BVI Implements Common Reporting Standards to all Financial Institutions

The BVI Mutual Legal Assistance (Tax Matters) Amendment Act 2018 has come into force, requiring all financial institutions and service providers in the British Virgin Islands to create written guidance for in order to comply with the regulations under the Common Reporting Standard, to effectively allow for the exchange of financial account information.

Additionally, all BVI companies must now register with the International Tax Authority by April 30th next year, including the filing of all returns for reportable accounts to account for the last fiscal year, even if they are a new company or were not trading at that time. The Act also introduces country-by-country reporting for conglomerates and multinational enterprises.