Jersey recently issued the Taxation (Implementation) (International Tax Compliance) (Common Reporting Standard) (Amendment) (Jersey) Regulations 2017 amending the Taxation Regulations 2015.
The New Regulations include three key changes:
- All words and definitions used in the Regulations which have been defined by the CRS shall follow the same definitions established in the CRS
- The period for which records are required to be kept has been shortened from 6 years to 5 years after the end of the period within which the reporting Financial Institution must report the information
- In making determinations as to whether a person is liable for any penalties under the Regulations, the Comptroller shall take the CRS and related commentaries into account.