Taxation
(Implementation) (International Tax Compliance) (Common Reporting Standard)
(Amendment) (Jersey) Regulations 2017
Made 10th October 2017
Coming into force 17th
October 2017
THE STATES, in pursuance of Article 2 of the Taxation (Implementation)
(Jersey) Law 2004[1], have made the following
Regulations –
1 Interpretation
In these Regulations “principal Regulations” means the Taxation
(Implementation) (International Tax Compliance) (Common Reporting Standard)
(Jersey) Regulations 2015[2].
2 Regulation 1
amended
In Regulation 1 of the principal
Regulations, for paragraph (5) there shall be substituted the following
paragraph –
“(5) A word or expression used in
these Regulations which is defined in the CRS has the meaning given in the
CRS.”.
3 Regulation 5
amended
In Regulation 5(1)(b) of the principal Regulations, for the
words “6 years beginning with the end of the year in which the
requirements applied to the reportable accounts” there shall be
substituted the words “at least 5 years after the end of the period within
which the reporting financial institution must report the information required
to be reported”.
4 Regulation 12A
inserted
After Regulation 12 of the principal Regulations there shall be
inserted the following Regulation –
“12A Matters
to be taken into account in determining liability to penalties
In determining whether a
person is liable to a penalty under these Regulations, the Comptroller shall
take into account –
(a) the CRS; and
(b) related commentaries on the CRS published on
the OECD’s website.”.
5 Citation
and commencement
These Regulations may be cited as the Taxation (Implementation)
(International Tax Compliance) (Common Reporting Standard) (Amendment) (Jersey)
Regulations 2017 and shall come into force 7 days after they are
made.
dr. m. egan
Greffier of the States