News & Updates

Penalties / surcharges and disclosure - changes effective January 2015


  •  ETI penalties – amendment to introduce specific fixed penalties for incorrect/incomplete ETI returns.
  •  New penalty introduced to deter requests for excessive suspension of tax to achieve a cash flow advantage.
  •  Financial institutions will be required to report details of any interest received by individuals resident in Guernsey.  Financial institutions will also be    required to obtain a customer’s TIN (Tax Identification Number, which for these purposes will be an individual’s Guernsey social security number) for  any new accounts opened.