British Virgin Islands Extends CRS Deadlines and Reminds Financial Institutions of Reporting Obligations

Gerry Nelligan

April 3, 2017

This blog was last updated on June 27, 2021

The BVI International Tax Authority has relaxed the statutory deadlines for both UK CDOT and CRS – extending them to June 30, 2017 for enrollment and to July 31, 2017 for submissions. The ITA will inform BVI FIs directly once the portal is open to accept UK and CRS enrollments and filings. In addition, UK CDOT is currently in transition to being subsumed within CRS. BVI FIs should submit the maximum of what is required by CRS or UK CDOT in order to be fully compliant. Those with UK CDOT obligations should submit using the manual entry or upload option via the CRS filing option.

As for FATCA, the ITA has announced that the BVI Financial Account Reporting System (BVIFARS) is now open and prepared to accept FATCA returns for Tax Year 2016 filings. FIs that have not previously registered with BVIFARS must enroll to file by April 1, 2017. The due date for all filings will be May 31 – which will not be subject to extension by the BVI government.

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Author

Gerry Nelligan

Gerry Nelligan is a Regulatory Analysis Supervisor at Sovos, leading a team of counsels covering information reporting, including 10-Series IRS reporting, Affordable Care Act (ACA) reporting and Automatic Exchange of Information (AEOI). Gerry received his J.D. from Suffolk University Law School and his B.A. from Providence College. He is a licensed attorney in the state of Massachusetts.

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