The International Tax Authority (ITA) is advising the BVI Financial Services Industry that Guidance Notes to compliment the legislative changes made to the Mutual Legal Assistance (Tax Matters) Act, 2003 by way of Act No. 8 of 2018 is now available.

This amendment has made changes to the current Common Reporting Standards regime in the British Virgin Islands and among other things requires all Virgin Islands Financial Institutions to identify themselves to the International Tax Authority whether they are reporting or non-reporting Financial Institutions.

As a result of this change, the authority is in the process of updating the BVI Financial Account Reporting System (BVIFARS) to make allowance for those non-reporting Financial Institutions to be able to register via BVIFARS. Non-reporting Financial Institutions are therefore, being granted an extension for registration to June 28.  A further Press Release will be issued to let Non-reporting Financial Institutions know when the reporting system has been updated and is ready to accept its registration applications.

In relation to Reporting Virgin Islands Financial Institutions, the system is currently open and ready to accept registration applications. The statutory deadline for registration is April 30.

The updated Guidance Notes can be accessed on the ITA’s website:  www.bvi.gov.vg/aeoi-crs

For further information on any matters relative to the International Tax Authority please feel free to contact telephone number 1 284 468 4415 or email addresses:  BVIFARS@gov.vg or BVIITA@gov.vg.