Jersey discusses changes to CRS and FATCA rules

15.02.2024 The Island of Jersey has begun discussing possible changes to its rules for the automatic exchange of information on tax payments (AEOI), which comply with the OECD General Reporting Standard (CRS) and the American Financial Accounts Tax Compliance Act (FATCA).

The purpose of the changes is to bring Jersey's CRS laws into full compliance with international standards, correcting some parts of domestic legislation, if necessary.

The Minister stated that the current analysis of the CRS application in Jersey found several small problems in domestic legislation. One of them is related to the obligations of organizations that do not have the status of a legal entity, for example, trusts, and possible penalties for non-compliance.

The consultation proposal does not include changes to the CRS standards adopted by the OECD in 2023 with respect to the crypto asset reporting system, which should be put into effect from 2026. The authorities plan to hold consultations on the introduction of these rules later in 2024 and then submit the necessary legislation in 2025.
Consultations will be open until March 18, 2024.

Link to the source: https://www.gov.je/SiteCollectionDocuments/Tax%20and%20your%20money/AEOI%20consultation%20February%2...