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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.


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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

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