Guernsey change CRS filing deadline
1 June 2017
The first return under the OECD’s Common Reporting Standard (“CRS”) return was due to be lodged with the Guernsey tax authorities by 30 June 2017, which is the same filing date that applies to the US Foreign Account Tax Compliance Act (“FATCA”).
The scope of CRS reporting in Guernsey is significantly wider than was the case under FATCA and CDOT. There are a total of 46 countries that Guernsey has agreed to provide financial account information to this year.
In order to give Financial Institutions (“FI”) more time to prepare accurate CRS returns, the Guernsey Tax Authorities have confirmed in Bulletin 2017/4, that, by concession, they will not impose penalties on FIs who have met the due diligence deadlines (i.e. in relation to pre-existing high value individual accounts) and provided an accurate return by 31 July 2017.
However, they have confirmed that no such extension will be granted for filing the FATCA return. This will still need to be submitted by 30 June 2017.
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