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BVI Financial Account Reporting Deadline Extended

by Mike Godfrey, Lowtax.net, Washington
16 August, 2017

The British Virgin Islands has given financial institutions more time to file 2017 financial account reports due for the territory to comply with its international information exchange obligations.

The new filing deadline for satisfying reporting obligations under the Common Reporting Standard, the OECD's new international standard for automatic exchange of financial account information in tax matters, and the UK's equivalent regime covering the Crown Dependencies and Overseas Territories, is now September 1, 2017, (previously August 18, 2017).

The Government said the extension is necessary because a recent tropical wave has brought down the web-based BVI Financial Account Reporting System (BVIFARS) portal, through which reports are filed.

The territory said it is working to get its systems back online as soon as possible.

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