Are you prepared for the AEOI requirements in 2021? KPMG in the Crown Dependencies Tuesday 2 March 2021 10.00am – 11.00am Introduction Tony Mancini, Tax Partner Webinar presenters Tony Mancini Chris Lowe Clare Kelly Tax Partner Tax Director Tax Senior Manager KPMG in the Crown Dependencies KPMG in the Crown Dependencies KPMG in the Crown Dependencies Guernsey Jersey Isle of Man
[email protected] [email protected] [email protected] Agenda — FATCA & CRS overview — Island specific updates — Considerations for FIs to demonstrate compliance with the Regulations — OECD Mandatory Disclosure Rules on CRS Avoidance Arrangements and Opaque Offshore Structures — How KPMG can help you navigate these challenges — Thoughts on how the FATCA/CRS rules might evolve in the future © 2021 KPMG Channel Islands Limited, a Jersey company and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, 4 a private English company limited by guarantee. All rights reserved. Document Classification: KPMG Public Guernsey update Tony Mancini, Tax Partner Notable changes to IGOR — The CRS XML Schema Version 1.0 and User Guide Version 2.0 applicable for all CRS exchanges is replaced by CRS XML Schema Version 2.0 and CRS User Guide Version 3.0. — Commencing with the 2020 reporting period, the Director will require all Reporting Financial Institutions, within the meaning of the CRS and FATCA Regulations, to classify what type of reporting institution they are. — Commencing with the reporting of 2020 CRS & FATCA data Financial Institutions will be required to confirm that all reports submitted (inclusive of nil reports) complies with the relevant Regulations by completing a Compliance Statement.