Weekly CRS Update: April 30-May 6, 2016

May 6, 2016

Countries all over keep taking steps to ensure they are on track to fully participate in CDOT and CRS. Here are the weekly CRS updates compiled by our tireless research team.

British Virgin Islands Opens Portal for UK CDOT Filings and Issues Revised BVIFARS User Guide with CDOT-Specific Updates

The British Virgin Islands has announced the opening of its UK CDOT (i.e. UK FATCA) portal for online reporting of financial accounts held by British citizens in BVI.

Filers can access the enrollment function and log in to their accounts to begin the reporting process. As a reminder, the filing due date for reporting years 2014 and 2015 has been extended to July 29, 2016.

The Ministry of Finance of the British Virgin Islands has updated its BVIFARS User Guide in order to provide further functional guidance and to introduce CDOT filing instructions as well as updates to previous FATCA guidelines.

This revision (Version 4.0) contains major substantive additions to the prior version of the User Guide that should be noted, including:

  • Enrollment instructions: Users should only submit one enrollment form to obtain credentials, and use the Change of Reporting Obligations form to update CDOT information if necessary.
  • Identification numbers: Institutions filing information for CDOT reporting should use their prior-obtained GIIN for enrolling—if no GIIN exists, then the institution will be assigned a Financial Institution Reference, to be used solely for CDOT reporting.
  • Local Address: For FATCA only, Sponsoring Entities are permitted to have a non-BVI address. In all other cases for FATCA and CDOT, the BVI Registered Office Address must be local.
  • New Password Reset Directions.
  • Changes in Reporting Obligations: Institutions undertaking FATCA and/or CDOT reporting have an obligation to notify BVI of any changes in their reporting obligations (including changes in reportable jurisdictions) using the Change of Reporting Obligations form.
  • Multiple BVIFARS Users: Primary Users for financial institutions and those reporting on their behalf may designate and deactivate other users for their BVIFARS accounts. Secondary Users will have the same permissions as Primary Users except the authority to designate other users.
  • Reviewing Submitted Files: Users will have the ability to review submitted filings at any time. XML Upload filings will be available for download. In order to amend any filings, users should submit a separate filing designated “Corrected,” “Amended,” or “Void” as the document type.
  • Annual Submission Fee Filing: Although users will see an Annual Submission Fee Filing present on the Create Filing page, this should be disregarded until further instruction.
  • Document Types: Users should make separate filings for each document type (New, Corrected, Amended, or Void).
  • Document Reference IDs: Users should take note of the new Document Reference ID format required by the IRS and HMRC. The DocRefID must be completed for each applicable section, but the “unique value” should be different for each section.
  • Reporting Payments: If the financial institution has any payments to report on the account, it must complete all three sections for recording payments. If there are not any reportable payments on the account, user must delete the payment record.
  • CDOT-Specific Updates: The CDOT filing procedures are generally the same as those for FATCA, with the following exceptions—
    • For the Message Reference field, BVI recommends using a GIIN or BVI FI Reference Number in combination with a GUID.
    • The Account Holder Type field makes reference to US persons or US owners. For purposes of CDOT filing, these should be interpreted as UK persons and UK owners.
    • Pooled Reports are not used for CDOT filing.


Cayman Islands Issues CRS Guidance

The Cayman Islands, an early adopter of the Common Reporting Standard (CRS), has issued guidance.  The Caymans will begin reporting next year, with a due date of May 31, 2017. The reporting schema to be used will be the CRS XML schema provided by the OECD. The filing of Nil Reports will not be mandatory; however, Cayman Financial Institutions are permitted to submit Nil Reports through the AEOI portal if they so choose.


UK Releases New Information Manual

The UK has recently released a new version of its AEOI information manual. While the information manual is intended to be used by the HMRC staff, it’s information is very useful for UK Financial Institutions.  The new manual focuses on CRS, but it does contain distinctions for both FATCA and CDOT reporting. As of now, the manual is only available in HTML format, though HRMC is expected to release a pdf version shortly.


Finland Passes CRS Legislation

Finland recently passed CRS Legislation. They amended § 17  of the Tax Procedures Act to include due diligence and reporting under the CRS scheme. The amendment was entered into force as of April 15, 2016. The Tax Administration will issue further tax provisions for CRS, including provisions on the due diligence procedures and information to report. § 17 of the Tax Procedures Act also covers FATCA reporting.


Get Weekly CRS and Other Global Updates Delivered Right to You

Want to stay up-to-date and help achieve full global reporting compliance? We encourage you to sign up for our blog as well as our monthly State of Compliance newsletter so you can easily receive important news. We also welcome the chance for you to speak with one of our experts about how our AEOI solution can fulfill your global reporting compliance needs.

Sign up for Email Updates

Stay up to date with the latest tax and compliance updates that may impact your business.



Sovos is a leading global provider of software that safeguards businesses from the burden and risk of modern transactional taxes. As VAT and sales and use tax go digital, businesses face increased risks, costs and complexity. The Sovos Intelligent Compliance Cloud is the first complete solution for modern tax, giving businesses a global solution for tax determination, e-invoicing compliance and tax reporting. Sovos supports more than 7,000 customers, including half of the Fortune 500, and integrates with a wide variety of business applications. The company has offices throughout North America, Latin America and Europe. Sovos is owned by London-based Hg. For more information visit www.sovos.com and follow us on LinkedIn and Twitter.
Share This Post

LATAM VAT & Fiscal Reporting
May 20, 2020
Sovos Acquires Taxweb, Extends Tax Determination Capabilities in World’s Most Challenging Compliance Landscape

Earlier this month Sovos announced its second acquisition of 2020, completing our solution for Brazil with an unparalleled offering that solves tax compliance in the place where it is most challenging to do so.  Too many companies doing business in Brazil have been burdened by managing multiple point solutions for continuous transaction controls (CTCs), tax […]

EMEA VAT & Fiscal Reporting
August 4, 2020
New VAT Rules for Online Marketplaces and Imports of Goods into the UK

The United Kingdom’s HMRC has issued new guidance on the VAT treatment of cross-border sales of goods and online marketplaces beginning 1 January 2021, following the end of the transition period. Cross-Border Sales under £135 New rules will apply when a business sells goods for £135 or less to a UK customer and the goods […]

EMEA VAT & Fiscal Reporting
August 3, 2020
New EU Tax Package: VAT Priorities

On 15 July 2020, the European Commission (EC) adopted a new Tax Package, intended to increase tax compliance while reducing administrative burden on businesses. The Tax Package contains a number of proposals related to VAT, of which three in particular stand out: A single EU VAT registration for taxpayers; Modernized VAT reporting obligations; and Facilitated […]

August 3, 2020
Should Insurers Receive an IPT Holiday From Their Governments?

It’s been a tough year for businesses. Whilst many have accepted that 2020 is likely to be a year to forget, unfortunately tax still needs filing and paying. Tax authorities have been understanding – nobody could have foreseen this – and there has been a concerted effort to provide SMEs with tax relief and postponements […]

Asia Pacific E-Invoicing Compliance EMEA India
July 31, 2020
India: Last-Minute Changes to the Proposed E-Invoicing System

The October deadline is fast approaching for the Indian CTC invoicing mandate, but it remains a moving target. In a swift move that was published just two months prior to go-live, authorities have now changed the scope of who is affected by the reform, as well as updated the JSON format. Why the change? The […]

ShipCompliant United States
July 30, 2020
2020 DtC Wine Shipping Mid-Year Report

Since we released the annual Direct-to-Consumer Wine Shipping Report in partnership with Wines Vines Analytics back in January, a lot has changed when it comes to how consumers are getting their wine. The COVID-19 pandemic swayed buying channels drastically, shifting traditional retail and on-premise sales over to ecommerce sales. With brick-and-mortar retailers being closed down […]