The government of Jersey announced on October 7, 2024, through an email circular, the reopening of its automatic exchange of information (AEOI) portal. This portal allows financial institutions to submit both Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) reports. The portal is now open for submissions covering all reporting periods, giving institutions the opportunity to comply with international tax reporting obligations.
Financial institutions that may have missed earlier deadlines or need to update previously submitted information can now do so through this portal. Both FATCA and CRS reporting play a crucial role in global efforts to improve tax transparency and combat tax evasion. The Jersey government, like other jurisdictions, is committed to ensuring the accurate and timely submission of financial account data.
Institutions must ensure they are following the latest regulatory requirements and submitting the appropriate data for the relevant periods. Failure to comply with these obligations could lead to penalties and further scrutiny by the authorities. Jersey’s reopening of the AEOI portal offers financial institutions a chance to ensure their FATCA and CRS submissions are up-to-date and accurate