Financial institutions that have not submitted their filings for 2016 (which was due by the extended deadline of 1 September 2017) are now encouraged to do so immediately. These institutions may be subject to penalties, in accordance with section 21 of the Mutual Legal Assistance (Tax Matters) Act, 2003 as amended, for not complying with the deadline.
The ITA also recently published an updated list of CRS Reportable Jurisdictions for the 2017 reporting year. BVI Reporting Financial Institutions with account holders that are tax resident in any of these jurisdictions will be required to submit a 2017 CRS filing via BVIFARS for each relevant jurisdiction for which they have reportable accounts.
The upcoming FATCA and CRS deadlines for the 2017 reporting year in the BVI are as follows:
- FATCA enrolments - 1 April 2018
- CRS enrolments - 30 April 2018
- FATCA reporting - 31 May 2018
- CRS reporting - 31 May 2018
Further information about the AEOI regimes can be found on our dedicated FATCA and CRS webpage. Additionally, you may contact any one of the above members of our dedicated AEOI team.