Jersey Has Nothing To Fear From FATCA: EY
by Mike Godfrey, Lowtax.net, Washington
25 April, 2014
Jersey's financial services businesses were told that they have nothing to fear from the United States Foreign Account Tax Compliance Act and the UK's equivalent regime, at a recent presentation from Ernst and Young's Executive Director for Tax, Wendy Martin.
Martin was previously director of tax policy at the States of Jersey, where she supported the negotiation and drafting of the UK/USA FATCA guideline for the Crown Dependencies. Martin provided the 250 Jersey professionals in attendance with a jargon-free explanation of how FATCA will apply to the Jersey financial services industry in practice when it is fully implemented on July 1, 2014.
Martin said that the first six to twelve months will be very busy, and advised companies to take note of the recently published Crown Dependency Guidance Notes. She explained that there is no "one size fits all approach," and said that different types of entities will be concerned with different elements of compliance. For instance, banks and financial institutions will be more concerned with processes and systems, whereas fiduciary companies will be primarily concerned with entity classifications.
Martin said: "It's important that companies of all sizes engage fully with the FATCA process. Every company will have different needs and requirements, so it does help to make use of external expertise. Your advisers will be able to break down the steps you need to take, so the compliance process becomes less daunting and you will be assured that your company is ready for the introduction of both the UK and US FATCA regimes."
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