The Jersey Taxes Office required a system to comply with the OECD Automated Exchange Of Information (AEOI). This allows Jersey Financial Institutions to submit returns which comply with their international data exchange commitments. The system permits CRS and CbC return submissions by uploading a return containing client exchange data relating to either single or multiple jurisdictions, and then process it at a later stage using a management portal which tracks the status of all submitted returns. US FATCA returns can also be submitted in a similar way.
The system is available now for all tax jurisdictions
Find out how we can help you become fully AEOI compliant
Giant Software created both public and private facing websites with the organisation’s own branding, which fulfilled all the requirements of the global standard. The public facing website collects submitted data with the integrity and security expected by an international financial institution. When the jurisdiction decides to forward the information from the Financial Institutions to the receiving jurisdiction, the return will be packaged and digitally signed, ready to be securely transmitted.
Jersey has now been formally assessed as “compliant” by the OECD’s Global Forum on Tax Transparency and Exchange of Information. This is the highest possible rating and means that Jersey joins a very small number of other jurisdictions which fully comply with every aspect of the international standard.
Giant’s web based solutions have already been successfully implemented and are now available to other tax authorities. Our simple but effective approach means that a full implementation can be achieved in days rather than weeks. Our solution can easily be adapted to incorporate your tax authority’s organisational branding, as well as any bespoke functionality if required.
The quality of submissions is assured by comprehensive validation routines. These reduce the time and overhead of having to re-transmit a submission. Incoming returns are digitally signed and encrypted to ensure a secure transmission. Received submissions are also securely stored in an encrypted database.
The system is successfully in use, and available to other tax jurisdictions now.
Solution Key Stages
The Reporting Entities register for the type of Agreement
The registration is approved by an administrator
On successful registration the Reporting Entity account is activated
Submissions are security transmitted, validated and stored
Submissions are forwarded to the relevant authority
Send to jurisdiction
Initial free consultation
Your organisational branding is applied, together with any bespoke functionality or custom validation
Installation of the solution
Thorough testing is conducted before going live
The simplicity of the solution makes delivery so much quicker – days rather than weeks