BVI Guidance Notes On The Common Reporting Standard Issued

The British Virgin Islands ("BVI") International Tax Authority ("ITA") has issued a set of guidance notes (the "CRS Guidance Notes") to assist in the interpretation of the OECD's Standard for Automatic Exchange of Financial Information in Tax Matters ("CRS") as implemented in the BVI through the Mutual Legal Assistance (Tax Matters) Act, 2003 (as amended) ("MLAT"). A copy of the CRS Guidance Notes can be found on the Maples group's AEOI microsite.

The CRS Guidance Notes provide useful and practical guidance on a number of areas of interpretation and supplement the Commentary and Implementation Handbook issued by the OECD. In particular, they clarify the following:

(a) There are separate notification and reporting requirements.