Common Reporting Standard - Jersey announce relaxation of fines and penalties.
On 20 June 2017, the Taxes Office in Jersey announced that the reporting deadline for the submission of the 2016 reports relating to the Common Reporting Standard (“CRS”) would remain at 30 June 2017. However, the Taxes Office will not consider applying enforcement measures (including the consideration of the imposition of fines and/or penalties) against any Jersey Financial Institution who successfully complies with the reporting procedures by 31 July 2017.
It is important to note that the above relaxation does not apply in respect of reports submitted under US FATCA or UK FATCA (CDOT).
If you require any assistance with your reporting obligations, please let us know. KPMG has an Automatic Exchange of Information ("AEOI") Reporting Tool, which can be utilised to provide you with a verified xml schema for submission via the Jersey AEOI portal.
If you would like regular global updates on AEOI issues, please visit our website.
If you believe you will be affected by this announcement or require assistance in completing your AEOI obligations please do not hesitate to contact us.
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