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