Whilst a test system had already been in place in Jersey to give firms the opportunity to familiarise themselves with the new platform, financial institutions can now register on the system, which will enable them to submit information as required under the FATCA rules. The Comptroller of Taxes, Jersey’s Competent Authority, requires information to be submitted by 30 June each year, from this year.
Under FATCA rules, financial institutions outside of the USA are required to provide information on financial accounts held by US customers to the Internal Revenue Service (IRS), with Jersey data being collated by the Jersey Comptroller of Taxes.
Geoff Cook, CEO, Jersey Finance, said:
“The framework for reporting under FATCA is so well advanced in Jersey underlining how seriously we take our international cooperation obligations and how committed we are as a jurisdiction to improving tax transparency at a global level. Jersey initially signed the FATCA agreement with the US in December 2013, and has moved incredibly swiftly to put in place a framework to address a scenario that is potentially very complex, underlining the high professional standards the industry here maintains.”