The BVI has released guidance notes on the requirements of the
Common Reporting Standards (CRS) as
implemented in the British Virgin Islands. A copy of the guidance
notes can be found here.
This is welcome news, as until now, there has not been any BVI
specific guidance and the interpretation of the CRS rules has been
reliant on the general guidance provided in the CRS Implementation
Handbook issued by the Organisation for Economic Co-Operative and
Development which can be found here. The additional guidance has provided
certainty on some key points, as well as a wealth of commentary and
guidance on the specifics of interpretation of the CRS.
The CRS was brought into force in the BVI with the introduction
of the Mutual Legal Assistance (Tax Matters) (Amendment) (No. 2)
Act, 2015 (the Amendment Act), as
subsidiary legislation to the Mutual Legal Assistance (Tax Matters)
Act, 2003 (the MLAT). Under section 22(1)
of the MLAT, the Financial Secretary (the
FS) is the
