Jersey clarifies CRS filing
Mar 1, 2017
With much relief to the finance industry in Jersey the Director of International Tax has announced that Jersey will not require Financial Institutions (FI's) to submit CRS reports country by country but instead will allow consolidated reports. Writing to the industry this week the Director said: "The Comptroller of Taxes will accept reports submitted under the Common Reporting Standard (CRS) which include data to be reported to multiple jurisdictions (consolidated reports). This is a change from the previous instruction that reports would only be accepted if they contained information to be reported to a single jurisdiction."
The Jersey AEOI portal remains closed whilst it is upgraded to support CRS reporting. The communication went on to confirm that revised IT guidance notes will be issued shortly including confirmation of the reporting format to be used. The deadline for filing of CRS reports in Jersey is 30 June 2017 and the submission portal is due to be open for reporting from mid-March 2017 onwards. Flyingboat Tax Data Exchange software and online service is ready to support the required report format.
Alan Rowe, the Flyingboat Software Sales & Marketing Director commented, "This is a welcome relief to our clients in Jersey as country by country reporting significantly increases the workload of what is already a significant burden on the industry. We wait to hear whether the updated portal will allow machine to machine submission via an API to allow automated upload of data files. This relatively simple addition will save a lot of administration time and is the sort of business friendly functionality that is available in other jurisdictions."
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