Extension Of BVI Common Reporting Standards Deadlines

The British Virgin Islands Government recently announced the extension of the 2017 deadlines for notification and reporting obligations under the Common Reporting Standard, or CRS.

As a result, BVI financial institutions will now have until June 30, 2017 to register with the BVI International Tax Authority (ITA) on the ITA's reporting portal. Reporting BVI Financial Institutions will now have until July 31, 2017 to file reports.

What is CRS?

CRS is new global standard endorsed by the Organisation for Economic Co-operation and Development (OECD) along with G20 countries and others regarding the exchange of account information between tax authorities in various jurisdictions. It builds on the framework developed in the Intergovernmental Agreements designed to implement the United States' Foreign Account Tax Compliance Act (FATCA). CRS is often referred to as global FATCA, given that it aims to facilitate a wider and more uniform basis for information exchange among