Channel Islands: CRS regulations in Jersey | KPMG | US

Channel Islands: Amendments to CRS regulations in Jersey

Channel Islands: CRS regulations in Jersey

The government of Jersey issued regulations that amend the common reporting standard (CRS) regulations previously issued in 2015. The new regulations are effective 17 October 2017.

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The 2017 regulations include the following amendments:

  • Reporting financial institutions no longer have the discretion to assign the meaning of a word or term used in the regulations by assigning a meaning from another international agreement. All terms used in the regulations that are defined in the CRS are to be defined pursuant to the CRS.
  • The required period for recordkeeping has been reduced, from six years to five years after the end of the period within which the reporting financial institution must report the information.
  • In determining whether a person is liable for a penalty, the Comptroller of Taxes must take into account the CRS and related commentaries on the CRS published on the OECD's website.

 

Read an October 2017 report [PDF 63 KB] prepared by the KPMG member firm in Jersey

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