British Virgin Islands: Reminder of FATCA, CRS reporting obligations

BVI: Reminder of FATCA, CRS reporting obligations

The International Tax Authority (ITA) of the British Virgin Islands on 24 March 2017 reminded BVI financial institutions of the annual reporting obligations for the U.S. FATCA, UK CDOT and common reporting standard (CRS) regimes. The announcement provides that:

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  • The BVI Financial Account Reporting System (BVIFARS) is functional to accept filings for the U.S. FATCA agreement.
  • Financial institutions that have not previously enrolled with BVIFARS and have filings to be reported in 2017, are required to enroll by 1 April 2017. 
  • The deadline for the reporting of reportable accounts for 2017 is 31 May 2017, and no extension will be provided.

Further, the UK CDOT and CRS deadlines have been extended to 30 June 2017 for enrolment and 31 July 2017 for reporting, due to the ongoing update of the BVIFARS portal to accept CRS filings.

 

Read a March 2017 report [PDF 63 KB] prepared by the KPMG member firm in the British Virgin Islands

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