Channel Islands: Guidance for FATCA and CRS reporting financial institutions (Guernsey)

Practical guidance and support to reporting financial institutions under the FATCA and the common reporting standard regimes

Guidance for FATCA and CRS reporting financial institutions (Guernsey)

The tax authority in Guernsey issued a notice providing practical guidance and support to reporting financial institutions under the FATCA and the common reporting standard (CRS) regimes.

The notice includes a series of “frequently asked questions” (FAQs) that will further assist reporting financial institutions with the implementation requirements of section 171F of the FATCA and CRS law in Guernsey.  

In particular, FAQ 1 confirms that the self-certification report implementation timeline has been changed to an annual reporting requirement, with the required reports to be submitted, via the information gateway online reporter (IGOR), on or before 31 March.

The tax authority issued guidance for reporting financial institutions under the FATCA and CRS regimes last year under Bulletin 2021/06. Read TaxNewsFlash

While Bulletin 2021/6 included several FAQs, it was recognized that further practical guidance was needed. As a result, this notice now consolidates all of the FAQs that are relevant to the practical administration of the FATCA and CRS regimes in Guernsey.

Read a March 2022 report [PDF 155 KB] prepared by the KPMG member firm in the Channel Islands

 

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