BVI Country-By-Country Reporting Guidance Released And Updated CRS Guidance Notes

Further to our previous updates, the British Virgin Islands ("BVI") International Tax Authority ("ITA"), on 19 February 2019, published guidance notes on the Country-by-Country Reporting ("CbCR") requirements of entities that are resident in the BVI ("CbCR Guidance Notes") and updated guidance notes on the OECD's Common Reporting Standard ("CRS").

CbCR Guidance Notes

The CbCR Guidance Notes are intended to aid businesses that may have responsibilities to report information for CbCR.  The CbCR Guidance Notes set out key information on the notification and / or reporting requirements of Constituent Entities of an MNE Group and address a number of other technical issues. Although we highlight certain matters, this update is not exhaustive and its purpose is primarily for prompting consideration as to the applicability of the CbCR rules to BVI entities and the steps that will need to be taken by Constituent Entities.