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ARTICLE · 24 SEPTEMBER 2021

Guernsey Introduces New Compliance Measures For CRS And FATCA Reporting

Carey Olsen
Carey Olsen
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On 14 September 2021 the Revenue Service published Bulletin 2021/5 which covers enhanced compliance strategies introduced by a new law that came into force in July earlier this year.

GuernseyTax
Konrad Friedlaender
Konrad Friedlaender
Laila Arstall
Laila Arstall
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On 14 September 2021 the Revenue Service published Bulletin 2021/5 which covers enhanced compliance strategies introduced by a new law that came into force in July earlier this year. This briefing note provides a summary of those strategies and will be of interest to those operating in the finance industry and compliance sector.

BACKGROUND

On 15 July 2021 the States of Deliberation (Guernsey's parliament) approved the Income Tax (Guernsey) (Amendment) Ordinance, 2021 (the "Ordinance") which makes a number of important amendments to Guernsey's Income Tax Law. One of the key purposes of the amendments is to follow through on Guernsey's commitment to have in place measures that enable the Island's authorities to demonstrate that it has a robust and effective compliance framework underpinning its regime of automatic exchange of information for tax purposes ("AEOI") based on the OECD's common reporting standard ("CRS") and the US' Foreign Account Taxes Compliance

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