Guernsey: No penalties if CRS compliance before 31 July 2017

Guernsey: No penalties if CRS compliance before 31 July

The Deputy Director of Income Tax on 31 May 2017 announced that the reporting deadline for 2016 common reporting standard (CRS) data would remain 30 June 2017; however, the income tax office will not consider applying compliance measures (including consideration of the imposition of penalties) against any Guernsey financial institution that successfully complies with the reporting and due diligence procedures on or before 31 July 2017.

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Read a June 2017 report [PDF 66 KB] prepared by the KPMG member firm in Guernsey

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