The annual reporting deadline for the Foreign Account Tax Compliance Act ‘FATCA’ and Common Reporting Standard ‘CRS’ is fast approaching on 30 JUNE 2018.
As part of the increasing focus on global transparency and exchange of information between jurisdictions, entities classified as Financial Institutions are reported to their local tax authority whose responsibility is to pass the information on to the relevant tax authority. The information reported relates to the net asset value of the entity and the individuals associated with the entity e.g. beneficial owners, settlors, and beneficiaries in receipt of distributions.
FATCA and CRS is not a collection of tax, it is an exchange of information that enables tax authorities to marry up the information they should already be receiving from individuals on their personal tax returns. It is very important that procedures are in place and all reasonable steps are taken to ensure that complete information is reported on these entities.
The 30th June 2018 deadline is in respect of all clients with connections to jurisdictions in schedule 3, for details please click HERE .
It is expected that the Jersey Taxes Office will be introducing CRS audits from 2019.
For a more detailed list of upcoming TAX related deadlines, please CLICK HERE
If you have any questions about any of the deadlines or want to check that you have sufficient procedures in place to deal with the increased compliance, please contact our Tax Team: