British Virgin Islands:
BVI Financial Account Reporting System – Now Ready For Reporting CRS
30 June 2017
by
Richard May
,
Christopher Capewell
,
Tim Dawson
,
Tim Frawley
,
Patrick Head
,
Martin Livingston
,
Alasdair Robertson
,
James Turner
,
Tahir Jawed
,
Andrew Quinn
,
James Gaden
,
Harjit Kaur
,
Heidi De Vries
and
Michael Gagie
Maples Group
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The Government of the British Virgin Islands ("BVI")
has recently announced that the BVI Financial Account Reporting
System ("BVIFARS") was updated on 19 June 2017 to
accommodate reporting under the Common Reporting Standard
("CRS").
Under the extended deadlines for CRS, BVI Reporting Financial
Institutions will be reminded that they have until 30 June 2017 to
enrol with the BVI International Tax Authority (the
"ITA") via the BVIFARS and to report their reportable
accounts via BVIFARS by 31 July 2017.
The ITA has also updated the BVIFARS User Guide in relation to
CRS submissions and a copy of the updated User Guide, version 7.0,
can be found on the website
Further information about the AEOI regimes can be found on our
dedicated
FATCA and CRS webpage. Additionally, you may contact any one of
the above members of our dedicated AEOI team.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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