Guernsey CRS: extension of the reporting deadline | KPMG | QM

Guernsey CRS: extension of the reporting deadline

Guernsey CRS: extension of the reporting deadline

The Deputy Director of Income Tax effectively extended the CRS reporting deadline for the reporting period 2016 until 31 July 2017. The statutory deadline of 30 June remains unchanged.

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Guernsey authority clarified that the first CRS reporting has a different and wider scope than CDOT and US FATCA reporting and therefore decided that it will not consider applying compliance measures (including consideration of the imposition of penalties) against any Guernsey Financial Institution who successfully complies with the reporting and due diligence procedures on or before 31 July 2017.

The extension to the commencement of any compliance measures detailed above do not apply to the reporting requirements for US FATCA, in respect of the reporting year 2016.

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