Channel Islands: FATCA and CRS reporting deadline is 30 June 2022 (Jersey)

Reporting reminders for the FATCA and common reporting standard (CRS) regimes

Reporting reminders for the FATCA and common reporting standard (CRS) regimes

The government of Jersey issued reporting reminders for the FATCA and common reporting standard (CRS) regimes.

Financial institutions are reminded that the reporting deadline for the 2021 FATCA and CRS reporting period is 30 June 2022. Penalties will be applied to reports received after this date.

Following a recent decision of the Commissioners of Appeal, Revenue Jersey changed the approach to the imposition of penalties for the late filing of FATCA and CRS returns for trustee documented trusts (TDTs). If a trustee files multiple reports after the deadline for the TDT for which it acts, a single penalty for failure to comply with either FATCA or CRS, as appropriate, will be applied to the trustee and not to each of the trusts whose return was filed late.

Further information provided by Revenue Jersey includes:

  • Financial institutions are not required to report account holders and controlling persons that are residents of Jamaica, Kenya, and New Caledonia in 2022 as the CRS regulations will not be updated by 30 June 2022 to reflect these new participating jurisdictions.
  • Certain financial institutions may have taken a conservative approach in the past for identifying pre-existing low-value accounts held by specified U.S. persons reportable for FATCA, which may have included requesting self-certifications from account holders when it was not required. Financial institutions that took this approach are not required to report individual account holders or controlling persons of entity account holders unless either an electronic record search or the self-certification provided indicates the presence of U.S. indicia.
  • The reminder also included instructions for reporting TDTs and investment entities.

Read a June 2022 report [PDF 181 KB] prepared by the KPMG member firm in the Channel Islands

 

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