The British Virgin Islands International Tax Authority
("ITA") released guidance notes for the Common Reporting
1. ITA clarified that there are separate notification and
CRS Notification: Notification is required
upon enrollment for Reporting Financial Institution no later 30
CRS reporting: The annual reporting must be
made via the BVIFARS portal. The first reporting period is for the
calendar year 2016 and the reporting deadline is 31 May 2017.
2. The UK FATCA/CDOT reporting requirements will transition into
CRS since the UK and all of the Crown Dependencies and Overseas
Territories ("CDOT") will adopt the CRS and exchange
information for the year 2016 for the first time in 2017.
According to the guidance there are items that would be
reportable under the CDOT arrangement for 2017 which are not within
the CRS, and terms within the CRS which would lead to more
reporting than under the CDOT arrangement. The rule to follow will
be that wherever the IGA or the CRS requires more reporting in the
transition year of 2017, then the "more" should be
reported. There will be no need for duplicate reporting.
The practical effect of this approach results in the following
Reporting for the year 2016: IGA requirements.
Reporting for the year 2017: mix under IGA and CRS
Reporting for the year 2018 onwards: the requirements of the
CRS that apply.
There will be no need for duplicate reporting.
3. Investment Managers and Advisors that provide only provide
investment advisory or management services will be regarded as not
having any financial accounts and therefore, not required to
report, as long as they meet the "solely because" test in
the definition of a Financial Account in the CRS.
4. The CRS self-certification forms are accessible on the ITA
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guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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The line between rectification and improvement is a significant one in terms of trust documents. The Jersey Royal Court's judgment In The Matter of the H and J Trusts further clarifies the distinction.
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