BVI postpones FATCA and CRS reporting deadline

On 31 May 2019, the International Tax Authority of the British Virgin Islands (“BVI”) announced the occurrence of a system error when uploading to the BVI Financial Account Reporting System (Link).

Once the issue has been rectified, the International Tax Authority will issue a Press Release informing all Financial Institutions of the extended deadline to submit the filings for the Foreign Account Tax Compliance Act (“FATCA”) and the Common Reporting Standard (“CRS”).

Please also keep in mind that 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.

A list of applicable deadlines for FATCA, CRS and Country-by-Country Reporting (“CbCR”) for the reporting year 2018 can be found at the bottom of the BVI Notice from 15 May 2019 (Link).

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