Guernsey extends CRS deadline
May 30, 2017
In a surprise announcement the Guernsey Income Tax Office has released a bulletin (2017/4) providing financial institutions with an extension to the reporting deadline for CRS to 31st July 2017. US FATCA reports still need to be filed by 30th June 2017. In previous years the Guernsey Tax Office has held firm to its original deadlines and only provided limited discretionary extensions where there as good reason. The latest blanket extension implies that many financial institutions are behind in their plans to meet the reporting deadlines.
We have many engagements in Guernsey for both our bureau service for producing XML reporting files from client data and businesses who have installed our software - Flyingboat Tax Data Exchange. Some have confirmed that they have completed their reporting in all respects. Fusion is still accepting engagements for the current reporting period should organisations need assistance with their reporting.
The bulletin is available here.
Alan Rowe, Director
Fusion Systems Ltd
31st May 2017