The Guernsey Association of Compliance Officers (GACO) October seminar covered the introduction of the Information Gateway Online Reporter (IGOR), an online portal for the purpose of collecting and exchanging Automatic Exchange of Information.
GACO chairman and Carey Olsen partner Mark Dunster said it is a key objective for the association that Guernsey continues to be an early adopter of the highest reporting standards: “Part of that process is ensuring that the business community both understands what is required and is supported in delivering those requirements."
Guernsey Income Tax office Compliance and International manager Lee Harris, who is the project manager for IGOR, demonstrated the new system that allows registered organisations in Guernsey to submit and review reports related to their organisation in line with the latest compliance regulations for US FATCA and other inter-governmental agreements.
Advocate Dunster said: "The processes that the Guernsey Tax Office adopts for FATCA and other exchange of information regimes are crucial to the way that the Island is perceived as an offshore jurisdiction. Such initiatives help to maintain our position at the forefront of the finance industry."
The presentation addressed some of the issues that had been raised with IGOR since the passing of US FATCA reporting date on 30 June 2015. In particular, it was emphasised that in order to register a financial institution, there must be an individual global intermediary identification number. Mr Harris also advised on the importance of correct registration and of seeking appropriate legal advice about the types of reporting required.
For more information on IGOR, click here.