The British Virgin Island Authority Declared a Warning for CRS and FATCA

The British Virgin Islands (BVI) legislation obliges financial institutions to follow rules of the US Financial Account Tax Compliance Act (FATCA) and the OECD's Common Reporting Standard (CRS) in regards to sharing all relevant information with the international tax authorities.

In February 2018, the British Virgin Islands International Tax Authority issued a reminder for companies who are subject to this regulation that May 31st will be the deadline for all institutions to fill in the reports according to the abovementioned requirements. The British Virgin Islands Financial Account Reporting System is an online service, which allows financial institutions to file all required reports.

The US Financial Account Tax Compliance Act is a document, requiring financial institutions to provide information about the US account holders and their assets, meanwhile being important for the following internal US taxation legislation. On the contrary, the OECD's Common Reporting Standard is an international automated standard that holds financial account information about foreign tax residents.

The British Virgin Islands International Tax Authority reminded institutions, holding overdue reports not only for 2017 but also for 2016 about the consequences of being fined. Furthermore, the BVI financial regulator assures to be even more informative for institutions that are subjected to these regulations. Requirements for the CRS reports and more instructions for users of the British Virgin Islands Financial Account Reporting System will be published later.