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.
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