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BVI Authority Issues FATCA And CRS Reminder

by Mike Godfrey, Lowtax.net, Washington
14 February, 2018

The British Virgin Islands' International Tax Authority has reminded the territory's financial institutions that May 31 is the deadline for filing 2017 reports under the US Financial Account Tax Compliance Act (FATCA) and the OECD's Common Reporting Standard (CRS).

Both regimes require the automatic reporting of information relevant for tax enforcement.

FATCA requires financial institutions to report on the foreign assets held by their US account holders or be subject to withholding tax of 30 percent on their US source income.

Meanwhile, the CRS is the single global standard for the collection, reporting, and exchange of financial account information on foreign tax residents on an automatic basis.

FATCA and CRS reports can be filed through the British Virgin Islands Financial Account Reporting System, which is back online following hurricanes Irma and Maria.

The Authority has also urged financial institutions who have not yet submitted their filings for 2016 to do so immediately, noting that failure to file on time may result in penalties.

An updated version of the user guide for filing through the British Virgin Islands Financial Account Reporting System is available online. The Authority says the list of jurisdictions and reportable jurisdictions under the Common Reporting Standard will be published shortly in the government gazette and made available on online once gazetted.

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