Deadlines for filing the first FATCA reports are approaching and EY is encouraging Channel Island businesses to ensure that they are ready.
Current global reporting requirements and updates on the FATCA reporting landscape will be the main focus of two EY hosted breakfast seminars, taking place this week.
A Jersey seminar will be held on Wednesday 20 May at the Pomme d’Or Hotel, while a seminar in Guernsey takes place on on Thursday 21 May at the Duke of Richmond Hotel.
Both are aimed at heads of tax, FATCA programme teams (including heads of regulatory reporting), heads of operational tax, and IT teams with FATCA and CRS responsibilities.
"All Channel Island financial institutions are required to file their initial FATCA reports with the local authorities by 30 June 2015. Some may have reporting obligations in other jurisdictions and it is important to note that the filing deadlines with other tax authorities vary with some starting from 31 May. Also most jurisdictions have not yet provided any guidance on how to report so for many businesses compliance is turning out to be a significant challenge," said Wendy Martin, EY Tax Executive Director for the Channel Islands and a speaker at the seminar.
"The number of different reporting formats is also adding to the complexity. Building a compliant solution that has the functionality to cater for the data security, auditability and controls needed for this highly sensitive client data and to ensure that the reporting is complete and correct requires in-depth knowledge of not only the FATCA obligations but also the very specific IT requirements."
Wendy Martin will be joined at the seminar by her London colleague, Richard Clough, a Partner of the firm who has over 17 years’ corporate tax experience advising financial services clients and leads the Global EY FATCA reporting team.
The speakers will confirm who needs to report under FATCA for 2015, what needs to be reported, when the reports need to be submitted and how the reporting takes place.
"There will be risks and challenges at every step of the way and the reporting in 2015 is likely to be messy," said Martin.
To book a place at the Jersey seminar contact Emma Marett by email on emarett@uk.ey.com or by telephone on 01534 288608.
To book a place at the Guernsey seminar contact Sophie Lihou by email on slihou@uk.ey.com or by telephone on 01481 717 560.