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BVI Sets Deadlines For CbC, FATCA, CRS Filing Obligations

by Mike Godfrey, Lowtax.net, Washington
31 May, 2019

The British Virgin Islands has set out the deadlines for certain submissions required from financial institutions under the OECD's Common Reporting Standard (CRS), the US Foreign Account Tax Compliance, and the territory's country-by-country reporting framework.

The Government on May 15, 2019, noted that the BVI Financial Account Reporting System (BVIFARS) is still in the process of being updated. As a result, the reporting deadline for financial institutions that qualify as Trustee Documented Trusts (TDT) under the CRS that have reportable accounts for 2018 has been extended to June 28.

Trustees that have already registered their documented trusts on the BVI reporting system have been advised to follow the instructions in the recently published Guidance Notes on the Common Reporting Standard and submit the filings via the TDT accounts. Trustees who have not yet registered their documented trusts on BVIFARS and are waiting for the system to be updated have been advised to submit their TDT filings via their Trustee's account.

The Common Reporting Standard requires the Trustee's Documented Trusts to be identified. Therefore, their information must be inserted in the Reporting FI Section of the report when preparing the filing via the Trustee account. This provision for TDTs to report via their Trustee's account is for the reporting year 2018.

The BVI Government has also reminded reporting financial institutions it is now mandatory for those entities that do not maintain any reportable accounts to submit a nil report.

The statement says, for constituent entities of multinational groups situated in the BVI, the period for enrolment for country-by-country reporting via email is being extended. The BVI Government said such entities should register via email as instructed in the recently published Guidance Notes for Country by Country Reporting until they are advised that the system is ready to accept their registration or enrolment applications and filings. These entities should consult the Guidance Notes to obtain the correct format to submit your email registration applications, it said.

The statement sets out the following deadlines for US FATCA reporting, reporting under the CRS, or country-by-country reporting for the 2018 reporting year:

The filing deadline for 2018 Reportable Accounts for Virgin Islands Financial Institutions, except reportable accounts for TDTs, is May 31. This filing deadline is applicable for both US FATCA and CRS filings.

Nil reports for CRS should be filed by May 31 for all reporting financial institutions, except TDTs.

For Trustee Documented Trusts with reportable accounts for 2018, the extended filing deadline is June 28. If there is nothing to report, a nil filing should be submitted no later than June 28.

For all Non-Reporting Virgin Islands Financial Institutions enrolling or registering for CRS, the registration period has been extended and a further statement will be issued to inform non-reporting VIFIs when the system is ready to accept their applications. Non-reporting financial institutions are not required to register until the system has been configured to accommodate such enrolments. This includes TDTs. When the system is ready, they will be notified of the new extended deadline to complete the registration process, the Government said.

Virgin Islands Constituent Entities enrolment or registration for Country by Country Reporting has been extended to allow constituent entities to continue to satisfy their registration requirements via email registration. A further statement will be issued to inform constituent entities when email registrations will come to an end and when applications will be accepted via BVIFARS.

For BVI Constituent Entities eligible for reporting, whether as a Parent Entity or Surrogate Entity under the Country by Country Reporting requirements, the first reporting will be December 31 and thereafter. All reporting is to be completed via BVIFARS, which is expected to be ready in advance of the first reporting period, the statement concludes.


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