BVI Online Portal Now Accepting CRS Reports
by Mike Godfrey, Lowtax.net, Washington
19 June, 2017
The British Virgin Islands' Financial Account Reporting System (BVIFARS) has been updated to accommodate reporting under the Common Reporting Standard (CRS), the OECD's new international standard for the automatic exchange of financial account information in tax matters.
Under the CRS, jurisdictions must obtain specified financial account information from their financial institutions and automatically exchange that information with partner jurisdictions on an annual basis.
British Virgin Islands' financial institutions have until June 30, 2017, to enrol for the CRS, and the deadline for submissions through the BVIFARS is July 31, 2017.
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