Channel Islands: Amendments to FATCA and CRS regulations (Guernsey)

Guernsey announced amendments to the FATCA and CRS regulations

Guernsey announced amendments to the FATCA and CRS regulations

The tax authority in Guernsey announced amendments to the FATCA and common reporting standard (CRS) regulations.

  • The tax authority has been conducting compliance activities (including site visits) for both FATCA and CRS for approximately one year. An amendment to the regulations provides the legal basis for onsite visits at business premises.
  • The amendments require all financial institutions operating in Guernsey to register with the tax authority and submit an annual validation if a person or entity is a financial institution.
  • The tax authority is authorized to give necessary directions to financial institutions for complying with the international tax provision.
  • The amendments require financial institutions to notify the tax authority if a valid self-certification under FATCA and/or the CRS regulations has not been obtained, or if the financial institution is uncertain about the credibility of the self-certification obtained.

Read a September 2021 report [PDF 461 KB] prepared by the KPMG member firm in the Channel Islands

 

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