BVI Adopts Legislation To Implement The OECD Common Reporting Standard

The BVI has passed legislation to implement the Organisation for Economic Co-Operating and Development (OECD) Common Reporting Standard for the exchange of tax information (CRS). The amendments to the Mutual Legal Assistance (Tax Matters) Act, 2003, which implement CRS in the BVI, will come into force on 1 January 2016.

In order to comply with CRS, BVI Financial Institutions (FIs) such as investment funds will need to report information on the holders of 'Reportable Accounts' which are tax resident in 'Reportable Jurisdictions' to the BVI International Tax Authority (ITA). The information that is reported will in turn be reported to the home jurisdiction of the account holders under the procedures agreed between signatories to CRS related OECD measures.