The British Virgin Islands implements the Common Reporting Standard of Organization for Economic Co-Operating and Development (OECD) for the tax information exchanging (CRS). The amendments to the Mutual Legal Assistance (Tax Matters) Act, 2003, which implement CRS in the BVI, came into force on 1 January 2016.
In connection with implementing the CRS in the BVI, BVI Financial Institutions (FIs), such as investment funds, should correspond with it. Thus, FIs have to report information about the holders of ‘Reportable Accounts’ which are tax resident in ‘Reportable Jurisdictions’ to the BVI International Tax Authority (ITA).
The reported information will be reported to the home jurisdiction of the account holders in accordance with the procedures which were agreed between signatories to CRS and related OECD measures.
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