The International Tax Authority of the Government of the Virgin Islands is advising the public that Guidance Notes for the Common Reporting Standards (CRS) have been updated.
Copies of the CRS Guidance Notes can be found on the Government's Web site: http://www.bvi.gov.vg/aeoi-crs
Updates have been made to sections 2.1 concerning the “wider approach” taken by the Virgin Islands. Section 2.5 has also been updated concerning the list of “Participating Jurisdictions” issued by the Government of the Virgin Islands and its use.
The public is reminded that the BVI Financial Account Reporting System (BVIFARS) is currently being configured to accommodate enrolment by Financial Institutions under CRS. Once the configurations to accept enrolments are completed, an announcement will be made.
Further details are set out in Section 2.3 of the Guidance Notes. For more information on the Guidance Notes for the Common Reporting Standards, please telephone the International Tax Authority of the Ministry of Finance at 284-468-4415.