Channel Islands: No deadline changes for FATCA and CRS reporting (Guernsey)

No changes to the deadline for FATCA and common reporting standard (CRS) reporting

No changes to the deadline for FATCA and common reporting standard (CRS) reporting

The tax authority in Guernsey informed financial institutions that there are no changes to the deadline for FATCA and common reporting standard (CRS) reporting.

All reporting Guernsey financial institutions, therefore, must submit their 2020 FATCA and CRS reports to the tax authority on or before 30 June 2021.

The tax authority also mentioned that it is closely monitoring the coronavirus (COVID -19) pandemic situation and, if there are any changes, updates will be published online and via the information gateway online reporter (IGOR) messaging service.

Reminders

The tax authority also reminded financial institutions of the following:

  • Reporting Guernsey financial institutions must register and submit the report though the IGOR system ahead of the FATCA and CRS reporting deadline of 30 June 2021.
  • The U.S. tax authority (IRS) added a new code (777777777) to the series of codes that reporting financial institutions can use when there is no taxpayer identification numbers (TINs) for account holders for FATCA reporting.
  • CRS XML scheme version 2.0 and CRS user guide version 3.0 must be used for all CRS reporting, effective 31 January 2021.

The tax authority of Guernsey also provided guidance on key compliance areas to consider when preparing and completing submissions.

Read a May 2021 report [PDF 183 KB] prepared by the KPMG member firm in the Channel Islands

 

 

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