British Virgin Islands: CRS implementation update

CRS implementation in British Virgin Islands

The International Tax Authority (ITA) of the British Virgin Islands is moving forward in implementing the OECD common reporting standard (CRS). The ITA on 26 January 2016 confirmed that a decision has not yet been made as to whether to issue guidance notes for CRS. A final decision is expected by the end of May 2016. The ITA has also indicated that it will publish a list of participating jurisdictions for CRS for 2016 by the end of January 2016.

Related content

The British Virgin Islands has been a signatory to CRS since its release in October 2014. Financial institutions need to have in place procedures for compliance with CRS given that it came into effect 1 January 2016. As part of these steps, financial institutions need to consider the processes, procedures, and technological solutions necessary to be compliant with CRS. 


Read a January 2016 report [PDF 228 KB] prepared by the KPMG member firm in the British Virgin Islands

The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us


Request for proposal



KPMG's new digital platform

KPMG's new digital platform