In the latest moves towards implementation of the FATCA
Intergovernmental agreements (IGAs) signed by the BVI with the US
and the UK, the BVI Government has released draft Guidance Notes
for public consultation. A copy can be accessed from the
Ministry of Finance website.
The draft Guidance Notes have been published in advance of FATCA
workshops presented by the Government in consultation with KPMG and
Harneys. The workshops will take place on Tuesday, 29 July and
Thursday, 31 July. Prior registration for the workshops is
required by contacting Tashia Turnbull at Government on +1 284 468
2090 or taturnbull@gov.vg.
In a separate but related development, the House of Assembly is
scheduled to debate amendments to the Mutual Legal Assistance (Tax
Matters) Act, 2003 (MLAT) at a sitting on Tuesday, 22 July. It is
proposed that the passage of a Bill for the Mutual Legal Assistance
(Tax Matters) (Amendment) Act, 2014 will be expedited with all
three readings likely to take place on Tuesday. MLAT is the
existing legislation under which Tax Information Exchange
Agreements (TIEAs) are implemented. The MLAT Amendments are
expected to make provision for the automatic exchange of
information under the IGAs with the Minister having power to issue
Guidance Notes.
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.
