Channel Islands: Guidance on common errors in FATCA and CRS reporting (Jersey)
Guidance addressing common errors in 2023 reporting
The government of Jersey on January 15, 2025, issued guidance addressing common errors in the 2023 FATCA and common reporting standard (CRS) reporting.
Key issues identified concern:
- Failure to include complete and accurate information on the automatic exchange of information (AEOI) return
- De-registration of global intermediary identification numbers (GIINs)
- Use of default taxpayer identification number (TIN) for FATCA reporting
- Reportable persons with multiple residencies
- Failure to submit returns with negative or no balance
- Reporting controlling persons under incorrect account holder code
- Corrections to passive non-financial entity (NFE) with multiple controlling persons
- Void return submissions
- Failure to file an AEOI return
- Discrepancy in entity naming convention
- Administration change
Read a February 2025 report prepared by the KPMG member firm in Jersey