FATCA : Guernsey reports on FATCA return process to US
Oct 28, 2015
The Guernsey Tax authority has recently reported to confirm that they transmitted their FATCA report under the IGA with the USA within the required time frame. Tax Authorities had until 30th September to send the data to the US. All FATCA data from Guernsey was structurally valid but minor record level errors have been reported back to the Guernsey authority affecting some reports.
It would appear that these minor record level errors mainly relate to the format of TIN numbers and for these the Guernsey Tax authority is proposing to correct such errors where they can and notify the relevant Financial Institution (FI) that it has been done. Where other erriors exist the FI will be messaged via Guernsey's IGOR system to notify of any other problems by 9th November and will have 60 days to submit corrections.
The US have issued new guidance on acceptable forms of formatting of TINs.
The report posted on the Guernsey Tax IGOR forum can be found here.
28th October 2015