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.
