14 December 2016, 8:00AM - 9:45AM, GMT Jersey, Jersey
An update on the OECD’s Common Reporting Standard for Automatic Exchange of Information (“CRS”) and the Jersey regulations on Country-by-Country Reporting (“CbCR”).
There have been a number of developments that will affect the practical application of the CRS regulations impacting Financial Institutions (“FIs”) in Jersey.
In addition to this, the Chief Minister’s Department issued a public consultation on the introduction of CbCR in January 2016. Following response to the consultation in April 2016, the Government of Jersey has now published draft regulations for purposes of implementing the CbCR for the accounting periods beginning on or after 1 January 2016.
The draft regulations provide further clarity on the obligations placed on certain companies of large groups. The obligations apply not only to Jersey resident parents but also certain Jersey resident subsidiaries of large Groups.
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