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

Sovos
April 3, 2017

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.

The post British Virgin Islands Extends CRS Deadlines and Reminds Financial Institutions of Reporting Obligations appeared first on Sovos.

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Sovos

Sovos was built to solve the complexities of the digital transformation of tax, with complete, connected offerings for tax determination, continuous transaction controls, tax reporting and more. Sovos customers include half the Fortune 500, as well as businesses of every size operating in more than 70 countries. The company’s SaaS products and proprietary Sovos S1 Platform integrate with a wide variety of business applications and government compliance processes. Sovos has employees throughout the Americas and Europe, and is owned by Hg and TA Associates.
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