On 24 December 2015 the Government of Gibraltar published regulations for the Automatic Exchange of Information with EU Member States (the International Co-operation (Improvement of International Tax Compliance) Regulations 2015). This transposes into Gibraltar law the EU Council Directive 2014/107/EU, which effectively implements the requirements of the OECD’s Common Reporting Standard (“CRS”) amongst EU Member States.
As a result of these regulations, a reporting financial institution is required to report on an annual basis details of all reportable accounts to the Gibraltar Government who will in turn report to the relevant EU Member State tax authority.
The regulations come into force on 1 January 2016, with the first reporting for the year ended 31 December 2016 due to be filed with the Gibraltar Government by 30 September 2017.
Gibraltar financial institutions should ensure that, in particular, their new account opening procedures are now compliant with these regulations.
It should be noted that although Gibraltar is an “early adopter” for the purposes of the OECD’s CRS, these regulations only cover reporting requirements to EU Member States, and not to the other jurisdictions that have signed/ will sign up to CRS. We will provide a further update when the Gibraltar regulations that implement the CRS itself are published.
No guidance notes have been published by the Gibraltar Government in relation to FATCA, CRS or these regulations. However, the OECD website does contain helpful guidance.
KPMG International has created a state of the art digital platform that enhances your experience, optimized to discover new and related content.