On April 13, 2022, the States of Guernsey Revenue Service issued Bulletin 2022/3 under the provisions for the Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS). The Bulletin includes the following key updates:
- U.S. Intergovernmental Agreement (IGA) FATCA Reporting. Reporting Guernsey Financial Institutions (RGFIs) must report under the U.S. IGA for the calendar year 2021 on or before June 30, 2022. This means RGFIs must report through the IGOR system before June 30, 2022.
- U.S. IGA Registration. RGFIs must provide sufficient time in advance of the reporting deadline to receive Internal Revenue Service (IRS) approval and a Global Intermediary Identification Number (GIIN).
- CRS Reporting. RGFIs must report under CRS for calendar year 2021 on or before June 30, 2022. This means RGFIs must report through the IGOR system before June 30, 2022.
Check out the Bulletin here: