ARTICLE · 30 NOVEMBER 2016

CRS Guidance Notes For The B.V.I. – What You Need To Know

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The British Virgin Islands International Tax Authority ("ITA") released guidance notes for the Common Reporting Standard ("CRS").

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Guidance Notes for the Common Reporting Standard

The British Virgin Islands International Tax Authority ("ITA") released guidance notes for the Common Reporting Standard ("CRS").

1. ITA clarified that there are separate notification and reporting requirements:

CRS Notification: Notification is required upon enrollment for Reporting Financial Institution no later 30 April 2017.
CRS reporting: The annual reporting must be made via the BVIFARS portal. The first reporting period is for the calendar year 2016 and the reporting deadline is 31 May 2017.

2. The UK FATCA/CDOT reporting requirements will transition into CRS since the UK and all of the Crown Dependencies and Overseas Territories ("CDOT") will adopt the CRS and exchange information for the year 2016 for the first time in 2017.

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