BVI Updates Guidance On Automatic Tax Info Exchange

The British Virgin Islands has updated its guidance notes on the OECD's Common Reporting Standard, the latest international tax transparency standard, which provides for the automatic exchange of tax information.

The Standard requires all participating countries and jurisdictions to obtain information from their financial institutions and to exchange that information automatically with other jurisdictions on an annual basis.

The updated guidance says that the British Virgin Islands will take a "wider approach" to implementing the Standard. It will collect a wider range of information, including on non-residents' accounts. The list of participating jurisdictions that have agreed to implement the Standard has also been updated in the guidance.