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The government of Jersey has published a consultation on proposals to the Common Reporting Standard (CRS) and US Financial Account Tax Compliance Act (FACTA) regulations. These changes aim to ensure Jersey’s legal framework for the CRS remains fully compliant with global expectations and to address concerns about a potential lack of clarity regarding the way some penalties are imposed.
A summary of responses will be presented to ministers to inform how to proceed. The States Assembly will consider draft legislation in the summer 2024. Comments should be emailed by 18 March 2024 to tax.policy@gov.je.
