Jersey lags behind Guernsey
Nov 22, 2016
Following Fusion's appearance with Flyingboat at FinVention2016 where Zopa co-founder Giles Andrews highlighted the opportunities the island has within Fintech and Regtech Fusion's Sales & Marketing Director Alan Rowe echoed those comments. The company's experience with Flyingboat Tax Data Exchange, the company's software product and online service for Tax reporting under US FATCA and CRS, he reflected on the experience of dealing with clients who were submitting tax reports to different jurisdictions around the world.
In particular Mr Rowe highlighted what a good job the Guernsey Income Tax Office had done in partnership with their Automated Exchange Of Information portal provider Digimap and its business friendly functionality. He contrasted this with Jersey's portal that is far less functional. Compounding the low level of functionality is Jersey's failure to date to finally confirm the formats to be used for CRS reporting, though we understand the delay is in part due to the representations that Jersey is making to the OECD. However with time counting down to the first submission deadline, it makes Jersey financial institutions task of ensuring reporting compliance that much harder.
His comments were quoted in Business Life this week. Read the article on Business Life here.