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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