On 15 May 2019, the International Tax Authority of the British Virgin Islands (“BVI”) announced that the ongoing update process of the BVI Financial Account Reporting System (“BVIFARS”) is still underway (Link). Due to the current update process, the reporting deadline for financial institutions that qualify as Trustee Documented Trusts (“TDT”) under the Common Reporting Standard (“CRS”) has been extended to 28 June 2019.
Trustees that have already registered their documented trusts on the BVI reporting system are advised to follow the instructions in the recently published Guidance Notes on the Common Reporting Standards and submit the filings via the TDT accounts (Link-Blog). Trustees who have not yet registered their documented trusts on BVIFARS and are waiting for the system to be updated are advised to submit their TDT filings via their Trustee’s account.
In addition, it is now mandatory for those entities that do not maintain any reportable accounts to submit a nil report.
The BVI notice at the end contains a list of applicable deadlines for the Foreign Account Tax Compliance Act (“FATCA”), CRS and Country-by-Country Reporting (“CbCR”) for the reporting year 2018.