Jersey Updates its CRS Regulations

November 7, 2017 Nicolette Chasse

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.
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