CRS and FATCA updates in Jersey | KPMG | QM

CRS and FATCA updates in Jersey

CRS and FATCA updates in Jersey

The Jersey regulations detailing the jurisdictions with which Jersey will be automatically exchanging information under the Common Reporting Standard have been updated.

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The Minister for External Relations issued an Amendment to the Taxation (Implementation) (International Tax Compliance) (Common Reporting Standard) (Jersey) Regulations 2015 that came into force from 1st January 2017. A link to the original document can be found here.

 

The amendment includes changes to Schedules 2 and 3 of those Regulations, namely:

  • Barbados
  • Bulgaria
  • Greenland
  • Niue
  • Trinidad & Tobago

 

Inclusion of the following jurisdictions in Schedule 3 (previously under Schedule 2):

  • Iceland
  • Mauritius

 

The Schedule 2 jurisdictions are the jurisdictions with which Jersey will be exchanging information with in relation to the 2016 reports, while the Schedule 3 jurisdictions first exchange will be in relation to the 2017 reports.

 

FATCA - valid US Taxpayer Identification Numbers ("TINs")

We also wanted to remind Jersey Financial Institutions that under the terms of the Jersey/US IGA, they must obtain valid US TINs from pre-existing account holders identified as Specified US Persons from 1 January 2017. The IRS has already indicated that its IT system will be updated in the future to validate for valid US TINs and the continued use of the ‘default TIN’ of nine zeros (000000000) may no longer be accepted.

 

If you have any queries in relation to any of the updates outlined above, please get in touch with your usual KPMG contact.

 

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