On 31 December 2019, the States of Guernsey Revenue Service released Bulletin 2019/5 on the Foreign Account Tax Compliance Act (“FATCA”) and the Common Reporting Standard (“CRS”) (Link). The focal points are:
- the provisional Reportable Jurisdictions for CRS 2019 Reportable Period
- the provisional Reportable Jurisdictions for CRS 2020 Reportable Period
- the revised Participating Jurisdictions list; and
- the jurisdictions to which the Director sent information in relation to 2018 CRS data
In addition, the Bulletin states that the existing CRS Status Message XML Schema User Guide and the schema validations continue to apply for the 2019 data reporting. The IGOR User Guide for CbCR, CRS & FATCA is available to provide IGOR users with assistance with their reporting (Link). Registered financial institutions should check that their existing IGOR points of contact and their email addresses are current and correct.
The Bulletin supersedes any previous Reportable and Participating Jurisdiction Lists published by the Director.