Channel Islands: FATCA and CRS guidance (Guernsey)

Updates reflected in Bulletins 2021/6 and 2021/7

Updates reflected in Bulletins 2021/6 and 2021/7

The tax authority in Guernsey issued guidance (Bulletins 2021/6 and 2021/7) regarding the FATCA and common reporting standard (CRS) regimes.

Updates reflected in Bulletin 2021/6 concern:

  • Legislative and regulatory changes
  • Disclosure or discovery of non-compliance
  • Guidance to secure compliance
  • Appointment of an inspector
  • Informing the tax authority of a failure to obtain a valid self-certification and freezing orders
  • Application
  • Implementation
  • Right of appeal
  • Information
  • Summary of implementation timeline
  • Frequently asked questions (FAQs)

Read a January 2022 report [PDF 452 KB] prepared by the KPMG member firm in the Channel Islands

Updates reflected in Bulletin 2021/7 concern:

  • Registration of all financial institutions
  • The 2022 compliance assurance statement questions
  • Financial institution registration
  • Non-reporting financial institution registration
  • The 2021 compliance assurance statement
  • FATCA compliance assurance statement
  • Non-reporting financial institution registration compliance assurance statement question
  • CRS and FATCA classification declaration

Read a January 2022 report [PDF 158 KB] prepared by the KPMG member firm in the Channel Islands


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