATCA and CRS taken from cases when reporting financial institutions successfully demonstrated compliance through effective governance, policies and procedures, data integration and management, and quality control reviews

Additional updates related to FATCA reporting include the following:

  • The U.S. tax agency (IRS) has added a new default taxpayer identification number (TIN), in addition to those listed in Revenue Jersey’s communication (dated 23 March 2021) that can be used by reporting financial institutions when a TIN is not held for an account holder for purposes of FATCA reporting.
  • The IRS provided further guidance on how to populate the TIN fields in FATCA reports for non-U.S. entity accounts with U.S. substantial owners.

Lastly, Revenue Jersey issued FATCA and CRS reminders concerning:

  • Reporting trustee-documented trusts and investment entities for CRS
  • Reporting deadline for 2020 reporting period
  • Global intermediary identification number (GIIN) registration


Read a May 2021 report [PDF 118 KB] prepared by the KPMG member firm in the Channel Islands

 

 

The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained 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.