Jersey Publishes Practical AEOI Guidance and CRS Information

April 24, 2017

Tom Hospod

Author

Sovos

This blog was last updated on June 26, 2021

Jersey’s tax authority has published Practical AEOI Guidance ahead of this year’s filing season in order to clarify certain issues and provide updates regarding account reporting and transmittals. The Practical Guidance addresses the following specific topics:

• The release and change over to the US FATCA v2.0 schema
• New elements in the US FATCA v2.0 schema
• Updates to existing elements from the original schema
• Upgrade to the AEOI portal
• Converting FATCA v1.1 files to FATCA v2.0

Jersey has also announced that, with respect to CRS reporting, they will accept records that contain data to be reported to multiple jurisdictions. However, they will still also accept single-jurisdiction reports. In each circumstance, the FI still bears the responsibility to perform due diligence and determine the jurisdiction of tax residency.

As a reminder, FATCA and CRS returns must be submitted in separate reports.

Additionally, Jersey has updated the list of recognized participating jurisdictions for CRS, effective from 1 January 2017. Those listed in “Schedule 2” are early adopters, and those in “Schedule 3” are late adopters.

Tom Hospod

Tom Hospod is a Regulatory Counsel at Sovos Compliance. Within Sovos' Regulatory Analysis function, Tom focuses om Affordable Care Act (ACA) reporting, Tax Withholding, and Automatic Exchange of Information (AEOI). Prior to Sovos, Tom worked as a legislative aide in the Massachusetts House of Representatives. Tom is a member of the Massachusetts Bar, earned his B.A. from Boston College and his J.D. from the University of Miami.

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